Settlement Computations Clause Samples
The Settlement Computations clause defines the method and process for calculating the amounts owed between parties when a contract is settled, such as after termination or completion of obligations. It typically outlines the formulas, timing, and documentation required to determine final payments, including adjustments for outstanding balances, accrued interest, or other relevant factors. This clause ensures that both parties have a clear, agreed-upon framework for resolving financial obligations, thereby reducing disputes and facilitating a smooth conclusion to the contractual relationship.
Settlement Computations. (i) Before each Reporting Date, Master Servicer shall compute, as of the most recent Cut-Off Date and based upon the assumption in the next sentence, (A) the Asset Interest, the Unpaid Balance of all of the Pool Receivables, the Purchasers’ Total Investment, the Purchaser Group Investment of each Purchaser Group, the Required Reserves, the Net Portfolio Balance and each component of each of the foregoing, (B) the amount of the reduction or increase (if any) in each of the Asset Interest, the Required Reserves, the Net Portfolio Balance, the Purchaser Group Investment of any Purchaser Group and the Purchasers’ Total Investment since the immediately preceding Cut-Off Date, (C) the excess (if any) of the sum of the Purchasers’ Total Investment and the Required Reserves, over the Net Portfolio Balance, (D) the excess (if any) of the Purchasers’ Total Investment, over the Purchasers’ Total Commitment, (E) the excess (if any) of the Purchaser Group Investment of each Purchaser Group, over the Purchaser Group Commitment of each such Purchaser Group and (F) the aggregate amount of Investment of the Exiting Purchasers, if any. Such calculations shall be based upon the assumption that Collections set aside pursuant to Section 1.3(b) (and not otherwise applied in accordance with such Section) will be paid to the applicable Purchaser Agent for the benefit of the applicable Purchasers in its Purchaser Group in accordance with the related Purchaser Group’s Ratable Share of such Collections on the Settlement Date for the Settlement Period related to such Reporting Date.
(ii) If, according to the computations made pursuant to clause (i) of this Section 3.1(c), the sum of the Purchasers’ Total Investment and the Required Reserves at such time shall exceed the Net Portfolio Balance at such time, the Purchasers’ Total Investment shall exceed the Purchasers’ Total Commitment, the Purchaser Group Investment of any Purchaser Group shall exceed the Purchaser Group Commitment of such Purchaser Group or the aggregate Investment of Exiting Purchasers shall exceed zero, Master Servicer shall, on behalf of Seller, (i) promptly notify Administrative Agent and each Purchaser Agent thereof and (ii) immediately pay to the applicable Purchaser Agents for the benefit of the applicable Purchasers (to the extent of Collections received during the applicable period and not previously paid to such Purchaser Agents) the amount necessary to reduce (A) the Purchasers’ Total Investment to the Purc...
Settlement Computations. (i) On each Reporting Date, the Servicer shall include in the Information Package calculations, as of the most recent Cut-Off Date for the related Settlement Period, and based upon the assumption in the next sentence, (A) the Unpaid Balance of all of the Pool Receivables in each Receivable Pool, the Purchasers’ Pool Investment for each Receivable Pool, the aggregate ISC Conditional Unpaid Balance in respect of the ISC Receivable Pool, the aggregate Lease Conditional Unpaid Balance in respect of the Lease Receivable Pool, the Purchasers’ Total Investment, the Purchaser Group Investment of each Purchaser Group for each Receivable Pool, the Required Reserves for each Receivable Pool, the Net Portfolio Balance for each Receivable Pool and each component of each of the foregoing, (B) the amount of the reduction or increase (if any) in each of the Required Reserves for each Receivable Pool, the Net Portfolio Balance for each Receivable Pool, the Purchasers’ Pool Investment for each Receivable Pool, the Purchaser Group Investment for each Receivable Pool of any Purchaser Group and the Purchasers’ Total Investment since the Cut-Off Date immediately preceding the Cut-Off Date for the most recently ended Settlement Period, (C) the excess (if any) of the sum of the Purchasers’ Pool Investment for each Receivable Pool and the Required Reserves for such Receivable Pool, over the Net Portfolio Balance for such Receivable Pool, (D) the excess (if any) of the Purchasers’ Pool Investment in respect of such Receivable Pool, over the Purchasers’ Pool Commitment in respect of such Receivable Pool, (E) the excess (if any) of the Purchaser Group Investment in respect of such Receivable Pool of each Purchaser Group, over the Purchaser Group Commitment in respect of such Receivable Pool of each such Purchaser Group, (F) the then current Cap Reserve Amount and the then current Estimated Cap Deficiency Amount, (G) the aggregate Cap Payments received since the previous Cut-Off Date, and (H) the aggregate Investment of any Exiting Purchasers in respect of each Receivable Pool. Such calculations shall be based upon the assumption that Collections in respect of each Receivable Pool set aside pursuant to Section 1.3 (and not otherwise applied in accordance with such Section) will be paid to the applicable Purchaser Agent for the benefit of the applicable Purchasers in its Purchaser Group in accordance with the related Purchaser Group’s Ratable Share of such Collections on the Settlement...
Settlement Computations. On each Reporting Date, the Servicer shall include in the Information Package, calculations, as of the most recent Cut-off Date for the related Settlement Period or Yield Period, as applicable, the following (I) without taking into account any Receivables included in a Purchase to be made on the Settlement Date next succeeding such Reporting Date, (A) the Unpaid Balance and Financed Unpaid Balance of each of the Pool Receivables, the Purchasers’ Pool Investment, the Purchaser Group Investment of each Purchaser Group, the Required Reserves, the Net Portfolio Balance, and each component of each of the foregoing, (B) the amount of the reduction or increase (if any) in each of the Required Reserves, the Net Portfolio Balance, the Purchasers’ Pool Investment and the Purchaser Group Investment since the Cut-off Date 10
Settlement Computations. ON EACH REPORTING DATE, THE SERVICER SHALL INCLUDE IN THE INFORMATION PACKAGE, CALCULATIONS, AS OF THE MOST RECENT CUT-OFF DATE FOR THE RELATED SETTLEMENT PERIOD OR YIELD PERIOD, AS APPLICABLE, THE FOLLOWING (I) WITHOUT TAKING INTO ACCOUNT ANY RECEIVABLES INCLUDED IN A PURCHASE TO BE MADE ON THE SETTLEMENT DATE NEXT SUCCEEDING SUCH REPORTING DATE, (A) THE UNPAID BALANCE AND FINANCED UNPAID BALANCE OF EACH OF THE POOL RECEIVABLES, THE PURCHASERS’ POOL INVESTMENT, THE PURCHASER GROUP INVESTMENT OF EACH PURCHASER GROUP, THE REQUIRED RESERVES, THE NET PORTFOLIO BALANCE, AND EACH COMPONENT OF EACH OF THE FOREGOING, (B) THE AMOUNT OF THE REDUCTION OR INCREASE (IF ANY) IN EACH OF THE REQUIRED RESERVES, THE NET PORTFOLIO BALANCE, THE PURCHASERS’ POOL INVESTMENT AND THE PURCHASER GROUP INVESTMENT SINCE THE CUT-OFF DATE IMMEDIATELY PRECEDING THE CUT-OFF DATE FOR THE MOST RECENTLY ENDED SETTLEMENT PERIOD, AND EACH COMPONENT OF EACH OF THE FOREGOING (INCLUDING A BREAKDOWN OF COLLECTIONS AND DEEMED COLLECTIONS AND ANY RELATED DILUTIONS OR OTHER REDUCTIONS, IF ANY, DURING SUCH SETTLEMENT PERIOD), (C) THE EXCESS (IF ANY) OF THE SUM OF THE PURCHASERS’ POOL INVESTMENT AND THE REQUIRED RESERVES, OVER THE NET PORTFOLIO BALANCE, (D) THE EXCESS (IF ANY) OF THE PURCHASERS’ POOL INVESTMENT, OVER THE PURCHASERS’ POOL LIMIT, (E) THE EXCESS (IF ANY) OF THE PURCHASER GROUP INVESTMENT OF EACH PURCHASER GROUP, OVER THE PURCHASER GROUP LIMIT OF EACH SUCH PURCHASER GROUP, (F) THE AGGREGATE INVESTMENT OF ANY EXITING PURCHASERS, (G) THE TOTAL POOL DEFICIENCY AMOUNT (IF ANY), (H) THE TOTAL DEEMED COLLECTIONS FOR SUCH SETTLEMENT PERIOD, (I) THE AMOUNT OF ALL OTHER OBLIGATIONS PAYABLE ON THE NEXT SETTLEMENT DATE, (J) THE EXCESS CONCENTRATION AMOUNT, (K) THE POOL RECEIVABLES (AND THE AGGREGATE FINANCED UNPAID BALANCE THEREOF) THAT ARE SUBJECT TO THE CONDITIONAL SERVICE GUARANTY AND HAVE BEEN ORIGINATED WITHIN THE SIX (6) MONTHS PRIOR TO SUCH REPORTING DATE, AND (L) THE AMOUNT OF MONTHLY COLLECTIONS; AND (II) IF ANY PURCHASE REQUEST IS BEING DELIVERED CONTEMPORANEOUSLY WITH THE DELIVERY OF SUCH INFORMATION PACKAGE, THE INFORMATION SPECIFIED IN CLAUSES (A), (C) THROUGH (I), (K) AND (L) ABOVE, DETERMINED ON A PRO FORMA BASIS AFTER GIVING SK 28677 0004 8494650 v112 EFFECT THE PROPOSED PURCHASE TO BE MADE ON THE SETTLEMENT DATE NEXT SUCCEEDING SUCH REPORTING DATE, THE COMPUTATION OF THE COLLECTIONS AVAILABLE FOR ALLOCATION PURSUANT TO EACH SUB-SECTION (I) THROUGH (VII) OF SECTION 3.1(D), THE COMPU...