Common use of Non-Liquidation Settlement Procedures Clause in Contracts

Non-Liquidation Settlement Procedures. On each day prior to the Termination Date, the Servicer shall: out of Collections in respect of each Percentage Interest received on such day, (i) set aside on its books and hold in trust for the Owner of such Percentage Interest an amount equal to the Yield and Servicing Fee accrued through such day for such Percentage Interest and not so previously set aside, (ii) set aside on its books and pay to the Agent and the Owners amounts then due to them hereunder including without limitation Section 10.07 that have not been paid and (iii) subject to Section 3.02, reinvest the remainder of such Collections (such reinvested portion of Collections being "Reinvested Collections"), for the benefit of such Owner, by recomputation of such Percentage Interest pursuant to Section 2.03 as of the end of such day and the payment of such remainder to the Seller or such other Person as the Seller shall direct; provided that if for any reason any portion of such remaining Collections cannot be so reinvested (including, without limitation, the inability to satisfy the conditions in Section 3.02) or are not to be reinvested pursuant to Section 2.06(b), the Servicer shall set aside such portion on its books and hold such portion in trust for the Owner of such Percentage Interest. The recomputed Percentage Interest shall constitute the percentage ownership interest in the Receivables on such day held by such Owner. On each Settlement Date in respect of each Purchase Period for each Percentage Interest to occur prior to the Termination Date (and, if the Agent shall so request following a Transition Event, on each Business Day during such Purchase Period), the Servicer shall deposit to the Agent's Account the amounts set aside as described in the first sentence of this Section 2.05 other than (unless the Agent shall specify otherwise) amounts set aside for Servicing Fee (which amounts the Servicer shall retain for its own account). It is understood that funds reinvested as provided in clause (iii) of such sentence shall not be so deposited. Upon receipt of such funds by the Agent, the Agent shall distribute them first, to the Owner of such Percentage Interest in full payment of the accrued Yield for such Percentage Interest and any other amounts then due to such Owner hereunder, second, to the Servicer in full payment of the accrued Servicing Fee payable with respect to such Percentage Interest, and third to the partial liquidation of the Owners' Percentage Interests as contemplated by Section 2.06.

Non-Liquidation Settlement Procedures. On each day prior to the Termination Date(other than a Liquidation Day or a Provisional Liquidation Day) during each Settlement Period for each Share, the Servicer Collection Agent shall: (i) out of Collections in respect of each Percentage Interest Pool Receivables attributable to such Share received on such day, (i) set aside on its books and hold in trust for the Owner of such Percentage Interest Share an amount equal to the Yield Yield, Miscellaneous Fees and Servicing Collection Agent Fee accrued through such day for such Percentage Interest Share and not so previously set aside, aside and (ii) set aside on its books and pay to the Agent and the Owners amounts then due to them hereunder including without limitation Section 10.07 that have not been paid and (iii) subject to Section 3.02, reinvest the remainder of such Collections (such reinvested portion of Collections being "Reinvested Collections"), for the benefit of such Owner, by recomputation of such Percentage Interest Share pursuant to Section 2.03 2.04 as of the end of such day and the payment of such remainder to the Seller or such other Person as the Seller shall direct; provided that if for any reason any portion of such remaining Collections cannot be so reinvested (including, without limitation, the inability to satisfy the conditions in Section 3.02) or are not to be reinvested pursuant to Section 2.06(b), the Servicer shall set aside such portion on its books and hold such portion in trust for the Owner of such Percentage Interest. The recomputed Percentage Interest shall constitute the percentage ownership interest in the Receivables on such day held by such OwnerSeller. On the last day of each Settlement Date in respect of each Purchase Period for each Percentage Interest to occur prior to the Termination Date (and, if the Agent shall so request following a Transition Event, on each Business Day during such Purchase Period)Share, the Servicer Collection Agent shall deposit to the Agent's Account for the account of the Owner of such Share the amounts set aside as described in clause (i) of the first sentence of this Section 2.05 other than (unless the Agent shall specify otherwise) amounts set aside for Servicing Fee (which amounts the Servicer shall retain for its own account). It is understood that funds reinvested as provided in clause (iii) of such sentence shall not be so deposited2.05. Upon receipt of such funds by the Agent, the Agent shall distribute them first, to the Owner of such Percentage Interest Share in payment of the accrued Yield and Miscellaneous Fees for such Share and to the Collection Agent in payment of the accrued Collection Agent Fee payable with respect to such Share. If there shall be insufficient funds on deposit for the Agent to distribute funds in payment in full of the aforementioned amounts, the Agent shall distribute funds, first, in payment of the accrued Collection Agent Fee payable with respect to such Share, and second, in payment of the accrued Yield for such Percentage Interest Share and any other amounts then due to such Owner hereunderthird, second, to the Servicer in full payment of the accrued Servicing Fee Miscellaneous Fees payable with respect to such Percentage Interest, and third to the partial liquidation of the Owners' Percentage Interests as contemplated by Section 2.06Share.

Non-Liquidation Settlement Procedures. (a) On each day prior to the Termination Date, the Servicer shallCollection Agent shall cause all Collections received by it or deposited in the Lock-Box Accounts to be transferred in same day funds to the Collection Account and shall instruct the Collection Account Bank: (i) out of the percentage interest representing the Purchased Interest in Collections in respect of each Percentage Interest Purchased Receivables received on such day, (i) to set aside on its books and hold in trust in the Collection Account, for the Owner of such Percentage Interest Purchaser, an amount equal to the Yield Yield, Program Fee, Liquidity Fee and Servicing Collection Agent Fee accrued through such day for such Percentage Interest and not so previously set aside, (ii) on each Business Day occurring in the week prior to the date on which the Administrative Fee is payable, out of the percentage interest representing the Purchased Interest in Collections of Purchased Receivables received on such day, to set aside on its books and pay hold in trust in the Collection Account, for the Deal Agent, an amount equal to the Agent and the Owners amounts then due Administrative Fee to them hereunder including without limitation Section 10.07 that have not been paid be so paid, and (iii) subject except as otherwise required under Section 2.05(b) below, to Section 3.02, reinvest the remainder of such Collections (in Purchased Interests by paying such reinvested portion Collections to the Seller. Each such payment shall constitute a Purchase by the Purchaser of Collections being "Reinvested Collections")Purchased Interests in all Purchased Property not previously purchased hereunder, for the benefit of as such Owner, by recomputation of such Percentage Purchased Interest is recomputed pursuant to Section 2.03 as 2.05(c) below, it being agreed that such Purchased Property shall, to the extent of the end Purchased Interest, automatically become the property of such day and the payment of such remainder to Purchaser when the Seller or such other Person as the Seller shall direct; provided that if for any reason any portion of such remaining Collections cannot be so reinvested (including, without limitation, the inability to satisfy the conditions in Section 3.02) or are not to be reinvested pursuant to Section 2.06(b), the Servicer shall set aside such portion on its books and hold such portion in trust for the Owner of such Percentage Interest. The recomputed Percentage Interest shall constitute the percentage ownership acquires an interest in such new Purchased Property from the Receivables on such day held by such OwnerOriginator. On each Settlement Date in respect the last day of each Purchase Period for each Percentage Interest to occur prior to the Termination Date (and, if the Agent shall so request following a Transition Event, on each Business Day during such Purchase Period)Date, the Servicer Collection Agent shall deposit to the Deal Agent's Account the amounts in respect of Yield set aside as described in clause (i) of the first sentence of this Section 2.05 other than (unless 2.05. On each Monthly Payment Date to occur prior to the Termination Date, the Collection Agent shall specify otherwise) deposit to the Deal Agent's Account the amounts in respect of Program Fee, Liquidity Fee and Collection Agent Fee set aside for Servicing Fee (which amounts the Servicer shall retain for its own account). It is understood that funds reinvested as provided described in clause (iiii) of such the first sentence of this Section 2.05. On the Business Day prior to the date on which the Administrative Fee is due and payable under the Fee Letter, the Collection Agent shall not be so depositeddeposit to the Deal Agent's Account the amounts in respect of the Administrative Fee set aside as described in clause (ii) of the first sentence of this Section 2.05. Upon receipt of such funds by the Deal Agent, the Deal Agent shall distribute them first, to the Owner Purchaser, on the next succeeding last day of such Percentage Interest a Purchase Period, in full payment of the accrued and unpaid Yield for such Percentage Interest and any other amounts then due to such Owner hereunderPurchase Period, second, to the Servicer Purchaser, on the next succeeding Monthly Payment Date, in full payment of the accrued Servicing and unpaid Program Fee for the related calendar month, third, to the Purchaser (or to the Liquidity Agent on behalf of the Purchaser), on the next succeeding Monthly Payment Date, in full payment of the accrued and unpaid Liquidity Fee for the related calendar month, fourth, to the Deal Agent, on the next succeeding date on which the Administrative Fee is payable under the Fee Letter, in full payment of the Administrative Fee for the following year, and fifth, to the Collection Agent, on the next succeeding Monthly Payment Date, in full payment of any accrued and unpaid Collection Agent Fee payable with respect to such Percentage Interest, and third to the partial liquidation of Purchased Receivables for the Owners' Percentage Interests as contemplated by Section 2.06related calendar month.

Non-Liquidation Settlement Procedures. On each day prior to the Termination Date(other than a Liquidation Day or a Provisional Liquidation Day) during each Settlement Period for each Eligible Asset, the Servicer Collection Agent shall: (i) out of Collections in respect of each Percentage Interest Pool Receivables attributable to such Eligible Asset received on such day, (i) set aside on its books and hold in trust for the Owner of such Percentage Interest Eligible Asset an amount equal to the Yield and Servicing Collection Agent Fee accrued through such day for such Percentage Interest Eligible Asset and not so previously set aside, aside and <PAGE> 28 22 (ii) set aside on its books and pay to the Agent and the Owners amounts then due to them hereunder including without limitation Section 10.07 that have not been paid and (iii) subject to Section 3.02, reinvest the remainder of such Collections (such reinvested portion of Collections being "Reinvested Collections"), for the benefit of such Owner, by recomputation of such Percentage Interest Eligible Asset pursuant to Section 2.03 2.04 as of the end of such day and the payment of such remainder to the Seller Seller; provided, however, that, to the extent that the Agent or such other Person as the Seller any Owner shall direct; provided that if be required for any reason to pay over any portion amount of Collections which shall have been previously reinvested for the account of such remaining Collections cannot Owner pursuant hereto, such amount shall be so reinvested (including, without limitation, the inability to satisfy the conditions in Section 3.02) or are deemed not to be reinvested pursuant have been so applied but rather to Section 2.06(b), have been retained by the Servicer shall set aside such portion on its books Seller and hold such portion in trust paid over for the Owner account of such Percentage Interest. The recomputed Percentage Interest Owner and, notwithstanding any provision hereof to the contrary, such Owner shall constitute the percentage ownership interest in the Receivables on have a claim for such day held by such Owneramount. On the last day of each Settlement Date in respect of each Purchase Period for each Percentage Interest to occur prior to the Termination Date (and, if the Agent shall so request following a Transition Event, on each Business Day during such Purchase Period)Eligible Asset, the Servicer Collection Agent shall deposit to the Agent's Account for the account of the Owner of such Eligible Asset the amounts set aside as described in clause (i) of the first sentence of this Section 2.05 other than (unless the Agent shall specify otherwise) amounts set aside for Servicing Fee (which amounts the Servicer shall retain for its own account). It is understood that funds reinvested as provided in clause (iii) of such sentence shall not be so deposited2.05. Upon receipt of such funds by the Agent, the Agent shall distribute them first, to the Owner of such Percentage Interest Eligible Asset in full payment of the accrued Yield for such Percentage Interest Eligible Asset and any other amounts then due to such Owner hereunder, second, to the Servicer Collection Agent in full payment of the accrued Servicing Collection Agent Fee payable with respect to such Percentage InterestEligible Asset. If there shall be insufficient funds on deposit for the Agent to distribute funds in payment in full of the aforementioned amounts, the Agent shall distribute funds, first, in payment of the accrued Yield for such Eligible Asset, and third to the partial liquidation second, in payment of the Owners' Percentage Interests as contemplated by Section accrued Collection Agent Fee payable with respect to such Eligible Asset. SECTION 2.06.

Non-Liquidation Settlement Procedures. On each day prior Prior to the Termination Date, on each day during each Settlement Period for each Eligible Asset, the Servicer Collection Agent shall: , out of Collections of Pool Receivables allocable in respect of each Percentage Interest such Eligible Asset received on such day, (i) to the extent that the Ratings Requirement is not satisfied on such day, set aside on its books and hold in trust for the Owner benefit of the Owner(s) of such Percentage Interest Eligible Asset an amount equal to the Yield and Servicing Fee accrued through such day for such Percentage Interest Eligible Asset and not so previously set aside, aside (ii) the amount of such Yield to be set aside on its books and pay any day to be determined in consultation with the Agent and at such time as the Owners amounts then due to them hereunder including without limitation Section 10.07 that have not been paid Ratings Requirement shall no longer be satisfied) and (iiib) subject to Section 3.02, reinvest apply the remainder of such Collections (such reinvested portion of Collections being "Reinvested Collections")to the purchase, for the benefit of such OwnerOwner(s), by recomputation of such Percentage Interest pursuant to Section 2.03 as certain additional undivided interests in Pool Receivables. Such remainder of the end of such day and the payment of such remainder Collections shall be paid to the Seller or and such other Person Eligible Asset shall be recomputed as the Seller shall direct; provided that if for any reason any portion of such remaining Collections cannot be so reinvested (including, without limitation, the inability to satisfy the conditions described in Section 3.02) or are not to be reinvested pursuant to Section 2.06(b2.04(a), the Servicer shall set aside such portion on its books and hold such portion in trust for the Owner of such Percentage Interest. The recomputed Percentage Interest Eligible Asset shall constitute the percentage ownership interest in the Pool Receivables (determined pursuant to Section 2.04(a)) on such day held by such OwnerOwner(s). On each Settlement Payment Date in respect of each Purchase Period for each Percentage Interest to occur Eligible Asset occurring prior to the Termination Date (andDate, if but without limitation to the Agent shall so request following a Transition Event, on each Business Day during such Purchase Period)obligations of the Seller pursuant to Section 2.10(a) of this Agreement, the Servicer Collection Agent shall deposit to the Agent's Account account, as described in Section 2.08, the amounts set aside as described in or required to be set aside with respect to such Eligible Asset pursuant to clause (a) of the first sentence of this Section 2.05 other than (unless 2.05, but only to the Agent shall specify otherwiseextent that the Seller has not satisfied its obligations under Section 2.10(a) amounts set aside for Servicing Fee (which amounts the Servicer shall retain for its own account). It is understood that funds reinvested as provided in clause (iii) of with respect to such sentence shall not be so depositedPayment Date. Upon receipt of such funds by the Agent, the Agent shall distribute them first, to the Owner Owner(s) of such Percentage Interest Eligible Asset in full payment of the accrued and unpaid Yield for such Percentage Interest and any other amounts then due to such Owner hereunder, second, Eligible Asset. Notwithstanding anything to the Servicer contrary in full payment this Section 2.05, the Collection Agent shall not be required to segregate Collections set aside for the benefit of the accrued Servicing Fee payable with respect to such Percentage Interest, and third Owners preceding remittance thereof to the partial liquidation of Agent unless the Owners' Percentage Interests Agent shall have so requested as contemplated by in Section 2.066.02(b).

Non-Liquidation Settlement Procedures. (a) On each day prior to the Termination Date(other than a Liquidation Day) during each Settlement Period for each Receivable Interest, the Servicer shall: (i) first, out of Collections in respect of each Percentage Pool Receivables attributable to such Receivable Interest received on such day, (i) set aside on its books and hold in trust for the Owner Purchasers of such Percentage Receivable Interest an amount equal to the Yield sum of (A) the Yield, Agent’s Fee and Servicing Servicer Fee accrued through such day for such Percentage Receivable Interest and not so previously set aside plus (B) the Unused Commitment Fee payable to the Purchasers plus (C) the Cure Amount, if any, in respect of such Receivable Interest for such day and not so previously set aside, (ii) set aside on its books and pay second, if the Swing Purchaser shall so request, distribute to the Agent and Swing Purchaser an amount in U.S. Dollars equal to that amount, if any, which would be required to reduce the Owners amounts then due Swing Purchasers Capital in respect of Swing Purchases to them hereunder including without limitation Section 10.07 that have not been paid zero and (iii) subject to Section 3.02third, reinvest the remainder of such Collections (such reinvested portion of Collections being "Reinvested Collections"), for the benefit of such OwnerPurchasers, by recomputation of such Percentage Receivable Interest pursuant to Section 2.03 2.06 as of the end of such day and the payment of such remainder to the Seller or such other Person as Seller; provided, however, that, to the Seller extent that any Purchaser shall direct; provided that if be required for any reason to pay over any portion amount of Collections which shall have been previously reinvested for the account of such remaining Collections cannot Purchaser pursuant hereto, such amount shall be so reinvested (including, without limitation, the inability to satisfy the conditions in Section 3.02) or are deemed not to be reinvested pursuant have been so applied but rather to Section 2.06(b), have been retained by the Servicer shall set aside such portion on its books Seller and hold such portion in trust paid over for the Owner account of such Percentage Interest. The recomputed Percentage Interest Purchaser and, notwithstanding any provision hereof to the contrary, such Purchaser shall constitute the percentage ownership interest in the Receivables on have a claim for such day held by such Owneramount. On the last day of each Settlement Date in respect of each Purchase Period for each Percentage Interest to occur prior to the Termination Date (and, if the Agent shall so request following a Transition Event, on each Business Day during such Purchase Period)Receivable Interest, the Servicer shall deposit to the Agent's ’s Account for the account of the Purchasers of such Receivable Interest the amounts set aside as described in clause (i) of the first sentence of this Section 2.05 other than (unless the Agent shall specify otherwise) amounts set aside for Servicing Fee (which amounts the Servicer shall retain for its own account). It is understood that funds reinvested as provided in clause (iii) of such sentence shall not be so deposited2.07. Upon receipt of such funds by the Agent, the Agent shall distribute them first, (A) to the Owner Purchasers of such Percentage Receivable Interest (x) in full payment of the accrued Yield for such Percentage Receivable Interest, (y) in payment of the Unused Commitment Fee payable to the Purchasers, and (z) in reduction of the Capital of such Receivable Interest and any other amounts in the amount of the Cure Amount, if any, then due in respect of such Receivable Interest, (B) to the Agent in payment of the accrued Agent’s Fee payable to the Agent with respect to such Owner hereunderReceivable Interest, second, and (C) to the Servicer in full payment of the accrued Servicing Servicer Fee payable with respect to such Percentage Receivable Interest. If there shall be insufficient funds on deposit for the Agent to distribute funds in payment in full of the aforementioned amounts, the Agent shall distribute funds first, if a Person other than Chemtura or one of its Affiliates is then acting as the Servicer, in payment of the accrued Servicer Fee payable to such Servicer with respect to such Receivable Interest, second, in payment of the accrued Agent’s Fee and Yield for such Receivable Interest and the Unused Commitment Fee, pari passu, third, in reduction of the Capital of such Receivable Interest in the amount of the Cure Amount, if any, then in respect of such Receivable Interest, and third to fourth, if Chemtura or one of its Affiliates is then acting as the partial liquidation Servicer, in payment of the Owners' Percentage Interests as contemplated by Section 2.06accrued Servicer Fee payable to such Servicer with respect to such Receivable Interest.

Non-Liquidation Settlement Procedures. On each day prior to the Termination Date, the Servicer shall: out of Collections in respect of (other than a Liquidation Day) during each Percentage Interest received on such daySettlement Period for each Eligible Asset, (i) if such day is not a Provisional Liquidation Day, (x) the Collection Agent shall set aside on its books and hold in trust for the Owner of such Percentage Interest Eligible Asset an amount of Collections of Pool Receivables attributable to such Eligible Asset received on such day equal to the accrued Yield and Servicing Fee accrued through Fees for such Eligible Asset for such day for and (y) each Owner shall (and hereby, without further action on its part, is deemed to) release its interest in the balance of the Collections of Pool Receivables attributable to such Percentage Interest Eligible Asset received on such day, and not so previously set aside, (ii) set aside on its books and the Collection Agent shall pay such released balance of the Collections to the Agent and the Owners amounts then due to them hereunder including without limitation Section 10.07 that have not been paid and (iii) subject to Section 3.02, reinvest the remainder of such Collections (such reinvested portion of Collections being "Reinvested Collections"), for the benefit of such Owner, by recomputation of such Percentage Interest pursuant to Section 2.03 Seller as of the end of such day and day. Receipt by the payment Seller of such remainder released balance of the Collections shall be deemed to be a representation by the Seller or such other Person as that the Seller shall direct; provided that if for any reason any portion day of such remaining Collections canreceipt is not be so reinvested (including, without limitation, the inability to satisfy the conditions in Section 3.02) a Liquidation Day or are not to be reinvested pursuant to Section 2.06(b), the Servicer shall set aside such portion on its books and hold such portion in trust for the Owner of such Percentage Interest. The recomputed Percentage Interest shall constitute the percentage ownership interest in the Receivables on such day held by such Ownera Provisional Liquidation Day. On each Settlement Date in respect of each Purchase Period for each Percentage Interest to occur prior to the Termination Date (and, if the Agent shall so request following a Transition Event, on each Business Day during such Purchase Period)Eligible Asset, the Servicer Collection Agent shall deposit to the Agent's ’s Account for the account of the Owner of such Eligible Asset the amounts set aside as described in pursuant to the preceding sentence but not to exceed the accrued Yield and Fees for such Eligible Asset. Any amounts set aside pursuant to the first sentence of this Section 2.05 other than (unless 2.06 and not required to be deposited to the Agent shall specify otherwise) amounts set aside for Servicing Fee (which amounts Agent’s Account pursuant to the Servicer shall retain for its own account). It is understood that funds reinvested as provided in clause (iii) of such preceding sentence shall not be so deposited. Upon receipt of such funds paid to the Seller by the Collection Agent, the Agent shall distribute them first, to the Owner of such Percentage Interest in full payment of the accrued Yield for such Percentage Interest and any other amounts then due to such Owner hereunder, second, to the Servicer in full payment of the accrued Servicing Fee payable with respect to such Percentage Interest, and third to the partial liquidation of the Owners' Percentage Interests as contemplated by Section 2.06.

Non-Liquidation Settlement Procedures. (a) On each day prior to the Termination Date(other than a Liquidation Day or a Provisional Liquidation Day) during each Settlement Period for each Receivable Interest, the Servicer shall: (i) out of Collections in respect of each Percentage Pool Receivables attributable to such Receivable Interest received on such day, (i) in the case of any such Collections denominated in Canadian Dollars, convert such Collections into US Dollars to the extent necessary to comply with this Section 2.05 and, in the case of all such Collections, set aside on its books and hold in trust for the Owner Owners of such Percentage Receivable Interest an amount in US Dollars equal to the sum of (A) the Yield and Servicing Servicer Fee accrued through such day for such Percentage Receivable Interest and not so previously set aside, (B) that amount, if any, which would be required to reduce the Capital of such Receivable Interest so that, together with similar and ratable reductions of Capital of all other Receivable Interests, the undivided percentage interest of all Receivable Interests would not, after giving effect to the Collections of Pool Receivables and the addition of new Pool Receivables on such day and the resulting recomputation of such Receivable Interests pursuant to Section 2.04 as of the end of such day, exceed the Receivable Interest Percent then in effect, and (C) the aggregate of any other amounts then accrued or owed hereunder by the Seller to such Owners and not so previously set aside and (ii) set aside on its books and pay to the Agent and the Owners amounts then due to them hereunder including without limitation Section 10.07 that have not been paid and (iii) subject to Section 3.02, reinvest the remainder of such Collections (such reinvested portion of Collections being "Reinvested Collections"), for the benefit of such OwnerOwners, by recomputation of such Percentage Receivable Interest pursuant to Section 2.03 2.04 as of the end of such day and the payment of such remainder to the Seller Seller; provided, however, that, to the extent that the Agent or such other Person as the Seller any Owner shall direct; provided that if be required for any reason to pay over any portion amount of Collections which shall have been previously reinvested for the account of such remaining Collections cannot Owners pursuant hereto, such amount shall be so reinvested (including, without limitation, the inability to satisfy the conditions in Section 3.02) or are deemed not to be reinvested pursuant have been so applied but rather to Section 2.06(b), have been retained by the Servicer shall set aside such portion on its books Seller and hold such portion in trust paid over for the Owner account of such Percentage Interest. The recomputed Percentage Interest shall constitute the percentage ownership interest in the Receivables on such day held by such Owner. On each Settlement Date in respect of each Purchase Period for each Percentage Interest to occur prior Owners and, notwithstanding any provision hereof to the Termination Date (andcontrary, if the Agent such Owners shall so request following have a Transition Event, on each Business Day during such Purchase Period), the Servicer shall deposit to the Agent's Account the amounts set aside as described in the first sentence of this Section 2.05 other than (unless the Agent shall specify otherwise) amounts set aside for Servicing Fee (which amounts the Servicer shall retain for its own account). It is understood that funds reinvested as provided in clause (iii) of such sentence shall not be so deposited. Upon receipt of such funds by the Agent, the Agent shall distribute them first, to the Owner of such Percentage Interest in full payment of the accrued Yield claim for such Percentage Interest and any other amounts then due to such Owner hereunder, second, to the Servicer in full payment of the accrued Servicing Fee payable with respect to such Percentage Interest, and third to the partial liquidation of the Owners' Percentage Interests as contemplated by Section 2.06amount.

Non-Liquidation Settlement Procedures. On each day prior to the Termination Date, the Servicer shall: (i) out of Collections in respect of each Percentage Interest received on such day, (i) set aside on its books and hold in trust for the Owner of such Percentage Interest an amount equal to the Yield and Servicing Fee accrued through such day for such Percentage Interest and not so previously set aside, aside and (ii) set aside on its books and pay to the Agent and the Owners amounts then due to them hereunder including without limitation Section 10.07 that have not been paid and (iii) subject to Section 3.02, reinvest the remainder of such Collections (such reinvested portion of Collections being "Reinvested Collections"), for the benefit of such Owner, by recomputation of such Percentage Interest pursuant to Section 2.03 as of the end of such day and the payment of such remainder to the Seller or such other Person as the Seller shall directSeller; provided that if for any reason any portion of such remaining Collections cannot be so reinvested (including, without limitation, the inability to satisfy the conditions in Section 3.02) or are not to be reinvested pursuant to Section 2.06(b), the Servicer shall set aside such portion on its books and hold such portion in trust for the Owner of such Percentage Interest. The recomputed Percentage Interest shall constitute the percentage ownership interest in the Receivables on such day held by such Owner. On each Settlement Date in respect of each Purchase Period for each Percentage Interest to occur prior to the Termination Date (and, if the Agent shall so request following a Transition Event, on each Business Day during such Purchase Period), the Servicer shall deposit to the Agent's Account the amounts set aside as described in the first sentence of this Section 2.05 other than (unless the Agent shall specify otherwise) amounts set aside for Servicing Fee (which amounts the Servicer shall retain for its own account). It is understood that funds reinvested as provided in clause (iii) of such sentence shall not be so deposited2.05. Upon receipt of such funds by the Agent, the Agent shall distribute them first, to the Owner of such Percentage Interest in full payment of the accrued Yield for such Percentage Interest and any other amounts then due to such Owner hereunderInterest, second, to the Servicer in full payment of the accrued Servicing Fee payable with respect to such Percentage Interest, and third to the partial liquidation of the Owners' Percentage Interests as contemplated by Section 2.06.