Common use of Daily Settlements Clause in Contracts

Daily Settlements. Subject to the express terms of any Supplement, but notwithstanding anything in this Agreement to the contrary or the Servicing Agreement, for so long as USFS remains the Servicer and no Early Amortization Event or Potential Early Amortization Event with respect to any Outstanding Series shall have occurred and be continuing, the Servicer shall not be required to make daily deposits of Collections from the Collection Concentration Account into the Collection Account as provided in subsection 3.1(d), but may withdraw such funds from the Collection Concentration Account and make a single deposit of immediately available funds into the Collection Account not later than 1:00 p.m., New York City time on any Business Day in an amount equal to the aggregate amount of Collections required (determined without regard to this section) to be deposited into the Series Non-Principal Collection Sub-subaccount, the Series Principal Collection Sub-subaccount (less amounts that may be paid to or at the direction of the Company pursuant to the applicable Supplement) and such other Sub-subaccounts of each Series in accordance with the related Supplement for such Series or such greater amount as determined by the Servicer. To the extent that the amount deposited by the Servicer is greater than the amount required, the excess shall be applied on each Business Day thereafter to satisfy the deposit requirements of the preceding sentence up to the amount of such excess. THE REMAINDER OF ARTICLE III SHALL BE SPECIFIED IN THE SUPPLEMENT WITH RESPECT TO EACH SERIES. SUCH REMAINDER SHALL BE APPLICABLE ONLY TO THE SERIES RELATING TO THE SUPPLEMENT IN WHICH SUCH REMAINDER APPEARS.

Daily Settlements. Subject to the express terms of any Supplement, but notwithstanding anything in this Agreement to the contrary or the Servicing Agreementcontrary, for so long as USFS United Stationers Supply Co. remains the Servicer and no Early Amortization Event or Potential Early Amortization Event with respect to any Outstanding Series shall have occurred and be continuing, the Servicer shall not be required to make daily deposits of Collections from the Collection Concentration Account into the Collection Account as provided in subsection 3.1(d), but may withdraw such funds from the Collection Concentration Account and make a single deposit of immediately available funds into the Collection Account not later than 1:00 p.m., New York City time on any each Business Day in an amount equal to the aggregate amount of Collections required (determined without regard to this section) to be deposited into the Series Non-Principal Collection Sub-subaccount, the Series Principal Collection Sub-subaccount (less amounts that may be paid to or at the direction of the Company pursuant to the applicable Supplement) and such other Sub-subaccounts of each Series in accordance with the related Supplement for such Series or such greater amount as determined by the Servicer. To the extent that the amount deposited by the Servicer is greater than the amount required, the excess shall be applied on each Business Day thereafter to satisfy the deposit requirements of the preceding sentence up to the amount of such excess. THE REMAINDER OF ARTICLE III SHALL BE SPECIFIED IN THE SUPPLEMENT WITH RESPECT TO EACH SERIES. SUCH REMAINDER SHALL BE APPLICABLE ONLY TO THE SERIES RELATING TO THE SUPPLEMENT IN WHICH SUCH REMAINDER APPEARS.