Collections Generally. On any day prior to the Amortization Date that Servicer receives any Collections and/or Deemed Collections, such Collections and/or Deemed Collections shall be set aside and held in trust by Servicer for the benefit of Agent and the Purchasers in the Collection Accounts in the manner set forth in Sections 7.1(j) and 8.2. Prior to the Amortization Date, all such amounts shall be applied as set forth in this Section 2.2. Servicer shall, on each Settlement Date, determine the amount of Collections set aside in accordance with the first sentence of this Section 2.2 during the related Settlement Period which constitute Principal Collections and the portion of such Collections which constitute Finance Charge Collections. On each Settlement Date, Servicer shall remit the Principal Collections set aside pursuant to this subsection (a) to the Second-Tier Account (to the extent such Principal Collections are not already on deposit therein) to be distributed in accordance with subsection (b) below and Servicer shall remit the Finance Charge Collections set aside pursuant to this subsection (a) to the Second-Tier Account (to the extent such Finance Charge Collections are not already on deposit therein) to be distributed in accordance with subsection (c) below.
Collections Generally. On any day prior to the Amortization Date that Servicer receives any Collections and/or Deemed Collections, the Servicer shall set aside and hold in trust for the benefit of the Purchasers (or, if so requested by the Agent, segregate in a separate account designated by the Agent, which shall be an account maintained and controlled by the Agent unless the Agent otherwise instructs in its sole discretion), for application in accordance with the priority of payments set forth below, all Collections on Receivables that are received by the Servicer or the Seller or received in any Lock-Box or Collection Account and all Deemed Collections; provided, however, that so long as each of the conditions precedent set forth in Section 6.2 are satisfied on such date, the Servicer may release to the Seller from such Collections and Deemed Collections the amount (if any) necessary to pay (i) the purchase price for Receivables purchased by the Seller on such date in accordance with the terms of the Receivables Sale Agreement or (ii) amounts owing by the Seller to the Originators under the Subordinated Note.
Collections Generally. All Collections of any nature whatsoever, including but not limited to, direct remittance, set-off, or judicial proceedings, will be made to and received by DFS in trust for the benefit of DFS and the Participant in accordance with their respective Pro Rata Shares, subject to any offset rights of DFS, until Participant's Pro Rata Share thereof is delivered to Participant in accordance with this Agreement. If Participant receives from any source other than DFS whatsoever, whether by direct remittance, set-off, foreclosure of security interest, or otherwise, any payment on the Outstandings, Participant will immediately pay such amount to DFS for application as provided herein. All Collections which DFS receives will be applied to Borrower's account at such time and in such manner, including application to principal or interest, as is provided in the AWF and this Agreement. If, for any reason, DFS is required to return to Borrower any amount received from Borrower, Participant will, upon notice from DFS, return to DFS the share of such amount which Participant has received from DFS, but without interest for the period since it was received. Participant assumes all of the risk of loss directly or indirectly relating to or arising from each Advance, to the full extent of Participant's Pro Rata Share therein, plus all costs and expenses associated therewith that Participant is liable for as provided in Section 11 herein. DFS does not assume nor will DFS have any liability or obligation whatsoever to Participant for Borrower's repayment of all or any part of any Advance or any charges thereon. Participant agrees that its payments to DFS under this Agreement do not constitute loans to DFS.
Collections Generally. On any day prior to the Amortization Date that Servicer receives any Collections and/or Deemed Collections, such Collections and/or Deemed
Collections Generally. On any day prior to the Amortization Date that the Servicer receives any Collections and/or Deemed Collections, such Collections and/or Deemed Collections shall be set aside and held in trust by the Servicer in the Collection Accounts in the manner set forth in Sections 7.1(j) and 8.
Collections Generally. The Servicer shall, on each Settlement Date, determine the portion of Collections and Deemed Collections in the Collection Account which constitute Principal Collections and the portion of such Collections which constitute Finance Charge Collections.
Collections Generally. The account(s) into which the remittances and proceeds regarding the Accounts are deposited shall be established at banks selected by the Dealer and satisfactory to DFS. All funds deposited in any such account are subject to DFS' security interest therein, and the Blocked Account Documents shall contain the agreement of such bank(s) to waive any offset rights against the funds so deposited. DFS assumes no responsibility for such account arrangements, including, without limitation, any claim of accord and satisfaction or release with respect to deposits accepted by any bank thereunder. All remittances received by Dealer on account of Accounts, and the proceeds of any of the other Collateral, shall be: (i) held by Dealer as trustee of an express trust for DFS' benefit; and (ii) immediately deposited in the account(s) designated in the Blocked Account Documents. All proceeds received or collected by DFS with respect to Accounts, and reserves and other property of Dealer in possession of DFS at any time or times hereafter, may be held by DFS without interest to Dealer until all Obligations are paid in full or applied by DFS on account of the Obligations. DFS may release to Dealer such portions of such reserves and proceeds as DFS may determine. DFS has no duty to protect, insure, collect or realize upon the Accounts to preserve rights in them.
