Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account all Collections held by it on such date (including amounts previously set aside pursuant to Section 2.04(a)). On each Business Day thereafter until the Final Payout Date, the Servicer shall deposit to the Collection Account all Collections received prior to such Business Day that have not previously been deposited to the Collection Account. The Servicer shall not make any withdrawals from the Collection Account during such period except for the purpose of distributing such Collections in accordance with this Section 2.05. (b) From and after the Termination Date, the Servicer shall apply all funds on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) in the following order of priority: (i) first, pay to the Administrative Agent an amount equal to the Seller Obligations owing to the Administrative Agent in respect of costs and expenses incurred in connection with the enforcement of any Transaction Document or the collection of any amounts due thereunder; (ii) second, set aside and hold in trust for the Purchasers, the Managing Agents and the Administrative Agent an amount equal to the aggregate Yield and Fees and, if the Servicer is a Person other than Medco or an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer ratably in accordance with the proportion of such amounts owing to each such Person; (iii) third, set aside in the Collection Account an amount equal to the aggregate Capital for all outstanding Receivable Interests (to the extent not previously set aside), such amount to be allocated among the Receivable Interests ratably in proportion to the Capital of each; (iv) fourth, if any Seller Obligations (other than Yield, Fees, Servicing Fees and Capital) are then due and payable by the Seller to any Indemnified Party, pay to each such Indemnified Party (ratably in accordance with the amounts owing to each) the Seller Obligations so due and payable; (v) sixth, if the Servicer is Medco or an Affiliate thereof, set aside in the Collection Account the accrued and unpaid Servicing Fee not previously set aside; and (vi) seventh, on the Final Payout Date, pay to the Seller any remaining funds. (c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05. (d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 3 contracts
Samples: Receivables Purchase Agreement (Medco Health Solutions Inc), Receivables Purchase Agreement (Medco Health Solutions Inc), Receivables Purchase Agreement (Medco Health Solutions Inc)
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account or, if the Collection Account has not been established, the Designated Deposit Account, all Collections held by it on such date (including amounts previously set aside or held by it pursuant to Section 2.04(a2.07(b)). On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit to the Collection Account or, if the Collection Account has not been established, the Designated Deposit Account, within one (1) Business Day of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account or, if the Collection Account has not been established, the Designated Deposit Account. The Servicer shall not make any withdrawals from the Collection Account or the Designated Deposit Account during such period except for the purpose of distributing such Collections in accordance with this Section 2.05period.
(b) From On each Interest and Fee Payment Date from and after the Termination Date, the Administrative Agent, in consultation with the Servicer as needed, shall apply cause all funds Collections received since the prior Interest and Fee Payment Date, and all funds, if any, on deposit in the Collection Account on any Business Day and the Designated Deposit Account that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) to be applied in the following order of priority:
(i) first, pay to the Administrative Agent an amount equal to the Seller Borrower Obligations (other than those described in clause (iii) below) owing to the Administrative Agent in respect of fees due to it and all costs and expenses which the Administrative Agent is entitled to have reimbursed, including pursuant to Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(ii) second, set aside and hold in trust for the Purchasers, the Managing Agents and the Administrative Agent an amount equal to the aggregate Yield Servicer the accrued and Fees and, if the unpaid Servicer is a Person other than Medco or an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer ratably in accordance with the proportion of such amounts owing to each such PersonFee;
(iii) third, set aside in the Collection Account an amount equal to the aggregate Capital for all outstanding Receivable Interests (to the extent not previously set aside)Administrative Agent, such amount to be allocated among distributed to each Facility Agent, for the Receivable Interests benefit of the Lenders and LC Issuers in its Lender Group, and to itself in payment of all accrued and unpaid Interest, Used Fees, Unused Fees, Fronting Fees, Other LC Fees, and Other Fees and the fees owed under the Administrative Agent Fee Letter then due and payable, ratably in proportion accordance with such amounts owed to the Capital of eachsuch parties;
(iv) fourth, to any LC Issuers holding Participation Advances, ratably based on the portion of the aggregate outstanding Reimbursement Obligations owed to each until such Participation Advances are reduced to zero;
(v) fifth, to fund the LC Collateral Account up to the Required XX Xxxx Collateral Amount as required under Section 2.04(n)(iii);
(vi) sixth, to the Administrative Agent, to be distributed to each Facility Agent, for the benefit of the Lenders and LC Issuers in its Lender Group, in reduction of the Aggregate Exposure Amount then due and payable (such amount to be allocated ratably in accordance with such amounts owed to such parties) until the Aggregate Principal Balance is reduced to zero;
(vii) seventh, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (vi) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(vviii) sixth, if the Servicer is Medco or an Affiliate thereof, set aside in the Collection Account the accrued and unpaid Servicing Fee not previously set aside; and
(vi) seventheighth, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 3 contracts
Samples: Receivables Loan and Servicing Agreement (NRG Energy, Inc.), Receivables Loan and Servicing Agreement (NRG Energy, Inc.), Receivables Loan and Servicing Agreement (NRG Energy, Inc.)
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account all Collections (for which it has good funds) held by it on such date (including amounts previously set aside pursuant to Section 2.04(a))date. On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit (or cause to be deposited) to the Collection Account Account, within three (3) Business Days of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account. The Servicer shall not make any withdrawals from the Collection Account during such period except for the purpose of distributing such Collections in accordance with this Section 2.05...
(b) From On each Settlement Date from and after the Termination Date, the Servicer shall Paying Agent shall, based on the information set forth in the related Monthly Report, apply all funds Collections received since the prior Settlement Date, and all funds, if any, on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) in the following order of priority:
(i) first, pay to the Administrative Paying Agent, the Securities Intermediary, the Custodian and the Backup Servicer, pro rata, based on the amounts owing to them in respect of accrued (x) Paying Agent Fees, (y) Custodial Fees and (z) Backup Servicing Fees, together with any costs, expenses or indemnities then due and payable to the Paying Agent, the Securities Intermediary, the Custodian or the Backup Servicer, and any Transition Expenses then due and payable to the Backup Servicer if it becomes the successor Servicer; provided that in no event shall the amount payable to the Backup Servicer in respect of Transition Expenses pursuant to this clause (b)(i) exceed $200,000 in the aggregate;
(ii) second, to the Program Agent an amount equal to the Seller Borrower Obligations owing to the Administrative Program Agent in respect of costs and expenses of the type described in Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(iiiii) secondthird, set aside to the Servicer the accrued and hold unpaid Servicer Fee, but not in trust excess of the Senior Servicer Fee for such Settlement Date, and, if not otherwise paid, at the Purchasersdirection of the Majority Managing Agents, pay to each Approved Sub-servicer all amounts then due and payable pursuant to the contract between the Servicer and such Approved Sub-servicer;
(iv) fourth, to the Lenders, the Managing Agents and the Administrative Agent Program Agent, on a pro rata basis, an amount equal to the aggregate Yield accrued and Fees andunpaid Interest and Liquidity Fees;
(v) fifth, if a Borrowing Base Deficiency exists, or the Servicer is a Person other Outstanding Loan Amount exceeds the Facility Limit, to the Managing Agents, on behalf of the applicable Lenders, an amount equal to such Borrowing Base Deficiency or the amount necessary to cause the Outstanding Loan Amount to be less than Medco or an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, equal to the Facility Limit (such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer Lenders ratably in accordance with the proportion outstanding principal balance of such amounts owing to each such Personthe Loans held by each);
(vi) sixth, to the Servicer any accrued and unpaid Servicer Fee not paid pursuant to clause (iii) thirdabove;
(vii) seventh, set aside in to the Collection Account Lenders an amount equal to the aggregate Capital for all outstanding Receivable Interests Outstanding Loan Amount (to the extent not previously set aside), such amount to be allocated among the Receivable Interests Lenders ratably in proportion to accordance with the Capital outstanding principal balance of the Loans held by each);
(ivviii) fourtheighth, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (v) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(v) sixth, if the Servicer is Medco or an Affiliate thereof, set aside in the Collection Account the accrued and unpaid Servicing Fee not previously set aside; and
(viix) seventhninth, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 3 contracts
Samples: Loan and Servicing Agreement (DT Credit Company, LLC), Loan and Servicing Agreement (DT Credit Company, LLC), Loan and Servicing Agreement (DT Acceptance Corp)
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account all Collections (for which it has good funds) held by it on such date (including amounts previously set aside pursuant to Section 2.04(a))date. On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit (or cause to be deposited) to the Collection Account Account, within three (3) Business Days of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account. The Servicer and the Borrower shall not make any withdrawals from the Collection Account during such period except for from and after the purpose of distributing such Collections in accordance with this Section 2.05Termination Date.
(b) From On each Settlement Date from and after the Termination Date, the Servicer shall Paying Agent shall, based on the information set forth in the related Monthly Report, apply all funds Collections received since the prior Settlement Date, and all funds, if any, on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) in the following order of priority:
(i) first, pay to the Administrative Paying Agent, the Securities Intermediary, the Custodian and the Backup Servicer, pro rata, based on the amounts owing to them in respect of accrued (x) Paying Agent Fees, (y) Custodial Fees and (z) Backup Servicing Fees, together with any costs, expenses or indemnities then due and payable to the Paying Agent, the Securities Intermediary, the Custodian or the Backup Servicer, and any Transition Expenses then due and payable to the Backup Servicer if it becomes the successor Servicer; provided, that in no event shall the amount payable to the Backup Servicer in respect of Transition Expenses pursuant to this clause (b)(i) exceed $200,000 in the aggregate;
(ii) second, to the Program Agent an amount equal to the Seller Borrower Obligations (other than those described in clause (iii) below) owing to the Administrative Program Agent in respect of costs and expenses of the type described in Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(iiiii) secondthird, set aside to pay the purchase price of an Interest Rate Hedge Agreement pursuant to Section 5.01(p) of this Agreement;
(iv) fourth, to the Servicer the accrued and hold in trust for unpaid Servicer Fee and, if not otherwise paid, at the Purchasersdirection of the Majority Managing Agents, pay to each Approved Sub-servicer all amounts then due and payable pursuant to the contract between the Servicer and such Approved Sub-servicer;
(v) fifth, to the Lenders, the Managing Agents and the Administrative Agent Program Agent, on a pro rata basis, an amount equal to the aggregate Yield accrued and Fees andunpaid Interest and Liquidity Fees;
(vi) sixth, if to the Servicer is a Person other than Medco or Lenders an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, amount equal to the Outstanding Loan Amount (such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer Lenders ratably in accordance with the proportion outstanding principal balance of such amounts owing to each such Personthe Loans held by each);
(iiivii) third, set aside in the Collection Account an amount equal to the aggregate Capital for all outstanding Receivable Interests (to the extent not previously set aside), such amount to be allocated among the Receivable Interests ratably in proportion to the Capital of each;
(iv) fourthseventh, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (vi) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(vviii) sixtheighth, if the Servicer is Medco Termination Date was declared by the Program Agent solely as a result of the occurrence of an Event of Termination of the type described in Section 7.01(o)(i) and the related Borrowing Base Deficiency was not caused solely as a result of the effect of clauses (b) or an Affiliate thereof(c) of the definition of “Advance Rate Reduction Percentage,” to the Program Agent, set aside for its own account, the “Default Fee” under and as defined in the Collection Account the accrued and unpaid Servicing Effective Date Fee not previously set asideLetter; and
(viix) seventhninth, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 3 contracts
Samples: Loan and Servicing Agreement (DT Credit Company, LLC), Loan and Servicing Agreement (DT Credit Company, LLC), Loan and Servicing Agreement (DT Acceptance Corp)
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account all Collections (for which it has good funds) held by it on such date (including amounts previously set aside pursuant to Section 2.04(a))date. On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit (or cause to be deposited) to the Collection Account Account, within three (3) Business Days of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account. The Servicer shall not make any withdrawals from the Collection Account during such period except for the purpose of distributing such Collections in accordance with this Section 2.05.
(b) From On each Settlement Date from and after the Termination Date, the Servicer shall Paying Agent shall, based on the information set forth in the related Monthly Report, apply all funds Collections received since the prior Settlement Date, and all funds, if any, on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) in the following order of priority:
(i) first, pay to the Administrative Paying Agent, the Securities Intermediary, the Custodian and the Backup Servicer, pro rata, based on the amounts owing to them in respect of accrued (x) Paying Agent Fees, (y) Custodial Fees and (z) Backup Servicing Fees, together with any costs, expenses or indemnities then due and payable to the Paying Agent, the Securities Intermediary, the Custodian or the Backup Servicer, and any Transition Expenses then due and payable to the Backup Servicer if it becomes the successor Servicer; provided that in no event shall the amount payable to the Backup Servicer in respect of Transition Expenses pursuant to this clause (b)(i) exceed $200,000 in the aggregate;
(ii) second, to the Program Agent an amount equal to the Seller Borrower Obligations owing to the Administrative Program Agent in respect of costs and expenses of the type described in Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(iiiii) secondthird, set aside to the Servicer the accrued and hold unpaid Servicer Fee, but not in trust excess of the Senior Servicer Fee for such Settlement Date, and, if not otherwise paid, at the Purchasersdirection of the Majority Managing Agents, pay to each Approved Sub-servicer all amounts then due and payable pursuant to the contract between the Servicer and such Approved Sub-servicer;
(iv) fourth, to the Lenders, the Managing Agents and the Administrative Agent Program Agent, on a pro rata basis, an amount equal to the aggregate Yield accrued and Fees andunpaid Interest and Liquidity Fees;
(v) fifth, if a Borrowing Base Deficiency exists, or the Servicer is a Person other Outstanding Loan Amount exceeds the Facility Limit, to the Managing Agents, on behalf of the applicable Lenders, an amount equal to such Borrowing Base Deficiency or the amount necessary to cause the Outstanding Loan Amount to be less than Medco or an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, equal to the Facility Limit (such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer Lenders ratably in accordance with the proportion outstanding principal balance of such amounts owing to each such Personthe Loans held by each);
(vi) sixth, to the Servicer any accrued and unpaid Servicer Fee not paid pursuant to clause (iii) thirdabove;
(vii) seventh, set aside in to the Collection Account Lenders an amount equal to the aggregate Capital for all outstanding Receivable Interests Outstanding Loan Amount (to the extent not previously set aside), such amount to be allocated among the Receivable Interests Lenders ratably in proportion to accordance with the Capital outstanding principal balance of the Loans held by each);
(ivviii) fourtheighth, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (v) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(v) sixth, if the Servicer is Medco or an Affiliate thereof, set aside in the Collection Account the accrued and unpaid Servicing Fee not previously set aside; and
(viix) seventhninth, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 3 contracts
Samples: Loan and Servicing Agreement (DT Credit Company, LLC), Loan and Servicing Agreement (DT Credit Company, LLC), Loan and Servicing Agreement (DT Acceptance Corp)
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account all Collections held by it on such date (including amounts previously set aside or held by it pursuant to Section 2.04(a)2.06). On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit to the Collection Account Account, within one (1) Business Day of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account. The Servicer shall not make any withdrawals from the Collection Account during such period except for the purpose of distributing such Collections in accordance with this Section 2.052.07.
(b) From On each Settlement Date from and after the Termination Date, the Servicer shall apply all funds Collections actually received in cash since the prior Settlement Date, and all funds, if any, on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) in the following order of priority:
(i) first, pay to the Administrative Agent an amount equal to the Seller Borrower Obligations (other than those described in clause (iii) below) owing to the Administrative Agent in respect of costs and expenses of the type described in Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(ii) second, set aside and hold in trust for the Purchasers, the Managing Agents and the Administrative Agent an amount equal to the aggregate Yield Servicer (if not Xxxxxx or an Affiliate of Xxxxxx) the accrued and Fees unpaid Servicer Fee and, if not otherwise paid, at the Servicer is a Person other than Medco or an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, such amount to be allocated among direction of the Purchasers, the Required Managing Agents, pay to each Approved Sub-servicer all amounts then due and payable pursuant to the Administrative Agent and (if applicable) contract between the Servicer ratably in accordance with the proportion of and such amounts owing to each such PersonApproved Sub-servicer;
(iii) third, set aside in to the Collection Account Administrative Agent, for the benefit of the Issuing Lenders, the Lenders and the Managing Agents on a pro rata basis, an amount equal to the aggregate Capital for all outstanding Receivable Interests (accrued and unpaid Letter of Credit Issuance Fees, L/C Fees, Interest, Unused Fees, Used Fees or other fees owing to the extent not previously set aside), such amount to be allocated among the Receivable Interests ratably in proportion to the Capital any of eachthem;
(iv) fourth, to the Administrative Agent, for the benefit of the Lenders, an amount equal to the aggregate Credit Exposure until the aggregate Credit Exposure shall have been reduced to zero (such amount to be allocated (i) first, to the Issuing Lenders to Cash-Collateralize the L/C Obligations (which shall reduce the Credit Exposure), and (ii) second, to the Lenders, in accordance with each Lender’s Pro Rata Share, as a repayment of principal of the Loans);
(v) fifth, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (iv) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(vvi) sixth, if to the Servicer is Medco (if Xxxxxx or an Affiliate thereof, set aside in the Collection Account of Xxxxxx) the accrued and unpaid Servicing Fee not previously set asideServicer Fee;
(vii) seventh, to pay each Originator on behalf of the Borrower for any outstanding unpaid L/C Reduction Amount owed to such Originator under the Receivables Sale Agreement, provided that the priority of payment among any Originators with any outstanding unpaid L/C Reduction Amount shall be made in the order of time that the related L/C Reduction Notice was delivered pursuant to Section 1.9 of the Receivables Sale Agreement; and
(viviii) seventheighth, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 2 contracts
Samples: Loan and Servicing Agreement (Newell Brands Inc.), Loan and Servicing Agreement (Newell Brands Inc)
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account or, if the Collection Account has not been established, the Designated Deposit Account, all Collections held by it on such date (including amounts previously set aside or held by it pursuant to Section 2.04(a2.07(b)). On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit to the Collection Account or, if the Collection Account has not been established, the Designated Deposit Account, within one (1) Business Day of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account or, if the Collection Account has not been established, the Designated Deposit Account. The Servicer shall not make any withdrawals from the Collection Account or the Designated Deposit Account during such period except for the purpose of distributing such Collections in accordance with this Section 2.05period.
(b) From On each Interest and Fee Payment Date from and after the Termination Date, the Administrative Agent, in consultation with the Servicer as needed, shall apply cause all funds Collections received since the prior Interest and Fee Payment Date, and all funds, if any, on deposit in the Collection Account on any Business Day and the Designated Deposit Account that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) to be applied in the following order of priority:
(i) first, pay to the Administrative Agent an amount equal to the Seller Borrower Obligations (other than those described in clause (iii) below) owing to the Administrative Agent in respect of fees due to it and all costs and expenses which the Administrative Agent is entitled to have reimbursed, including pursuant to Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(ii) second, set aside and hold in trust for the Purchasers, the Managing Agents and the Administrative Agent an amount equal to the aggregate Yield Servicer the accrued and Fees and, if the unpaid Servicer is a Person other than Medco or an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer ratably in accordance with the proportion of such amounts owing to each such PersonFee;
(iii) third, set aside in the Collection Account an amount equal to the aggregate Capital for all outstanding Receivable Interests (to the extent not previously set aside)Administrative Agent, such amount to be allocated among distributed to each Facility Agent, for the Receivable Interests benefit of the Lenders and LC Issuers in its Lender Group, and to itself in payment of all accrued and unpaid Interest, Used Fees, Unused Fees, Fronting Fees, Other LC Fees, and Other Fees and the fees owed under the Administrative Agent Fee Letter then due and payable, ratably in proportion accordance with such amounts owed to the Capital of eachsuch parties;
(iv) fourth, to any LC Issuers holding Participation Advances, ratably based on the portion of the aggregate outstanding Reimbursement Obligations owed to each until such Participation Advances are reduced to zero;
(v) fifth, to fund the LC Collateral Account up to the Required LX Xxxx Collateral Amount as required under Section 2.04(n)(iii);
(vi) sixth, to the Administrative Agent, to be distributed to each Facility Agent, for the benefit of the Lenders and LC Issuers in its Lender Group, in reduction of the Aggregate Exposure Amount then due and payable (such amount to be allocated ratably in accordance with such amounts owed to such parties) until the Aggregate Principal Balance is reduced to zero;
(vii) seventh, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (vi) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(vviii) sixth, if the Servicer is Medco or an Affiliate thereof, set aside in the Collection Account the accrued and unpaid Servicing Fee not previously set aside; and
(vi) seventheighth, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 2 contracts
Samples: Receivables Loan and Servicing Agreement (NRG Energy, Inc.), Receivables Loan and Servicing Agreement (NRG Energy, Inc.)
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account all Collections (for which it has good funds) held by it on such date (including amounts previously set aside pursuant to Section 2.04(a))date. On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit (or cause to be deposited) to the Collection Account Account, within three (3) Business Days of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account. The Servicer and the Borrower shall not make any withdrawals from the Collection Account during such period except for from and after the purpose of distributing such Collections in accordance with this Section 2.05Termination Date.
(b) From On each Settlement Date from and after the Termination Date, the Servicer shall Paying Agent shall, based on the information set forth in the related Monthly Report, apply all funds Collections received since the prior Settlement Date, and all funds, if any, on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) in the following order of priority:
(i) first, pay to the Administrative Paying Agent, the Securities Intermediary, the Custodian and the Backup Servicer, pro rata, based on the amounts owing to them in respect of accrued (x) Paying Agent Fees, (y) Custodial Fees and (z) Backup Servicing Fees, together with any costs, expenses or indemnities then due and payable to the Paying Agent, the Securities Intermediary, the Custodian or the Backup Servicer, and any Transition Expenses then due and payable to the Backup Servicer if it becomes the successor Servicer; provided, that in no event shall the amount payable to the Backup Servicer in respect of Transition Expenses pursuant to this clause (b)(i) exceed $200,000 in the aggregate;
(ii) second, to the Program Agent an amount equal to the Seller Borrower Obligations (other than those described in clause (iii) below) owing to the Administrative Program Agent in respect of costs and expenses of the type described in Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(iiiii) secondthird, set aside to pay the purchase price of an Interest Rate Hedge Agreement pursuant to Section 5.01(p) of this Agreement;
(iv) fourth, to the Servicer the accrued and hold in trust for unpaid Servicer Fee and, if not otherwise paid, at the Purchasersdirection of the Majority Managing Agents, pay to each Approved Sub-servicer all amounts then due and payable pursuant to the contract between the Servicer and such Approved Sub-servicer;
(v) fifth, to the Lenders, the Managing Agents and the Administrative Agent Program Agent, on a pro rata basis, an amount equal to the aggregate Yield accrued and Fees andunpaid Interest and Liquidity Fees;
(vi) sixth, if to the Servicer is a Person other than Medco or Lenders an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, amount equal to the Outstanding Loan Amount (such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer Lenders ratably in accordance with the proportion outstanding principal balance of such amounts owing to each such Personthe Loans held by each);
(iiivii) third, set aside in the Collection Account an amount equal to the aggregate Capital for all outstanding Receivable Interests (to the extent not previously set aside), such amount to be allocated among the Receivable Interests ratably in proportion to the Capital of each;
(iv) fourthseventh, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (vi) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(vviii) sixtheighth, if the Servicer is Medco Termination Date was declared by the Program Agent solely as a result of the occurrence of an Event of Termination of the type described in Section 7.01(o)(i) and the related Borrowing Base Deficiency was not caused solely as a result of the effect of clauses (b) or an Affiliate thereof(c) of the definition of “Advance Rate Reduction Percentage,” to the Program Agent, set aside for its own account, the “Default Fee” under and as defined in the Collection Account the accrued and unpaid Servicing Fee not previously set asideLetter; and
(viix) seventhninth, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 2 contracts
Samples: Loan and Servicing Agreement (DT Acceptance Corp), Loan and Servicing Agreement (DT Acceptance Corp)
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account all Collections held by it on such date (including amounts previously set aside or held by it pursuant to Section 2.04(a)2.06). On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit to the Collection Account Account, within one (1) Business Day of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account. The Servicer shall not make any withdrawals from the Collection Account during such period except for the purpose of distributing such Collections in accordance with this Section 2.052.07.
(b) From On each Settlement Date from and after the Termination Date, the Servicer shall apply all funds Collections received since the prior Settlement Date, and all funds, if any, on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) in the following order of priority:
(i) first, pay to the Administrative Program Agent an amount equal to the Seller Borrower Obligations (other than those described in clause (iii) below) owing to the Administrative Program Agent in respect of costs and expenses of the type described in Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(ii) second, set aside to the Servicer (if not PSE or an Affiliate of PSE) the accrued and hold in trust for unpaid Servicer Fee and, if not otherwise paid, at the Purchasersdirection of the Majority Managing Agents, pay to each Approved Sub-servicer all amounts then due and payable pursuant to the contract between the Servicer and such Approved Sub-servicer;
(iii) third, to the Lender and the Managing Agents and the Administrative Agent on a pro rata basis, an amount equal to the aggregate Yield accrued and Fees andunpaid Interest, if the Servicer is a Person other than Medco or an Affiliate thereof, Servicing Fees Excess Interest accrued through such the last day of the most recently ended Monthly Period in respect of all Cash Secured Advances, Liquidity Fees, Administrative Fees and not previously set asideProgram Fees;
(iv) fourth, to the Lenders an amount equal to the Aggregate Principal Balance (such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer Lenders ratably in accordance with the proportion outstanding principal balance of such amounts owing to each such Personthe Loans held by each);
(iiiv) third, set aside in the Collection Account an amount equal to the aggregate Capital for all outstanding Receivable Interests (to the extent not previously set aside), such amount to be allocated among the Receivable Interests ratably in proportion to the Capital of each;
(iv) fourthfifth, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (iv) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(vvi) sixth, if to the Servicer is Medco (if PSE or an Affiliate thereof, set aside in the Collection Account of PSE) the accrued and unpaid Servicing Fee not previously set asideServicer Fee; and
(vivii) seventh, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 2 contracts
Samples: Loan and Servicing Agreement (Puget Energy Inc /Wa), Loan and Servicing Agreement (Puget Sound Energy Inc)
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account all Collections held by it on such date (including amounts previously set aside or held by it pursuant to Section 2.04(a)2.06). On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit to the Collection Account Account, within one (1) Business Day of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account. The Servicer shall not make any withdrawals from the Collection Account during such period except for the purpose of distributing such Collections in accordance with this Section 2.052.07.
(b) From On each Settlement Date from and after the Termination Date, the Servicer shall apply all funds Collections received since the prior Settlement Date, and all funds, if any, on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) in the following order of priority:
(i) first, pay to the Administrative Program Agent an amount equal to the Seller Borrower Obligations (other than those described in clause (iii) below) owing to the Administrative Program Agent in respect of costs and expenses of the type described in Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(ii) second, set aside to the Servicer (if not Tampa Electric or an Affiliate of Tampa Electric) the accrued and hold in trust for unpaid Servicer Fee and, if not otherwise paid, at the Purchasersdirection of the Majority Managing Agents, pay to each Approved Sub-servicer all amounts then due and payable pursuant to the contract between the Servicer and such Approved Sub-servicer;
(iii) third, to the Lenders, the Managing Agents and the Administrative Agent Program Agent, on a pro rata basis, an amount equal to the aggregate Yield accrued and unpaid Interest, Liquidity Fees andand Program Fees;
(iv) fourth, if to the Servicer is a Person other than Medco or Lenders an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, amount equal to the Aggregate Principal Balance (such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer Lenders ratably in accordance with the proportion outstanding principal balance of such amounts owing to each such Personthe Loans held by each);
(iiiv) third, set aside in the Collection Account an amount equal to the aggregate Capital for all outstanding Receivable Interests (to the extent not previously set aside), such amount to be allocated among the Receivable Interests ratably in proportion to the Capital of each;
(iv) fourthfifth, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (iv) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(vvi) sixth, if to the Servicer is Medco (if Tampa Electric or an Affiliate thereof, set aside in the Collection Account of Tampa Electric) the accrued and unpaid Servicing Fee not previously set asideServicer Fee; and
(vivii) seventh, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 1 contract
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account all Collections held by it on such date (including amounts previously set aside or held by it pursuant to Section 2.04(a)2.06). On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit to the Collection Account Account, within one (1) Business Day of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account. The Servicer shall not make any withdrawals from the Collection Account during such period except for the purpose of distributing such Collections in accordance with this Section 2.052.07.
(b) From On each Settlement Date from and after the Termination Date, the Servicer shall apply all funds Collections actually received in cash since the prior Settlement Date, and all funds, if any, on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) in the following order of priority:
(i) first, pay to the Administrative Agent an amount equal to the Seller Borrower Obligations (other than those described in clause (iii) below) owing to the Administrative Agent in respect of costs and expenses of the type described in Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(ii) second, set aside and hold in trust for the Purchasers, the Managing Agents and the Administrative Agent an amount equal to the aggregate Yield Servicer (if not Xxxxxx or an Affiliate of Xxxxxx) the accrued and Fees unpaid Servicer Fee and, if not otherwise paid, at the Servicer is a Person other than Medco or an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, such amount to be allocated among direction of the Purchasers, the Required Managing Agents, pay to each Approved Sub-servicer all amounts then due and payable pursuant to the Administrative Agent and (if applicable) contract between the Servicer ratably in accordance with the proportion of and such amounts owing to each such PersonApproved Sub-servicer;
(iii) third, set aside in to the Collection Account Administrative Agent, for the benefit of the Issuing Lender, the Lenders and the Managing Agents on a pro rata basis, an amount equal to the aggregate Capital for all outstanding Receivable Interests (accrued and unpaid Letter of Credit Issuance Fees, L/C Fees, Interest, Unused Fees, Used Fees or other fees owing to the extent not previously set aside), such amount to be allocated among the Receivable Interests ratably in proportion to the Capital any of eachthem;
(iv) fourth, to the Administrative Agent, for the benefit of the Lenders, an amount equal to the aggregate Credit Exposure until the aggregate Credit Exposure shall have been reduced to zero (such amount to be allocated (i) first, to the Issuing Lender to Cash-Collateralize the L/C Obligations (which shall reduce the Credit Exposure), and (ii) second, to the Lenders, in accordance with each Lender’s Pro Rata Share, as a repayment of principal of the Loans);
(v) fifth, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (iv) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(vvi) sixth, if to the Servicer is Medco (if Xxxxxx or an Affiliate thereof, set aside in the Collection Account of Xxxxxx) the accrued and unpaid Servicing Fee not previously set asideServicer Fee;
(vii) seventh, to pay each Originator on behalf of the Borrower for any outstanding unpaid L/C Reduction Amount owed to such Originator under the Receivables Sale Agreement, provided that the priority of payment among any Originators with any outstanding unpaid L/C Reduction Amount shall be made in the order of time that the related L/C Reduction Notice was delivered pursuant to Section 1.9 of the Receivables Sale Agreement; and
(viviii) seventheighth, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 1 contract
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit deposit, at the instructions of the Program Agent, to the Collection Account all Collections held by it on such date (including amounts previously set aside or held by it pursuant to Section 2.04(a)2.06). On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit to the Collection Account Account, within one (1) Business Day of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account. The Servicer shall not make any withdrawals from the Collection Account during such period except for the purpose of distributing such Collections in accordance with this Section 2.052.07.
(b) From On each Settlement Date from and after the Termination Date, the Servicer shall apply all funds Collections received since the prior Settlement Date, and all funds, if any, on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) in the following order of priority:
(i) first, pay to the Administrative Program Agent an amount equal to the Seller Borrower Obligations (other than those described in clause (iii) below) owing to the Administrative Program Agent in respect of costs and expenses of the type described in Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(ii) second, set aside to the Servicer (if not Xxxxxxx-Xxxxxxxx or an Affiliate of Xxxxxxx-Xxxxxxxx) the accrued and hold in trust for unpaid Servicer Fee and, if not otherwise paid, at the Purchasersdirection of the Majority Managing Agents, pay to each Approved Sub-servicer all amounts then due and payable pursuant to the contract between the Servicer and such Approved Sub-servicer;
(iii) third, to the Lenders, the Managing Agents and the Administrative Agent Program Agent, on a pro rata basis, an amount equal to the aggregate Yield accrued and Fees andunpaid Interest, if the Servicer is a Person other than Medco or an Affiliate thereof, Servicing Fees Excess Interest accrued through such the last day of the most recently ended Monthly Period in respect of all Cash Secured Advances, Liquidity Fees and not previously set asideProgram Fees;
(iv) fourth, to the Lenders an amount equal to the Aggregate Principal Balance (such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer Lenders ratably in accordance with the proportion outstanding principal balance of such amounts owing to each such Personthe Loans held by each);
(iiiv) third, set aside in the Collection Account an amount equal to the aggregate Capital for all outstanding Receivable Interests (to the extent not previously set aside), such amount to be allocated among the Receivable Interests ratably in proportion to the Capital of each;
(iv) fourthfifth, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (iv) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(vvi) sixth, if to the Servicer is Medco (if Xxxxxxx-Xxxxxxxx or an Affiliate thereof, set aside in the Collection Account of Xxxxxxx-Xxxxxxxx) the accrued and unpaid Servicing Fee not previously set asideServicer Fee; and
(vivii) seventh, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 1 contract
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account all Collections held by it on such date (including amounts previously set aside or held by it pursuant to Section 2.04(a)2.06). On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit to the Collection Account Account, within one (1) Business Day of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account. The Servicer shall not make any withdrawals from the Collection Account during such period except for the purpose of distributing such Collections in accordance with this Section 2.05period.
(b) From On each Settlement Date from and after the Termination Date, the Servicer shall apply cause all funds Collections received since the prior Settlement Date, and all funds, if any, on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) to be applied in the following order of priority:
(i) first, pay to the Administrative Program Agent an amount equal to the Seller Borrower Obligations (other than those described in clause (iii) below) owing to the Administrative Program Agent in respect of costs and expenses of the type described in Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(ii) second, set aside to the Servicer (if not Tampa Electric or an Affiliate of Tampa Electric) the accrued and hold in trust for unpaid Servicer Fee and, if not otherwise paid, at the Purchasersdirection of the Majority Managing Agents, pay to each Approved Sub-servicer all amounts then due and payable pursuant to the contract between the Servicer and such Approved Sub-servicer;
(iii) third, to the Lenders, the Managing Agents and the Administrative Agent Program Agent, on a pro rata basis, an amount equal to the aggregate Yield accrued and unpaid Interest, Liquidity Fees andand Program Fees;
(iv) fourth, if to the Servicer is a Person other than Medco or Lenders an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, amount equal to the Aggregate Principal Balance (such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer Lenders ratably in accordance with the proportion outstanding principal balance of such amounts owing to each such Personthe Loans held by each);
(iiiv) third, set aside in the Collection Account an amount equal to the aggregate Capital for all outstanding Receivable Interests (to the extent not previously set aside), such amount to be allocated among the Receivable Interests ratably in proportion to the Capital of each;
(iv) fourthfifth, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (iv) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(vvi) sixth, if to the Servicer is Medco (if Tampa Electric or an Affiliate thereof, set aside in the Collection Account of Tampa Electric) the accrued and unpaid Servicing Fee not previously set asideServicer Fee; and
(vivii) seventh, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 1 contract
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account all Collections held by it on such date (including amounts previously set aside or held by it pursuant to Section 2.04(a)2.06). On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit to the Collection Account Account, within one (1) Business Day of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account. The Servicer shall not make any withdrawals from the Collection Account during such period except for the purpose of distributing such Collections in accordance with this Section 2.052.07.
(b) From On each Settlement Date from and after the Termination Date, the Servicer shall apply all funds Collections received since the prior Settlement Date, and all funds, if any, on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) in the following order of priority:
(i) first, pay to the Administrative Agent an amount equal to the Seller Borrower Obligations (other than those described in clause (iii) below) owing to the Administrative Agent in respect of costs and expenses of the type described in Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(ii) second, set aside to the Servicer (if not Xxxxxx or an Affiliate of Xxxxxx) the accrued and hold in trust for unpaid Servicer Fee and, if not otherwise paid, at the Purchasersdirection of the Required Managing Agents, pay to each Approved Sub-servicer all amounts then due and payable pursuant to the contract between the Servicer and such Approved Sub-servicer;
(iii) third, to the Lenders and the Managing Agents and the Administrative Agent on a pro rata basis, an amount equal to the aggregate Yield accrued and unpaid Interest, Unused Fees andand Used Fees;
(iv) fourth, if to the Servicer is a Person other than Medco or Lenders an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, amount equal to the Aggregate Principal Balance until the Aggregate Principal Balance shall have been reduced to zero (such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer Lenders ratably in accordance with the proportion outstanding principal balance of such amounts owing to each such Personthe Loans held by each);
(iiiv) third, set aside in the Collection Account an amount equal to the aggregate Capital for all outstanding Receivable Interests (to the extent not previously set aside), such amount to be allocated among the Receivable Interests ratably in proportion to the Capital of each;
(iv) fourthfifth, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (iv) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(vvi) sixth, if to the Servicer is Medco (if Xxxxxx or an Affiliate thereof, set aside in the Collection Account of Xxxxxx) the accrued and unpaid Servicing Fee not previously set asideServicer Fee; and
(vivii) seventh, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 1 contract
Samples: Loan and Servicing Agreement (Newell Rubbermaid Inc)
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account all Collections (for which it has good funds) held by it on such date (including amounts previously set aside pursuant to Section 2.04(a))date. On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit (or cause to be deposited) to the Collection Account Account, within three (3) Business Days of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account. The Servicer and the Borrower shall not make any withdrawals from the Collection Account during such period except for from and after the purpose of distributing such Collections in accordance with this Section 2.05Termination Date.
(b) From On each Settlement Date from and after the Termination Date, the Servicer shall Paying Agent shall, based on the information set forth in the related Monthly Report, apply all funds Collections received since the prior Settlement Date, and all funds, if any, on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) in the following order of priority:
(i) first, pay to the Administrative Paying Agent, the Securities Intermediary, the Custodian and the Backup Servicer, pro rata, based on the amounts owing to them in respect of accrued (x) Paying Agent Fees, (y) Custodial Fees and (z) Backup Servicing Fees, together with any costs, expenses or indemnities then due and payable to the Paying Agent, the Securities Intermediary, the Custodian or the Backup Servicer, and any Transition Expenses then due and payable to the Backup Servicer if it becomes the successor Servicer; provided, that in no event shall the amount payable to the Backup Servicer in respect of Transition Expenses pursuant to this clause (b)(i) exceed $200,000 in the aggregate;
(ii) second, to the Program Agent an amount equal to the Seller Borrower Obligations (other than those described in clause (iii) below) owing to the Administrative Program Agent in respect of costs and expenses of the type described in Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(iiiii) secondthird, set aside to pay the purchase price of an Interest Rate Hedge Agreement pursuant to Section 5.01(p) of this Agreement;
(iv) fourth, to the Servicer the accrued and hold in trust for unpaid Servicer Fee and, if not otherwise paid, at the Purchasersdirection of the Majority Managing Agents, pay to each Approved Sub-servicer all amounts then due and payable pursuant to the contract between the Servicer and such Approved Sub-servicer;
(v) fifth, to the Lenders, the Managing Agents and the Administrative Agent Program Agent, on a pro rata basis, an amount equal to the aggregate Yield accrued and Fees andunpaid Interest and Liquidity Fees;
(vi) sixth, if to the Servicer is a Person other than Medco or Lenders an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, amount equal to the Outstanding Loan Amount (such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer Lenders ratably in accordance with the proportion outstanding principal balance of such amounts owing to each such Person;the Loans held by each); ACTIVE 200146376v.2
(iiivii) third, set aside in the Collection Account an amount equal to the aggregate Capital for all outstanding Receivable Interests (to the extent not previously set aside), such amount to be allocated among the Receivable Interests ratably in proportion to the Capital of each;
(iv) fourthseventh, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (vi) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(vviii) sixtheighth, if the Servicer is Medco Termination Date was declared by the Program Agent solely as a result of the occurrence of an Event of Termination of the type described in Section 7.01(o)(i) and the related Borrowing Base Deficiency was not caused solely as a result of the effect of clauses (b) or an Affiliate thereof(c) of the definition of “Advance Rate Reduction Percentage,” to the Program Agent, set aside for its own account, the “Default Fee” under and as defined in the Collection Account the accrued and unpaid Servicing Fee not previously set asideLetter; and
(viix) seventhninth, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 1 contract
Samples: Loan and Servicing Agreement (Drivetime Automotive Group Inc)
Application of Collections After Termination Date. (a) On the Termination Date, the Servicer shall deposit to the Collection Account all Collections (for which it has good funds) held by it on such date (including amounts previously set aside pursuant to Section 2.04(a))date. On each Business Day thereafter until the Final Payout Datethereafter, the Servicer shall deposit (or cause to be deposited) to the Collection Account Account, within three (3) Business Days of its receipt thereof, all Collections received prior to such Business Day by it that have not previously been deposited to the Collection Account. The Servicer and the Borrower shall not make any withdrawals from the Collection Account during such period except for from and after the purpose of distributing such Collections in accordance with this Section 2.05Termination Date.
(b) From On each Settlement Date from and after the Termination Date, the Servicer shall Paying Agent shall, based on the information set forth in the related Monthly Report, apply all funds Collections received since the prior Settlement Date, and all funds, if any, on deposit in the Collection Account on any Business Day that have not been previously applied hereunder (including, without limitation, any investment earnings received with respect to such funds) in the following order of priority:
(i) first, pay to the Administrative Paying Agent, the Securities Intermediary, the Custodian and the Backup Servicer, pro rata, based on the amounts owing to them in respect of accrued (x) Paying Agent Fees, (y) Custodian Fees and (z) Backup Servicer Fees, together with any costs, expenses or indemnities then due and payable to the Paying Agent, the Securities Intermediary, the Custodian or the Backup Servicer, and any Transition Expenses then due and payable to the Backup Servicer if it becomes the successor Servicer; provided, that in no event shall the amount payable to the Backup Servicer in respect of Transition Expenses pursuant to this clause (b)(i) exceed $200,000 in the aggregate;
(ii) second, to the Program Agent an amount equal to the Seller Borrower Obligations (other than those described in clause (iii) below) owing to the Administrative Program Agent in respect of costs and expenses of the type described in Section 10.10 incurred by it in connection with the enforcement of any Transaction Facility Document or the collection of any amounts due thereunder;
(iiiii) secondthird, set aside to pay the purchase price of an Interest Rate Hedge Agreement pursuant to Section 5.01(p) of this Agreement;
(iv) fourth, to the Servicer the accrued and hold in trust for unpaid Servicer Fee and, if not otherwise paid, at the Purchasersdirection of the Majority Managing Agents, pay to each Approved Sub-servicer all amounts then due and payable pursuant to the contract between the Servicer and such Approved Sub-servicer;
(v) fifth, to the Lenders, the Managing Agents and the Administrative Agent Program Agent, on a pro rata basis, an amount equal to the aggregate Yield accrued and Fees andunpaid Interest and Liquidity Fees;
(vi) sixth, if to the Servicer is a Person other than Medco or Lenders an Affiliate thereof, Servicing Fees accrued through such day and not previously set aside, amount equal to the Outstanding Loan Amount (such amount to be allocated among the Purchasers, the Managing Agents, the Administrative Agent and (if applicable) the Servicer Lenders ratably in accordance with the proportion outstanding principal balance of such amounts owing to each such Personthe Loans held by each);
(iiivii) third, set aside in the Collection Account an amount equal to the aggregate Capital for all outstanding Receivable Interests (to the extent not previously set aside), such amount to be allocated among the Receivable Interests ratably in proportion to the Capital of each;
(iv) fourthseventh, if any Seller Borrower Obligations (other than Yield, Fees, Servicing Fees and Capitalthe amounts paid pursuant to clauses (i) through (vi) above) are then due and payable by the Seller Borrower to any Indemnified Secured Party, pay to each such Indemnified Secured Party (ratably in accordance with the amounts owing to each) the Seller Borrower Obligations so due and payable;
(vviii) sixtheighth, if the Servicer is Medco Termination Date was declared by the Program Agent solely as a result of the occurrence of an Event of Termination of the type described in Section 7.01(p)(i) and the related Borrowing Base Deficiency was not caused solely as a result of the effect of clauses (b) or an Affiliate thereof(c) of the definition of “Advance Rate Reduction Percentage,” to the Program Agent, set aside for its own account, the “Default Fee” under and as defined in the Collection Account the accrued and unpaid Servicing Effective Date Fee not previously set asideLetter; and
(viix) seventhninth, on the Final Payout Collection Date, pay remit any remaining funds to the Seller any remaining fundsBorrower.
(c) On each Settlement Date for a Receivable Interest from and after the Termination Date, the Servicer shall withdraw from the Collection Account and pay to the relevant Purchaser all amounts set aside in the Collection Account in respect of the accrued Yield and the Capital of such Receivable Interest. On each date on which any Fees are payable pursuant to the Fee Letters, the Servicer shall pay such Fees to the Persons entitled thereto pursuant to the Fee Letters out of Collections set aside for such purpose pursuant to Section 2.05.
(d) On each Servicing Fee Payment Date from and after the Termination Date, the Servicer shall pay to the Servicer the accrued Servicing Fee out of Collections set aside for such purpose pursuant to this Section 2.05.
Appears in 1 contract
Samples: Loan and Servicing Agreement (DriveTime Automotive, Inc.)
