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, 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 Reinvestment as provided in this Section 2.1 (provided that Aggregate Capital shall not be payable during the Revolving Period except to the extent provided in Section 1.3 and Section 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 additional Purchases of Ownership Interests, such that after giving effect thereto, the outstanding Aggregate Capital is equal to the Aggregate Capital outstanding immediately prior to receipt of such Collections and the Ownership Interest does not exceed 100% (each such Purchase, a “Reinvestment”). Each Reinvestment will be presumed to be made ratably amongst all Purchasers in accordance with their respective Capital outstanding. On each Settlement Date, the Servicer shall deliver to the Administrative Agent that portion of all Collections and Deemed Collections received during the related Calculation Period (after deducting therefrom its Servicing Fee) equal to the Required Amounts for application in accordance 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 Reinvestment shall be permitted hereunder until such amounts payable have been paid in full.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Schneider National, Inc.)

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Payments and Collections. Section 2.1. Collections during the Revolving Period. During the Revolving Period, any Collections and/or Deemed Collections All funds received by the Servicer (or from and after the occurrence Agent in respect of the Dominion Date, any payments made by the Administrative Agent) Company on the Loans or Facility Fees 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 Reinvestment as provided in this Section 2.1 (provided that Aggregate Capital shall not be payable during the Revolving Period except to the extent provided in Section 1.3 and Section 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 distributed by the Servicer and its Affiliates in accordance with Section 6.2(c)). On each day during Agent among the Revolving Period that is not a Settlement Date, subject to Section 1.4, Lenders on the last sentence of this Section 2.1 and Section 4.2, Collections that are not required to be segregated date received or deemed received pursuant to Section 6.2(c2.12, in like funds as received, ratably according to each Lender’s Pro Rata Share. After any Event of Default has occurred and the Commitments have been terminated or the obligations have been accelerated, all funds received by the Agent, whether as payments by the Company or as realization on collateral or on any guaranties, shall (except as may otherwise be required by law) shall be distributed by the Agent in the following order: (a) first be applied to making additional Purchases of Ownership Interests, such that after giving effect thereto, the outstanding Aggregate Capital is equal to the Aggregate Capital outstanding immediately prior Agent or any Lender who has incurred unreimbursed costs of collection with respect to receipt any Indebtedness of the Company hereunder, ratably to the Agent and each Lender in the proportion that the costs incurred by the Agent or such Collections Lender bear to the total of all such costs incurred by the Agent and all Lenders; (b) next ratably to the Ownership Interest does not exceed 100% Lenders for application on the Loans; and (each such Purchase, a “Reinvestment”). Each Reinvestment will be presumed c) last to be made ratably amongst all Purchasers the Lenders (in accordance with their respective Capital outstandingPro Rata Shares) for any unpaid Facility Fees owing by the Company hereunder. On each Settlement DateTo the extent the Agent or any Lender receives any payment on the Obligations, whether from the Company or otherwise, that is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such recovery, the Servicer Obligations originally intended to be satisfied by such payment shall deliver be revived and continued in full force and effect as if such payment had not been received, and each Lender shall purchase from the Agent or such Lender, for cash, at face value and without recourse, such participations in the revived Obligations as shall be necessary to cause such revived Obligations to be shared ratably among all of the Administrative Lenders. The Agent that portion of all Collections and Deemed Collections received during or such Lender, as the related Calculation Period (after deducting therefrom its Servicing Fee) equal to case may be, shall promptly notify the Required Amounts for application in accordance 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 2.3other Lenders and, if applicable, the next available Collections shall be applied to Agent, of any such payments in accordance with Section 2.3, and no Reinvestment shall be permitted hereunder until such amounts payable have been paid in fullrecovery.

Appears in 1 contract

Samples: Revolving Credit Agreement (Best Buy Co Inc)

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 Reinvestment Rollover Advance as provided in this Section 2.1 (provided that Aggregate Capital Principal shall not be payable during the Revolving Period except to the extent provided in Section 1.3 and Section 1.7 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 additional Purchases of Ownership Interests, an Advance such that after giving effect thereto, the outstanding Aggregate Capital Principal is equal to the Aggregate Capital Principal outstanding immediately prior to receipt of such Collections and the Ownership Interest does not exceed 100% (each such PurchaseAdvance, a “ReinvestmentRollover Advance”). Each Reinvestment Rollover Advance will be presumed to be consist of Loans made ratably amongst all Purchasers Lenders in accordance with their respective Capital Principal 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 Required Amounts amounts due and owing pursuant to clauses (i)-(vii) of Section 2.3 for application in accordance with Section 2.3therewith (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 Reinvestment Rollover Advance shall be permitted hereunder until such amounts payable have been paid in full.

Appears in 1 contract

Samples: Credit and Security Agreement (Martin Marietta Materials Inc)

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 Reinvestment as provided in this Section 2.1 (provided that Aggregate Capital shall not be payable during the Revolving Period except to the extent provided in Section 1.3 and Section 1.7 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 additional Purchases of Ownership Interestsundivided interests in the Receivables and the associated Related Security, such that after giving effect thereto, the outstanding Aggregate Capital is equal to the Aggregate Capital outstanding immediately prior to receipt of such Collections and the Ownership Receivable Interest does not exceed 100% (each such Purchase, a “Reinvestment”). Each Reinvestment will be presumed to be made ratably amongst all Purchasers Purchaser Groups in accordance with their respective Capital 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 and Deemed Collections received (or deemed received) during the related Calculation Period (after deducting therefrom its Servicing Fee) equal to the Required Amounts amounts due and owing pursuant to clauses first through fourth of Section 2.3 for application in accordance with Section 2.3therewith (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 Reinvestment shall be permitted hereunder until such amounts payable have been paid in full.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Pool Corp)

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Payments and Collections. Payments . Notwithstanding any limitation on recourse contained in this Agreement, the Seller shall promptly pay to the Administrative Agent or the Managing Agents (for their own account or the account of the related Purchasers, as applicable), on a full recourse basis, when due, (i) such fees as set forth in the Fee Letter (which fees shall be sufficient to pay all fees owing to the Financial Institutions), (ii) all amounts payable as Yield, (iii) all amounts payable as Deemed Collections, to the extent required to reduce Aggregate Capital hereunder (which shall be immediately due and payable by the Seller and applied to reduce outstanding Aggregate Capital hereunder in accordance with Sections 2.2 and 2.4 hereof), (iv) all amounts payable to reduce the outstanding Purchaser Interests, if required, pursuant to Section 2.12.7, (v) all amounts payable pursuant to Article X, if any, (vi) all Servicer costs and expenses, including the Servicing Fee, in connection with servicing, administering and collecting the Receivables, (vii) all Broken Funding Costs and (viii) all Default Fees (collectively, the “Obligations”). Collections during If any Person fails to pay any of the Revolving PeriodObligations when due, EXHIBIT 2 or if the Servicer fails to make any deposit required to be made by it hereunder when due, such Person, or the Servicer, as applicable, agrees to pay, on demand, the Default Fee in respect thereof until all such Obligations are paid. During Notwithstanding the Revolving Periodforegoing, no provision of this Agreement or the Fee Letter shall require the payment or permit the collection of any amounts hereunder in excess of the maximum permitted by applicable law. If at any time the Seller receives any Collections and/or or is deemed to receive any Collections, the Seller shall immediately pay such Collections or Deemed Collections received by to the Servicer (for application in accordance with the terms and conditions hereof and, at all times prior to such payment, such Collections or from and after the occurrence of the Dominion Date, by the Administrative Agent) Deemed Collections shall be held in trust by the Seller for the payment exclusive benefit 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 Reinvestment as provided in this Section 2.1 (provided that Aggregate Capital shall not be payable during the Revolving Period except to the extent provided in Section 1.3 and Section 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 1.4Purchasers, 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 additional Purchases of Ownership Interests, such that after giving effect thereto, the outstanding Aggregate Capital is equal to the Aggregate Capital outstanding immediately prior to receipt of such Collections Managing Agents and the Ownership Interest does not exceed 100% (each such Purchase, a “Reinvestment”)Administrative Agent. Each Reinvestment will be presumed Collections Prior to be made ratably amongst all Purchasers in accordance with their respective Capital outstanding. On each Settlement Date, the Servicer shall deliver to the Administrative Agent that portion of all Collections and Deemed Collections received during the related Calculation Period (after deducting therefrom its Servicing Fee) equal to the Required Amounts for application in accordance 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 Reinvestment shall be permitted hereunder until such amounts payable have been paid in full.Amortization

Appears in 1 contract

Samples: Receivables Purchase Agreement (LKQ Corp)

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