Application of Finance Charge Collections Sample Clauses

Application of Finance Charge Collections. On each Settlement Date, Servicer will apply (i) the Finance Charge Collections on deposit in the Second-Tier Account and (ii) all remaining Principal Collections after making the distributions pursuant to clauses first and second of subsection (b) above, pursuant to Section 2.2(a), together with the applicable Hedge Floating Amount, if any, paid to Seller by each Hedge Provider and any net income from Permitted Investments deposited to the Second-Tier Account pursuant to Section 2.8, in accordance with the applicable Payment Instructions, to make the following distributions in the following amounts and order of priority: first, to the reimbursement of Agent’s, each Purchaser’s and each Purchaser Agent’s costs of collection and enforcement of this Agreement, second, to Agent for the account of the Purchasers, all accrued and unpaid fees under any Fee Letter and all accrued and unpaid CP Costs and Financial Institution Yield, including any accrued CP Costs and Financial Institution Yield in respect of Capital reduced pursuant to clause second of subsection (b) above, together with any Broken Funding Costs, third, if Servicer is not then Seller or an Affiliate of Seller, to Servicer in payment of the Servicing Fee, fourth, to Agent as a reduction of Aggregate Capital an amount necessary to pay in full the Outstanding Balance of any Receivables that became Defaulted Receivables during the related Settlement Period and Receivables that became Defaulted Receivables during any prior Settlement Period that have not previously been the subject of payment hereunder, fifth, if Seller or an Affiliate of Seller is then acting as Servicer, to Servicer in payment of the Servicing Fee, sixth, to the applicable Persons, for the ratable payment in full of all other unpaid Obligations, and seventh, the balance, if any, in the following priority: first, to Agent for deposit to the Second-Tier Account if the conditions of Section 7.3 requiring that the Hedging Agreements be in effect have occurred, but the Hedging Agreements are not then in effect (such amount to be set aside and held in trust for application in accordance with this Section 2.2(c) on the next occurring Settlement Date), and then second, subject to Section 2.6, to Seller as RPA Deferred Purchase Price.

Application of Finance Charge Collections. On each Distribution Date, the Collection Agent shall cause Finance Charge Collections of all Transferred Receivables and investment earnings on deposit in the Collection Account, the Spread Account and the Excess Funding Account, all to the extent received during the preceding Monthly Period and, to the extent necessary, funds on deposit in the Spread Account on such Distribution Date, to be distributed to the following Persons in the following amounts and in the order set forth below: (a) First, to the Deal Agent for payment to each Investor, as their interests may appear, the accrued and unpaid Discount for the prior Monthly Period; (b) Second, to the Deal Agent for payment of the fees due and payable on such Distribution Date pursuant to the Fee Letter; (c) Third, to the Collection Agent, the accrued and unpaid Servicing Fee for the prior Monthly Period; (d) Fourth, to be applied pursuant to Section 2.6 below as a Principal Collection, an amount equal to the aggregate Dollar amount of the Principal Balance of all Transferred Receivables that become Defaulted Receivables during the prior Monthly Period; (e) Fifth, for any Distribution Date on or after the Termination Date, to the reduction to zero of the Net Investment; (f) Sixth, to the Spread Account in an amount equal to the excess, if any of Spread Account Required Amount on such Distribution Date over the Spread Account Balance on such day; (g) Seventh, to each Affected Party and each Indemnified Party, any amount due and owing to such Person to the extent such amount has not been paid on such day; and (h) Eighth, any remaining amount to the Transferor.