Common use of Daily Procedure Clause in Contracts

Daily Procedure. On each day (other than a Liquidation Day) with regard to each Yield Period for each Undivided Interest, Servicer shall deem an amount equal to Purchasers' Share (as determined in Section 2.08) of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of Purchasers' Share of such Collections of Pool Receivables in respect of such Undivided Interest, hold in trust for the benefit of Purchasers an amount equal to the Earned Discount and Servicer's Fee accrued through such day for such Undivided Interest and not previously so held for the benefit of Purchasers or paid by the Sellers, (ii) apply an amount equal to the remainder of Purchasers' Share of such Collections (the "Remaining Collections") to reduce the Purchasers' Investments of such Undivided Interest (it being understood that such amount need not be physically paid to the Agent or the Purchasers under this clause (ii)), (iii) after such reduction, apply such Remaining Collections to the Reinvestment, for the benefit of Purchasers, of additional undivided interests in Pool Receivables payable in the Approved Currency of such Undivided Interest by recomputation of such Undivided Interest pursuant to Section 2.02 as of the end of such day, thereby increasing the related Purchasers' Investments, and

Daily Procedure. On each day (other than a Liquidation Run Off Day) with regard to each in any Yield Period for each any Undivided Interest, Servicer shall deem an amount equal to Purchasers' Purchaser's Share (as determined in Section 2.08) of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of Purchasers' Purchaser's Share of such Collections of Pool Receivables in respect of such Undivided InterestCollections, hold in trust for the benefit of Purchasers Purchaser an amount equal to the related Earned Discount and related Servicer's Fee accrued through such day for such Undivided Interest and not previously so held for the benefit of Purchasers or paid by the SellersPurchaser, (ii) apply an amount equal to the remainder of Purchasers' Purchaser's Share of such Collections (the "Remaining Collections") to reduce the Purchasers' Investments Purchaser's Investment of such Undivided Interest (it being understood that such amount need not be physically paid to the Agent or the Purchasers Purchaser under this clause (ii)), and (iii) subject to Section 3.03, after such reduction, (A) apply such Remaining Collections to the Reinvestment, for the benefit of PurchasersPurchaser, of additional undivided interests in Pool Receivables payable in the Approved Currency of such Undivided Interest by recomputation of such Undivided Interest pursuant to Section 2.02 2.01 as of the end of such day, thereby increasing the related Purchasers' InvestmentsPurchaser's Investment, andand (B) pay to Seller such Remaining Collections. The recomputed Undivided Interest shall constitute the percentage ownership interest in Pool Receivables on such day held by the Administrative Agent, for the benefit of Purchaser, with regard to such Undivided Interest.

Daily Procedure. On each day (other than a Liquidation Run Off Day) with regard to each in any Yield Period for each any Undivided Interest, Servicer shall deem an amount equal to Purchasers' Purchaser's Share (as determined in Section 2.08) of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of Purchasers' Purchaser's Share of such Collections of Pool Receivables in respect of such Undivided InterestCollections, hold in trust for the benefit of Purchasers Purchaser an amount equal to the related Earned Discount and related Servicer's Fee accrued through such day for such Undivided Interest and not previously so held for the benefit of Purchasers or paid by the SellersPurchaser, (ii) apply an amount equal to the remainder of Purchasers' Purchaser's Share of such Collections (the "Remaining Collections") to reduce the Purchasers' Investments Purchaser's Investment of such Undivided Interest (it being understood that such amount need not be physically paid to the Agent or the Purchasers Purchaser under this clause (ii)), and (iii) Subject to Section 3.03, after such reduction, (a) apply such Remaining Collections to the Reinvestment, for the benefit of PurchasersPurchaser, of additional undivided interests in Pool Receivables payable in the Approved Currency of such Undivided Interest by recomputation of such Undivided Interest pursuant to Section 2.02 2.01 as of the end of such day, thereby increasing the related Purchasers' InvestmentsPurchaser's Investment, andand (b) pay to Seller such Remaining Collections. The recomputed Undivided Interest shall constitute the percentage ownership interest in Pool Receivables on such day held by Purchaser with regard to such Undivided Interest.

Daily Procedure. On each day (other than a Liquidation Day) with regard to each Yield Period for each Undivided Interest, Servicer shall deem an amount equal to Purchasers' Purchaser's Share (as determined in Section 2.08) of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of Purchasers' Purchaser's Share of such Collections of Pool Receivables in respect of such Undivided Interest, hold in trust for the benefit of Purchasers Purchaser an amount equal to the Earned Discount and Servicer's Fee accrued through such day for such Undivided Interest and not previously so held for the benefit of Purchasers or paid by the SellersPurchaser, (ii) apply an amount equal to the remainder of Purchasers' Purchaser's Share of such Collections (the "Remaining Collections") to reduce the Purchasers' Purchaser's Investments of such Undivided Interest (it being understood that such amount need not be physically paid to the Agent or the Purchasers Purchaser under this clause (ii)), , (iii) after such reduction, apply such Remaining Collections to the Reinvestment, for the benefit of PurchasersPurchaser, of additional undivided interests in Pool Receivables payable in the Approved Currency of such Undivided Interest by recomputation of such Undivided Interest pursuant to Section 2.02 as of the end of such day, thereby increasing the related Purchasers' InvestmentsPurchaser's Investment, and (iv) pay to Seller such Remaining Collections. The recomputed Undivided Interest shall constitute the percentage ownership interest in Pool Receivables on such day held by the Agent, on behalf of Purchaser, with regard to such Undivided Interest.

Daily Procedure. On each day (other than a Liquidation Run Off Day) with regard to each Yield Period for each Undivided Interest, Servicer shall deem an amount equal to Purchasers' Share (as determined in Section 2.08) of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of Purchasers' Share of such Collections of Pool Receivables in respect of such Undivided Interest, hold in trust (but need not deposit in a separate account or otherwise segregate, except as required by Section 8.02(b)) for the benefit of the Purchasers and Servicer, respectively, an amount equal to the Earned Discount Discount, the Commitment Fee and Servicer's Fee accrued through such day for such Undivided Interest and not previously so held for the benefit of Purchasers or paid by the SellersPurchasers, (ii) apply an amount equal to the remainder of Purchasers' Share of such Collections (the "Remaining Collections") to reduce the related Purchasers' Investments Investment of such Undivided Interest (it being understood that such amount need not be physically paid to the Agent or the Purchasers under this clause (ii)), , (iii) after such reduction, apply such Remaining Collections to the Reinvestment, for the benefit of the Purchasers, of additional undivided interests in Pool Receivables payable in the Approved Currency of such Undivided Interest by recomputation of such Undivided Interest pursuant to Section 2.02 as of the end of such day, thereby increasing the related Purchasers' InvestmentsInvestment, and (iv) pay to Seller such Remaining Collections. The recomputed Undivided Interest shall constitute the percentage ownership interest in Pool Receivables on such day held by the Purchasers.

Daily Procedure. On each day (other than a Liquidation Day) with regard to each Yield Period for each Undivided Interest, Servicer shall deem an amount equal to Purchasers' Share (as determined in Section 2.08) of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of Purchasers' Share of such Collections of Pool Receivables in respect of such Undivided Interest, hold in trust for the benefit of Purchasers an amount equal to the Earned Discount and Servicer's Fee accrued through such day for such Undivided Interest and not previously so held for the benefit of Purchasers or paid by the SellersSeller, (ii) apply an amount equal to the remainder of Purchasers' Share of such Collections (the "Remaining Collections") to reduce the Purchasers' Investments of such Undivided Interest (it being understood that such amount need not be physically paid to the Agent or the Purchasers under this clause (ii)), , (iii) after such reduction, apply such Remaining Collections to the Reinvestment, for the benefit of Purchasers, of additional undivided interests in Pool Receivables payable in the Approved Currency of such Undivided Interest by recomputation of such Undivided Interest pursuant to Section 2.02 as of the end of such day, thereby increasing the related Purchasers' Investments, and (iv) pay to Seller such Remaining Collections. The recomputed Undivided Interest shall constitute the percentage ownership interest in Pool Receivables on such day held by the Agent, on behalf of the Purchasers, with regard to such Undivided Interest.

Daily Procedure. On each day (other than a Liquidation Run Off Day) with regard to each in any Yield Period for each any Undivided Interest, Servicer shall deem an amount equal to Purchasers' the Purchaser's Share but not in excess of the Aggregate Purchaser's Share (as determined in Section 2.082.4) of Collections of Pool Receivables received or deemed received on such day to be received in respect of such Undivided Interest; and (i) out of Purchasers' the Purchaser's Share of such Collections of Pool Receivables in respect of such Undivided InterestCollections, hold in trust for the benefit of Purchasers the Purchaser or the Bank Investors, as the case may be, of such Undivided Interest an amount equal to the related Earned Discount and related Servicer's Fee accrued through such day for such Undivided Interest and not previously so held for the benefit of Purchasers the Purchaser or paid by the SellersBank Investors, as the case may be, (ii) apply an amount equal to the remainder of Purchasers' the Purchaser's Share of such Collections (the "Remaining Collections") to reduce the Purchasers' Investments Purchaser's Investment of 12 13 such Undivided Interest (it being understood that such amount need not be physically paid to the Agent Purchaser or the Purchasers Bank Investors under this clause (ii)), , (iii) subject to Section 3.3, after such reduction, (A) apply such Remaining Collections to the Reinvestment, for the benefit of Purchasersthe Purchaser or the Bank Investor, as the case may be, of additional undivided interests in Pool Receivables payable in the Approved Currency of such Undivided Interest by recomputation of such Undivided Interest pursuant to Section 2.02 2.1 as of the end of such day, thereby increasing the related Purchasers' InvestmentsPurchaser's Investment, andand (B) pay to the Transferor such Remaining Collections. The recomputed Undivided Interest shall constitute the percentage ownership interest in Pool Receivables on such day held by the Purchaser or the Bank Investors, as the case may be, with regard to such Undivided Interest.