Common use of Daily Collections Clause in Contracts

Daily Collections. (a) On each Business Day on which funds are deposited in a Collection Account, promptly following the receipt of Collections in the form of available funds in such Collection Account, the Company shall transfer all Collections on deposit in any Collection Account directly to the applicable Company Concentration Account, such transfer to be completed by 12:30 p.m. London time on the next succeeding Business Day following the day on which such Collections are received in the Collection Account, each such individual transfer amount to be reported by the Master Servicer to the Administrative Agent by 10:00 a.m. London time. (b) Promptly following the transfer of Collections to the applicable Company Concentration Account or the deposit by the Master Servicer of any Servicer Advance, but in no event later than the next succeeding Business Day of the Collections or Servicer Advance being received in such Company Concentration Accounts, the Master Servicer shall calculate (such calculations to be contained in the Daily Report delivered to the Company and the Administrative Agent) and make the following transfers, allocations and distributions by no later than 2.30pm (London time) based on the Aggregate Daily Collections (which shall include any Servicer Advance) as set forth in such Daily Report: (i) first, on each Business Day, an amount equal to the Accrued Expense Amount for such day (or, during the Revolving Period, such greater amount as the Master Servicer may request in writing) shall be transferred from the Company Concentration Account to the relevant Payments Reserve Subaccount; provided that: (A) on the tenth (10th) Business Day of each Distribution Period (and each Business Day thereafter, if necessary, until the full amount of any positive Accrued Expense Adjustment is transferred), (B) on any Borrowing Date (and each Business Day thereafter, if necessary, until the full amount of any positive Accrued Expense Adjustment is transferred), (C) on the day of any prepayment pursuant to Section 4.2, and (D) on the last Business Day of each Settlement Period, an amount equal to the Accrued Expense Adjustment shall, if such adjustment is a positive amount, be transferred from the relevant Company Concentration Account to the relevant Payments Reserve Subaccount, or if such adjustment is a negative amount, be transferred from the relevant Payments Reserve Subaccount to the relevant Company Concentration Account with respect to the same currency (or deducted from the transfer in respect of the Accrued Expense Amount for such Business Day); (ii) second, on each Business Day other than a Settlement Date, following the transfers pursuant to sub-clause (i) above, any remaining funds on deposit in the Company Concentration Accounts (excluding amounts in the Payments Reserve Subaccount) shall be transferred and applied to amounts payable with respect to prepayments of the Loans in accordance with Section 4.2; (iii) third, on each Business Day other than a Settlement Date, following the transfers pursuant to sub-clauses (i) and (ii) above, any remaining balances in the Company Concentration Accounts (excluding amounts in the Payments Reserve Subaccount) shall be released to the Company for application to payments in accordance with Sections 5.1(a) and (b) payable on such date in accordance with the directions contained in the Daily Report for such Settlement Date (provided, that, payment under this sub-clause (iii) shall be made only if (x) both before and after giving effect to such payment, no Termination Event or Potential Termination Event or has occurred and is continuing and (y) no portion of such funds is applied by the Company to make any payment which is restricted pursuant to the provisos to Sections 5.1(a) and (b); and (iv) fourth, any remaining amounts shall be retained in the Company Concentration Account for application on the following Business Day in accordance with Section 17 or Section 18 (as applicable). (c) On any Business Day, the Master Servicer may deposit Servicer Advances made pursuant to Section 2.06 of the Servicing Agreement into the applicable Company Concentration Account.

Daily Collections. (a) On each Business Day on which funds Collections are deposited in a Collection Account, promptly following the receipt of Collections in the form of available funds in such Collection Account, the Company shall transfer all Collections on deposit in any Collection Account directly to the applicable Company Concentration Account, such transfer to be completed by 12:30 p.m. London 9:45 a.m. New York time on the next succeeding Business Day following the day on which such Collections are received in the Collection Account, with each such individual transfer amount to be reported by the Master Servicer to the Administrative Agent by 10:00 a.m. London New York time on the date of such transfer. The Administrative Agent will endeavour to process funds received after 9:45 a.m. (New York time) on a same day basis, but shall not be required to do so. (b) Promptly following the transfer of Collections to the applicable Company Concentration Account or the deposit by the Master Servicer of any Servicer AdvanceAccount, but in no event later than the next succeeding Business Day of the Collections or Servicer Advance being are received in such Company Concentration AccountsAccount, the Master Servicer shall calculate (such calculations to be contained in the Daily Report delivered to the Company and the Administrative Agent) ), and make direct the Administrative Agent to initiate and the Administrative Agent shall initiate the following transfers, allocations and distributions by no later than 2.30pm 2:00 p.m. (London New York time) based on the Aggregate Daily Collections (which shall include any Servicer Advance) as set forth in such Daily Report: (i) first, on each Business Day, an amount equal to the lesser of (i) the aggregate Collections on such day and (ii) the Accrued Expense Amount for such day (oror in the reasonable discretion of the Master Servicer, during the Revolving Period, Accrued Expense Amount plus such greater additional amount as the Master Servicer may request be required in writingconnection with a payment to be made hereunder on a subsequent Business Day) shall be transferred from the relevant Company Concentration Account to the relevant Interest Payments Reserve SubaccountAccount; provided that: (A) on the tenth (10th) Business Day of each Distribution Settlement Period (and each Business Day thereafter, if necessary, until the full amount of any positive Accrued Expense Adjustment is transferred), (B) on any Borrowing Date (and each Business Day thereafter, if necessary, until the full amount of any positive Accrued Expense Adjustment is transferred), (C) on the day of any prepayment pursuant to Section 4.2, and (D) on the last Business Day of each Settlement Period, an amount equal to the Accrued Expense Adjustment shall, if such adjustment is a positive amount, be transferred from the relevant Company Concentration Account to the relevant Interest Payments Reserve SubaccountAccount, or if such adjustment is a negative amount, be transferred from the relevant Interest Payments Reserve Subaccount Account to the relevant Company Concentration Account with respect to the same currency (or deducted from the transfer in respect of the Accrued Expense Amount for such Business Day); (ii) second, on each Business Day other than a Settlement Date, following the transfers pursuant to sub-clause (i) above, any remaining funds aggregate Collections on deposit in the Company Concentration Accounts (excluding amounts in the Payments Reserve Subaccount) Account shall be transferred and applied to amounts payable with respect to prepayments of the Loans in accordance with Section 4.2, to the extent required thereunder; (iii) third, on each Business Day other than a Settlement Date, in the reasonable discretion of the Master Servicer in connection with a payment to be made pursuant to Section 4.2 on a subsequent Business Day, Collections on deposit in the Company Concentration Account shall be transferred to the Principal Payments Reserve Account; and (iv) fourth, on each Business Day other than a Settlement Date, following the transfers pursuant to sub-clauses (i), (ii) and (iiiii) above, any remaining balances in the Company Concentration Accounts (excluding amounts in the Payments Reserve Subaccount) Account shall be released transferred to the Company Receipts Account for application to payments in accordance with Sections Section 5.1(a) and (b) payable on such date in accordance with the directions contained in the Daily Report for such Settlement Date (provided, that, payment Report; provided that the distributions under this sub-clause (iiiiv) above shall be made only if (x) both before and after giving effect to such payment, no Termination Event or Potential Termination Event or has occurred and is continuing or would occur as a result of such distribution and (y) no portion of such funds is applied by the Company to make any payment which is restricted pursuant to the provisos to Sections Section 5.1(a) and (b); and (iv) fourth, any remaining amounts shall be retained in the Company Concentration Account for application on the following Business Day in accordance with Section 17 or Section 18 (as applicable). (c) On any Business Day, the Master Servicer may deposit Servicer Advances made pursuant to Section 2.06 of the Servicing Agreement into the applicable Company Concentration Account.

Daily Collections. (ai) On each Business Day on which funds are deposited in a Collection Account, promptly Promptly following the its receipt of Collections in the form of available funds in such Collection the Lockbox Account, the Company shall transfer all Collections on deposit in any Collection Account directly to the applicable Company Concentration Account, such transfer to be completed by 12:30 p.m. London time on the next succeeding Business Day following the day on which such Collections are received in the Collection Account, each such individual transfer amount to be reported by the Master Servicer to the Administrative Agent by 10:00 a.m. London time. (b) Promptly following the transfer of Collections to the applicable Company Concentration Account or the deposit by the Master Servicer of any Servicer Advance, but in no event later than the next succeeding Business Day of the Collections or Servicer Advance being received in following such Company Concentration Accountsreceipt (such later Business Day, the Master "Deposit Date"), the Servicer shall calculate (such calculations transfer, or cause to be contained transferred, all Collections on deposit (less the aggregate amount of set-offs Pooling Agreement permitted to be retained pursuant to any applicable Lockbox Agreement) in the Daily Report delivered form of available funds in the Lockbox Accounts directly to the Company Collection Account. (ii) On the date of receipt of Aggregate Daily Collections, provided that such Aggregate Daily Collections are received prior to 1:00 p.m. on a Business Day, and the Administrative Agent) and make the following transfersif not, allocations and distributions by no later than 2.30pm the Business Day following each Deposit Date, the Trustee shall (London timein accordance with the written directions received pursuant to subsection (b)(ii) based on the above) transfer from Aggregate Daily Collections deposited into the Collection Account pursuant to subsection (which shall include any Servicer Advanced)(i) as set forth in such Daily Report: (i) firstabove, on each Business Dayto the respective Series Collection Subaccount, an amount equal to the Accrued Expense Amount product of (x) the applicable Invested Percentage for such day Outstanding Series and (ory) such Aggregate Daily Collections in accordance with the Daily Report. (iii) On the date of receipt of Aggregate Daily Collections, during provided that such Aggregate Daily Collections are received prior to 1:00 p.m. on a Business Day, and if not, no later than the Revolving PeriodBusiness Day following each Deposit Date, the Trustee shall (in accordance with the written directions received pursuant to subsection (b)(ii) above) allocate funds transferred to the Series Collection Subaccount for each Outstanding Series pursuant to subsection (d)(ii) above to the Series Non- Principal Collection Sub-subaccount and the Series Principal Collection Sub-subaccount of each such greater amount Series in accordance with the Daily Report and the related Supplement for such Series. (iv) On the date of receipt of Aggregate Daily Collections, provided that such Aggregate Daily Collections are received prior to 1:00 p.m. on a Business Day, and if not, no later than the Business Day following each Deposit Date, except as otherwise provided in a Supplement, the Master Servicer may request Trustee shall (in writingaccordance with the written directions received pursuant to subsection (b)(ii) shall be transferred from above) transfer to the Company Concentration Account to Collection Subaccount the relevant Payments Reserve Subaccount; provided that: (A) on the tenth (10th) Business Day of each Distribution Period (and each Business Day thereafterremaining funds, if necessaryany, until the full amount of any positive Accrued Expense Adjustment is transferred), (B) on any Borrowing Date (and each Business Day thereafter, if necessary, until the full amount of any positive Accrued Expense Adjustment is transferred), (C) on the day of any prepayment pursuant to Section 4.2, and (D) on the last Business Day of each Settlement Period, an amount equal to the Accrued Expense Adjustment shall, if such adjustment is a positive amount, be transferred from the relevant Company Concentration Account to the relevant Payments Reserve Subaccount, or if such adjustment is a negative amount, be transferred from the relevant Payments Reserve Subaccount to the relevant Company Concentration Account with respect to the same currency (or deducted from the transfer in respect of the Accrued Expense Amount for such Business Day); (ii) second, on each Business Day other than a Settlement Date, following the transfers pursuant to sub-clause (i) above, any remaining funds on deposit in the Company Concentration Accounts Collection Account on such date after giving effect to transfers to be made pursuant to subsection (excluding amounts in d)(ii) above. (v) In the Payments Reserve Subaccount) shall be transferred and applied event that Collections relating to amounts payable Receivables with respect to prepayments of which the Loans in accordance with Section 4.2; (iii) third, on each Business Day other than a Settlement Date, following the transfers pursuant to sub-clauses (i) and (ii) above, any remaining balances in the Company Concentration Accounts (excluding amounts in the Payments Reserve Subaccount) shall be released Trustee has not received notice that such Receivables have been sold to the Company for application to payments are deposited in accordance with Sections 5.1(a) and a Lockbox Account, the Trustee shall promptly (b) payable on such date in accordance with the written Pooling Agreement directions contained in the Daily Report for such Settlement Date (provided, that, payment under this sub-clause (iii) shall be made only if (x) both before and after giving effect to such payment, no Termination Event or Potential Termination Event or has occurred and is continuing and (y) no portion of such funds is applied by the Company to make any payment which is restricted received pursuant to subsection (b)(ii) above), and not subject to any conditions, transfer such Collections to the provisos to Sections 5.1(a) Seller and (b); and (iv) fourth, any remaining amounts such Collections shall be retained in the Company Concentration Account for application on the following Business Day in accordance with Section 17 or Section 18 (as applicable)not constitute Aggregate Daily Collections. (c) On any Business Day, the Master Servicer may deposit Servicer Advances made pursuant to Section 2.06 of the Servicing Agreement into the applicable Company Concentration Account.

Daily Collections. (ai) On each Business Day on which funds are deposited in a Collection Account, promptly Promptly following the its receipt of Collections in the form of available funds in such Collection the Lockbox Account, the Company shall transfer all Collections on deposit in any Collection Account directly to the applicable Company Concentration Account, such transfer to be completed by 12:30 p.m. London time on the next succeeding Business Day following the day on which such Collections are received in the Collection Account, each such individual transfer amount to be reported by the Master Servicer to the Administrative Agent by 10:00 a.m. London time. (b) Promptly following the transfer of Collections to the applicable Company Concentration Account or the deposit by the Master Servicer of any Servicer Advance, but in no event later than the next succeeding Business Day of the Collections or Servicer Advance being received in following such Company Concentration Accountsreceipt (such later Business Day, the Master "Deposit Date"), the Servicer shall calculate (such calculations transfer, or cause to be contained transferred, all Collections on deposit (less the aggregate amount of set-offs permitted to be retained pursuant to any applicable Lockbox Agreement) in the Daily Report delivered form of available funds in the Lockbox Accounts directly to the Company Collection Account. (ii) On the date of receipt of Aggregate Daily Collections, provided that such Aggregate Daily Collections are received prior to 1:00 p.m. on a Business Day, and the Administrative Agent) and make the following transfersif not, allocations and distributions by no later than 2.30pm the Business Day following each Deposit Date, the Trustee shall (London timein accordance with the written directions received pursuant to subsection (b)(ii) based on the above) transfer from Aggregate Daily Collections deposited into the Collection Account pursuant to subsection (which shall include any Servicer Advanced)(i) as set forth in such Daily Report: (i) firstabove, on each Business Dayto the respective Series Collection Subaccount, an amount equal to the Accrued Expense Amount product of (x) the applicable Invested Percentage for such day Outstanding Series and (ory) such Aggregate Daily Collections in accordance with the Daily Report. (iii) On the date of receipt of Aggregate Daily Collections, during provided that such Aggregate Daily Collections are received prior to 1:00 p.m. on a Business Day, and if not, no later than the Revolving PeriodBusiness Day following each Deposit Date, the Trustee shall (in accordance with the written directions received pursuant to subsection (b)(ii) above) allocate funds transferred to the Series Collection Subaccount for each Outstanding Series pursuant to subsection (d)(ii) above to the Series Non-Principal Collection Sub-subaccount and the Series Principal Collection Sub-subaccount of each such greater amount Series in accordance with the Daily Report and the related Supplement for such Series. 60 Pooling Agreement (iv) On the date of receipt of Aggregate Daily Collections, provided that such Aggregate Daily Collections are received prior to 1:00 p.m. on a Business Day, and if not, no later than the Business Day following each Deposit Date, except as otherwise provided in a Supplement, the Master Servicer may request Trustee shall (in writingaccordance with the written directions received pursuant to subsection (b)(ii) shall be transferred from above) transfer to the Company Concentration Account to Collection Subaccount the relevant Payments Reserve Subaccount; provided that: (A) on the tenth (10th) Business Day of each Distribution Period (and each Business Day thereafterremaining funds, if necessaryany, until the full amount of any positive Accrued Expense Adjustment is transferred), (B) on any Borrowing Date (and each Business Day thereafter, if necessary, until the full amount of any positive Accrued Expense Adjustment is transferred), (C) on the day of any prepayment pursuant to Section 4.2, and (D) on the last Business Day of each Settlement Period, an amount equal to the Accrued Expense Adjustment shall, if such adjustment is a positive amount, be transferred from the relevant Company Concentration Account to the relevant Payments Reserve Subaccount, or if such adjustment is a negative amount, be transferred from the relevant Payments Reserve Subaccount to the relevant Company Concentration Account with respect to the same currency (or deducted from the transfer in respect of the Accrued Expense Amount for such Business Day); (ii) second, on each Business Day other than a Settlement Date, following the transfers pursuant to sub-clause (i) above, any remaining funds on deposit in the Company Concentration Accounts Collection Account on such date after giving effect to transfers to be made pursuant to subsection (excluding amounts in d)(ii) above. (v) In the Payments Reserve Subaccount) shall be transferred and applied event that Collections relating to amounts payable Receivables with respect to prepayments of which the Loans in accordance with Section 4.2; (iii) third, on each Business Day other than a Settlement Date, following the transfers pursuant to sub-clauses (i) and (ii) above, any remaining balances in the Company Concentration Accounts (excluding amounts in the Payments Reserve Subaccount) shall be released Trustee has not received notice that such Receivables have been sold to the Company for application to payments are deposited in accordance with Sections 5.1(a) and a Lockbox Account, the Trustee shall promptly (b) payable on such date in accordance with the written directions contained in the Daily Report for such Settlement Date (provided, that, payment under this sub-clause (iii) shall be made only if (x) both before and after giving effect to such payment, no Termination Event or Potential Termination Event or has occurred and is continuing and (y) no portion of such funds is applied by the Company to make any payment which is restricted received pursuant to subsection (b)(ii) above), and not subject to any conditions, transfer such Collections to the provisos to Sections 5.1(a) Seller and (b); and (iv) fourth, any remaining amounts such Collections shall be retained in the Company Concentration Account for application on the following Business Day in accordance with Section 17 or Section 18 (as applicable)not constitute Aggregate Daily Collections. (c) On any Business Day, the Master Servicer may deposit Servicer Advances made pursuant to Section 2.06 of the Servicing Agreement into the applicable Company Concentration Account.

Daily Collections. (a) On each Business Day on which funds Collections are deposited in a Collection Account, promptly following the receipt of Collections in the form of available funds in such Collection Account, the Company shall transfer all Collections on deposit in any Collection Account directly to the applicable Company Concentration Account, such transfer to be completed by 12:30 p.m. London 9:45 a.m. New York time on the next succeeding Business Day following the day on which such Collections are received in the Collection Account, with each such individual transfer amount to be reported by the Master Servicer to the Administrative Agent by 10:00 a.m. London New York time on the date of such transfer. The Administrative Agent will endeavour to process funds received after 9:45 a.m. (New York time) on a same day basis, but shall not be required to do so. (b) Promptly following the transfer of Collections to the applicable Company Concentration Account or the deposit by the Master Servicer of any Servicer AdvanceAccount, but in no event later than the next succeeding Business Day of the Collections or Servicer Advance being are received in such Company Concentration AccountsAccount, the Master Servicer shall calculate (such calculations to be contained in the Daily Report delivered to the Company and the Administrative Agent) ), and make direct the Administrative Agent to initiate and the Administrative Agent shall initiate the following transfers, allocations and distributions by no later than 2.30pm 2:00 p.m. (London New York time) based on the Aggregate Daily Collections (which shall include any Servicer Advance) as set forth in such Daily Report: (i) first, on each Business Day, an amount equal to the lesser of (i) the aggregate Collections on such day and (ii) the Accrued Expense Amount for such day (oror in the reasonable discretion of the Master Servicer, during the Revolving Period, Accrued Expense Amount plus such greater additional amount as the Master Servicer may request be required in writingconnection with a payment required or permitted to be made hereunder on a subsequent Business Day) shall be transferred from the relevant Company Concentration Account to the relevant Interest Payments Reserve SubaccountAccount; provided that: (A) on the tenth (10th) Business Day of each Distribution Settlement Period (and each Business Day thereafter, if necessary, until the full amount of any positive Accrued Expense Adjustment is transferred), (B) on any Borrowing Date (and each Business Day thereafter, if necessary, until the full amount of any positive Accrued Expense Adjustment is transferred), (C) on the day of any prepayment pursuant to Section 4.2, and (D) on the last Business Day of each Settlement Period, an amount equal to the Accrued Expense Adjustment shall, if such adjustment is a positive amount, be transferred from the relevant Company Concentration Account to the relevant Interest Payments Reserve SubaccountAccount, or if such adjustment is a negative amount, be transferred from the relevant Interest Payments Reserve Subaccount Account to the relevant Company Concentration Account with respect to the same currency (or deducted from the transfer in respect of the Accrued Expense Amount for such Business Day); (ii) second, on each Business Day other than a Settlement Date, following the transfers pursuant to sub-clause (i) above, any remaining funds aggregate Collections on deposit in the Company Concentration Accounts (excluding amounts in the Payments Reserve Subaccount) Account shall be transferred and applied to amounts payable with respect to prepayments of the Loans in accordance with Section 4.2, to the extent required thereunder; (iii) third, on each Business Day other than a Settlement Date, in the reasonable discretion of the Master Servicer in connection with a payment to be made pursuant to Section 4.1 or Section 4.2 on a subsequent Business Day, Collections on deposit in the Company Concentration Account shall be transferred to the Principal Payments Reserve Account; and (iv) fourth, on each Business Day other than a Settlement Date, following the transfers pursuant to sub-clauses (i), (ii) and (iiiii) above, any remaining balances in the Company Concentration Accounts (excluding amounts in the Payments Reserve Subaccount) Account shall be released transferred to the Company Receipts Account for application to payments in accordance with Sections Section 5.1(a) and (b) payable on such date in accordance with the directions contained in the Daily Report for such Settlement Date (provided, that, payment Report; provided that the distributions under this sub-clause (iiiiv) above shall be made only if (x) both before and after giving effect to such payment, no Termination Event or Potential Termination Event or has occurred and is continuing or would occur as a result of such distribution and (y) no portion of such funds is applied by the Company to make any payment which is restricted pursuant to the provisos to Sections Section 5.1(a) and (b); and (iv) fourth, any remaining amounts shall be retained in the Company Concentration Account for application on the following Business Day in accordance with Section 17 or Section 18 (as applicable). (c) On any Business Day, the Master Servicer may deposit Servicer Advances made pursuant to Section 2.06 of the Servicing Agreement into the applicable Company Concentration Account.