Common use of Allocation and Application of Funds Clause in Contracts

Allocation and Application of Funds. The Servicer shall direct the Trustee in writing (which may be given in the form of the Monthly Settlement Statements or the Daily Reports) to apply all Collections with respect to the Purchased Loans as described in this Article III and in the Supplement with respect to each Outstanding Series. The Servicer shall direct the Trustee in writing to pay Collections to the holder of the Exchangeable Company Interest to the extent such Collections are allocated to the Exchangeable Company Interest under subsection 3.01(f) and as otherwise provided in Article III. Unless otherwise provided in one or more Supplements, if the Trustee receives any Monthly Settlement Statement or Daily Report at or before 12:00 (Noon), New York City time, on any Business Day, the Trustee shall make any applications of funds required thereby on the same Business Day and otherwise on the next succeeding Business Day. 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.

Allocation and Application of Funds. The Master Servicer shall direct the Trustee in writing (which may be given in the form of the Daily Reports and the Monthly Settlement Statements or the Daily ReportsStatements) to apply all Collections with respect to the Purchased Loans Receivables as described in this Article III and in the Supplement with respect to each Outstanding Series. The Master Servicer shall direct the Trustee in writing to pay Collections to the holder of the Exchangeable Company Interest to the extent such Collections are allocated to the Exchangeable Company Interest under subsection 3.01(f) and as otherwise provided in Article III. Unless otherwise provided in one or more SupplementsSupplement, if the Amended and Restated Pooling Agreement 77 Trustee receives any Monthly Settlement Statement or Daily Report at or before 12:00 (Noon)1:00 p.m., New York City time, on any Business Day, the Trustee shall make any applications of funds required thereby on the same Business Day and otherwise on the next succeeding Business Day. 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.

Allocation and Application of Funds. The Servicer shall direct the Trustee in writing (which may be given in the form of the Monthly Settlement Statements or the Daily Reports) to apply all Collections with respect to the Purchased Loans as described in this Article III and in the Supplement with respect to each Outstanding Series. The Servicer shall direct the Trustee in writing to pay Collections to the holder of the Exchangeable Company Interest to the extent such Collections are allocated to the Exchangeable Company Interest under subsection 3.01(fSUBSECTION 3.01(F) and as otherwise provided in Article III. Unless otherwise provided in one or more Supplements, if the Trustee receives any Monthly Settlement Statement or Daily Report at or before 12:00 (Noon), New York City time, on any Business Day, the Trustee shall make any applications of funds required thereby on the same Business Day and otherwise on the next succeeding Business Day. 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.