Payments to the Transferor Clause Samples
The "Payments to the Transferor" clause defines the obligations and procedures for making payments to the party transferring an asset, right, or interest under an agreement. It typically outlines the timing, method, and conditions under which the transferor will receive payment, such as specifying lump sum versus installment payments or detailing acceptable payment methods like wire transfer or check. This clause ensures that the transferor is compensated as agreed, providing clarity and reducing the risk of disputes over payment terms.
Payments to the Transferor. The Servicer shall on each Deposit Date withdraw from the Collection Account and pay to the Holders of the Transferor Certificates the following amounts:
(i) an amount equal to the Transferor Percentage for the related Monthly Period of Series 2023-4 Allocable Finance Charge Collections to the extent such amount is deposited in the Collection Account; and
(ii) an amount equal to the Transferor Percentage for the related Monthly Period of Series 2023-4 Allocable Principal Collections deposited in the Collection Account, if the Transferor Amount (determined after giving effect to any Principal Receivables transferred to the Trust on such Deposit Date) exceeds zero. The withdrawals to be made from the Collection Account pursuant to this subsection 4.01(b) do not apply to deposits into the Collection Account that do not represent Collections, including payment of the purchase price for the Certificateholders’ Interest pursuant to Section 2.06 or 10.01 of the Agreement, payment of the purchase price for the Series 2023-4 Certificateholders’ Interest pursuant to Section 7.01 of this Supplement and proceeds from the sale, disposition or liquidation of Receivables pursuant to Section 9.01 or 12.02 of the Agreement.
Payments to the Transferor. The Servicer shall on Deposit Dates direct the Indenture Trustee to withdraw from the Collection Account and pay to the Transferor the following amounts:
(i) an amount equal to the Transferor Percentage for the related Due Period of Collections of Finance Charge and Administrative Receivables to the extent that such amount is then on deposit in the Collection Account; and
(A) if the Transferor Amount (determined after giving effect to any Principal Receivables transferred to the Trust on such Deposit Date) exceeds zero, an amount equal to the Transferor Percentage for the related Due Period of Collections of Principal Receivables that are then on deposit in the Collection Account, and
(B) if the Transferor Amount (determined after giving effect to any Principal Receivables transferred to the Trust on such Deposit Date) does not exceed zero, the amount set forth in clause (A) shall be deposited into the Special Funding Account. The withdrawals to be made from the Collection Account pursuant to this subsection 4.01(b) do not apply to deposits into the Collection Account that do not represent Collections, including payment of the purchase price for the Receivables or the Notes pursuant to Section 2.06 or 7.01 of the Transfer and Servicing Agreement or Section 11.04 of the Indenture.
Payments to the Transferor. The Servicer shall on each Deposit Date withdraw from the Collection Account and pay to the Holders of the Transferor Certificates the following amounts:
(i) an amount equal to the Transferor Percentage for the related Monthly Period of Series 20[__]-[_] Allocable Finance Charge Collections to the extent such amount is deposited in the Collection Account; and
(ii) an amount equal to the Transferor Percentage for the related Monthly Period of Series 20[__]-[_] Allocable Principal Collections deposited in the Collection Account, if the Transferor Amount (determined after giving effect to any Principal Receivables transferred to the Trust on such Deposit Date) exceeds zero. The withdrawals to be made from the Collection Account pursuant to this subsection 4.01(b) do not apply to deposits into the Collection Account that do not represent Collections, including payment of the purchase price for the Certificateholders’ Interest pursuant to Section 2.06 or 10.01 of the Agreement, payment of the purchase price for the Series 20[__]-[_] Certificateholders’ Interest pursuant to Section 7.01 of this Supplement and proceeds from the sale, disposition or liquidation of Receivables pursuant to Section 9.01 or 12.02 of the Agreement.
Payments to the Transferor. The Servicer shall, on Deposit Dates, withdraw from the Collection Account and pay to the holders of Trust Beneficial Interests or Certificates the following amounts:
(i) an amount equal to the Transferor Percentage of Collections of Finance Charge and Administrative Receivables to the extent such amount is deposited in the Collection Account; and
(ii) an amount equal to the Transferor Percentage of Collections of Principal Receivables deposited in the Collection Account, if the Transferor Interest (determined after giving effect to any Principal Receivables transferred to the Trust on such Deposit Date) exceeds zero and otherwise shall be deposited in the Excess Funding Account. The withdrawals to be made from the Collection Account pursuant to this subsection 4.01(b) do not apply to deposits into the Collection Account that do not represent Collections, including payment of the purchase price for the Receivables or the Notes pursuant to, respectively, Section 2.06 or Section 7.01 of the Transfer and Servicing Agreement and payment of the purchase price for the Series 2003-D Notes pursuant to Section 7.01 of this Indenture Supplement.
Payments to the Transferor. The Servicer shall on each Deposit Date direct the Indenture Trustee to withdraw from the Collection Account and pay to the Holders of the Transferor Certificates (or to the Successor Servicer to the extent that the Successor Servicer is owed Transition Expenses after the application of Section 4.05(a):
(i) an amount equal to the Transferor Percentage for the related Monthly Period of Collections of Finance Charge Receivables to the extent such amount is deposited in the Collection Account; and
(ii) an amount equal to the Transferor Percentage for the related Monthly Period of Collections of Principal Receivables deposited in the Collection Account, if the Transferor Interest (determined after giving effect to any Principal Receivables transferred to the Trust on such Deposit Date) exceeds the Required Transferor Interest. The withdrawals to be made from the Collection Account pursuant to this Section 4.01(b) do not apply to deposits into the Collection Account that do not represent Collections, including payment of the purchase price for the Receivables or the Notes pursuant to, respectively, Section 2.06 or 7.01 of the Transfer and Servicing Agreement or Section 11.04 of the Indenture and payment of the Reassignment Amount for the Series 2001-2 Notes pursuant to Section 7.01 of this Indenture Supplement.
Payments to the Transferor. The Servicer shall on Deposit Dates direct the Indenture Trustee to withdraw from the Collection Account and pay to the Transferor the following amounts:
(i) an amount equal to the Transferor Percentage for the related Due Period of Collections of Finance Charge and Administrative Receivables to the extent that such amount is then on deposit in the Collection Account; and
(ii) (A) (A) if the Transferor Amount (determined after giving effect to any Principal Receivables transferred to the Trust on such Deposit Date) exceeds zero, an amount equal to the Transferor Percentage for the related Due Period of Collections of Principal Receivables that are then on deposit in the Collection Account, and
Payments to the Transferor. The Servicer shall on Deposit Dates pay to the Holder of the Transferor Security the following amounts: (i) an amount equal to the Transferor Percentage for the related Monthly Period of Series 1998-2 Allocable Finance Charge Collections; and (ii) an amount equal to the Transferor Percentage for the related Monthly Period of Series 1998-2 Allocable Principal Collections, if the Transferor Amount (determined after giving effect to any Principal Receivables transferred to the Trust on such Deposit Date) exceeds the Required Transferor Amount. The withdrawals to be made from the Collection Account pursuant to this subsection 4.1(b) do not apply to deposits into the Collection Account that do not represent Collections, including payment of the purchase price for the Securityholders' Interest pursuant to Section 2.6 or 10.1 of the Agreement, payment of the purchase price for the Series 1998-2 Securityholders' Interest pursuant to Section 7.1 of this Supplement and proceeds from the sale, disposition or liquidation of Receivables pursuant to Section 9.1 or 12.2 of the Agreement.
(c) Allocations to the Series 1998-2
Payments to the Transferor. The Servicer shall on any Business Day requested by the Transferor, upon satisfaction of the Release Conditions, withdraw from the Collection Account and pay to the Holders of the Transferor Certificates the following amounts:
(i) an amount equal to the Transferor Percentage for the related Monthly Period of Series 1999-One Allocable Finance Charge Collections deposited in the Collection Account; and
(ii) an amount equal to the Transferor Percentage for the related Monthly Period of Series 1999-One Allocable Principal Collections deposited in the Collection Account, if the Transferor Amount (determined after giving effect to any Principal Receivables transferred to the Trust on such date) exceeds zero; PROVIDED, HOWEVER, that if on such date the Available Spread Account Amount is less than the Required Spread Account Amount (after giving effect to any deposits into the Spread Account on such date pursuant to subsections 4.01(c)(ii)(w) and 4.05(a)(viii)), then an amount up to the Required Spread Account Amount shall be deposited on such date into the Spread Account. The withdrawals to be made from the Collection Account pursuant to this subsection 4.01(b) do not apply to deposits into the Collection Account that do not represent Collections, including payment of the purchase price for the Certificateholders' Interest pursuant to Section 2.06 or 10.01 of the Agreement, payment of the purchase price for the Series 1999-One Certificateholders' Interest pursuant to Section 7.01 of this Supplement and proceeds from the sale, disposition or liquidation of Receivables pursuant to Section 9.01 or 12.02 of the Agreement.
Payments to the Transferor. The Servicer shall on each Deposit Date direct the Indenture Trustee to withdraw from the Collection Account and pay to the Holders of the Transferor Certificates (and to the Successor Servicer to the extent that the Successor Servicer is owed Transition Expenses after the application of Section 4.05(a)):
Payments to the Transferor. The Servicer shall on each Deposit Date withdraw from the Collection Account and pay to the Holders of the Transferor Certificates the following amounts:
(i) an amount equal to the Transferor Percentage for the related Monthly Period of Series 2004-3 Allocable Finance Charge Collections to the extent such amount is deposited in the Collection Account; and
(ii) an amount equal to the Transferor Percentage for the related Monthly Period of Series 2004-3 Allocable Principal Collections deposited in the Collection Account, if the Transferor Amount (determined after giving effect to any Principal Receivables transferred to the Trust on such Deposit Date) exceeds zero.