Collections Payment definition
Examples of Collections Payment in a sentence
Except on the Payment Date in the month specified in the Adoption Annex, on each Payment Date, the Indenture Trustee shall distribute out of the Payment Account to the Holders of each Class of Notes the Principal Collections from the related Loan Group up to the related Scheduled Principal Collections Payment Amount but not in excess of the related Note Principal Balance.
Except on the Payment Date in the month specified in the Adoption Annex, on each Payment Date, the Indenture Trustee shall distribute out of the Collection Account to the Holders of the Notes the Principal Collections up to the Scheduled Principal Collections Payment Amount but not in excess of the Note Principal Balance.
The dollar amount of any Overcollateralization Step-Down Amount for a Loan Group will be deducted from the Scheduled Principal Collections Payment Amount for that Loan Group and paid to the Transferor.
The dollar amount of any Excess Overcollateralization Amount for a Loan Group will be deducted from the Scheduled Principal Collections Payment Amount for that Loan Group and paid to the Transferor.
The remaining funds shall be transferred to the Collection Account and treated as though they were Investor Principal Collections and they shall increase the Scheduled Principal Collections Payment Amount (above the amount calculated without regard to this provision) for purposes of calculating amounts distributable on the following Payment Date.
Each payment from Account Debtor to Seller in respect of the Receivable is referred to herein as a “Collections Payment” and the aggregate Collections Payments in respect of the Receivable are referred to as the “Collections.” Servicer shall provide Purchaser written notice of its determination that the Final Collections Payment has been received, together with reasonable supporting documentation.
For the avoidance of doubt, Seller’s receipt of notice from Account Debtor that the delivery of any Collections Payment or information in respect of the Purchased Receivable will be, or is reasonably likely to be, delayed shall not constitute a breach or default under this Agreement nor shall it affect the amount of a Late Payment Discount, if applicable.
So long as a Rapid Amortization Event has not occurred, the dollar amount of any Excess Overcollateralization Amount for a Loan Group will be deducted from the Scheduled Principal Collections Payment Amount for that Loan Group and paid to the Issuer for distribution pursuant to the Trust Agreement.
For the avoidance of doubt, S▇▇▇▇▇’s receipt of notice from Account Debtor that the delivery of any Collections Payment or information in respect of the Purchased Receivable will be, or is reasonably likely to be, delayed shall not constitute a breach or default under this Agreement nor shall it affect the amount of a Late Payment Discount, if applicable.
So long as a Rapid Amortization Event has not occurred, the dollar amount of any Excess Overcollateralization Amount will be deducted from the Scheduled Principal Collections Payment Amount and paid to the Issuer for distribution pursuant to the Trust Agreement.