Allocation of Collections. The Servicer will allocate Collections monthly in accordance with the actual amount of Collections received. The Servicer shall determine each month the amount of Collections received during such month which constitutes amounts which, pursuant to the terms of any Dealer Agreement, are required to be remitted to the applicable Dealer (such collections, “Dealer Collections”) and shall so notify the Collateral Agent. Notwithstanding any other provision hereof, the Collateral Agent, at the direction of the Servicer, shall distribute on each Payment Date: (i) to the Borrower, an amount equal to the aggregate amount of Dealer Collections received during or with respect to the prior Collection Period and (ii) to the Backup Servicer, if it has become the Successor Servicer, an amount equal to any Repossession Expenses related to the prior Collection Period prior to the distribution of Available Funds pursuant to Section 2.7.
Allocation of Collections. The Servicer will allocate Collections monthly in accordance with the actual amount of Collections received. The Servicer shall determine each month the amount of Collections received during such month which constitutes amounts which, pursuant to the terms of any Dealer Agreement, are required to be remitted to the applicable Dealer (such collections, “Dealer Collections”). Notwithstanding any other provision hereof, the Collateral Agent, pursuant to the written direction of the Servicer set forth on each Monthly Report, shall distribute on each Payment Date: (i) to the Borrower, an amount equal to the aggregate amount of Dealer Collections received during or with respect to the prior Collection Period and (ii) to the Backup Servicer, if it has become the Successor Servicer, an amount equal to any Repossession Expenses related to the prior Collection Period prior to the distribution of Available Funds pursuant to Section 2.7.
Allocation of Collections. The Servicer will allocate Collections monthly in accordance with the actual amount of Collections received. The Servicer or the Backup Servicer, if it has become the Successor Servicer, at the direction of the Originator, shall determine each month the amount of Collections received during such month which constitutes amounts which, pursuant to the terms of any Dealer Agreement, are required to be remitted to the applicable Dealer (such collections, “Dealer Collections”) and shall so notify the Borrower and the Collateral Agent. Notwithstanding any other provision hereof, the Borrower (or at all times after the occurrence of a Termination Event, the Collateral Agent), at the direction of the Servicer, shall distribute on each Payment Date: (i) to the Borrower, an amount equal to the aggregate amount of Dealer Collections received during or with respect to the prior Collection Period and (ii) to the Backup Servicer, if it has become the Successor Servicer, an amount equal to any Repossession Expenses related to the prior Collection Period prior to the distribution of Available Funds pursuant to Section 2.6.
Allocation of Collections. The Lender and the Administrative Agent, by entering into this Agreement, and each Exchange Noteholder, by accepting the related Exchange Note, acknowledges and agrees that (a) the Revolving Facility and the Exchange Notes are secured under Section 3.1 by a single security interest in the Borrower Collateral, (b) each of the Lender, the Administrative Agent and each Exchange Noteholder will be subject to the limitation of recourse, waiver of claims and rights, and subordination terms of this Article VII, (c) except following a Facility Event of Default or an Exchange Note Event of Default, no Exchange Noteholder will have any recourse to, or right to payment from, the Collections on the Revolving Facility Pool and (d) all Collections will be distributed according to the priorities and procedures in this Article VII.
Allocation of Collections. (a) Except as required by Law or the underlying Contract, if any Obligor is obligated under one or more Purchased Receivables and also under one or more Contracts not constituting Purchased Receivables, then any payment received from or on behalf of such Obligor shall be applied (i) to a specific Contract if the Obligor designates such payment to be so applied, or (ii) to the Purchased Receivables in the order in which payments are due thereunder if the application of such payment is not so designated.
(b) Notwithstanding any other provision of this Agreement, the Buyer is not entitled to receive any portion of Collections once the Net Investment is reduced to zero and the Seller has no remaining payment obligations to the Buyer under this Agreement.
Allocation of Collections. Collections will be allocated to each Series as specified in the related Supplement, and amounts so allocated to any Series will not, except as specified in the related Supplement, be available to the Investor Certificateholders of any other Series. Allocations thereof between the Certificateholders' Interest and the Transferor Interest, among the Series or to any Enhancement Agreement and to any Enhancement Provider shall be set forth in the related Supplement or Supplements. If, on any day, the sum of the Floating Allocation Percentages for all outstanding Series exceeds 100%, as set forth on the applicable Daily Report, then the aggregate of the Investor Collections for all outstanding Series shall be allocated pro rata among all outstanding Series on the basis of the Series Allocation Percentage for each such Series; provided, however, that if on any day the amount of Investor Collections for any Series is not sufficient to pay the full amount of interest due and payable on such day to the Investor Certificateholders of each Series on such day, then the aggregate of the Investor Collections for all outstanding Series shall be allocated pro rata among all outstanding Series on the basis of a fraction, for each Series, the numerator of which is the Invested Amount of such Series and the denominator of which is the Trust Invested Amount. Pooling and Servicing Agreement
Allocation of Collections. The Servicer shall segregate and hold all Collections in trust for the benefit of the Seller, the Purchasers, the Insurer and the other Secured Parties and, within one Business Day of the receipt (or deemed receipt) of Collections of Pool Receivables by the Seller or Servicer, deposit such Collections into a Deposit Account. With respect to the allocations set forth below, (x) each Purchaser with both an Insured Investment and an Uninsured Investment shall be treated as two separate Purchasers for purposes of separately tracking such allocations and (y) if amounts are set aside for particular items in accordance with the priorities set forth below, such amounts shall be segregated in the Liquidation Account to be used solely for the purposes, and in accordance with the priority, for which such amounts were allocated (by way of example, funds set aside for Senior Discount/Fees for a Purchaser and deposited into the Liquidation Account shall not be used to pay any additional Discount payable to such Purchaser and funds set aside with respect to any Insured Investment shall not be used to pay any amounts with respect to any Uninsured Investment). With respect to such Collections, on the day deposited into the Deposit Accounts:
(i) ALLOCATION OF SELLER'S SHARE OF COLLECTIONS PRIOR TO TERMINATION DATE. If such day is not a Termination Day, out of the Seller's Share of Collections, the Servicer shall FIRST, remit to the Servicer any accrued and unpaid Servicing Fees, SECOND, deposit into the Cash Reserve Account an amount up to the excess of the Cash Reserve over the amount on deposit in the Cash Reserve Account and THIRD, remit to the Seller the remainder of such Collections; PROVIDED, HOWEVER, that during the continuation of an ADESA Financial Covenant Event, all remaining Collections which would otherwise be distributed to the Seller under CLAUSE THIRD shall be transferred to the Liquidation Account and withdrawn therefrom solely to reinvest in Pool Receivables or for distribution in accordance with SECTION 1.4(c)(iii) if the Termination Date has occurred.
(ii) ALLOCATIONS OF PURCHASERS' SHARE OF COLLECTIONS PRIOR TO TERMINATION DATE. If such day is not a Termination Day, out of the Purchasers' Share of such Collections in the Deposit Accounts, FIRST the Servicer shall transfer to the Liquidation Account, and the Agent shall hold therein for the benefit of the Insurer, an amount equal to the Premium accrued through such day and not previously transferred to t...
Allocation of Collections. (a) On each Remittance Date, the Servicer shall apply Collections (including, without limitation, the amount of Deemed Collections) for the immediately preceding Collection Period in the following order:
(i) first, to repay any unreimbursed Servicer Advances;
(ii) second, to the payment to the Agent of any accrued and unpaid Carrying Costs for any preceding Collection Period;
(iii) third, to Buyer A or the Bank nvestors, as the case may be, in reduction of Buyer A's Net Investment, any excess of Buyer A's Net Investment over the amount of the Eligible Pool Balance as of the last Business Day of the immediately preceding Collection Period;
(iv) fourth, to the Servicer for any accrued and unpaid Servicing Fees for any preceding Collection Period;
(v) fifth, to Buyer B, the amount of any accrued and unpaid Buyer B Program Fee and Incentive Fee due and owing to it pursuant to the Fee Letter, for any preceding Collection Period;
(vi) sixth, to the Transferor to be applied to the purchase of additional undivided percentage interests in the Receivables pursuant to Section 2.2(e) equal to the aggregate amount of principal receivables purchases made by Obligors during such Collection Period, minus the amount of purchases made pursuant to Sections 2.2(a) and 2.2(e) since the preceding Remittance Date;
(vii) seventh, to the Agent in reduction of Buyer A's Net Investment, until Buyer A's Net Investment is reduced to zero, and then in reduction of Buyer B's Net Investment, until Buyer B's Net Investment is reduced to zero;
(viii) eighth, to the Agent, without duplication, in satisfaction of all other Aggregate Unpaids that are due and owing on such Remittance Date; and
(ix) ninth, any amounts remaining after application in accordance with clauses (i) through (viii) above shall be distributed in accordance with Section 2.5(b) hereof, so long as the Transferor shall not have purchased Buyer B's Net Investment pursuant to the Purchase Option Agreement or this Agreement.
(b) Collections remaining pursuant to clause (ix) of Section 2.5(a) shall be distributed by the Servicer as follows:
(i) first, to the Transferor up to an amount equal to the Initial Transferor Interest plus an amount sufficient to yield an imputed internal rate of return of 7.50% per annum on the Initial Transferor Interest; and
(ii) second, until all Receivables are reduced to zero, 90% of remaining Collections will be distributed to the Transferor and 10% of remaining Collections will be distributed to ...
Allocation of Collections. All Collections allocable to the Series 2004-1 Notes pursuant to Section 3.2 of this Series Supplement shall be allocated to the Collection Account.
Allocation of Collections. The Lender and the Administrative Agent, by entering into this Agreement, and each Exchange Noteholder, by accepting the related Exchange Note, acknowledge and agree that, notwithstanding that the Revolving Facility and the Exchange Notes are secured, pursuant to Section 3.01, by a single security interest in all of the Collateral (i) each such Person will be subject to the limitation of recourse, waiver of claims and rights, and subordination provisions set forth in this Article, (ii) the Lender will not have any recourse or right to payment from Collections on any Reference Pool in respect of payments of the Revolving Facility Balance, (iii) no Exchange Noteholder will have any recourse to, or right to payment from, the Collections on the Revolving Facility Pool or any other Reference Pool and (iv) except as otherwise provided in an Exchange Note Supplement or other transaction document relating to the related Exchange Note, all Collections will be applied in accordance with the priorities and procedures set forth in this Article.
