Net Incentive Servicing Fee Sample Clauses

Net Incentive Servicing Fee. (a) In consideration of each Seller acting as a servicer for the Banks hereunder, the Banks shall pay to such Seller an incentive servicing fee (the “Net Incentive Servicing Fee”), in respect of each Purchased Receivable sold to the Banks by such Seller hereunder and up to (but excluding) the date, if any, such Seller is terminated by the Banks as a servicer hereunder, in an amount equal to all Collections of such Purchased Receivable in excess of the Agreed Base Value of such Purchased Receivable (and to the extent not previously paid to such Seller as of such date of payment), net of any amount that the Administrative Agent notifies the Parent that is due and owing by such Seller to the Administrative Agent and/or the Banks under Section 3.4, 3.5, 3.8, 10.5 and/or Section 11, which shall be offset against and deducted from such Net Incentive Servicing Fee. (b) The Net Incentive Servicing Fee shall be due and payable in full on the each Settlement Date, and shall be paid to each of the Sellers to such Seller’s Account in accordance with the applicable Settlement Date Notice.