Common use of Payments and Collections Clause in Contracts

Payments and Collections. Section 2.1. Collections during the Revolving Period. During the Revolving Period, any Collections and/or Deemed Collections received by the Servicer (or from and after the occurrence of the Dominion Date, by the Administrative Agent) shall be held in trust for the payment of any accrued and unpaid Aggregate Unpaids or for a Rollover Advance as provided in this Section (provided that Aggregate Principal shall not be payable during the Revolving Period except to the extent provided in Section 1.3 and Section 1.5 and Collections and/or Deemed Collections shall not be required to be segregated prior to the Dominion Date but instead shall be permitted to be used by the Servicer and its Affiliates in accordance with Section 6.2(c)). On each day during the Revolving Period that is not a Settlement Date, subject to Section 1.4, the last sentence of this Section and Section 4.2, Collections that are not required to be segregated pursuant to Section 6.2(c) shall first be applied to making an Advance such that after giving effect thereto, the outstanding Aggregate Principal is equal to the Aggregate Principal outstanding immediately prior to receipt of such Collections (each such Advance, a “Rollover Advance”). Each Rollover Advance will be presumed to consist of Loans made ratably amongst all Lenders in accordance with their respective Principal outstanding. On each Settlement Date, the Servicer shall deliver to the Administrative Agent that portion of all Collections received (or deemed received) during the related Calculation Period equal to the amounts due and owing pursuant to clauses (i)-(vii) of Section 2.3 for application in accordance therewith (the “Required Amounts”). If on any Settlement Date during the Revolving Period there are insufficient Collections to pay all Required Amounts that are then due and owing under Section 2.3, the next available Collections shall be applied to such payments in accordance with Section 2.3, and no Rollover Advance shall be permitted hereunder until such amounts payable have been paid in full.

Payments and Collections. Section 2.1. Payments Collections during Prior to Amortization (a) Prior to the Revolving Period. During the Revolving PeriodAmortization Date, any Collections and/or Deemed Collections received by the Servicer (or from and after the occurrence of the Dominion Date, by the Administrative Agent) shall be set aside and held in trust by the Servicer for the payment of any accrued and unpaid Aggregate Unpaids or for a Rollover Advance Reinvestment as provided in this Section 2.2. (provided that Aggregate Principal shall not be payable during the Revolving Period except to the extent provided in Section 1.3 and Section 1.5 and b) If at any time any Collections and/or Deemed Collections shall not be required to be segregated are received by the Servicer prior to the Dominion Date but instead Amortization Date, (i) the Servicer shall be permitted set aside the Termination Percentage of Collections and/or Deemed Collections evidenced by the outstanding Purchaser Interests of each Non-Renewing Financial Institution and (ii) the Seller hereby requests and the Purchasers (other than any Non-Renewing Financial Institutions) hereby agree to be used make, (subject to the conditions precedent set forth in Section 6.2) simultaneously with such receipt, a reinvestment (each a “Reinvestment”) with that portion of the balance of each and every Collection received by the Servicer and its Affiliates in accordance with Section 6.2(c)). On each day during the Revolving Period that is not a Settlement Datepart of any Purchaser Interest (other than any Purchaser Interest of Non-Renewing Financial Institutions), subject to Section 1.4, the last sentence of this Section and Section 4.2, Collections that are not required to be segregated pursuant to Section 6.2(c) shall first be applied to making an Advance such that after giving effect theretoto such Reinvestment, the outstanding Aggregate Principal is amount of aggregate Capital immediately after such receipt and corresponding Reinvestment shall be equal to the Aggregate Principal outstanding amount of Capital immediately prior to receipt of such Collections receipt. (each such Advance, a “Rollover Advance”). Each Rollover Advance will be presumed to consist of Loans made ratably amongst all Lenders in accordance with their respective Principal outstanding. c) On each Settlement DateDate prior to the occurrence of the Amortization Date and at all times that Section 2.5 is not in effect, the Servicer shall deliver to remit the Administrative Agent that portion of all Collections received (or deemed received) amounts set aside during the related Calculation preceding Settlement Period equal that have not been subject to the a Reinvestment and apply such amounts due and owing pursuant to clauses (i)-(vii) of Section 2.3 for application in accordance therewith (the “Required Amounts”). If on any Settlement Date during the Revolving Period there are insufficient Collections to pay all Required Amounts that are then due and owing under Section 2.3, the next available Collections shall be applied to such payments if not previously paid in accordance with Section 2.3, 2.1) as follows (and no Rollover Advance any amounts applied to the Obligations shall be permitted hereunder until in satisfaction of the Seller’s liabilities under Section 2.1 hereof): (i) first, to itself for the payment of the Servicing Fee then due and payable to it; (ii) second, to each applicable Managing Agent’s account, pro rata, (A) first, to reduce unpaid Obligations and (B) second, to reduce the Capital of all Purchaser Interests of Non-Renewing Financial Institutions, to be applied ratably to each Non-Renewing Financial Institution according to its respective Termination Percentage; (iii) third, if applicable, to each applicable Managing Agent’s account, pro rata, no later than 1:00 p.m. (New York time) to the extent required to fund any Aggregate Reduction on such amounts payable have been paid in fullSettlement Date; and (iv) fourth, any balance remaining thereafter to the Seller on such Settlement Date.

Payments and Collections. Section 2.1I.1. Collections during the Revolving Period. During the Revolving Period, any Collections and/or Deemed Collections received by the Servicer (or from and after the occurrence of the Dominion Date, by the Administrative Agent) shall be held in trust for the payment of any accrued and unpaid Aggregate Unpaids or for a Rollover Advance Reinvestment as provided in this Section 2.1 (provided that Aggregate Principal Capital shall not be payable during the Revolving Period except to the extent provided in Section 1.3 and Section 1.5 1.5, and Collections and/or Deemed Collections shall not be required to be segregated prior to the Dominion Date but instead shall be permitted to be used by the Servicer and its Affiliates in accordance with Section 6.2(c)). On each day during the Revolving Period that is not a Settlement Date, subject to Section 1.4, the last sentence of this Section 2.1 and Section 4.2, Collections that are not required to be segregated pursuant to Section 6.2(c) shall first be applied to making an Advance additional Purchases of undivided interests in the Receivables and the associated Related Security, such that after giving effect thereto, the outstanding Aggregate Principal Capital is equal to the Aggregate Principal Capital outstanding immediately prior to receipt of such Collections and the Receivable Interest does not exceed 100% (each such AdvancePurchase, a “Rollover AdvanceReinvestment”). Each Rollover Advance Reinvestment will be presumed to consist of Loans be made ratably amongst all Lenders Purchasers in accordance with their respective Principal outstandingPercentages. On each Settlement Date, the Servicer shall deliver to the Administrative Agent that portion for prompt distribution to each of the Purchasers in accordance with Percentages, all Collections received (or deemed received) during the related Calculation Period (after deducting therefrom its Servicing Fee) equal to the amounts due and owing pursuant to clauses (i)-(vii) first through fourth of Section 2.3 for application in accordance therewith (the “Required Amounts”). If on any Settlement Date during the Revolving Period there are insufficient Collections to pay all Required Amounts that are then due and owing under Section 2.3, the next available Collections shall be applied to such payments in accordance with Section 2.3, and no Rollover Advance Reinvestment shall be permitted hereunder until such amounts payable have been paid in full.

Payments and Collections. Section 2.1. Collections during the Revolving Period. During the Revolving Period, any Collections and/or Deemed Collections received by the Servicer (or from and after the occurrence of the Dominion Date, by the Administrative Agent) shall be held in trust for the payment of any accrued and unpaid Aggregate Unpaids (or, in the case of Letter of Credit Obligations, to Cash-Collateralize the same if required by Section 2.5 or Section 2.6) or for a Rollover Advance Reinvestment as provided in this Section 2.1 (provided that Aggregate Principal Capital shall not be payable during the Revolving Period except to the extent provided in Section 1.3 and Section 1.5 1.7 and Collections and/or Deemed Collections shall not be required to be segregated prior to the Dominion Date but instead shall be permitted to be used by the Servicer and its Affiliates in accordance with Section 6.2(c)). On each day during the Revolving Period that is not a Settlement Date, subject to Section 1.4, the last sentence of this Section 2.1 and Section 4.2, Collections that are not required to be segregated pursuant to Section 6.2(c) shall first be applied to making an Advance additional Purchases of Ownership Interests, such that after giving effect thereto, the outstanding Aggregate Principal Capital is equal to the Aggregate Principal Capital outstanding immediately prior to receipt of such Collections and the Ownership Interest does not exceed 100% (each such AdvancePurchase, a “Rollover AdvanceReinvestment”). Each Rollover Advance Reinvestment will be presumed to consist of Loans be made ratably amongst all Lenders Purchasers in accordance with their respective Principal Capital outstanding. On each Settlement Date, the Servicer shall deliver to the Administrative Agent that portion of all Collections and Deemed Collections received (or deemed received) during the related Calculation Period (after deducting therefrom its Servicing Fee) equal to the amounts due and owing pursuant to clauses (i)-(vii) of Section 2.3 Required Amounts for application in accordance therewith (the “Required Amounts”)with Section 2.3. If on any Settlement Date during the Revolving Period there are insufficient Collections to pay all Required Amounts that are then due and owing under Section 2.3, the next available Collections shall be applied to such payments in accordance with Section 2.3, and no Rollover Advance Reinvestment shall be permitted hereunder until such amounts payable have been paid in full.

Payments and Collections. Section 2.1. Collections during the Revolving Period. During the Revolving Period, any Collections and/or Deemed Collections received by the Servicer (or from and after the occurrence of the Dominion Date, by the Administrative Agent) shall be held in trust for the payment of any accrued and unpaid Aggregate Unpaids or for a Rollover Advance Reinvestment as provided in this Section 2.1 (provided that Aggregate Principal Capital shall not be payable during the Revolving Period except to the extent provided in Section 1.3 and Section 1.5 1.5, and Collections and/or Deemed Collections shall not be required to be segregated prior to the Dominion Date but instead shall be permitted to be used by the Servicer and its Affiliates in accordance with Section 6.2(c)). On each day during the Revolving Period that is not a Settlement Date, subject to Section 1.4, the last sentence of this Section 2.1 and Section 4.2, Collections that are not required to be segregated pursuant to Section 6.2(c) shall first be applied to making an Advance additional Purchases of undivided interests in the Receivables and the associated Related Security, such that after giving effect thereto, the outstanding Aggregate Principal Capital is equal to the Aggregate Principal Capital outstanding immediately prior to receipt of such Collections and the Receivable Interest does not exceed 100% (each such AdvancePurchase, a “Rollover AdvanceReinvestment”). Each Rollover Advance Reinvestment will be presumed to consist of Loans be made ratably amongst all Lenders Purchaser Groups in accordance with their respective Principal outstandingPercentages. On each Settlement Date, the Servicer shall deliver to each of the Administrative Agent that portion Co-Agents its Purchaser Group’s Percentage of all Collections received (or deemed received) during the related Calculation Period (after deducting therefrom its Servicing Fee) equal to the amounts due and owing pursuant to clauses (i)-(vii) first through fourth of Section 2.3 for application in accordance therewith (the “Required Amounts”). If on any Settlement Date during the Revolving Period there are insufficient Collections to pay all Required Amounts that are then due and owing under Section 2.3, the next available Collections shall be applied to such payments in accordance with Section 2.3, and no Rollover Advance Reinvestment shall be permitted hereunder until such amounts payable have been paid in full.