Common use of Additional Deposits and Payments; Reserve Account Clause in Contracts

Additional Deposits and Payments; Reserve Account. (a) On each Payment Date, the following deposits will be made to the Collection Account, in immediately available funds, (i) the Seller will deposit the aggregate Purchase Price with respect to Receivables repurchased by the Seller pursuant to Section 3.03 hereof or Section 3.04 of the Receivables Purchase Agreement, (ii) the Servicer will deposit (A) the aggregate Purchase Price with respect to Receivables purchased by the Servicer pursuant to Section 4.07 and (B) the Optional Purchase Price to be paid under Section 9.01 in connection with the Optional Purchase and (iii) the Indenture Trustee shall deposit, from amounts on deposit in the Reserve Account, pursuant to (A) Section 5.05(c)(i), the Reserve Fund Draw Amount and (B) Section 5.05(c)(ii) the Reserve Account Excess Amount. All such deposits shall be made no later than 11:00 a.m. (New York City time) on the related Payment Date. (b) On the Closing Date, the Depositor shall deposit an amount equal to the Reserve Account Initial Deposit into the Reserve Account. On each Payment Date, based on amounts set forth in the related Servicer’s Monthly Certificate, the Indenture Trustee will deposit into the Reserve Account, pursuant to Section 5.04(a)(viii), from Available Collections not otherwise used on such Payment Date to pay the Required Amount, the amount, if any, by which the Reserve Account Required Amount for that Payment Date exceeds the Reserve Account Amount on that Payment Date, after giving effect to all required withdrawals from the Reserve Account on that Payment Date. (c) On each Payment Date, based on amounts set forth in the related Servicer’s Monthly Certificate, the Indenture Trustee will withdraw from the Reserve Account and deposit into the Collection Account, if (i) the Reserve Account Draw Amount is greater than zero, an amount equal to the Reserve Account Draw Amount and (ii) if the Reserve Account Amount on such Payment Date (after giving effect to the withdrawal of any Reserve Account Draw Amount for such Payment Date and the deposit thereof described in clause (i) above) exceeds the Reserve Account Required Amount for such Payment Date, the amount of such Reserve Account Excess Amount as Available Collections. (d) The Indenture Trustee shall receive written instructions from the Servicer (which will be in the form of the Servicer’s Monthly Certificate) directing the Indenture Trustee to make the foregoing deposits and payments.

Additional Deposits and Payments; Reserve Account. (a) On each Payment Date, the following deposits will be made to the Collection Account, in immediately available funds, (i) the Seller will deposit the aggregate Purchase Price with respect to Receivables repurchased by the Seller pursuant to Section 3.03 hereof or Section 3.04 of the Receivables Purchase Agreement, (ii) the Servicer will deposit (A) the aggregate Purchase Price with respect to Receivables purchased by the Servicer pursuant to Section 4.07 and (B) the Optional Purchase Price to be paid under Section 9.01 in connection with the Optional Purchase and (iii) the Indenture Trustee shall deposit, from amounts on deposit in the Reserve Account, pursuant to (A) Section 5.05(c)(i), the Reserve Fund Account Draw Amount and (B) Section 5.05(c)(ii) the Reserve Account Excess Amount. All such deposits shall be made no later than 11:00 a.m. (New York City time) on the related Payment Date. (b) On the Closing Date, the Depositor shall deposit an amount equal to the Reserve Account Initial Deposit into the Reserve Account. On each Payment Date, based on amounts set forth in the related Servicer’s Monthly Certificate, the Indenture Trustee will deposit into the Reserve Account, pursuant to Section 5.04(a)(viii), from Available Collections not otherwise used on such Payment Date to pay the Required Amount, the amount, if any, by which the Reserve Account Required Amount for that Payment Date exceeds the Reserve Account Amount on that Payment Date, after giving effect to all required withdrawals from the Reserve Account on that Payment Date. (c) On each Payment Date, based on amounts set forth in the related Servicer’s Monthly Certificate, the Indenture Trustee will withdraw from the Reserve Account and deposit into the Collection Account, if (i) the Reserve Account Draw Amount is greater than zero, an amount equal to the Reserve Account Draw Amount and (ii) if the Reserve Account Amount on such Payment Date (after giving effect to the withdrawal of any Reserve Account Draw Amount for such Payment Date and the deposit thereof described in clause (i) above) exceeds the Reserve Account Required Amount for such Payment Date, the amount of such Reserve Account Excess Amount as Available Collections. (d) The Indenture Trustee shall receive written instructions from the Servicer (which will be in the form of the Servicer’s Monthly Certificate) directing the Indenture Trustee to make the foregoing deposits and payments.

Additional Deposits and Payments; Reserve Account. (a) On each Payment Date, the following deposits will be made to the Collection Account, in immediately available funds, (i) the Seller will deposit the aggregate Purchase Price with respect to Receivables repurchased by the Seller pursuant to Section 3.03 hereof or Section 3.04 3.03 of the Receivables Purchase Agreement, (ii) the Servicer will deposit (A) the aggregate Purchase Price with respect to Receivables purchased by the Servicer pursuant to Section 4.07 and (B) the Optional Purchase Price to be paid under Section 9.01 in connection with the Optional Purchase and (iii) the Indenture Trustee shall deposit, from amounts on deposit in the Reserve Account, pursuant to (A) Section 5.05(c)(i), the Reserve Fund Draw Amount and (B) Section 5.05(c)(ii) the Reserve Account Excess Amount. All such deposits shall be made no later than 11:00 a.m. (New York City time) on the related Payment Date. (b) On the Closing Date, the Depositor shall deposit an amount equal to the Reserve Account Initial Deposit into the Reserve Account. On each Payment Date, based on amounts set forth in the related Servicer’s Monthly Certificate, the Indenture Trustee will deposit into the Reserve Account, pursuant to Section 5.04(a)(viii), from Available Collections not otherwise used on such Payment Date to pay the Required Amount, the amount, if any, by which the Reserve Account Required Amount for that Payment Date exceeds the Reserve Account Amount on that Payment Date, after giving effect to all required withdrawals from the Reserve Account on that Payment Date. (c) On each Payment Date, based on amounts set forth in the related Servicer’s Monthly Certificate, the Indenture Trustee will withdraw from the Reserve Account and deposit into the Collection Account, if (i) the Reserve Account Draw Amount is greater than zero, an amount equal to the Reserve Account Draw Amount and (ii) if the Reserve Account Amount on such Payment Date (after giving effect to the withdrawal of any Reserve Account Draw Amount for such Payment Date and the deposit thereof described in clause (i) above) exceeds the Reserve Account Required Amount for such Payment Date, the amount of such Reserve Account Excess Amount as Available Collections. (d) The Indenture Trustee shall receive written instructions from the Servicer (which will be in the form of the Servicer’s Monthly Certificate) directing the Indenture Trustee to make the foregoing deposits and payments.