Common use of Monthly Advances Clause in Contracts

Monthly Advances. Subject to the following sentence, as of each Accounting Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(a) shall be less than the Scheduled Payment on such Receivable for such Monthly Period, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall advance any such shortfall (such amount, a “Monthly Advance”). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture, the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; (i) subsequent payments by or on behalf of the Obligor, (ii) Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, and (iv) the Warranty Payment. At such time as the Servicer shall determine that Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections made on other Receivables.

Appears in 6 contracts

Samples: Servicing Agreement (Navistar Financial Corp), Servicing Agreement (Navistar Financial Corp), Servicing Agreement (Navistar Financial Corp)

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Monthly Advances. Subject to the following sentence, as of each Accounting Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(a) shall be less than the Scheduled Payment on such Receivable for such Monthly Period, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall advance any such shortfall (such amount, a “Monthly Advance”). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture, the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; (i) subsequent payments by or on behalf of the Obligor, (ii) Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as the Servicer shall determine that Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections made on other Receivables.

Appears in 6 contracts

Samples: Servicing Agreement (Navistar Financial Retail Rec Corp Navistar Fin 04 a Own Tr), Servicing Agreement (Navistar Financial 2005-a Owner Trust), Servicing Agreement (Navistar Financial 2004-B Owner Trust)

Monthly Advances. (a) Subject to the following sentence, as of the last day of each Accounting DateMonthly Period, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a with respect to each Scheduled Interest Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Warranty Receivable) ), if there is a shortfall in the Scheduled Payment remaining after application of such payments under Section 2.13(a) shall be less than the Scheduled Payment on such Receivable for such Monthly Period, whether as a result of any extension granted Deferred Prepayment pursuant to the Obligor or otherwiselast sentence of Section 3.11(a) of the Pooling and Servicing Agreement, then the Servicer shall advance any an amount equal to such shortfall (such amount, a “Monthly "Scheduled Interest Advance"). The Servicer shall be obligated to make a Monthly Scheduled Interest Advance in respect of a Scheduled Interest Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such any Receivable. Subject to Section 8.2 of the Indenture, the The Servicer shall be reimbursed for unreimbursed Outstanding Monthly Scheduled Interest Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this the Pooling and Servicing Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, and (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, and (iv) the Warranty Payment. At such time as the Servicer shall determine that any Outstanding Monthly Scheduled Interest Advances with respect to any Scheduled Interest Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other ReceivablesReceivables held by the Issuer.

Appears in 6 contracts

Samples: Sale and Servicing Agreement (Capital Auto Receivables Inc), Sale and Servicing Agreement (Capital Auto Receivables Inc), Sale and Servicing Agreement (Capital Auto Receivables Inc)

Monthly Advances. Subject to the following sentence, as of each Accounting Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(asubsection 3.11(a) shall be less than the Scheduled Payment on such Receivable for such Monthly PeriodPayment, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall shall, subject to the following sentence, advance any such shortfall (such amount, a "Monthly Advance"). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture4.07(c), the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as the Servicer shall determine that any Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other ReceivablesReceivables held by the Issuer.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Navistar Financial Retail Receivables Corporation), Pooling and Servicing Agreement (Navistar Financial Retail Receivables Corporation), Pooling and Servicing Agreement (Navistar Financial Retail Receivables Corporation)

Monthly Advances. Subject to the following sentence, as of each Accounting Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(a) shall be less than the Scheduled Payment on such Receivable for such Monthly Period, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall advance any such shortfall (such amount, a "Monthly Advance"). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture, the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; (i) subsequent payments by or on behalf of the Obligor, (ii) Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as the Servicer shall determine that Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections made on other Receivables.

Appears in 3 contracts

Samples: Servicing Agreement (Navistar Financial Retail Receivables Corporation), Servicing Agreement (Navistar Financial Retail Receivables Corporation), Servicing Agreement (Navistar Financial Retail Receivables Corporation)

Monthly Advances. Subject to the following sentence, as of ---------------- each Accounting Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(asubsection 3.11(a)(i) shall be less than the Scheduled Payment on such Receivable for such Monthly PeriodPayment, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall shall, subject to the following sentence, advance any such shortfall (such amount, a "Monthly Advance"). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture4.07(c), the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as the Servicer shall determine that any Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other Receivables.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Navistar Financial Retail Receivables Corporation), Pooling and Servicing Agreement (Navistar Financial Retail Receivables Corporation)

Monthly Advances. Subject to the following sentence, as of each Accounting Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(a) 2.6 shall be less than the Scheduled Payment on such Receivable for such Monthly PeriodPayment, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall shall, subject to the following sentence, advance any such shortfall (such amount, a "Monthly Advance"). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections Collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture2.6, the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as the Servicer shall determine that any Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other Receivables.

Appears in 1 contract

Samples: Transfer and Administration Agreement (Navistar Financial Retail Receivables Corporation)

Monthly Advances. Subject to the following sentence, as of each Accounting Settlement Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(a) 2.1 shall be less than the Scheduled Payment on such Receivable for such Monthly PeriodPayment, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall shall, subject to the following sentence, advance any such shortfall (such amount, a "Monthly Advance"). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections Collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture2.1, the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as the Servicer shall determine that any Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other Receivables.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Navistar Financial Corp)

Monthly Advances. Subject to the following sentence, as of each Accounting Settlement Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(a) 2.1 shall be less than the Scheduled Payment on such Receivable for such Monthly PeriodPayment, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall shall, subject to the following sentence, advance any such shortfall (such amount, a "Monthly Advance"). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections Collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture2.1, the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as On the Settlement Date following any date on which the Servicer shall determine that any Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other Receivables.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Navistar Financial Retail Receivables Corporation)

Monthly Advances. Subject to the following sentence, as of each Accounting Payment Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(a) shall be less than the Scheduled Payment scheduled payment on such Receivable for such Monthly Period, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall shall, subject to the following sentence, advance any such shortfall (such amount, a "Monthly Advance"). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture, the The Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; (i) subsequent payments by or on behalf of the Obligor, (ii) Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as the Servicer shall determine that Outstanding any unreimbursed Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections made on other ReceivablesReceivables then owned by the Issuer.

Appears in 1 contract

Samples: Servicing Agreement (Navistar Financial Corp)

Monthly Advances. Subject to the following sentence, as ---------------- of each Accounting Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(asubsection 3.11(a)(i) shall be less than the Scheduled Payment on such Receivable for such Monthly PeriodPayment, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall shall, subject to the following sentence, advance any such shortfall (such amount, a "Monthly Advance"). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture4.07(c), the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as the Servicer shall determine that any Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other Receivables.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Navistar Financial Retail Receivables Corporation)

Monthly Advances. Subject to the following sentence, as of each Accounting Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(asubsection 3.11(a)(i) shall be less than the Scheduled Payment on such Receivable for such Monthly PeriodPayment, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall shall, subject to the following sentence, advance any such shortfall (such amount, a "Monthly Advance"). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture4.07(c), the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as the Servicer shall determine that any Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other Receivables.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Navistar Financial Retail Receivables Corporation)

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Monthly Advances. (a) [Subject to the following sentence, as of the last day of each Accounting DateMonthly Period, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a with respect to each Scheduled Interest Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Warranty Receivable) ), if there is a shortfall in the Scheduled Payment remaining after application of such payments under Section 2.13(a) shall be less than the Scheduled Payment on such Receivable for such Monthly Period, whether as a result of any extension granted Deferred Prepayment pursuant to the Obligor or otherwiselast sentence of Section 3.11(a) of the Pooling and Servicing Agreement, then the Servicer shall advance any an amount equal to such shortfall (such amount, a “Monthly Scheduled Interest Advance”). The Servicer shall be obligated to make a Monthly Scheduled Interest Advance in respect of a Scheduled Interest Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such any Receivable. Subject to Section 8.2 of the Indenture, the The Servicer shall be reimbursed for unreimbursed Outstanding Monthly Scheduled Interest Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this the Pooling and Servicing Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, and (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, and (iv) the Warranty Payment. At such time as the Servicer shall determine that any Outstanding Monthly Scheduled Interest Advances with respect to any Scheduled Interest Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other ReceivablesReceivables held by the Issuing Entity.]

Appears in 1 contract

Samples: Trust Sale and Servicing Agreement (Capital Auto Receivables LLC)

Monthly Advances. Subject to the following sentence, as of each Accounting Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(a) shall be less than the Scheduled Payment on such Receivable for such Monthly Period, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall advance any such shortfall (such amount, a “Monthly Advance”). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture, the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; , (ia) subsequent payments by or on behalf of the Obligor, (iib) Liquidation Proceeds, (iiic) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, and (ivd) the Warranty Payment. At such time as the Servicer shall determine that Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections made on other Receivables.

Appears in 1 contract

Samples: Servicing Agreement (Navistar Financial Corp)

Monthly Advances. Subject to the following sentence, as of ---------------- each Accounting Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(asubsection 3.11(a) shall be less than the Scheduled Payment on such Receivable for such Monthly PeriodPayment, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall shall, subject to the following sentence, advance any such shortfall (such amount, a "Monthly Advance"). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture4.07(c), the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as the Servicer shall determine that any Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other ReceivablesReceivables then owned by the Owner Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Navistar Financial Retail Receivables Corporation)

Monthly Advances. (a) Subject to the following sentence, as of the last day of each Accounting DateMonthly Period, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a with respect to each Scheduled Interest Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Warranty Receivable) ), if there is a shortfall in the Scheduled Payment remaining after application of such payments under Section 2.13(a) shall be less than the Scheduled Payment on such Receivable for such Monthly Period, whether as a result of any extension granted Deferred Prepayment pursuant to the Obligor or otherwiselast sentence of Section 3.11(a) of the Pooling and Servicing Agreement, then the Servicer shall advance any an amount equal to such shortfall (such amount, a “Monthly Scheduled Interest Advance”). The Servicer shall be obligated to make a Monthly Scheduled Interest Advance in respect of a Scheduled Interest Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such any Receivable. Subject to Section 8.2 of the Indenture, the The Servicer shall be reimbursed for unreimbursed Outstanding Monthly Scheduled Interest Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this the Pooling and Servicing Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, and (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, and (iv) the Warranty Payment. At such time as the Servicer shall determine that any Outstanding Monthly Scheduled Interest Advances with respect to any Scheduled Interest Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other ReceivablesReceivables held by the Issuing Entity.

Appears in 1 contract

Samples: Trust Sale and Servicing Agreement (Capital Auto Receivables LLC)

Monthly Advances. Subject to the following sentence, as ---------------- of each Accounting Settlement Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(a) 2.1 shall be less than the Scheduled Payment on such Receivable for such Monthly PeriodPayment, whether as a result ----------- of any extension granted to the Obligor or otherwise, then the Servicer shall shall, subject to the following sentence, advance any such shortfall (such amount, a "Monthly Advance"). The Servicer shall be obligated to make a Monthly Advance in --------------- respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections Collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture2.1, the ----------- Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as the Servicer shall determine that any Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other Receivables.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Navistar Financial Retail Receivables Corporation)

Monthly Advances. Subject to the following sentence, as of each Accounting Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(asubsection 3.11(a) shall be less than the Scheduled Payment on such Receivable for such Monthly PeriodPayment, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall shall, subject to the following sentence, advance any such shortfall (such amount, a "Monthly Advance"). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture4.07(c) , the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as the Servicer shall determine that any Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other ReceivablesReceivables held by the Issuer.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Navistar Financial Retail Receivables Corporation)

Monthly Advances. Subject to the following sentence, as of each Accounting Settlement Date, if the payments received by the Servicer during the related Monthly Period by or on behalf of the Obligor on a Receivable (other than an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable) after application of such payments under Section 2.13(a) 2.1 shall be less than the Scheduled Payment on such Receivable for such Monthly PeriodPayment, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall shall, subject to the following sentence, advance any such shortfall (such amount, a “Monthly Advance”). The Servicer shall be obligated to make a Monthly Advance in respect of a Receivable only to the extent that the Servicer, in its sole discretion, shall determine that such advance shall be recoverable (in accordance with the two immediately following sentences) from subsequent collections Collections or recoveries on such Receivable. Subject to Section 8.2 of the Indenture2.1, the Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances with respect to a Receivable from the following sources with respect to such Receivable, in each case as set forth in this Agreement; : (i) subsequent payments by or on behalf of the Obligor, (ii) collections of Liquidation Proceeds, (iii) the Administrative Purchase Payment, together with the amount of any Monthly Advance released pursuant to the definition thereof, Payment and (iv) the Warranty Payment. At such time as the Servicer shall determine that any Outstanding Monthly Advances with respect to any Receivable shall not be recoverable from payments with respect to such Receivable, the Servicer shall be reimbursed from any Collections collections made on other Receivables.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Navistar Financial Retail Receivables Corp)

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