Common use of Distribution and Application of Collections Clause in Contracts

Distribution and Application of Collections. The Collection Agent shall set aside for the account of the Seller and the Purchaser their respective allocable shares of the Collections of Receivables in accordance with Sections 2.05 and 2.06. The Collection Agent shall as soon as practicable following receipt turn over to the Seller the Collections of any Receivable which is not a Purchased Receivable less, in the event neither Synthetic nor an Affiliate thereof is the Collection Agent, all reasonable and appropriate out-of-pocket costs and expenses of such Collection Agent of servicing, collecting and administering the Receivables to the extent not covered by the Collection Agent Fee received by it.

Distribution and Application of Collections. The Collection Agent shall set aside for and segregate funds to the account of extent required in the Seller Receivables Purchase Agreement and shall be required to segregate all Collections on the Purchaser their respective allocable shares of Receivables from the Collections of Receivables in accordance with Sections 2.05 and 2.06other funds belonging to the Collection Agent. The Collection Agent shall as soon as practicable following receipt turn over to the Seller Originator the Collections of any Receivable which is not a Purchased Receivable Transferred Asset less, in the event neither Synthetic nor an Affiliate thereof is the Collection Agent, all reasonable and appropriate out-of-pocket costs and expenses of such Collection Agent of servicing, collecting and administering administrating the Receivables to the extent not covered by the Collection Agent Fee received by it.