Application of Available Funds Sample Clauses

Application of Available Funds. Servicing Fee
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Application of Available Funds. (a) SPV (or the Subservicer on its behalf) shall direct or otherwise cause the Purchasers obligated on the Pledged Receivables (other than Purchasers paying by means of credit cards) to mail or deposit by electronic means all Collections due thereunder to a Lockbox Account, or as otherwise required by the Administrative Agent. If, notwithstanding such instructions, any such Collections are delivered to SPV or the Subservicer, and to the extent Collections paid by means of credit cards are delivered to SPV or the Subservicer, SPV shall (or shall cause the Subservicer to) deposit such Collections into the Collection Account within one Business Day following the receipt. No less frequently than once a week, all Available Funds held by an Account Agent will be paid to TFC, pursuant to the applicable Blocked Account Agreement, for deposit in the Collection Account. (b) In the event SPV receives any payments on any of the Pledged Receivables directly from or on behalf of the related Purchasers, SPV shall receive all such payments in trust for the sole and exclusive benefit of TFC; and SPV shall deliver to the Account Agent all such payments (in the form so received by SPV) within one Business Day, unless the Administrative Agent shall have notified SPV to deliver such payments elsewhere, in which event all such payments (in the form received) shall be endorsed by SPV to the Administrative Agent and delivered to such account as the Administrative Agent shall specify within one Business Day of SPV's receipt thereof. (c) Prior to each Payment Date and with respect to the immediately preceding Settlement Period, the Master Servicer shall determine the following amounts: (i) an aggregate amount (the "Securitization Amount") of the Available Funds for such Settlement Period that was applied to Parallel Claims under the terms of the Securitization Facility Documents; (ii) an amount (the "Reserve Funding Amount") equal to the amount required to be deposited in the Program Reserve Account to cause the amount held therein to equal the Required Reserve Amount; (iii) an aggregate amount (the "SPV Required Amount") equal to the Obligations due and payable in respect of such Settlement Period; (iv) an amount (the "Surplus") equal to the excess, if any, of (x) the Available Funds for such Settlement Period over (y) the sum of the SPV Required Amount plus the Reserve Funding Amount for such Settlement Period; (v) an amount (the "Shortfall") equal to the excess, if any, of (x) t...
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Application of Available Funds. The Trustee shall make on each Payment Date from Available Funds in the Collection Account with respect to the quarter preceding such Payment Date, the following distributions in the following priorities: (a) Payment of Trustee’s Fees and reimbursement of expenses incurred by Trustee; (b) Payment to Grantor of expenses and other sums Grantor is entitled to be paid and reimbursed for under this Agreement; (c) Payment to Administrator of expenses and other sums Administrator is entitled to be paid and/ or reimbursed for under this Agreement; and (d) Distribution to each Beneficiary of record on the preceding Record Date such Beneficiary’s pro rata share (based on the aggregate Units held by such Beneficiary) of Available Funds in the Collection Account. Such distribution shall be made by check mailed to each Beneficiary. If any distribution to a Beneficiary would be less than $________, other than with respect to the Final Distribution, Trustee shall hold such distribution amount in trust for such Beneficiary until the Payment Date on which a distribution of more than $______ can be made. If any payment to a Beneficiary is returned as “undeliverable” or “address unknown” for two (2) consecutive Payment Dates or distribution checks from the Trustee remain uncashed for a period of six (6) months following two (2) consecutive Payment Dates, the Trustee may cease distributions to such Beneficiary and shall hold such distribution for the benefit of such Beneficiary in the Collection Account until the earlier of (i) receipt of notification of a proper address for such Beneficiary, or (ii) termination of the Trust at which time such amount shall be distributed as provided in Article X of this Agreement.
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Application of Available Funds. (a) Available Investor Finance Charge and Administrative Collections (i) The amount of Class A Monthly Interest for such Distribution Date is equal to................................................................................................................ The amount of any Class A Monthly Interest previously due but not distributed on a prior Distribution Date is equal to ............................................. The amount of Class A Additional Interest for such Distribution Date is equal to ....................................................................................................... The amount of any Class A Additional Interest previously due but not distributed on a prior Distribution Date is equal to................................................ (ii) The amount of Class B Monthly Interest for such Distribution Date is equal to................................................................................................................... The amount of any Class B Monthly Interest previously due but not distributed on a prior Distribution Date is equal to.................................................... The amount of Class B Additional Interest for such Distribution Date is equal to................................................................................................................ The amount of any Class B Additional Interest previously due but not distributed on a prior Distribution Date is equal to................................................... (iii) (A) If HFC or an Affiliate of HFC is no longer the Servicer, the Monthly Servicing Fee ...
Sample 1
Application of Available Funds on Deposit in the Collection Account, the Principal Funding Account and the Collection Subaccount. With respect to Series 1998-1, on each Distribution Date the Servicer shall provide written directions to the Trustee to apply Series Allocable Finance Charge and Administrative Collections (other than the portion thereof reallocated to other Series in Group Three), Collections of Finance Charge and Administrative Receivables reallocated to Series 1998-1 from other Series and Available Investor Principal Collections on deposit in the Collection Account, the Collection Subaccount and the Principal Funding Account with respect to such Distribution Date in the following manner: (a) An amount equal to the sum of (A) the product of (x) Reallocated Investor Finance Charge and Administrative Collections with respect to such Distribution Date plus any
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Application of Available Funds. 13.1 Payments of principal on the VRR Loan will at all times rank in accordance with the Pre-Enforcement Principal Priority of Payments or the Post-Enforcement Priority of Payments, as applicable. 13.2 Prior to the delivery of an Enforcement Notice, the Cash Manager on behalf of the Issuer is required to apply Available Revenue Receipts and Available Principal Receipts on each Interest Payment Date in accordance with the Pre-Enforcement Revenue Priority of Payments and Pre-Enforcement Principal Priority of Payments (as applicable) and thereafter, in accordance with the Post-Enforcement Priority of Payments.
Sample 1
Application of Available Funds. (a) Available Investor Finance Charge and Administrative Collections (i) The amount of Class A Monthly Interest for such Distribution Date is equal to .........................
Sample 1
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Related to Application of Available Funds

  • Available Funds $ 2,191,971.28 ---------------

  • Payments from Available Funds Only All payments to be made by the Borrower under this Agreement shall be made only from the amounts that constitute Scheduled Payments, Special Payments and other payments under the Operative Agreements, including payment under Section 4.02 of the Participation Agreements and payments under Section 2.14 of the Indentures, and only to the extent that the Borrower shall have sufficient income or proceeds therefrom to enable the Borrower to make payments in accordance with the terms hereof after giving effect to the priority of payments provisions set forth in the Intercreditor Agreement. The Liquidity Provider agrees that it will look solely to such amounts to the extent available for distribution to it as provided in the Intercreditor Agreement and this Agreement and that the Borrower, in its individual capacity, is not personally liable to it for any amounts payable or liability under this Agreement except as expressly provided in this Agreement, the Intercreditor Agreement or any Participation Agreement. Amounts on deposit in the Class A Cash Collateral Account shall be available to the Borrower to make payments under this Agreement only to the extent and for the purposes expressly contemplated in Section 3.05(f) of the Intercreditor Agreement.

  • Allocation of Applied Realized Loss Amounts Any Applied Realized Loss Amounts shall be allocated by the Trustee to the most junior Class of Subordinated Certificates then Outstanding in reduction of the Class Certificate Balance thereof.

  • Application of Collections All collections for the Collection Period shall be applied by the Servicer as follows: (a) With respect to each Receivable (other than a Purchased Receivable or a Sold Receivable), payments by or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to such Receivable, to the extent collected) shall be applied to interest and principal in accordance with the Simple Interest Method. (b) All amounts collected that are payable to the Servicer as Supplemental Servicing Fees hereunder shall be deposited in the Collection Account and paid to the Servicer in accordance with Section 5.7(a).

  • Cross-Collateralization; Adjustments to Available Funds (a) If on each Distribution Date after the date on which the aggregate Class Certificate Balance and Component Principal Balance of the Senior Certificates related to a Loan Group has been reduced to zero, the Trustee shall distribute Available Funds on all the Mortgage Loans assuming there is only one group of Mortgage Loans consisting of all of the Mortgage Loans. (b) If on any Distribution Date the aggregate Class Certificate Balance and Component Principal Balance of the Senior Certificates and related Principal Only Component (after all other distributions are made on such Distribution Date) in a Loan Group is greater than the aggregate Stated Principal Balance of the Mortgage Loans in such Loan Group as of the Due Date in the month of such Distribution Date (after giving effect to Principal Prepayments in the Prepayment Period related to that Due Date) (the "Undercollateralized Group"), then the Trustee shall reduce the Available Funds of the other Loan Group to the extent that it is not undercollateralized (the "Overcollateralized Group"), as follows: (i) to the Senior Certificates of the Undercollateralized Group an amount equal to the lesser of (a) the Accrued Interest Amount and (b) Available Funds of the Overcollateralized Group remaining after making distributions to the Senior Certificates of the Overcollateralized Group on such Distribution Date pursuant to Section 4.02; and (ii) to the Senior Certificates of the Undercollateralized Group, to the extent of the principal portion of the Available Funds of the Overcollateralized Group remaining after making distributions to the Senior Certificates of the Overcollateralized Group on such Distribution Date pursuant to Section 4.02 and the Accrued Interest Amount pursuant to clause (i) above, until the Class Certificate Balance and Component Principal Balance of the Senior Certificate Group of such Undercollateralized Group equals the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group as of the Due Date in the month of such Distribution Date (after giving effect to Principal Prepayments in the Prepayment Period related to that Due Date).

  • Distribution of Collateral Proceeds In the event that, following the occurrence or during the continuance of any Default or Event of Default, the Administrative Agent or any Lender, as the case may be, receives any monies in connection with the enforcement of any of the Security Documents, or otherwise with respect to the realization upon any of the Collateral, such monies shall be distributed for application as follows: (a) First, to the payment of, or (as the case may be) the reimbursement of the Administrative Agent, in its capacity as such, for or in respect of all reasonable costs, expenses, disbursements and losses which shall have been incurred or sustained by the Administrative Agent in connection with the collection of such monies by the Administrative Agent, for the exercise, protection or enforcement by the Administrative Agent of all or any of the rights, remedies, powers and privileges of the Administrative Agent under this Credit Agreement or any of the other Loan Documents or in respect of the Collateral or in support of any provision of adequate indemnity to the Administrative Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Administrative Agent to such monies; (b) Second, to all other Obligations in such order or preference as the Required Lenders may determine; provided, however, that (i) distributions shall be made (A) pari passu among Obligations with respect to the Administrative Agent’s Fee and all other Obligations and (B) with respect to each type of Obligation owing to the Lenders, such as interest, principal, fees and expenses, among the Lenders pro rata across all Tranches and (ii) the Administrative Agent may in its discretion make proper allowance to take into account any Obligations not then due and payable; (c) Third, upon payment and satisfaction in full in cash or other provisions for payment in full satisfactory to the Lenders and the Administrative Agent of all of the Obligations, to the payment of any obligations required to be paid pursuant to §9-615 of the UCC of the State of New York; and (d) Fourth, the excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto.

  • Distributions of Available Cash An amount equal to 100% of Available Cash with respect to each fiscal quarter of the Partnership shall be distributed simultaneously to the Members in proportion to their relative Percentage Interests within forty-five days after the end of such quarter.

  • Special Hazard Loss Amount $ 0.00 --------------

  • Application of Net Liquidation Proceeds For all purposes under this agreement, Net Liquidation Proceeds received from a Servicer shall be allocated first to accrued and unpaid interest on the related Mortgage Loan and then to the unpaid principal balance thereof.

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes: (i) to pay to such Servicer (to the extent not previously retained by such Servicer) the servicing compensation to which it is entitled pursuant to Section 3.14, and to pay to such Servicer, as additional servicing compensation, earnings on or investment income with respect to funds in or credited to such Collection Account; (ii) to reimburse such Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Non-Designated Mortgage Loan(s) in respect of which any such Advance was made (including without limitation, late recoveries of payments, Liquidation Proceeds and Insurance Proceeds to the extent received by such Servicer); (iii) to reimburse such Servicer for any Nonrecoverable Advance previously made or any amount expended pursuant to Section 3.11(a); (iv) to reimburse such Servicer for (A) unreimbursed Servicing Advances, such Servicer’s right to reimbursement pursuant to this clause (A) with respect to any Non-Designated Mortgage Loan being limited to amounts received on such Non-Designated Mortgage Loan which represent late payments of principal and/or interest (including, without limitation, Liquidation Proceeds and Insurance Proceeds with respect to such Mortgage Loan) respecting which any such advance was made and (B) for unpaid Servicing Fees as provided in Section 3.11 hereof; (v) to pay to the purchaser, with respect to each Non-Designated Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.11, all amounts received thereon after the date of such purchase; (vi) to make any payments required to be made pursuant to Section 2.07(g); (vii) to withdraw any amount deposited in such Collection Account and not required to be deposited therein; (viii) on the Cash Remittance Date, to withdraw an amount equal to the portion of the Available Distribution Amount applicable to the Non-Designated Mortgage Loans serviced by such Servicer, who will remit the aggregate of such amounts to the Trust Administrator for deposit in the Certificate Account; (ix) with respect to each Non-Designated Mortgage Loan covered by a Lender Paid Mortgage Guaranty Insurance Policy, to effect timely payment of the premiums on such Mortgage Guaranty Insurance Policy pursuant to Section 3.09(c) to the extent not deducted by such Servicer prior to deposit into the applicable Collection Account pursuant to Section 3.05(c); and (x) to clear and terminate such Collection Account upon termination of this Agreement pursuant to Section 11.01 hereof. Each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the related Collection Account pursuant to such subclauses (i), (ii), (iv) and (v). Prior to making any withdrawal from a Collection Account pursuant to subclause (iii) of a Nonrecoverable Advance, the related Servicer shall deliver to the Trust Administrator a certificate of a Servicing Officer indicating the amount of any previous Advance or Servicing Advance determined by such Servicer to be a Nonrecoverable Advance and identifying the related Non-Designated Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. In connection with the payment of a Purchase Price, if a Servicer is not required to remit unreimbursed Servicing Advances as specified in the definition of Purchase Price, such Servicer shall be deemed to have been reimbursed for such amount. (b) The Trust Administrator shall withdraw funds from the Certificate Account for distributions to Certificateholders in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to Section 2.07). In addition, the Trust Administrator may from time to time make withdrawals from the Certificate Account for the following purposes: (i) to pay to itself the Trust Administrator Fees to which it is entitled pursuant to Section 10.05 and any investment income earned for the related Distribution Date, and to pay to itself or the Master Servicer any other amounts in respect of reimbursement of costs, expenses, indemnification or other amounts to which it or the Master Servicer is entitled to reimbursement or payment under the terms of this Agreement; (ii) to withdraw and return to the Master Servicer or the applicable Servicer, in the case of the applicable Servicer for deposit to the applicable Collection Account, any amount deposited in the Certificate Account and not required to be deposited therein; and (iii) to clear and terminate the Certificate Account upon termination of the Agreement pursuant to Section 11.01 hereof.

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