Common use of Settlement Date Procedure Clause in Contracts

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. (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 Rate 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. (i) The Master Servicer shall deposit into Prior to the Administrative Agent’s accountPay Out Period, 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's Account: (Ai) 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---------- ------- 3.01(a), (if none of Arrow an amount equal to the Earned Discount and its Affiliates is then Servicer's Fee accrued ------- during the Master Servicer) the Servicing Fee, together with any other accrued Aggregate Unpaids (other than Net Investment and other than related Yield Period with respect to any Interest Period not ending on or to such Settlement Date), in each case then duethe related Rate Tranche; and (Bii) 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(a3.01(a) and not theretofore reinvested in accordance with Section --------------- ------- 3.01(d) or deposited to the Administrative Agent’s account 's Account pursuant to this Section 2.12(c------- ------- 3.01(b), an amount equal to the lesser of such amount and the Net InvestmentTransferee's ------- Tranche Investment of the related Rate Tranche; provided, however, that if the Administrative Agent hereby gives its consent (which consent may be -------- ------- revoked upon the occurrence of a Termination Event or Potential Termination Eventat any time), for the Master Servicer to may retain amounts which would otherwise be deposited in respect of accrued and unpaid Servicing Servicer's Fee, in which case if such amounts are so retained, no distribution shall be made in respect of such Servicing Servicer's Fee under clause (dc) below. Any amounts set aside ---------- In addition, if, on such Settlement Date, after reducing the Transferee's Tranche Investment of the related Rate Tranche by the amount deposited pursuant to Section 2.12(aclause (ii) in excess above, the Transferee's Investment would be greater than the ----------- Maximum Investment or the Unadjusted Transferee's Percentage would be greater than the Maximum Percentage, then the Transferor shall pay to the Servicer, and the Servicer shall deposit to the Agent's Account, an amount equal to the least of (x) the minimum reduction of the amount required to be deposited Transferee's Investment which would result in the Administrative Agent’s account pursuant to this subsection Unadjusted Transferee's Investment not exceeding the Maximum Investment and the Unadjusted Transferee's Percentage not exceeding the Maximum Percentage, (cy) or pursuant to subsection the Transferee's Tranche Investment of the related Rate Tranche and (bz) 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)Transferor's Collection Amount.

Settlement Date Procedure. (i) The Master Servicer shall deposit into Prior to the Administrative Agent’s accountPay Out Period, on the ------------------------- Settlement Date for each Business Day selected by the SPV for a reduction of the Net Investment under Section 2.13Settlement Period with respect to any Rate Tranche, 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's Account: (Ai) 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(b3.01(a), (if none of Arrow an amount equal to the Earned Discount, Facility Fee and its Affiliates is then --------------- Servicer's Fee accrued during the Master Servicer) the Servicing Fee, together with any other accrued Aggregate Unpaids (other than Net Investment and other than related Yield Period with respect to any Interest Period not ending on or to such Settlement Date), in each case then dueRate Tranche; and (Bii) 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(a3.01(a) and not theretofore reinvested in accordance with ---- --------------- Section 3.01(d) or deposited to the Administrative Agent’s account 's Account pursuant to this --------------- Section 2.12(c3.01(b), an amount equal to the lesser of such amount and the Net Investment--------------- Purchaser's Tranche Investment of the related Rate Tranche; provided, however, that -------- ------- (A) if the Administrative Agent hereby gives its consent (which consent may be revoked upon the occurrence of a Termination Event or Potential Termination Eventat any time), for the Master Servicer to may retain amounts which would otherwise be deposited in respect of accrued and unpaid Servicing Servicer's Fee, in which case if such amounts are so retained, no distribution shall be made in respect of such Servicing Servicer's 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 below; and --- (B) if any Yield Period for any Rate Tranche shall exceed three months, the Servicer shall pay to the Agent within three days after the last day of each three month period in such Yield Period all Earned Discount, Facility Fee and Servicer's Fee that shall have accrued with respect to such Rate Tranche during such three-month period to the same extent as if such Yield Period had ended on such last day. In addition, if, on such Settlement Date, after reducing the Purchaser's Tranche Investment of the related Rate Tranche by the amount deposited pursuant to subsection clause (bii) above shallabove, solely the Purchaser's Investment would be greater than the Maximum ----------- Investment or the Unadjusted Purchaser's Percentage would be greater than the Maximum Percentage, then the Seller shall pay to the extent then required by Section 2.12(a)Servicer, continue and the Servicer shall deposit to be set aside the Agent's Account, an amount equal to the least of (x) the minimum reduction of the Purchaser's Investment which would result in the Purchaser's Investment not exceeding the Maximum Investment and held in trust by the Master Servicer for application on Purchaser's Percentage not exceeding the next succeeding Settlement Date(s)Maximum Percentage, (y) the Purchaser's Tranche Investment of the related Rate Tranche and (z) the Seller's Collection Amount.

Settlement Date Procedure. (i) The Master Servicer shall deposit into the Administrative Agent’s account, on each Business Day selected by the SPV Originator for a reduction of the Net Investment under Section 2.13, 2.14 the amount of Collections held for the Administrative Agent pursuant to Section 2.12(a)(ii2.13(a)(ii). (ii) On any date on or prior to the Termination Date, if the sum of the Net Investment and the L/C Participation Amount and Required Reserves exceeds the sum of the Net Pool Balance, Balance and the Master Cash Collateralized Amount the 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(a2.13(a) an amount equal to such excess (minus any portion of the Required Reserves attributable 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 Investorsaccount: (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(b2.13(a), (if none of Arrow an amount equal to the accrued and its Affiliates is then unpaid Yield and Servicing Fee for the Master Servicer) the Servicing Fee, related Rate Period 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 Investment) 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(a2.13(a) and not theretofore deposited to the Administrative Agent’s account pursuant to this Section 2.12(c2.13(b), an amount equal to the lesser of such amount and the sum of the Net InvestmentInvestment and the aggregate Unreimbursed Amounts and (unless (i) the Termination Date has occurred as a result of the non-extension or renewal of the Commitment Termination Date and (ii) no Post Termination Trigger Event has occurred) the L/C Participation Amount; provided, however, that if the Administrative Agent hereby gives its consent (which consent may be revoked upon the occurrence of a Termination Event or Potential Termination Eventat any time), for the Master Servicer to may 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 (dc) below. Any amounts set aside pursuant to Section 2.12(a2.13(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), shall 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. (i) The Master Servicer shall deposit into Prior to the Administrative Agent’s accountPay Out Period, 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's Account: (Ai) 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(b3.01(a), (if none of Arrow an amount equal to the Earned Discount and its Affiliates is then Servicer's Fee --------------- accrued during the Master Servicer) the Servicing Fee, together with any other accrued Aggregate Unpaids (other than Net Investment and other than related Yield Period with respect to any Interest Period not ending on or to such Settlement Date), in each case then duethe related Rate Tranche; and (Bii) 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(a3.01(a) and not theretofore --------------- reinvested in accordance with Section 3.01(d) or deposited to the Administrative Agent’s account 's --------------- Account pursuant to this Section 2.12(c3.01(b), an amount equal to the lesser of --------------- such amount and the Net InvestmentTransferee's Tranche Investment of the related Rate Tranche; provided, however, that if the Administrative Agent hereby gives its consent (which consent may be -------- ------- revoked upon the occurrence of a Termination Event or Potential Termination Eventat any time), for the Master Servicer to may retain amounts which would otherwise be deposited in respect of accrued and unpaid Servicing Servicer's Fee, in which case if such amounts are so retained, no distribution shall be made in respect of such Servicing Servicer's Fee under clause (dc) below. Any amounts set aside ---------- In addition, if, on such Settlement Date, after reducing the Transferee's Tranche Investment of the related Rate Tranche by the amount deposited pursuant to Section 2.12(aclause (ii) in excess above, the Transferee's Investment would be greater than the ----------- Maximum Investment or the Unadjusted Transferee's Percentage would be greater than the Maximum Percentage, then the Transferor shall pay to the Servicer, and the Servicer shall deposit to the Agent's Account, an amount equal to the least of (x) the minimum reduction of the amount required to be deposited Transferee's Investment which would result in the Administrative Agent’s account pursuant to this subsection Unadjusted Transferee's Investment not exceeding the Maximum Investment and the Unadjusted Transferee's Percentage not exceeding the Maximum Percentage, (cy) or pursuant to subsection the Transferee's Tranche Investment of the related Rate Tranche and (bz) 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)Transferor's Collection Amount.