Common use of General Settlement Procedures Clause in Contracts

General Settlement Procedures. (a) The Servicer shall remit to the Collection Account all Collections including all Insurance Proceeds, all Liquidation Proceeds, proceeds from any Dealer Liability, and proceeds from any International Purchase Obligations, within two Business Days after receipt thereof. The Agent shall notify the Servicer of the Yield and Net Swap Amount with respect to any Settlement Period within three (3) Business Days after the end of such Settlement Period. On or before each Determination Date, with respect to the preceding Monthly Period and the related Settlement Date, the Servicer shall calculate the Total Available Amount, Collected Interest, Collected Principal, the Total Servicing Fee, and, provided that the Agent has supplied the Servicer with the Yield and Net Swap Amount for the related Settlement Period, other amounts required to determine the amounts to be deposited in or paid from each of the Collection Account and the Reserve Account on the next succeeding Settlement Date. If at any time the Seller receives any Collections, the Seller shall promptly pay such Collections to the Servicer and, at all times prior to such payment, such Collections shall be held in trust by the Seller for the exclusive benefit of the Purchasers and the Agent. (b) On or before (but not more than two Business Days before) the Business Day preceding each Settlement Date, the Servicer shall cause to be made (including, in the case of clause (ii), by instructing the Securities Intermediary in accordance with Section 2.2 (a)) the following withdrawals, deposits, transfers and distributions in the amounts set forth in the Monthly Report for such Settlement Date: (i) from the Collection Account to the Servicer, in immediately available funds, reimbursement of Outstanding Monthly Advances pursuant to Section 6.7, payments of Liquidation Expenses with respect to ----------- Receivables which became Liquidating Receivables during the related Monthly Period pursuant to Section 6.3 and any unpaid Liquidation Expenses from ----------- prior periods; (ii) from the Reserve Account to the Collection Account, the lesser of (A) the amount of cash or other immediately available funds therein on such date and (B) the amount, if any, by which (I) the sum of the Total Servicing Fee with respect to the preceding Monthly Period, the Yield for such Settlement Period and the Net Swap Amount for the related Settlement Period, the Facility Fee with respect to the related Settlement Period, and the Principal Distributable Amount for the related Settlement Date, exceeds (II) the Available Amount for such Settlement Date; and (iii) the Servicer shall deposit, out of its own funds, the Net Swap Adjustment Amount into the Collection Account and Reserve Account as follows: (A) into the Collection Account, the excess, if any, of the amount specified in clause (B) of Section 2.1(b)(ii) over the ------------------ amount specified in clause (A) of Section 2.1(b)(ii) and (B) the remainder, ------------------ if any, into the Reserve Account. (c) On each Settlement Date, the Agent at the request of the Servicer shall apply amounts on deposit in the Collection Account, to the extent of the Total Available Amount, as follows: (i) first, if the Servicer is not the Seller or an ----- Affiliate of the Seller, to pay the Total Servicing Fee to the Servicer with respect to the related Monthly Period, (ii) second, to the reimbursement of the Agent's ------ costs of collection and enforcement of this Agreement, (iii) third, to pay the Agent for distribution to the ----- Purchasers an amount equal to the sum of (A) the sum of the Yield for the related Settlement Period and the Net Swap Amount for the related Settlement Period and (B) the Facility Fee for such Settlement Period, (iv) fourth, if the Servicer is the Seller or an ------ Affiliate of the Seller, to pay the Total Servicing Fee to the Servicer with respect to the related Monthly Period, (v) fifth, to pay to the Agent for distribution to ----- the Purchasers, an amount equal to the Principal Distributable Amount for such Settlement Date to be applied to reduce the Capital of the Purchaser Interest, (vi) sixth, to pay to the Reserve Account, an amount ----- equal to the excess, if any, of the Specified Reserve Account Balance over the amount of funds then on deposit in the Reserve Account, (vii) seventh, for payment of all other Obligations ------- which are payable on or before such Settlement Date to the Agent or the Purchasers and which have not otherwise been paid (other than Warranty Payments owed by NFC or the Servicer and Optional Purchase Proceeds), and (viii) eighth, if no Servicer has occurred and is ------ continuing, the remaining balance, if any, to the Seller, unless there is a Servicer Default, at which time the remaining balance shall be used to reduce the Capital and any other Aggregate Unpaids. (d) All payments by or on behalf of an Obligor with respect to a Receivable (excluding Supplemental Servicing Fees) shall be applied (i) first, to reduce Outstanding Monthly Advances, if any, with respect to such ----- Receivable, as described in Section 6.7, (ii) second, to the Scheduled Payment ----------- ------ for such Monthly Period with respect to such Receivable, and (iii) third, the ----- remainder shall constitute, with respect to such Receivable, a Full Prepayment or Partial Prepayment. (e) A Partial Prepayment made on a Receivable is applied to reduce the final Scheduled Payment and will thereafter, to the extent the Partial Prepayment exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the penultimate Scheduled Payment. The Rebate related to such Partial Prepayment will reduce the final Scheduled Payment and will thereafter, to the extent the Rebate exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the penultimate Scheduled Payment.

General Settlement Procedures. (a) The Servicer shall remit to the Collection Account all Collections including all Insurance Proceeds, all Liquidation Proceeds, proceeds from any Dealer Liability, and proceeds from any International Purchase Obligations, within two Business Days after receipt thereof. The Agent shall notify the Servicer of the Yield and Net Swap Amount with respect to any Settlement Period within three (3) Business Days after the end of such Settlement Period. On or before each Determination Date, with respect to the preceding Monthly Period and the related Settlement Date, the Servicer shall calculate the Total Available Amount, Collected Interest, Collected Principal, the Total Servicing Fee, and, provided that the Agent has supplied the Servicer with the Yield and Net Swap Amount for the related Settlement Period, other amounts required to determine the amounts to be deposited in or paid from each of the Collection Account and the Reserve Account on the next succeeding Settlement Date. If at any time the Seller receives any Collections, the Seller shall promptly pay such Collections to the Servicer and, at all times prior to such payment, such Collections shall be held in trust by the Seller for the exclusive benefit of the Purchasers and the Agent. (b) On or before (but not more than two Business Days before) the Business Day preceding each Settlement Date, the Servicer shall cause to be made (including, in the case of clause (ii), by instructing the Securities Intermediary in accordance with Section 2.2 (a)) the following withdrawals, deposits, transfers and distributions in the amounts set forth in the Monthly Report for such Settlement Date: (i) from the Collection Account to the Servicer, in immediately available funds, reimbursement of Outstanding Monthly Advances pursuant to Section 6.7, payments of Liquidation Expenses with respect to ----------- Receivables which became Liquidating Receivables during the related Monthly Period pursuant to Section 6.3 and any unpaid Liquidation Expenses from ----------- prior periods; (ii) from the Reserve Account to the Collection Account, the lesser of (A) the amount of cash or other immediately available funds therein on such date and (B) the amount, if any, by which (I) the sum of the Total Servicing Fee with respect to the preceding Monthly Period, the Yield for such Settlement Period and the Net Swap Amount for the related Settlement Period, the Facility Fee with respect to the related Settlement Period, and the Principal Distributable Amount for the related Settlement Date, exceeds (II) the Available Amount for such Settlement Date; and (iii) the Servicer shall deposit, out of its own funds, the Net Swap Adjustment Amount into the Collection Account and Reserve Account as follows: (A) into the Collection Account, the excess, if any, of the amount specified in clause (B) of Section 2.1(b)(ii) over the ------------------ amount specified in clause (A) of Section 2.1(b)(ii) and (B) the remainder, ------------------ if any, into the Reserve Account. (c) On each Settlement Date, the Agent at the request of the Servicer shall apply amounts on deposit in the Collection Account, to the extent of the Total Available Amount, as follows: (i) first, if the Servicer is not the Seller or an ----- Affiliate of the Seller, to pay the Total Servicing Fee to the Servicer with respect to the related Monthly Period, (ii) second, to the reimbursement of the Agent's ------ costs of collection and enforcement of this Agreement, (iii) third, to pay the Agent for distribution to the ----- Purchasers an amount equal to the sum of (A) the sum of the Yield for the related Settlement Period and the Net Swap Amount for the related Settlement Period and (B) the Facility Fee for such Settlement Period, , (iv) fourth, if the Servicer is the Seller or an ------ Affiliate of the Seller, to pay the Total Servicing Fee to the Servicer with respect to the related Monthly Period, (v) fifth, to pay to the Agent for distribution to ----- the Purchasers, an amount equal to the Principal Distributable Amount for such Settlement Date to be applied to reduce the Capital of the Purchaser Interest, (vi) sixth, to pay to the Reserve Account, an amount ----- equal to the excess, if any, of the Specified Reserve Account Balance over the amount of funds then on deposit in the Reserve Account, (vii) seventh, for payment of all other Obligations ------- which are payable on or before such Settlement Date to the Agent or the Purchasers and which have not otherwise been paid (other than Warranty Payments owed by NFC or the Servicer and Optional Purchase Proceeds), and (viii) eighth, if no Servicer has occurred and is ------ continuing, the remaining balance, if any, to the Seller, unless there is a Servicer Default, at which time the remaining balance shall be used to reduce the Capital and any other Aggregate Unpaids. (d) All payments by or on behalf of an Obligor with respect to a Receivable (excluding Supplemental Servicing Fees) shall be applied (i) first, to reduce Outstanding Monthly Advances, if any, with respect to such ----- Receivable, as described in Section 6.7, (ii) second, to the Scheduled Payment ----------- ------ for such Monthly Period with respect to such Receivable, and (iii) third, the ----- remainder shall constitute, with respect to such Receivable, a Full Prepayment or Partial Prepayment. (e) A Partial Prepayment made on a Receivable is applied to reduce the final Scheduled Payment and will thereafter, to the extent the Partial Prepayment exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the penultimate Scheduled Payment. The Rebate related to such Partial Prepayment will reduce the final Scheduled Payment and will thereafter, to the extent the Rebate exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the penultimate Scheduled Payment.

General Settlement Procedures. (a) The Servicer shall remit to the Collection Account all Collections including all Insurance Proceeds, all Liquidation Proceeds, proceeds from any Dealer Liability, and proceeds from any International Purchase Obligations, within two Business Days after receipt thereof. The Agent shall notify the Servicer of the Yield and Net Swap Amount with respect to any Settlement Period within three (3) Business Days after the end of such Settlement Period. On or before each Determination Date, with respect to the preceding Monthly Period and the related Settlement Date, the Servicer shall calculate the Total Available Amount, Collected Interest, Collected Principal, the Total Servicing Fee, and, provided that the Agent has supplied the Servicer with the Yield and Net Swap Amount for the related Settlement Period, other amounts required to determine the amounts to be deposited in or paid from each of the Collection Account and the Reserve Account on the next succeeding Settlement Date. If at any time the Seller receives any Collections, the Seller shall promptly pay such Collections to the Servicer and, at all times prior to such payment, such Collections shall be held in trust by the Seller for the exclusive benefit of the Purchasers and the Agent. (b) On or before (but not more than two Business Days before) the Business Day preceding each Settlement Date, the Servicer shall cause to be made (including, in the case of clause (ii), by instructing the Securities Intermediary in accordance with Section 2.2 (a)) the following withdrawals, deposits, transfers and distributions in the amounts set forth in the Monthly Report for such Settlement Date: (i) from the Collection Account to the Servicer, in immediately available funds, reimbursement of Outstanding Monthly Advances pursuant to Section 6.7, payments of Liquidation Expenses with respect to ----------- Receivables which became Liquidating Receivables during the related Monthly Period pursuant to Section 6.3 and any unpaid Liquidation Expenses from ----------- prior periods; (ii) from the Reserve Account to the Collection Account, the lesser of (A) the amount of cash or other immediately available funds therein on such date and (B) the amount, if any, by which (I) the sum of the Total Servicing Fee with respect to the preceding Monthly Period, the Yield for such Settlement Period and the Net Swap Amount for the related Settlement Period, the Facility Fee with respect to the related Settlement Period, and the Principal Distributable Amount for the related Settlement Date, exceeds (II) the Available Amount for such Settlement Date; and (iii) the Servicer shall deposit, out of its own funds, the Net Swap Adjustment Amount into the Collection Account and Reserve Account as follows: (A) into the Collection Account, the excess, if any, of the amount specified in clause (B) of Section 2.1(b)(ii) over the ------------------ amount specified in clause (A) of Section 2.1(b)(ii) and (B) the remainder, ------------------ if any, into the Reserve Account. (c) On each Settlement Date, the Agent at the request of the Servicer shall apply amounts on deposit in the Collection Account, to the extent of the Total Available Amount, as follows: (i) first, if the Servicer is not the Seller or an ----- Affiliate of the Seller, to pay the Total Servicing Fee to the Servicer with respect to the related Monthly Period, (ii) second, to the reimbursement of the Agent's ------ ’s costs of collection and enforcement of this Agreement, (iii) third, to pay the Agent for distribution to the ----- Purchasers an amount equal to the sum of (A) the sum of the Yield for the related Settlement Period and the Net Swap Amount for the related Settlement Period and (B) the Facility Fee for such Settlement Period, (iv) fourth, if the Servicer is the Seller or an ------ Affiliate of the Seller, to pay the Total Servicing Fee to the Servicer with respect to the related Monthly Period, (v) fifth, to pay to the Agent for distribution to ----- the Purchasers, an amount equal to the Principal Distributable Amount for such Settlement Date to be applied to reduce the Capital of the Purchaser Interest, (vi) sixth, to pay to the Reserve Account, an amount ----- equal to the excess, if any, of the Specified Reserve Account Balance over the amount of funds then on deposit in the Reserve Account, (vii) seventh, for payment of all other Obligations ------- which are payable on or before such Settlement Date to the Agent or the Purchasers and which have not otherwise been paid (other than Warranty Payments owed by NFC or the Servicer and Optional Purchase Proceeds), and (viii) eighth, if no Servicer Default has occurred and is ------ continuing, the remaining balance, if any, to the Seller, unless there is a Servicer Default, at which time the remaining balance shall be used to reduce the Capital and any other Aggregate Unpaids. (d) All payments by or on behalf of an Obligor with respect to a Receivable (excluding Supplemental Servicing Fees) shall be applied (i) first, to reduce Outstanding Monthly Advances, if any, with respect to such ----- Receivable, as described in Section 6.7, (ii) second, to the Scheduled Payment ----------- ------ for such Monthly Period with respect to such Receivable, and (iii) third, the ----- remainder shall constitute, with respect to such Receivable, a Full Prepayment or Partial Prepayment. (e) A Partial Prepayment made on a Receivable is applied to reduce the final Scheduled Payment and will thereafter, to the extent the Partial Prepayment exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the penultimate Scheduled Payment. The Rebate related to such Partial Prepayment will reduce the final Scheduled Payment and will thereafter, to the extent the Rebate exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the penultimate Scheduled Payment.

General Settlement Procedures. (a) The Servicer shall remit to the Collection Account all Collections Collections, including all Insurance Proceeds, all Liquidation Proceeds, proceeds from any Dealer Liability, and proceeds from any International NITC Purchase Obligations, within two Business Days after receipt thereof. The Agent shall notify the Servicer of the Yield and Net Swap Amount with respect to any Settlement Period within three (3) Business Days after the end of such Settlement Period. On or before each Determination Date, with respect to the preceding Monthly Period and the related Settlement Date, the Servicer shall calculate the Total Available Amount, Collected Interest, Collected Principal, the Total Servicing Fee, and, provided that the amount of Collected Interest previously applied to the payment of Yield pursuant to Section 4.2 and (if the Agent has supplied provided the Servicer with the Yield and Net Swap Amount for the related Settlement Period, information specified in Section 3.3) all other amounts required to determine the amounts to be deposited in or paid from each of the Collection Account Account, the Reserve Account, and the Reserve Hedge Account on the next succeeding Settlement Date. If at any time the Seller receives any Collections, the Seller shall promptly pay such Collections to the Servicer and, at all times prior to such payment, such Collections shall be held in trust by the Seller for the exclusive benefit of the Purchasers and the Agent. (ba) On or before (but not more than two Business Days before) the Business Day day preceding each Settlement Date, the Servicer shall cause to be made (including, in the case of clause (ii), by instructing instruct the Securities Intermediary (as defined in accordance with Section 2.2 (a)2.7) to make the following withdrawals, deposits, transfers and distributions in the amounts set forth in the Monthly Report for such Settlement Date: : (b) (i) from the Collection Account to the Servicer, in immediately available funds, reimbursement of Outstanding Monthly Advances pursuant to Section 6.78.7, payments of Liquidation Expenses with respect to ----------- Receivables which became Liquidating Receivables during the related Monthly Period pursuant to Section 6.3 8.3 and any unpaid Liquidation Expenses from ----------- prior periods;; and (iii) from the Reserve Account to the Collection Account, the lesser of (A) the amount of cash or other immediately available funds therein on the day preceding such date Settlement Date and (B) the amount, if any, by which (I) the sum of the Total Basic Servicing Fee with respect to the preceding Monthly Period, the unpaid Yield for accrued during such Settlement Monthly Period and in respect of all Tranches outstanding during such Monthly Period, the Net Swap Amount for the related Settlement Allocated CP Costs accrued during such Monthly Period, the Facility Fee with respect to the related Settlement such Monthly Period, and the Principal Distributable Amount for the related such Settlement Date, exceeds (II) the Available Amount for such Settlement Date; andDate (less any amounts thereof previously applied to the payment of Yield pursuant to Section 4.2). ----------- (iii) the Servicer shall deposit, out of its own funds, the Net Swap Adjustment Amount into the Collection Account and Reserve Account as follows: (A) into the Collection Account, the excess, if any, of the amount specified in clause (B) of Section 2.1(b)(ii) over the ------------------ amount specified in clause (A) of Section 2.1(b)(ii) and (B) the remainder, ------------------ if any, into the Reserve Account. (ca) On each Settlement Date, the Agent at the request of the Servicer shall apply amounts on deposit in the Collection Account, as follows: (b) (i) first, to the extent of the Total Available Amount, as follows: to pay the Replacement Servicing Fee to the Servicer (i) first, if the Servicer is not the Seller or an ----- Affiliate of the Seller), to pay the Total Servicing Fee to the Servicer with respect to the related Monthly Period, (iii) second, to the reimbursement of the Agent's ------ costs of collection and enforcement of this Agreement, (iiii) third, to the extent of the Total Available Amount (less any amounts applied as described in clauses (i) and (ii) above), to pay the Agent (for distribution to the ----- Purchasers benefit of the Purchasers) in accordance with the terms of Section 4.2, an amount equal to the sum of (A) the sum of the Yield accrued and unpaid Yield, Allocated CP Costs for each Purchaser Interest and Facility Fee with respect to the related Settlement Monthly Period and the Net Swap Amount for the related Settlement Period and (B) the Facility Fee for in respect of all Purchaser Interests outstanding during such Settlement Monthly Period, (ivi) fourth, to the extent of the Total Available Amount (less any amounts thereof previously applied to the payment of Yield pursuant to Section 4.2 and the applications described in clauses (c)(i) through (iii) above), to pay to the Servicer the Total Servicing Fee (if the Servicer is the Seller or an ------ Affiliate of the Seller), to pay the Total Servicing Fee to the Servicer with respect to the related Monthly Period, (vi) fifth, to the extent of the Total Available Amount (less any amounts thereof previously applied to the payment of Yield pursuant to Section 4.2 and the applications described in clauses (c)(i) through (iv) above), to pay to the Agent for distribution to ----- the Purchasers, an amount equal to the Principal Distributable Amount for such Settlement Date to be applied to reduce the Capital of the Purchaser InterestInterests in the priority described in Section 3.4, (i) sixth, to the extent of the Total Available Amount (less any amounts thereof previously applied to the payment of Yield pursuant to Section 4.2 and the applications described in clauses (c)(i) through (v) above) to pay to the Hedge Account, an amount equal to the Hedge Distributable Amount, (i) seventh, to the extent of the Total Available Amount (less any amounts thereof previously applied to the payment of Yield pursuant to Section 4.2, and the applications described in clauses (c)(i) through (vi) sixthabove), to pay to the Reserve Account, an amount ----- equal to the excess, if any, of the Specified Reserve Account Balance over the amount of funds then on deposit in the Reserve Account,. (i) eighth, to the extent of the Total Available Amount (less any amounts thereof previously applied to the payment of Yield pursuant to Section 4.2, and the applications described in clauses (c)(i) through (vii) seventhabove), for payment of all other Obligations ------- which are payable on or before such Settlement Date to the Agent or the Purchasers and which have not otherwise been paid (other than except for Warranty Payments owed by NFC or the Servicer and Optional Purchase Proceeds), (i) ninth, and to the extent of the Total Available Amount (less any amounts thereof previously applied to the payment of Yield pursuant to Section 4.2, and the applications described in clauses (c)(i) through (viii) eighth, if no Servicer has occurred and is ------ continuingabove), the remaining balance, if any, to the Seller, unless there is a Servicer Default, at which time the remaining balance shall be used to reduce the Capital and any other Aggregate Unpaids. (da) All payments by or on behalf of an Obligor with respect to a Receivable (excluding Supplemental Servicing Fees) shall be applied (i) first, first to reduce Outstanding Monthly Advances, if any, with respect to such ----- Receivable, as described in Section 6.78.7, (ii) second, to the Scheduled Payment ----------- ------ for such Monthly Period with respect to such Receivable, and (iii) third, the ----- remainder shall constitute, with respect to such Receivable, a Full Prepayment or Partial Prepayment.. (b) (ec) A Partial Prepayment made on a Receivable is applied to reduce the final Scheduled Payment and will thereafter, to the extent the Partial Prepayment exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the penultimate Scheduled Payment. The Rebate related to such Partial Prepayment will reduce the final Scheduled Payment and will thereafter, to the extent the Rebate exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the penultimate Scheduled Payment.

General Settlement Procedures. (a) The Servicer shall remit to the Collection Account all Collections Collections, including all Insurance Proceeds, all Liquidation Proceeds, proceeds from any Dealer Liability, proceeds from any NITC Purchase Obligations and proceeds from any International Purchase ObligationsGuaranties, within two Business Days after receipt thereof. The Agent shall notify the Servicer of the Yield and Net Swap Amount with respect to any Settlement Period within three (3) Business Days after the end of such Settlement Period. On or before each Determination Date, with respect to the preceding Monthly Period and the related Settlement Date, the Servicer shall calculate the Total Available Amount, Collected Interest, Collected Principal, the Total Servicing Fee, andthe Specified Additional Fee, provided that the Agent has supplied PARCO Program Fee, the Servicer with the Yield and Net Swap Amount for the related Settlement Discount accrued during such Monthly Period in respect of all Tranches outstanding during such Monthly Period, the amount of Collected Interest previously applied to the payment of Discount pursuant to Section 2.4 and all other amounts required to determine the amounts to be deposited in or paid from each of the Collection Account and the Reserve Account on the next succeeding Settlement Date. If at any time the Seller receives any Collections, the Seller shall promptly pay such Collections to the Servicer and, at all times prior to such payment, such Collections shall be held in trust by the Seller for the exclusive benefit of the Purchasers and the Agent. (b) On or before (but not more than two Business Days before) the Business Day day preceding each Settlement Date, the Servicer shall cause to be made (including, in the case of clause (ii), by instructing the Securities Intermediary Funding Agent in accordance with Section 2.2 (a2.9(a)) the following withdrawals, deposits, transfers and distributions in the amounts set forth in the Monthly Report Settlement Certificate for such Settlement Date: (i) from the Collection Account to the Servicer, in immediately available funds, reimbursement of Outstanding Monthly Advances pursuant to Section 6.75.7, payments of Liquidation Expenses with respect to ----------- Receivables which became Liquidating Receivables during the related Monthly Period pursuant to Section 6.3 5.5(c) and any unpaid Liquidation Expenses from ----------- prior periods;; and (ii) from the Reserve Account to the Collection Account, the lesser of (A) the amount of cash or other immediately available funds therein on the day preceding such date Settlement Date and (B) the amount, if any, by which (I) the sum of the Total Basic Servicing Fee with respect to the preceding Monthly Period, the Yield for unpaid Discount accrued during such Settlement Monthly Period and the Net Swap Amount for the related Settlement in respect of all Tranches outstanding during such Monthly Period, the Facility PARCO Program Fee with respect to the related Settlement such Monthly Period, the Specified Additional Fee with respect to such Monthly Period and the Principal Distributable Amount for the related such Settlement Date, exceeds (II) the Available Amount for such Settlement Date; and Date (iii) less any amounts thereof previously applied to the Servicer shall deposit, out payment of its own funds, the Net Swap Adjustment Amount into the Collection Account and Reserve Account as follows: (A) into the Collection Account, the excess, if any, of the amount specified in clause (B) of Discount pursuant to Section 2.1(b)(ii) over the ------------------ amount specified in clause (A) of Section 2.1(b)(ii) and (B) the remainder, ------------------ if any, into the Reserve Account2.4). (c) On each Settlement Date, the Agent at the request of the Servicer shall apply amounts on deposit in the Collection Account, to the extent of the Total Available Amount, as follows: (i) first, if to the Servicer is not the Seller or an ----- Affiliate extent of the SellerTotal Available Amount (less any amounts thereof previously applied to the payment of Discount pursuant to Section 2.4), to pay set aside in the Total Servicing Fee Collection Account an amount equal to the Servicer with respect to Discount accrued and unpaid during the related Monthly Period in respect of all Tranches outstanding during such Monthly Period, (ii) second, to the reimbursement extent of the Agent's ------ costs Total Available Amount (less any amounts thereof previously applied to the payment of collection Discount pursuant to Section 2.4 and enforcement the set aside described in clause (c)(i) above), to pay to the Funding Agent on behalf of this AgreementPARCO, the PARCO Program Fee, if any, for the related Monthly Period, (iii) third, to pay the Agent for distribution extent of the Total Available Amount (less any amounts thereof previously applied to the ----- Purchasers an amount equal payment of Discount pursuant to Section 2.4, the set aside described in clause (c)(i) above and the distribution described in clause (c)(ii) above) to pay to the sum of (A) the sum of the Yield for the related Settlement Period and the Net Swap Amount for the related Settlement Period and (B) the Facility Fee for such Settlement Period, (iv) fourth, if the Servicer is the Seller or an ------ Affiliate of the Seller, to pay the Total Servicing Fee to the Servicer with respect to the related Monthly Period, (viv) fifthfourth, to the extent of the Total Available Amount (less any amounts thereof previously applied to the payment of Discount pursuant to Section 2.4, the set aside described in clause (c)(i) above and distributions described in clauses (c)(ii) and (iii) above), to pay to the Funding Agent for distribution to ----- the PurchasersOwners, an amount equal to the Principal Distributable Amount for such Settlement Date to be applied used to reduce the Capital Net Investment (or, to the extent the amount allocated pursuant to clause (iv) exceeds the principal of the Purchaser InterestTranche(s) maturing on such Settlement Date, such excess to be held by the Funding Agent to pay down the Net Investment on the next day on which a Tranche matures), (v) fifth, to the extent of the Total Available Amount (less any amounts thereof previously applied to the payment of Discount pursuant to Section 2.4, the set aside described in clause (i) above and distributions described in clauses (c)(ii), (iii) and (iv) above), to the Funding Agent on behalf of the applicable Owner amounts payable pursuant to Section 2.7, (vi) sixth, to the extent of the Total Available Amount (less any amounts thereof previously applied to the payment of Discount pursuant to Section 2.4, the set aside described in clause (c)(i) above and distributions described in clauses (c)(ii), (iii), (iv) and (v) above), to pay to the Servicer the Specified Additional Fee with respect to the related Monthly Period and, to the extent not previously paid, any unpaid Specified Additional Fee with respect to any prior Monthly Periods, (vii) seventh, to the extent of the Total Available Amount (less any amounts thereof previously applied to the payment of Discount pursuant to Section 2.4, the set aside described in clause (c)(i) above and distributions described in clauses (c)(ii), (iii), (iv), (v) and (vi) above), to pay to the Funding Agent for distribution to the applicable Owners, any unpaid Early Collection Fees, and (viii) eighth, to pay to the Transferor any remaining Total Available Amount; provided, however, that if on such Settlement Date the amount on deposit in the Reserve AccountAccount is less than the Specified Reserve Account Balance, the Servicer shall deposit into the Reserve Account the remaining Total Available Amount in an amount ----- equal not to exceed the excess, if any, of the Specified Reserve Account Balance over and the amount of funds then on deposit in the Reserve Account, (vii) seventh, for payment of all other Obligations ------- which are payable Account on or before such Settlement Date Date; and provided further, that (i) if a Termination Event shall have occurred, the Servicer shall pay to the Funding Agent or the Purchasers and which have not otherwise been paid (other than Warranty Payments owed by NFC or the Servicer and Optional Purchase Proceeds), and (viii) eighth, if no Servicer has occurred and is ------ continuing, the remaining balance, if any, for distribution to the Sellerapplicable Owners, unless there is a Servicer Defaultany amounts otherwise distributable to the Transferor on such Settlement Date, at which time together with any amounts on deposit in the remaining balance shall Reserve Account to be used to reduce the Capital Net Investment and any other Aggregate Unpaids and (ii) if no Termination Event shall have occurred and if the Transferor so directs, the Servicer shall pay to the Funding Agent for distribution to the Owners any amounts otherwise distributable to the Transferor on such Settlement Date to be used to reduce the Net Investment and any other Aggregate Unpaids. Notwithstanding any of the foregoing, at such time as all Aggregate Unpaids have been reduced to zero, all Collections shall be paid to the Transferor. (d) Any provision herein to the contrary notwithstanding, for so long as (i) NFC is the Servicer hereunder and (ii) no Termination Event has occurred and is continuing, the deposits into the Collection Account pursuant to Section 2.6(a) may be made net of the Total Servicing Fee and the Specified Additional Fee to be distributed to the Servicer pursuant to Sections 2.6(c)(iii) and (c)(vi), respectively (so long as Collected Interest not yet distributed is sufficient therefor). Nonetheless, the Servicer shall account for the Total Servicing Fee and the Specified Additional Fee in the Settlement Report as if such amount was deposited into the Collection Account and/or transferred separately. (e) All payments by or on behalf of an the Obligor with respect to a Receivable (excluding Supplemental Servicing FeesFees and investment earnings on funds in the Collection Account and the Reserve Account, net of losses and investment expenses, during the applicable Monthly Period) shall be applied (i) first, first to reduce Outstanding Monthly Advances, if any, with respect to such ----- Receivable, as described in Section 6.75.7, (ii) second, to the Scheduled Payment ----------- ------ for such Monthly Period with respect to such Receivable, and (iii) third, the ----- remainder shall constitute, with respect to such Receivable, a Full Prepayment or Partial Prepayment. (ef) A Partial Prepayment made on a Receivable is applied to reduce the final Scheduled Payment and will thereafter, to the extent the Partial Prepayment exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the penultimate Scheduled Payment. The Rebate related to such Partial Prepayment will reduce the final Scheduled Payment and will thereafter, to the extent the Rebate exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the penultimate Scheduled Payment.

General Settlement Procedures. (a) The If at any time the Seller or the Purchaser receives any Collections, unless a Servicer Termination Date shall remit have occurred (in which case such Collections shall be paid to the Backup Servicer or such other Person as designated by the Purchaser), it shall promptly pay such Collections to the Servicer for deposit into the Collection Account and, at all times prior to such payment, such Collections including all Insurance Proceeds, all Liquidation Proceeds, proceeds from any Dealer Liability, and proceeds from any International Purchase Obligations, within two Business Days after receipt thereof. The Agent shall notify be held in trust for the Servicer benefit of the Yield and Net Swap Amount with respect to any Settlement Period within three Purchaser. (3b) Business Days after the end of such Settlement Period. On or before each Determination Date, with respect to the preceding Monthly Period and the related Settlement Date, the Servicer shall calculate the Total Available Amount, Collected Interestthe Scheduled Payments for such Monthly Period and the remaining Scheduled Payments, Collected Principalthe Monthly Advances, the Total Servicing Fee, andthe Yield, provided that the Agent has supplied the Servicer with the Yield Supplement Amount, the Paydown Amount, the Aggregate Contract Balance, the Contract Balance of each Contract, the Outstanding Purchased Amount, the aggregate Recognized Losses, the Warranty Payments, Administrative Purchase Payments, Defaulted Contract Payments and Net Swap Amount for the related Settlement PeriodNegative Carry Account Target Balance, and any other amounts required to determine the amounts to be deposited in or paid from each of the Collection Account, the UNL Reserve Account and the Reserve Negative Carry Account on the next succeeding related Settlement Date. If at any time the Seller receives any Collections, the Seller shall promptly pay such Collections to the Servicer and, at all times prior to such payment, such Collections shall be held in trust by the Seller for the exclusive benefit of the Purchasers and the Agent. (b) On or before (but not more than two Business Days before) the Business Day preceding each Settlement Date, the Servicer shall make or cause to be made (including, in the case of clause (ii), by instructing the Securities Intermediary in accordance with Section 2.2 (a)) the following withdrawals, deposits, transfers and distributions in the amounts set forth in the Monthly Report Servicer’s Certificate for such Settlement Date:Date (all in immediately available funds): (i) from the Servicer to the Collection Account, the amount of any unpaid Administrative Purchase Payments and Monthly Advances for the related Monthly Period, (ii) from the Collection Account to the Servicer, in immediately available fundsNFC, reimbursement of Outstanding Monthly Advances for any unreimbursed Excess Recognized Losses pursuant to Section 6.75.04(b) of the Note Sale Agreement for the related Monthly Period, (iii) from NFC to the Collection Account, payments the amount of Liquidation Expenses with respect any unpaid Defaulted Contract Payments and the Warranty Payments for the related Monthly Period, (iv) from the UNL Reserve Account to ----------- Receivables which became Liquidating Receivables during NFC, the amount reimbursable to NFC for the related Monthly Period pursuant to Section 6.3 and any unpaid Liquidation Expenses from ----------- prior periods;5.04(b) of the Note Sale Agreement, (iiv) from the Reserve Negative Carry Account to the Collection Account, the lesser of (A) the amount of cash or other immediately available funds therein on such date and (B) the amount, if any, by which (I) the sum of the Total Servicing Fee with respect to the preceding Monthly Period, the any Yield for such Settlement Period and the Net Swap Supplement Amount for the related Settlement Monthly Period, the Facility Fee with respect and (vi) from NFC to the related Settlement PeriodNegative Carry Account, and the Principal Distributable Amount amount of any Negative Carry Account Shortfall for the related Settlement Date, exceeds (II) Monthly Period after giving effect to any deposit to the Available Amount for such Settlement Date; andNegative Carry Account pursuant to Section 5.1(c), (iiivii) from the Servicer shall deposit, out of its own fundsNegative Carry Account to NFC, the Net Swap Adjustment Amount into amount of any Negative Carry Account Excess for the Collection Account and Reserve Account as follows: (A) into the Collection Account, the excess, if any, of the amount specified in clause (B) of Section 2.1(b)(ii) over the ------------------ amount specified in clause (A) of Section 2.1(b)(ii) and (B) the remainder, ------------------ if any, into the Reserve Accountrelated Monthly Period. (c) On each Settlement Date, the Agent at the request of the Servicer shall apply or cause to be applied the Available Amount for such Settlement Date from amounts on deposit in the Collection AccountAccount (after the withdrawals, to the extent of the Total Available Amountdeposits and transfers specified in Section 5.1(b) have been made), as follows: (i) first, if the Servicer is not the Seller or an ----- Affiliate of the Seller, to pay the Total Servicing Fee to the Servicer (including any successor Servicer) with respect to the related Monthly Period, (ii) second, to pay to the reimbursement of Purchaser an amount equal to the Agent's ------ costs of collection and enforcement of this AgreementYield for such Settlement Date, (iii) third, to pay the Agent for distribution to the ----- Purchasers Purchaser an amount equal to the sum of (A) the sum of the Yield for the related Settlement Period and the Net Swap Amount for the related Settlement Period and (B) the Facility Fee for such Settlement Period, (iv) fourth, if the Servicer is the Seller or an ------ Affiliate of the Seller, to pay the Total Servicing Fee to the Servicer with respect to the related Monthly Period, (v) fifth, to pay to the Agent for distribution to ----- the Purchasers, an amount equal to the Principal Distributable Paydown Amount for such Settlement Date to be applied to reduce the Capital of Outstanding Purchased Amount, (iv) fourth, to reimburse NFC for any Outstanding Monthly Advances; (v) fifth, if a Turbo Event has occurred, the remaining balance, if any, to the Purchaser Interestto be applied to the Outstanding Purchased Amount until the Outstanding Purchased Amount is reduced to zero, (vi) sixth, to pay to if no Turbo Event has occurred, the Reserve Account, an amount ----- equal to the excessremaining balance, if any, to the UNL Reserve Account, until the aggregate amount deposited in the UNL Reserve Account equals three (3.00) percent of the Specified Reserve Account Balance over the amount of funds then on deposit in the Reserve AccountWFEFI Purchase Price, (vii) seventh, for payment of all other Obligations ------- which are payable on or before such Settlement Date if no Turbo Event has occurred, the remaining balance, if any, to the Agent or Negative Carry Account, until the Purchasers and which have not otherwise been paid (other than Warranty Payments owed by NFC or amount then on deposit in the Servicer and Optional Purchase Proceeds)Negative Carry Account equals the then Negative Carry Account Target Balance, and (viii) eighth, if no Servicer Turbo Event has occurred and is ------ continuingoccurred, the remaining balance, if any, to the Seller, unless there is a Servicer Default, at which time the remaining balance shall be used to reduce the Capital and any other Aggregate Unpaids. (d) All payments by or on behalf of an Obligor with respect to a Receivable (excluding Supplemental Servicing Fees) shall be applied (i) first, to reduce Outstanding Monthly Advances, if any, with respect to such ----- Receivable, as described in Section 6.7, (ii) second, to the Scheduled Payment ----------- ------ for such Monthly Period with respect to such Receivable, and (iii) third, the ----- remainder shall constitute, with respect to such Receivable, a Full Prepayment or Partial Prepayment. (e) A Partial Prepayment made on a Receivable is applied to reduce the final Scheduled Payment and will thereafter, to the extent the Partial Prepayment exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the penultimate Scheduled Payment. The Rebate related to such Partial Prepayment will reduce the final Scheduled Payment and will thereafter, to the extent the Rebate exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the penultimate Scheduled Payment.