Common use of Settlement Date Procedures - Reinvestment Period Clause in Contracts

Settlement Date Procedures - Reinvestment Period. On each Settlement Date prior to the Termination Date, Servicer shall distribute from Collections set aside or applied (to the extent applied in violation of the proviso to Section 1.3(a)(iii)) pursuant to Sections 1.3(a)(i) through (iii) during the immediately preceding Settlement Period the following amounts in the following order: (1) to the Administrator, for the account of the Purchasers in accordance with their respective Pro Rata Shares, an amount equal to the Yield accrued and unpaid during such Settlement Period, plus any previously accrued Yield not paid on a prior Settlement Date or pursuant to Section 3.1(e), which amount shall be distributed by the Administrator to the Purchasers for application to such Yield; (2) to the Administrator, an amount equal to the Fees accrued during such Settlement Period, plus any previously accrued amounts described in this clause (2) not paid on a prior Settlement Date or pursuant to Section 3.1(e), which amount shall be distributed by the Administrator to all Persons to whom payable; (3) to the Servicer, an amount equal to the Purchasers' Share of the Servicer's Fee accrued during such Settlement Period, plus any previously accrued Purchasers' Share of the Servicer's Fee not paid on a prior Settlement Date or pursuant to Section 3.1(e); (4) to the Administrator, all other amounts (other than Capital) then due under this Agreement or the other Transaction Documents to the Administrator, the Purchasers, the Affected Parties or the Indemnified Parties; and (5) to the Administrator, for the account of the Purchasers in accordance with their respective Pro Rata Shares, an amount equal to the Excess Amount as of the Reporting Date, if any, which amount shall be distributed by the Administrator to the Purchasers for application to their respective Pro Rata Shares of the Capital. On or as of any Purchase Date hereunder, the full amount of any such payments and/or distributions required to be made on the next succeeding Settlement Date (as computed by the Administrator in its reasonable judgment), shall, for purposes of any computations required pursuant to Section 5.2(b) for determining Seller's eligibility to effect any Purchase hereunder on such Purchase Date, be given pro forma effect and be included in any such computations as if made prior to the Purchase reflected in the applicable Purchase Notice.

Settlement Date Procedures - Reinvestment Period. On each Settlement Date prior to the Termination Date, Servicer shall distribute from Collections set aside or applied (to the extent applied in violation of the proviso to Section 1.3(a)(iii)) pursuant to Sections 1.3(a)(i) through (iii) during the immediately preceding Settlement Period the following amounts in the following order: (1) to the Administrator, for the account of the Purchasers in accordance with their respective Pro Rata Shares, an amount equal to the Yield accrued and unpaid during such Settlement Period, plus any previously accrued Yield not paid on a prior Settlement Date or pursuant to Section 3.1(e), which amount shall be distributed by the Administrator to the Purchasers for application to such Yield; (2) to the Administrator, an amount equal to the Fees accrued during such Settlement Period, plus any previously accrued amounts described in this clause (2) not paid on a prior Settlement Date or pursuant to Section 3.1(e), which amount shall be distributed by the Administrator to all Persons to whom payable; (3) to the Servicer, an amount equal to the Purchasers' ’ Share of the Servicer's ’s Fee accrued during such Settlement Period, plus any previously accrued Purchasers' ’ Share of the Servicer's ’s Fee not paid on a prior Settlement Date or pursuant to Section 3.1(e); (4) to the Administrator, all other amounts (other than Capital) then due under this Agreement or the other Transaction Documents to the Administrator, the Purchasers, the Affected Parties or the Indemnified Parties; and (5) to the Administrator, for the account of the Purchasers in accordance with their respective Pro Rata Shares, an amount equal to the Excess Amount as of the Reporting Date, if any, which amount shall be distributed by the Administrator to the Purchasers for application to their respective Pro Rata Shares of the Capital. On or as of any Purchase Date hereunder, the full amount of any such payments and/or distributions required to be made on the next succeeding Settlement Date (as computed by the Administrator in its reasonable judgment), shall, for purposes of any computations required pursuant to Section 5.2(b) for determining Seller's ’s eligibility to effect any Purchase hereunder on such Purchase Date, be given pro forma effect and be included in any such computations as if made prior to the Purchase reflected in the applicable Purchase Notice.