Common use of Designated Account Allocations Clause in Contracts

Designated Account Allocations. If [Short Name of Account Owner] is unable for any reason to transfer the Receivables to [Short Name of Receivables Purchaser] in accordance with the provisions of this Agreement (including, without limitation, by reason of the application of the provisions of Section 6.02 or any order of any Governmental Authority), then, in any such event, [Short Name of Account Owner] agrees (except as prohibited by any such order) to allocate and pay to [Short Name of Receivables Purchaser], after the date of such inability, all collections with respect to the Receivables, including collections in respect of the Receivables transferred to [Short Name of Receivables Purchaser] before the occurrence of such event, and all amounts which would have constituted such collections but for [Short Name of Account Owner]’s inability to transfer Receivables (up to an aggregate amount equal to the amount of the outstanding Receivables transferred to [Short Name of Receivables Purchaser] on or before such date). For the purpose of the immediately preceding sentence, [Short Name of Receivables Purchaser] and [Short Name of Account Owner] shall treat the first received of such collections with respect to the Designated Accounts as allocable to [Short Name of Receivables Purchaser] until [Short Name of Receivables Purchaser] shall have been allocated and paid collections in an amount equal to the aggregate amount of the Principal Receivables as of the date of the occurrence of such event. If [Short Name of Account Owner] and [Short Name of Receivables Purchaser] are unable pursuant to any Requirements of Law to allocate such collections as described above, [Short Name of Account Owner] and [Short Name of Receivables Purchaser] agree that, after the occurrence of such event, payments on each Designated Account with respect to the principal balance of such Designated Account shall be allocated first to the oldest principal balance of such Designated Account and shall have such payments applied as collections in respect thereof in accordance with the terms of this Agreement. The parties hereto agree that Finance Charge Receivables, whenever created, accrued in respect of Principal Receivables which have been conveyed to [Short Name of Receivables Purchaser] shall continue to be property of [Short Name of Receivables Purchaser] notwithstanding any cessation of the transfer of additional Principal Receivables to [Short Name of Receivables Purchaser] and collections with respect thereto shall continue to be allocated and paid in accordance with this Agreement.

Designated Account Allocations. If [Short Name of Account Owner] is unable for any reason to transfer the Receivables to [Short Name of Receivables Purchaser] in accordance with the provisions of this Agreement (including, without limitation, by reason of the application of the provisions of Section 6.02 or any order of any Governmental Authority), then, in any such event, [Short Name of Account Owner] agrees (except as prohibited by any such order) to allocate and pay to [Short Name of Receivables Purchaser], after the date of such inability, all collections with respect to the Receivables, including collections in respect of the Receivables transferred to [Short Name of Receivables Purchaser] before the occurrence of such event, and all amounts which would have constituted such collections but for [Short Name of Account Owner]’s 's inability to transfer Receivables (up to an aggregate amount equal to the amount of the outstanding Receivables transferred to [Short Name of Receivables Purchaser] on or before such date). For the purpose of the immediately preceding sentence, [Short Name of Receivables Purchaser] and [Short Name of Account Owner] shall treat the first received of such collections with respect to the Designated Accounts as allocable to [Short Name of Receivables Purchaser] until [Short Name of Receivables Purchaser] shall have been allocated and paid collections in an amount equal to the aggregate amount of the Principal Receivables as of the date of the occurrence of such event. If [Short Name of Account Owner] and [Short Name of Receivables Purchaser] are unable pursuant to any Requirements of Law to allocate such collections as described above, [Short Name of Account Owner] and [Short Name of Receivables Purchaser] agree that, after the occurrence of such event, payments on each Designated Account with respect to the principal balance of such Designated Account shall be allocated first to the oldest principal balance of such Designated Account and shall have such payments applied as collections in respect thereof in accordance with the terms of this Agreement. The parties hereto agree that Finance Charge Receivables, whenever created, accrued in respect of Principal Receivables which have been conveyed to [Short Name of Receivables Purchaser] shall continue to be property of [Short Name of Receivables Purchaser] notwithstanding any cessation of the transfer of additional Principal Receivables to [Short Name of Receivables Purchaser] and collections with respect thereto shall continue to be allocated and paid in accordance with this Agreement.

Designated Account Allocations. (i) With respect to any Obligor that has incurred Excluded Receivables in any Due Period, an amount of payments made by or on behalf of such Obligor in the next following Due Period shall be excluded from amounts of payments allocable to the Designated Accounts. Amounts paid by or on behalf of any Obligor with respect to any Designated Account will be attributed first to Excluded Receivables, and then to Receivables. (ii) If [Short Name of Account Owner] Universal Bank is unable for any reason to transfer the Receivables to [Short Name of Receivables Purchaser] Citibank (South Dakota) in accordance with the provisions of this Agreement (including, without limitation, by reason of the application of the provisions of Section 6.02 or any order of any Governmental Authority), then, in any such event, [Short Name of Account Owner] Universal Bank agrees (except as prohibited by any such order) to allocate and pay to [Short Name of Receivables Purchaser]Citibank (South Dakota), after the date of such inability, all collections with respect to the Receivables, including collections in respect of the Receivables transferred to [Short Name of Receivables Purchaser] Citibank (South Dakota) before the occurrence of such event, and all amounts which would have constituted such collections but for [Short Name of Account Owner]’s Universal Bank's inability to transfer Receivables (up to an aggregate amount equal to the amount of the outstanding Receivables transferred to [Short Name of Receivables Purchaser] Citibank (South Dakota) on or before such date). For the purpose of the immediately preceding sentence, [Short Name of Receivables Purchaser] Citibank (South Dakota) and [Short Name of Account Owner] Universal Bank shall treat the first received of such collections with respect to the Designated Accounts as allocable to [Short Name of Receivables Purchaser] Citibank (South Dakota) until [Short Name of Receivables Purchaser] Citibank (South Dakota) shall have been allocated and paid collections in an amount equal to the aggregate amount of the Principal Receivables as of the date of the occurrence of such event. If [Short Name of Account Owner] Universal Bank and [Short Name of Receivables Purchaser] Citibank (South Dakota) are unable pursuant to any Requirements of Law to allocate such collections as described above, [Short Name of Account Owner] Universal Bank and [Short Name of Receivables Purchaser] Citibank (South Dakota) agree that, after the occurrence of such event, payments on each Designated Account with respect to the principal balance of such Designated Account (other than with respect to the Excluded Receivables) shall be allocated first to the oldest principal balance of such Designated Account and shall have such payments applied as collections in respect thereof in accordance with the terms of this Agreement. The parties hereto agree that Finance Charge Receivables, whenever created, accrued in respect of Principal Receivables which have been conveyed to [Short Name of Receivables Purchaser] Citibank (South Dakota) shall continue to be property of [Short Name of Receivables Purchaser] Citibank (South Dakota) notwithstanding any cessation of the transfer of additional Principal Receivables to [Short Name of Receivables Purchaser] Citibank (South Dakota) and collections with respect thereto shall continue to be allocated and paid in accordance with this Agreement.