Daily Settlements Clause Samples
Daily Settlements. On each day (other than a Liquidation Day) with regard to each Settlement Period, each Buyer shall be allocated an amount of Collections equal to the product of (i) the Buyer’s Allocation with respect to such Buyer, expressed as a decimal, and (ii) Collections, if any, with respect to the Purchased Receivables on such day. The Servicer shall hold in trust for the benefit of such Buyer out of such amount in respect of such Buyer’s Allocation an amount equal to the Cost of Funds in respect of such Buyer and Program Fee Amount accrued through such day and not previously so held (whether or not accrued during the current Settlement Period), and (following such allocation) shall hold in trust for its own account an amount, if available, equal to the Servicer’s Compensation accrued through such day for the Participation Interest and not previously so held and (following such allocation) shall hold in trust for the account of such Buyer an amount, if available, equal to the Facility Fee accrued through such day and not previously so held. The remainder of such amount (the “Remainder”) in respect of the Buyer’s Allocation with respect to each Buyer shall, subject to the terms and conditions of this Agreement, be utilized by the Servicer to make a Reinvestment in the Receivables Pool in the amount of the Remainder, subject to Sections 2.01 and 4.04 hereof, and after giving effect to any allocation of new Receivables to the Receivables Pool. Any portion of the Remainder not applied to a Reinvestment (other than as provided by Section 12.05) shall be held by the Servicer in accordance with subsection (d) below. The Remainder, or any portion thereof, which is applied to a Reinvestment, and any amount of Collections which were not allocated to a Buyer pursuant to the first sentence of this Section 5.03(a), shall be remitted by the Servicer to the Seller. Notwithstanding the foregoing, in the event that at the end of any Settlement Period the amounts held in trust for the benefit of the Buyers pursuant to the second sentence of this Section 5.03(a) and not previously paid to such Buyer are less than the accrued and unpaid Cost of Funds and Program Fee Amount for such Settlement Period, then any amount which had been deemed to be a Remainder during such Settlement Period (up to the amount of such deficit in the amount available to pay the Cost of Funds and Program Fee Amount) shall be deemed to have been held in trust for the benefit of the Buyers pursuant to the second ...
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. (a) On each day with regard to each Settlement Period, the Collections shall be allocated first, in accordance with the provisions of Section 2.6 of the Loan Agreement, and then in accordance with the provisions of
Daily Settlements. On each day (other than a Liquidation Day) with regard to each Settlement Period, the Buyer shall be allocated an amount of Collections equal to the product of (i) the Buyer's Allocation, expressed as a decimal, and (ii) Collections, if any, with respect to the Purchased Receivables on such day. The Servicer shall hold in trust for the benefit of the Buyer out of such amount in respect of such Buyer's