General Settlement Procedures Sample Clauses

General Settlement Procedures. (a) Except as set forth in clauses (a) and (b) below or as otherwise required by law or the underlying Contract, all Collections received from an Obligor of any Pool Receivable shall be applied to Pool Receivables then outstanding of such Obligor in the order of the age of such Pool Receivables, starting with the oldest such Pool Receivable, except if payment is designated by such Obligor for application to specific Pool Receivables. (b) If, on any day, the Outstanding Balance of a Pool Receivable is either (x) reduced as a result of any defective, rejected or returned goods or services, any discount, or any adjustment by the Seller or any Originator, or (y) reduced or cancelled as a result of a setoff in respect of any claim by the Obligor thereof against the Seller or any Originator (whether such claim arises out of the same or a related transaction or an unrelated transaction), the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation and shall make the payment required to be made by it in connection with such Collection on the day required by, and otherwise pursuant to, Section 5.1(i). (c) If on any day (x) any of the representations or warranties in Section 4.1(i) is no longer true with respect to any Pool Receivable or (y) it is discovered that any Receivable that was included in the Net Receivables Pool Balance as an Eligible Receivable was not an Eligible Receivable at the time of such inclusion, the Seller shall be deemed to have received on such day a Collection in full of such Pool Receivable and shall make the payment required to be made by it in connection with such Collection on the day required by, and otherwise pursuant to, Section 5.1(i).

General Settlement Procedures. (a) The Servicer shall, no later than two (2) Business Days following the Date of Processing of Collections of Transferred Receivables by the Servicer (subject to the provisions of Section 2.8(g) in the event of any Outage Day), apply such Collections in the following order of priority: (i) If the Amortization Date has not occurred: (A) first, to deposit such Collections into the Collection Account until such time as the amount on deposit is equal to the product of (I) the distributions anticipated by the Servicer to be required to make the payments contemplated by Section 2.8(d)(i)(A)-(D) and (F) on the following Payment Date, and (II) a fraction, the numerator of which is twenty (20) and the denominator of which is nineteen (19); (B) second, to the extent any Additional Receivables are sold on such day, to pay on behalf of the Administrative Agent to the Transferor a Cash Purchase Price for each Additional Receivable in an amount equal to the applicable Receivable Balance for each such Transferred Receivable (which amounts shall be aggregated and paid to the Transferor in a single payment on each such date); provided, that following any such sale of Additional Receivables and remittance of the related Cash Purchase Price(s) pursuant to this Section 2.8(a)(i)(B), no Asset Base Deficiency shall exist; and (C) finally, to deposit any remaining Collections in the Collection Account for application on the next succeeding Payment Date; and (ii) if the Amortization Date has occurred, to deposit such Collections in the Collection Account. (b) On each Determination Date, the Servicer shall determine the Total Distribution Amount, the Owner Distribution Amount, the Transferor Distribution Amount, the Principal Distribution Amount, the amount, if any, payable to the Transferor under the Eligible Interest Rate Caps, and all other amounts required to be paid on the next Payment Date pursuant to Section 2.8(d). (c) Each Owner’s Net Investment shall accrue yield for each Accrual Period at a rate per annum equal to the Yield Rate applicable to such Owner. On or prior to the fourth (4th) Combined Business Day preceding the last day of each Accrual Period, each Funding Agent will provide to the Servicer and the Transferor an invoice showing the amount of yield (“Yield”) due for such Accrual Period (including a good faith estimate for the remaining days in such Accrual Period), which shall be an amount for each Owner during each day during such Accrual Period equal to the ...

General Settlement Procedures. (a) If at any time the Seller or the Purchaser receives any Collections, unless a Servicer Termination Date shall have occurred (in which case such Collections shall be paid to the Backup Servicer or such other Person as designated by the Purchaser), it shall promptly pay such Collections to the Servicer for deposit into the Collection Account and, at all times prior to such payment, such Collections shall be held in trust for the benefit of the Purchaser. (b) On or before each Determination Date, the Servicer shall calculate the Available Amount, the Scheduled Payments for such Monthly Period and the remaining Scheduled Payments, the Monthly Advances, the Total Servicing Fee, the Yield, the Yield Supplement Amount, the Paydown Amount, the Aggregate Contract Balance, the Contract Balance of each Contract, the Outstanding Purchased Amount, the aggregate Recognized Losses, the Warranty Payments, Administrative Purchase Payments, Defaulted Contract Payments and the Negative Carry Account Target Balance, and any other amounts required to determine the amounts to be deposited in or paid from each of the Collection Account, the UNL Reserve Account and the Negative Carry Account on the related Settlement Date. On or before (but not more than two Business Days before) the Business Day preceding each Settlement Date, the Servicer shall make or cause to be made the following withdrawals, deposits, transfers and distributions in the amounts set forth in the Servicer’s Certificate for such Settlement Date (all in immediately available funds): (i) from the Servicer to the Collection Account, the amount of any unpaid Administrative Purchase Payments and Monthly Advances for the related Monthly Period, (ii) from the Collection Account to NFC, reimbursement for any unreimbursed Excess Recognized Losses pursuant to Section 5.04(b) of the Note Sale Agreement for the related Monthly Period, (iii) from NFC to the Collection Account, the amount of any unpaid Defaulted Contract Payments and the Warranty Payments for the related Monthly Period, (iv) from the UNL Reserve Account to NFC, the amount reimbursable to NFC for the related Monthly Period pursuant to Section 5.04(b) of the Note Sale Agreement, (v) from the Negative Carry Account to the Collection Account, the amount of any Yield Supplement Amount for the related Monthly Period, and (vi) from NFC to the Negative Carry Account, the amount of any Negative Carry Account Shortfall for the related Monthly Period after giving e...

General Settlement Procedures. The parties hereto will take the

General Settlement Procedures. (a) If, on any day, the Outstanding Balance of an Originator Receivable is either (i) reduced as a result of any defective, rejected or returned goods or services, any discount, or any adjustment by any Originator or (ii) reduced or canceled as a result of a setoff in respect of any claim by the Obligor thereof against such Originator or any Affiliate or Subsidiary thereof other than the SPV (whether such claim arises out of the same or a related transaction or an unrelated transaction), such Originator shall be deemed to have received on such day a Collection of such Originator Receivable in the amount of such reduction or cancellation and shall make the payment required to be made by it in connection with such Collection on the day required by, and otherwise pursuant to, Section 4.01(j). If, on any day, (x) any of the representations or warranties in Section 3.01 is no longer true with respect to any Originator Receivable or (y) it is discovered that any Originator Receivable that was included in the Net Receivables Pool Balance as an Eligible Receivable was not an Eligible Receivable at the time of such inclusion, the Originator to which such Originator Receivable shall have been originally owed shall be deemed to have received on such day a Collection in full of such Originator Receivable and shall make the payment required to be made by it in connection with such Collection on the day required by, and otherwise pursuant to, Section 4.01(j). Except as stated in the preceding sentences of this Section 2.03 or as otherwise required by law or the underlying Contract, all Collections received from an Obligor of any Originator Receivable shall be applied to Originator Receivables then outstanding of such Obligor in the order of the age of such Originator Receivables, starting with the oldest such Originator Receivable, except if payment is designated by such Obligor for application to specific Originator Receivables. (b) If requested by the SPV or the Agent at least ten Business Days before the end of any calendar month, the SPV’s Servicer shall, within 15 Business Days after the end of such calendar month, prepare and forward to the SPV and the Agent a Receivables Activity Report of the SPV’s Servicer, as of the close of business of such calendar month, setting forth the calculation of the actual Purchase Price for each Receivable Asset sold, transferred and assigned during such calendar month, and the reconciliation of how the Purchase Price has been paid...

General Settlement Procedures. If on any day the ----------------------------- Outstanding Balance of a Receivable is either (x) reduced as a result of any defective or rejected goods or services, any cash discount or any adjustment by the Transferor or the Collection Agent or (y) reduced or cancelled as a result of a setoff in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction) or (z) cancelled as a result of the Transferor or the Collection Agent exercising its right to assign a Receivable back to the Obligor thereof, the Transferor shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation. If on any day any of the representations or warranties with respect to the Receivables in Section 3.1(d), (i), (j), (k), (n) or (o) is no longer true with respect to a Receivable, as the Transferor or the Company shall notify the other, the Transferor shall be deemed to have received on such day a Collection of such Receivable in full, and the Aggregate Net Investment shall not be deemed to be reduced hereunder until such time as such amount is remitted and received by the Company. Any payment by an Obligor in respect of any Receivable shall, except as otherwise specified by such Obligor or otherwise required by contract or law, be applied as a Collection of the Receivables of such Obligor (starting with the oldest such Receivable) to the extent of any amounts then due and payable thereunder before being applied to any other Receivable of such Obligor.

General Settlement Procedures. 20 Section 2.8 Payments and Computations, Etc............................21 Section 2.9 Seller's Payment of Yield, Capital and Fees...............21

General Settlement Procedures. (a) If on any day (i) the Outstanding Balance of a Pool Receivable is reduced, adjusted or cancelled as a result of any billing adjustment, renegotiation, application of credit balances, rebates, discounts, charge-backs, exchanges, returns or other similar credits, allowances, net-outs, set-offs, offsets, defenses (including any failure by any Originator to deliver any goods provide any service or otherwise perform its obligations under any Contract) or other dilution factors; or (ii) the Outstanding Balance of a Pool Receivable is reduced or cancelled as a result of a set-off or offset in respect of any claim by the Obligor thereof against any Originator, the Seller or any of their respective Affiliates or any other Person (whether such claim arises out of the same or a related transaction or an unrelated transaction); or (iii) any of the representations or warranties in clauses (i), (j), or (q) of Section 4.01 is at any time not true with respect to any Pool Receivable; or (iv) any amount received by the Agent, any Investor, any Bank or Servicer under this Agreement is rescinded or must otherwise be returned by the Agent, the Investor, any Bank or the Servicer for any reason; then the Seller shall be deemed to have received on such day, and shall be obligated to pay on such day, a Collection of such Pool Receivable or such other amount equal to (A) the amount of such reduction or cancellation, in the case of an event of the type described in clause (i) or (ii) above, (B) the full amount of such Pool Receivable, in the case of an event of the type described in clause (iii) above, or (C) such amount so rescinded or returned, in the case of an event of the type described in clause (iv) above, all such amounts to be distributed in accordance with the priorities set forth in Section 2.04. (b) For the purposes of Section 2.04: (i) except as provided in Section 2.05(a) or as otherwise required by applicable law or the relevant Contract, all Collections received from an Obligor of any Receivables shall be applied to the Receivables of such Obligor in the order of the age of such Receivables, starting with the oldest such Receivable, unless such Obligor designates its payment for, or the Contract requires, application to specific Receivables; and (ii) if and to the extent the Agent, the Investor or the Banks shall be required for any reason to pay over to an Obligor any amount received on its behalf hereunder, such amount shall be deemed not to have been so recei...

General Settlement Procedures. (a) If on any day the Outstanding Balance of any Pool Receivable is either (i) reduced or adjusted as a result of any defective, rejected, returned, repossessed or foreclosed merchandise, any defective or rejected services, any cash discount or any other adjustment made or performed by the Seller or any other Person (including, without limitation, those described in the definition of "Dilution Factors") or (ii) reduced or canceled as a result of a set-off in respect of any claim by the Obligor thereof against the Seller or any other Person (whether such claim arises out of the same or a related transaction or an unrelated transaction), for purposes of this Agreement, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in the amount of such reduction, cancellation or adjustment. If on any day any of the representations or warranties in the first sentence of Section 4.01(h) is no longer true with respect to a Pool Receivable, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in full. If on any day the representation and warranty in the second sentence of Section 4.01(h) is no longer true the Seller shall be deemed to have received on such day Collections of Pool Receivables in an amount necessary to make such representation true and accurate. (b) Prior to the 15th day of each calendar month, the Collection Agent shall prepare and forward to the Agent for each Owner, an Investor Report, relating to all Eligible Assets, as of the close of business of the Collection Agent on the last day of the immediately preceding calendar month.