Application of Collections and Other Funds. If, on any day, the Initial Purchaser receives (a) Collections that it is not required to hold in trust for, or remit to, the XXX Parties pursuant to the XXX Agreement or (b) proceeds of any sale of or reinvestment in the Asset Interest under the XXX Agreement, the Initial Purchaser shall apply all such funds in their entirety as follows:
(i) FIRST, to pay or set aside funds for the payment of its accrued expenses, and for the payment of expenses expected to be incurred during the current Settlement Period and the next following Settlement Period to the extent not covered by funds expected to be received by the Initial Purchaser as described above during such period;
(ii) SECOND, to pay the Purchase Price pursuant to SECTION 3.1 for Receivables and Related Assets to be purchased by the Initial Purchaser on such day; and
(iii) THIRD, subject to Section 7.03(h) of the XXX Agreement, to repay accrued and unpaid interest on, and to ratably prepay any accrued interest on or outstanding principal of, the Purchaser Note.
Application of Collections and Other Funds. If, on any day, Buyer receives payments from the Trust as permitted by the Indenture, Buyer shall apply the funds as follows:
(a) first, to pay its existing expenses and to set aside funds for the payment of expenses that are then accrued (in each case to the extent such expenses are permitted to exist under the applicable Third Party Documents);
(b) second, to pay the unpaid Purchase Price pursuant to Section 2.12 for the applicable Conveyed Assets and Related Assets which were purchased by Buyer from the Sellers on such day (or if such day is not a Business Day, on the next Business Day); and
(c) third, if Buyer shall elect, to declare and pay distributions to ALS, in its capacity as the sole member of Buyer, to the extent permitted by law.
Application of Collections and Other Funds. The Purchaser shall have the right to receive all proceeds with respect to Collections; provided, however, that the Purchaser shall have no right to any amounts held in trust by the Servicer in accordance with Section 4.01 hereof and Section 2.6 of the Loan Agreement. If, on any day, the Purchaser receives any amounts as set forth in the preceding sentence, the Purchaser shall apply the funds as follows:
(a) first, to pay the Purchaser's existing expenses and to set aside funds for the payment of expenses that are then accrued (in each case to the extent such expenses are permitted to exist under Section 6 of the Loan Agreement),
(b) second, to pay the Purchase Price for Receivables purchased by the Purchaser from each Seller on the next preceding Business Day,
(c) third, to repay amounts owed by the Purchaser to each Seller under the Purchaser Notes,
(d) fourth, to loan amounts to the Sellers, and
(e) fifth, to declare and pay dividends to Essex to the extent permitted by applicable law and the Operative Agreements.
Application of Collections and Other Funds. If, on any day, Buyer receives proceeds of transfers pursuant to the Pooling Agreement, Buyer shall apply the funds as follows:
(a) first, to pay its existing expenses and to set aside funds for the payment of expenses that are then accrued (in each case to the extent such expenses are permitted to exist under Section 7.2(m) of the Pooling Agreement),
(b) second, to pay the Purchase Price as adjusted pursuant to Section 3.1 for Receivables and Related Assets purchased by Buyer from the Sellers on such day (in the case of the First Issuance Date) or the next preceding Business Day,
(c) third, in such order among Sellers as Buyer shall elect, to repay amounts owed by Buyer to the Sellers under the Buyer Notes,
(d) fourth, to pay amounts owed pursuant to Section 3.1(d), and
(e) fifth, if the Buyer shall elect, to declare and make distributions to its partners to the extent permitted by law and the Transaction Documents.
Application of Collections and Other Funds. If, on any day, Buyer (or, the Initial Collection Agent, on behalf of the Buyer) receives (i) proceeds of transfers pursuant to the Receivables Sale Agreement or (ii) Purchaser Collections and/or Seller Collections, in each case pursuant to the Receivables Sale Agreement, Buyer shall apply the funds as follows:
(a) first, to pay its existing expenses and to set aside funds for the payment of expenses that are then accrued (in each case to the extent such expenses are permitted to exist under the Receivables Sale Agreement),
(b) second, to pay the Purchase Price pursuant to Section 3.1 for Receivables and Related Assets purchased by Buyer from the Sellers on such day, such payment to be made on a pro rata basis to the Seller based on the Purchase Price then payable to each such Seller, and
(c) third, to pay the following amounts: (A) to pay amounts owed by Buyer to the Sellers under the Buyer Notes on a pro rata basis based on the then unpaid principal balance of the Buyer Notes, (B) to pay amounts to the Sellers owed pursuant to Section 3.1(f) on a pro rata basis based on the then unpaid amounts owing to all Sellers pursuant to Section 3.1(f), or (C) to declare and pay dividends to the Parent to the extent permitted by law.
Application of Collections and Other Funds. If, on any day, Buyer receives proceeds of transfers pursuant to the Pooling Agreement, Buyer shall apply the funds as follows:
(a) first, to pay its existing expenses and to set aside funds for the payment of expenses that are then accrued (in each case to the extent such expenses are permitted to exist under Section 7.2(l) of the Pooling Agreement).
(b) second, to pay the Purchase Price pursuant to Section 3.1 for Receivables and Related Assets purchased by Buyer from the Sellers on such day (in the case of the First Issuance Date) or the next preceding Business Day, and
(c) third, in such order as Buyer may elect, (A) to repay amounts owed by Buyer to the Sellers under the Buyer Notes, (B) to pay amounts owed pursuant to Section 3.1(f), or (C) to declare and pay dividends to Treasure Chest to the extent permitted by law.
Application of Collections and Other Funds. If, on any ------------------------------------------ day, Buyer receives any Proceeds of Transfers pursuant to any Third Party Documents, Buyer shall apply the funds as follows:
(a) first, to pay its existing expenses and to set aside funds for the payment of expenses that are then accrued (in each case to the extent such expenses are permitted to exist under the applicable Third Party Documents),
(b) second, to pay the unpaid Purchase Price pursuant to Section 3.1 for the applicable Receivables and Related Assets which were ----------- purchased by Buyer from the Sellers on such day (if such day is not a Business Day, on the next preceding Business Day),
(c) third, to repay amounts owed by Buyer to ALS or the other Sellers under the Purchase Money Note,
(d) fourth, if Seller shall elect, to declare and pay distributions to ALS, on account of its capacity as the sole member of Buyer, to the extent permitted by law.
Application of Collections and Other Funds. If, on any day, NAFCO receives (a) remittance to NAFCO in respect of the Class C Certificates that it is not required to hold in trust for, or remit to, the Administrator or the Trustee pursuant to the Pooling and Administration Agreement or (b) proceeds of transfers pursuant to the Pooling and Administration Agreement, NAFCO shall apply such funds as follows:
(i) first, to pay its existing expenses and to set aside funds for the payment of expenses that are then accrued;
(ii) second, to pay the Purchase Price pursuant to Section 3.1 for Receivables and Related Assets purchased by NAFCO from the Seller on such day (in the case of the Purchase Commencement Date) or the next preceding Business Day; and
(iii) third, in such order as NAFCO may elect, (A) to repay amounts owed by NAFCO to the Seller under the NAFCO Note or (B) to make distributions to National Auto to the extent permitted by law and the NAFCO Trust Agreement.
Application of Collections and Other Funds. If, on any day, WPS Xxxxx receives (a) Collections that it is not required to hold in trust for, or remit to, the Servicer or the Administrator pursuant to the Amended and Restated AITA or (b) proceeds or transfers pursuant to the Amended and Restated AITA, WPS Xxxxx shall apply such funds as follows:
(i) first, to pay its existing expenses and to set aside funds for the payment of expenses that are then accrued;
(ii) second, to pay the Purchase Price pursuant to Section 3.1 for Receivables and Related Assets purchased by WPS Xxxxx from Seller on the Effective Date or in the applicable Reporting Period, as the case may be;
(iii) third, to repay amounts owed by WPS Xxxxx to Seller under the WPS Xxxxx Note; and
(iv) fourth, to declare and pay dividends to Seller to the extent permitted by law.
Application of Collections and Other Funds. Buyer and Seller acknowledge and agree that, as between Seller and Buyer, Buyer shall have the right to receive and retain for its own benefit any and all proceeds (including, without limitation, any and all Collections) with respect to Transferred Receivables; provided, however, that Buyer shall have no right to any amounts held in trust by Servicer in accordance with the Purchase Agreement. If, on any day, Buyer receives any amounts as set forth in the preceding sentence, or receives any amounts from Second Step Purchaser as Reinvestments (or as increases in the Net Investment) under the Purchase Agreement, Buyer shall apply such funds as follows:
(a) first, (i) to pay Buyer's existing expenses, (ii) to set aside funds for the payment of expenses that are then accrued and (iii) to set aside a reserve against future expenses (in such amount as Buyer reasonably may determine consistent with sound practices); provided that, if the Purchase Agreement is then in effect, such payments and set asides shall be permitted only to the extent such existing, accrued or future expenses are permitted to exist under Section 9.02 of the Purchase Agreement;
(b) second, to pay the Subsequent Purchase Price in accordance with Section 3.1(b) for Subsequently Transferred Receivables purchased by Buyer from Seller on the next preceding Business Day;
(c) third, to repay amounts owed by Buyer to Seller under the Buyer Note;
(d) fourth, to the extent requested by Seller and approved by Buyer from time to time, to loan amounts to Seller; and
(e) fifth, to the extent approved by Buyer from time to time, to declare and pay dividends to Seller to the extent permitted by Law and the Sale Documents.
