DISTRIBUTION OF PAYMENTS RECEIVED Sample Clauses

DISTRIBUTION OF PAYMENTS RECEIVED. Upon issuance of the Participation Certificate with respect to a particular portfolio of Eligible Loans, Participant shall be entitled to 100% of payments and income earned with respect to the Eligible Loans covered by the Participation Certificate, less Lender's Retained Interest which shall be deducted therefrom and paid to Lender on a quarterly basis. Lender shall pay for all origination fees payable to the Secretary of Education pursuant to the Higher Education Act, servicing fees charged by Servicer pursuant to the Servicing Agreement and any other costs incidental to or associated with origination, Guarantee, ownership, administration, servicing and collection with respect to each of the Eligible Loans covered by the Participation Certificate. Lender agrees to account and deliver to Participant, or cause to be delivered to Participant, all sums of principal, interest, Special Allowance Payments, Interest Subsidy Payments or other income received by Lender or Servicer on behalf of Lender on account of Participant's participation interest in the Eligible Loans covered by the Participation Certificate during the term of this Agreement, less Lender's Retained Interest. Lender shall cause Servicer to furnish to Participant, on a monthly basis, all reports issued by Servicer pursuant to the Servicing Agreement showing the amount of the balances of each of the Eligible Loans covered by the Participation Certificate and other information generated by Servicer, and such other specific information on individual Eligible Loans covered by the Participation Certificate as Participant may reasonably require from time to time, subject to the abilities of Servicer. Participant shall have access to inspect documents in connection with Eligible Loans covered by the Participation Certificate at the Servicer on a day to day basis.
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs
DISTRIBUTION OF PAYMENTS RECEIVED. Upon issuance of the Participation Certificate with respect to a particular portfolio of Eligible Loans, the Participant shall be entitled to 100% of payments and income earned with respect to the Eligible Loans covered by the Participation Certificate, less the Lender's Retained Interest which shall be deducted therefrom and paid to the Lender on a quarterly basis. The Lender shall pay for all origination fees payable to the Secretary of Education pursuant to the Higher Education Act and any other costs incidental to or associated with origination and Guarantee with respect to each of the Eligible Loans covered by the Participation Certificate. The Lender agrees to account and deliver to the Participant, or cause to be delivered to the Participant, all sums of principal, interest, Special Allowance Payments, Interest Subsidy Payments or other income received by the Lender on account of the Participant's participation interest in the Eligible Loans covered by the Participation Certificate during the term of this Agreement, less the Lender's Retained Interest.
Sample 1Sample 2
DISTRIBUTION OF PAYMENTS RECEIVED. Upon transfer of a participation interest with respect to particular portfolio SLABS, UBATCO shall be entitled to one hundred percent (100%) of payments and income received with respect to the participated portion of the SLABS contained in such participation certificate, less a fee (“Nelnet’s Fee”) deducted and paid to Nelnet equal to the difference between (i) the total of interest or other income received with respect to such SLABS contained in a participation certificate, less (ii) the amount equal to the product of (A) the annualized rate of 70 basis points (0.70%) over the one month London Inter-Bank Offered Rate (LIBOR), multiplied by (B) the average quarterly aggregate outstanding the participated portion of principal balances of the SLABS contained in the participation certificate. Nelnet shall pay for all administration costs, all servicing costs incurred by its servicing agent (“Servicer”) and any other costs incidental to or associated with ownership, administration, servicing, and collection of the SLABS; all such costs shall be deducted from and paid from Nelnet’s Fee. Nelnet’s Fee shall be payable to Nelnet on a quarterly basis. Nelnet agrees to account and deliver to UBATCO, all sums of principal, interest other income received by Nelnet on account of the SLABS during the term of the participation certificates. Nelnet shall forward such payments of UBATCO’s portion of income as are due to UBATCO in accordance with the terms of this Agreement no less frequently than on a quarterly basis, or as otherwise DocuSign Envelope ID: 6BACE3D7-C8B4-48BB-A941-13A02CCE2080
Sample 1
DISTRIBUTION OF PAYMENTS RECEIVED. Upon transfer of a participation interest with respect to particular portfolio Eligible Loans, Union Bank shall be entitled to one hundred percent (100%) of payments and income received with respect to the participated portion of the Eligible Loans contained in such participation certificate, less a fee ("NELnet's Fee") deducted and paid to NELnet equal to the difference between (i) the total of interest received with respect to such Eligible Loans contained in a participation certificate, and (ii) the amount equal to the annualized rate of 75 basis points (0,75%) over the 91-day U.S. Treasury Bill auctioned weekly, multiplied by the average quarterly aggregate xxxstanding principal balances of the Eligible Loans contained in the participation certificate. NELnet shall pay for all administration costs, all servicing costs incurred by its servicing agent ("Servicer") and any other costs incidental to or associated with ownership, administration, servicing, and collection of the Eligible Loans; all such costs shall be deducted from and paid from NELnet's Fee. NELnet's Fee shall be payable on a quarterly basis. NELnet agrees to account and deliver to Union Bank, all sums of principal, interest, special allowance payments, interest subsidy payments, or other income received by NELnet on account of the Eligible Loans during the term of the participation certificates. NELnet shall forward such payments to Union Bank no less frequently than on a quarterly basis, or as otherwise mutually agreed upon by the parties hereto. NELnet shall cause Servicer to furnish to Union Bank a statement showing the amount of the balances of each of the Eligible Loans covered by a participation certificate, and specific information on the individual Eligible Loans as Union Bank may reasonably require from time to time, subject to the abilities of Servicer. Union Bank shall have access to inspect documents in connection with the Eligible Loans covered by a participation certificate at Servicer on a day to day basis. In no event shall any payments required under this Agreement be construed as fees to be paid in excess of any amounts as may be otherwise permitted under the Act.
Sample 1

Related to DISTRIBUTION OF PAYMENTS RECEIVED

  • Distribution of Payments On and after the Effective Date, the Agent shall make all payments under the Loan Documents in respect of each Assigned Interest (a) in the case of amounts accrued to but excluding the Effective Date, to Assignor and (b) otherwise, to Assignee.

  • Collection of Payments Borrower authorizes Bank to collect all principal, interest and fees due under each credit created by the Loan Documents by charging Borrower’s deposit account number 4121261853 with Bank, or any other deposit account maintained by Borrower with Bank, for the full amount thereof. Should there be insufficient funds in any such deposit account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by Borrower.

  • Redistribution of payments The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) in accordance with Clause 29.5 (Partial payments).

  • Allocation of Payments The Assignor and the Assignee agree that (i) the Assignor shall be entitled to any payments of principal with respect to the Assigned Interest made prior to the Assignment Date, together with any interest and fees with respect to the Assigned Interest accrued prior to the Assignment Date, (ii) the Assignee shall be entitled to any payments of principal with respect to the Assigned Interest made from and after the Assignment Date, together with any and all interest and fees with respect to the Assigned Interest accruing from and after the Assignment Date, and (iii) the Agent is authorized and instructed to allocate payments received by it for account of the Assignor and the Assignee as provided in the foregoing clauses. Each party hereto agrees that it will hold any interest, fees or other amounts that it may receive to which the other party hereto shall be entitled pursuant to the preceding sentence for account of such other party and pay, in like money and funds, any such amounts that it may receive to such other party promptly upon receipt.

  • Payments; Application of Payments (a) All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in U.S. Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid.

  • Application of Payments and Collections All items of payment received by Agent by 12:00 noon, Chicago, Illinois, time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Chicago, Illinois, time, on any Business Day shall be deemed received on the following Business Day. Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent or any Lender upon any of its books and records. Amounts received by the Agent shall be for further credit to the accounts of Lenders pursuant to the settlement procedures contained in subsection 3.1.3 of this Agreement. Notwithstanding the foregoing, payments and collections shall not be applied to Obligations consisting of Derivative Obligations or Product Obligations at any time that any other Obligations are then due and payable. If as the result of collections of Accounts as authorized by subsection 6.2.4 hereof or otherwise, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be disbursed to Borrower or otherwise at Borrower's direction in the manner set forth in subsection 3.1.2, upon Borrower's request at any time, so long as no Default or Event of Default then exists. Agent may at its option, offset such credit balance against any of the Obligations upon and during the continuance of an Event of Default.

  • Apportionment and Application of Payments (i) Except as otherwise provided with respect to Defaulting Lenders and except as otherwise provided in the Loan Documents (including letter agreements between Agent and individual Lenders), aggregate principal and interest payments shall be apportioned ratably among the Lenders (according to the unpaid principal balance of the Obligations to which such payments relate held by each Lender) and payments of fees and expenses (other than fees or expenses that are for Agent's separate account, after giving effect to any letter agreements between Agent and individual Lenders) shall be apportioned ratably among the Lenders having a Pro Rata Share of the type of Commitment or Obligation to which a particular fee relates. All payments shall be remitted to Agent and all such payments (other than payments received while no Default or Event of Default has occurred and is continuing and which relate to the payment of principal or interest of specific Obligations or which relate to the payment of specific fees), and all proceeds of Accounts or other Collateral received by Agent, shall be applied as follows:

  • Remittance of Payments Forthwith after the withdrawal from the Designated Account by the Administrative Agent of any payment of principal, interest, fees or other amounts for the benefit of the Lenders pursuant to Section 3.7, the Administrative Agent shall, subject to Sections 3.2 and 8.3, remit to each Lender, in immediately available funds, such Lender’s Pro Rata Share of such payment (except to the extent such payment results from a Loan with respect to which a Defaulting Lender had failed, pursuant to Section 3.2, to make available to the Administrative Agent its Pro Rata Share and, where any other Lender has made funds available in the place and stead of such Defaulting Lender); provided that if the Administrative Agent, on the assumption that it will receive, on any particular date, a payment of principal (including, without limitation, a prepayment), interest, fees or other amount under the Credit Facility, remits to each Lender its Pro Rata Share of such payment and the Borrower fails to make such payment, each Lender agrees to repay to the Administrative Agent, forthwith on demand, to the extent that such amount is not recovered from the Borrower on demand and after reasonable efforts by the Administrative Agent to collect such amount (without in any way obligating the Administrative Agent to take any legal action with respect to such collection), such Lender’s Pro Rata Share of the payment made to it pursuant hereto together with interest thereon at the then prevailing interbank rate for each day from the date such amount is remitted to the Lenders until the date such amount is paid or repaid to the Administrative Agent, the exact amount of the repayment required to be made by the Lenders pursuant hereto to be as set forth in a certificate delivered by the Administrative Agent to each Lender, which certificate shall constitute prima facie evidence of such amount of repayment.

  • Reduction of Payments Any reduction under Subsection (b) above shall be applied first to Payments that constitute “deferred compensation” (within the meaning of Section 409A of the Code and the regulations thereunder). If there is more than one such Payment, then such reduction shall be applied on a pro rata basis to all such Payments. Subject to the foregoing rules, the Employee may elect, in the Employee’s sole discretion, which and how much of the Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Payments equals the Reduced Amount) and shall advise the Company in writing of the Employee’s election within 10 business days of receipt of notice. If no such election is made by the Employee within such 10-day period, then the Company may elect which and how much of the Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Payments equals the Reduced Amount) and shall notify the Employee promptly of such election. For purposes of this Section 3, a present value shall be determined in accordance with Section 280G(d)(4) of the Code. All determinations made by the Accounting Firm under this Section 3 shall be binding upon the Company and the Employee and shall be made within 10 business days of the date when a Payment becomes payable or transferable. As promptly as practicable following such determination and the elections hereunder, the Company shall pay or transfer to or for the benefit of the Employee such amounts as are then due to the Employee and shall promptly pay or transfer to or for the benefit of the Employee in the future such amounts as become due to the Employee.

  • Application of Payments Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!