Settlement Date Procedure. (i) The Master Servicer shall deposit into the Administrative Agent’s account, on each Business Day selected by the SPV for a reduction of the Net Investment under Section 2.13, the amount of Collections held for the Administrative Agent pursuant to Section 2.12(a)(ii).
(ii) On any date on or prior to the Termination Date, if the sum of the Net Investment and Required Reserves exceeds the Net Pool Balance, the Master Servicer shall immediately pay to the Administrative Agent’s account from amounts set aside pursuant to clause (ii) or (to the extent not theretofore reinvested) clause (iii) of Section 2.12(a) an amount equal to such excess.
(iii) On each Settlement Date, the Master Servicer shall deposit to the Administrative Agent’s account on behalf of Funding Agents for the benefit of the Investors:
(A) out of the amounts set aside pursuant to clause (i) of Section 2.12(a) and not theretofore deposited in accordance with Section 2.12(b), (if none of Arrow and its Affiliates is then the Master Servicer) the Servicing Fee, together with any other accrued Aggregate Unpaids (other than Net Investment and other than Yield with respect to any Interest Period not ending on or to such Settlement Date), in each case then due; and
(B) out of the amount, if any, set aside pursuant to clause (ii) and (to the extent not theretofore reinvested) clause (iii) of Section 2.12(a) and not theretofore deposited to the Administrative Agent’s account pursuant to this Section 2.12(c), an amount equal to the lesser of such amount and the Net Investment; provided, however, that the Administrative Agent hereby gives its consent (which consent may be revoked upon the occurrence of a Termination Event or Potential Termination Event), for the Master Servicer to retain amounts which would otherwise be deposited in respect of accrued and unpaid Servicing Fee, in which case if such amounts are so retained, no distribution shall be made in respect of such Servicing Fee under clause (d) below. Any amounts set aside pursuant to Section 2.12(a) in excess of the amount required to be deposited in the Administrative Agent’s account pursuant to this subsection (c) or pursuant to subsection (b) above shall, solely to the extent then required by Section 2.12(a), continue to be set aside and held in trust by the Master Servicer for application on the next succeeding Settlement Date(s).
Settlement Date Procedure. On each Settlement Date for each Undivided Interest, if one or more Run Off Days for such Undivided Interest occurred during the related Yield Period for the Settlement Period ending on such Settlement Date for such Undivided Interest, Servicer shall deposit to the account of the Agent for the benefit of the Purchaser or the Bank Investors then owning such Undivided Interest, as described in SECTION 3.5, the amounts set aside pursuant to SECTION 3.2(A) out of the Purchaser's Share of Collections during such Settlement Period, but not to exceed the sum of (i) the accrued and unpaid Earned Discount, (ii) the Purchaser's Investment of such Undivided Interest, (iii) the aggregate of other amounts owed hereunder by the Transferor to the Purchaser, any Bank Investor or the Agent in respect of such Undivided Interest, and (iv) the accrued Servicer's Fee payable with respect to such Undivided Interest. If no Termination Event or Unmatured Termination Event shall have occurred and be continuing, any amounts set aside pursuant to the first sentence of this SECTION 3.2 and not required to be deposited to the Agent's account pursuant to the next preceding sentence shall be paid to the Transferor by Servicer.
Settlement Date Procedure. On each Settlement Date, for each day in the related Settlement Period that is not a Run Off Day, Servicer shall deposit to the Administrative Agent's Account the amounts set aside as described in Section 3.01(a)(i) and the amounts, if any, set aside pursuant to Section 3.03(b) or (c) for payment to the Administrative Agent on such Settlement Date; provided, however, that until Servicer receives written notice from the Administrative Agent or the Required Purchasers to the contrary, Servicer may retain amounts which would otherwise be deposited in respect of Servicer's Fee, in which case no distribution shall be made in respect of Servicer's Fee under clause (c) below.
Settlement Date Procedure. On each Settlement Date for each Undivided Interest, for each day in the related Yield Period that is not a Liquidation Day for such Undivided Interest, Servicer shall deposit to the Agent's Account the U.S. Dollar Equivalent at such time of the amounts set aside as described in Section 3.01(a)(i); it being understood that in the event that the amounts so set aside are insufficient to satisfy in full the Earned Discount and accrued Servicer's Fee payable with respect to such Undivided Interest, Seller agrees to deposit such deficit to the Agent's Account on such Settlement Date of such Undivided Interest.
Settlement Date Procedure. On the Settlement Date for each Undivided Interest, for each day in the related Yield Period of such Settlement Period that is not a Run Off Day for such Undivided Interest, out of the related Purchaser's Share of Collections for each such Undivided Interest, Servicer shall deposit to the Agent's account for the Purchaser, or the Bank Investors, whichever then holds such Undivided Interest, as described in SECTION 3.5, the amounts set aside as described in SECTION 3.1(A)(I) and the amounts, if any, set aside pursuant to SECTION 3.3(B) or (C) for payment to the Agent on such Settlement Date; PROVIDED, HOWEVER, that if the Agent gives its consent (which consent may be revoked at any time), Servicer may retain amounts which would otherwise be deposited in respect of Servicer's Fee, in which case no distribution shall be made in respect of Servicer's Fee under CLAUSE (C) below.
Settlement Date Procedure. On each Settlement Date for each Undivided Interest, if one or more Run Off Days for such Undivided Interest occurred during the related Yield Period for the Settlement Period ending on such Settlement Date for such Undivided Interest, Servicer shall deposit to the Administrative Agent's Account the amounts set aside pursuant to Section 3.02
(a) during such Settlement Period, but not to exceed the sum of (i) the accrued and unpaid related Earned Discount, (ii) the Purchaser's Investment of such Undivided Interest, (iii) the aggregate of other amounts owed hereunder by Seller to Purchaser or the Administrative Agent in respect of such Undivided Interest, and (iv) the accrued Servicer's Fee payable with respect to such Undivided Interest. If no Termination Event or Unmatured Termination Event shall have occurred and be continuing, any amounts set aside pursuant to clause (a) of this Section 3.02 and not required to be deposited to the Administrative Agent's Account pursuant to the next preceding sentence shall be paid to Seller by Servicer.
Settlement Date Procedure. On each Settlement Date, if one or more Run Off Days occurred during such Settlement Period ending on such Settlement Date, Servicer shall deposit to the Administrative Agent's Account the amounts set aside pursuant to Section 3.02
(a) during such Settlement Period, but not to exceed the sum of (i) the accrued and unpaid Earned Discount for each Purchaser, (ii) the Total Purchasers' Investment, (iii) the aggregate of other amounts owed hereunder by Seller to any Purchaser or the Administrative Agent, and (iv) the accrued Servicer's Fee. If no Termination Event or Unmatured Termination Event shall have occurred and be continuing, any amounts set aside pursuant to clause (a) of this Section 3.02 and not required to be deposited to the Administrative Agent's Account pursuant to the next preceding sentence shall be paid to Seller by Servicer.
Settlement Date Procedure. (i) The Master Servicer shall deposit into the Administrative Agent’s account, on each Business Day selected by the SPV for a reduction of the Net Investment under Section 2.13, the amount of Collections held for the Administrative Agent pursuant to Section 2.12(a)(ii).
(ii) On any date on or prior to the Termination Date, if the sum of the Net Investment and Required Reserves exceeds the Net Pool Balance, the Master Servicer shall immediately pay to the Administrative Agent’s account from amounts set aside pursuant to clause (ii) or (to the extent not theretofore reinvested) clause (iii) of Section 2.12(a) an amount equal to such excess.
(iii) On each Settlement Date, the Master Servicer shall deposit to the Administrative Agent’s account on behalf of Funding Agents for the benefit of the Investors:
Settlement Date Procedure. During the Pay Out Period, on each ------------------------- Settlement Date for any Rate Tranche, subject to Section 3.02(d), the Servicer --------------- shall deposit to the Agent's Account the amounts set aside pursuant to Section 3.02(a), but not to exceed the sum of (i) the accrued and unpaid Earned --------------- Discount with respect to such Rate Tranche, (ii) the Transferee's Tranche Investment of such Rate Tranche, (iii) the aggregate of other amounts (other than the Transferee's Investment, Earned Discount and Servicer's Fee) owed hereunder by the Transferor to the Transferee or the Agent, and (iv) the accrued Servicer's Fee payable with respect to such Rate Tranche. Any amounts in excess of the amount required to be deposited in the Agent's Account pursuant to the previous sentence shall continue to be set aside and held in trust by the Servicer for application on the next succeeding Settlement Date(s).
Settlement Date Procedure. (Non-Liquidation). On the Settlement Date for each Undivided Interest (if no Liquidation Day shall have occurred during the Settlement Period then ending), Servicer shall transfer from the Liquidation Account to the Agent's Account (i) all amounts that have been deposited in the Liquidation Account in respect of such Undivided Interests pursuant to Section 3.02(a) and (ii) amounts, if any, set aside pursuant to Section 3.04(b) or (c) for payment to the Agent on such Settlement Date.
