Common use of Settlement Date Procedures Clause in Contracts

Settlement Date Procedures. (a) On each Settlement Date, the following amounts shall be deposited to the Collection Account by the Purchaser: (i) until the Facility Termination Date, the higher of (i) the Funded Amount for such Settlement Date minus the Funded Amount for the immediately preceding Settlement Date (which, for purposes of the first Settlement Date, shall be deemed to have been the Closing Date Funded Amount), and (ii) zero; and (ii) the amount of all payments required to be made by the Purchaser on such Settlement Date in respect of Immediate Write-Off Amounts in accordance with Section 5.3(b)(ii) and (iii). (b) All amounts on deposit in the Collection Account shall be applied by the Servicer on each Settlement Date (in accordance with the Monthly Report provided by the Servicer to the Bank Purchasing Agent prior to such Settlement Date) for the related Collection Period in the following order of priority: (i) to the Servicer in payment of the monthly Servicer Fee; (ii) to Xxxxx Fargo, in payment of any other amounts, including indemnification amounts, payable to it in accordance with the organizational documents of the Purchaser or the organizational documents of the Purchaser’s manager, Billing Gate One Trust; (iii) to the Purchaser, (A) first, to the payment of the Factoring Fees, and (B) then, to the payment of the Commitment Fees; (iv) to the Purchaser, (A) the Administration Fee and (B) all indemnities and other amounts payable by the Funding Seller to any of the Purchasing Entities pursuant to the Transaction Documents; (v) to the Purchaser, an amount equal to the product of (x) the Discount Rate and (y) the Collections on Purchased Receivables owned by the Purchaser during the prior Collection Period; (vi) to the Purchaser, an amount equal to the product of (x) the Discount Rate and (y) the amount of all Late Collections that occurred during the prior Collection Period; (vii) if the Funded Amount for such Settlement Date is less than the Funded Amount for the immediately preceding Settlement Date (which, for purposes of the first Settlement Date, shall be deemed to have been the Closing Date Funded Amount), the amount of such decrease in the Funded Amount (excluding a decrease in the Funded Amount pursuant to Section 5.3(b)(vi)) to the Purchaser; and (viii) the remainder, if any, to the Funding Seller. (c) Immediately upon the application of the payments disbursed pursuant to Sections 2.7(b)(v) and 2.7(b)(vi) above, the Bank Purchasing Agent shall increase the Discount Ledger Balance by such amounts. Following the Final Termination Date, any amounts relating to the Discount Ledger Balance shall be retained by the Purchaser in accordance with this Agreement. (d) The Servicer shall make available the amounts due to the Purchaser pursuant to Section 2.7(b) by wire transfer in U.S. dollars in same day funds to the accounts designated by the Bank Purchasing Agent no later than 3:00 p.m. (New York City time) on the related Settlement Date.

Settlement Date Procedures. (a) On each Settlement Date, the following amounts shall be deposited to the Collection Account by the Purchaser: (i) until the Facility Termination Date, the higher of (i) the Funded Amount for such Settlement Date minus the Funded Amount for the immediately preceding Settlement Date (which, for purposes of the first Settlement Date, shall be deemed to have been the Closing Date Funded Amount), and (ii) zero; and (ii) the amount of all payments required to be made by the Purchaser on such Settlement Date in respect of Immediate Write-Off Amounts in accordance with Section 5.3(b)(ii) and (iii). (b) All amounts on deposit in the Collection Account shall be applied by the Servicer on each Settlement Date (in accordance with the Monthly Report provided by the Servicer to the Bank Purchasing Agent prior to such Settlement Date) for the related Collection Period in the following order of priority: (i) to the Servicer in payment of the monthly Servicer Fee; (ii) to Xxxxx Fargo, in payment of any other amounts, including indemnification amounts, payable to it in accordance with the organizational documents of the Purchaser or the organizational documents of the Purchaser’s manager, Billing Gate One Trust; (iii) to the Purchaser, (A) first, to the payment of the Factoring Fees, and (B) then, to the payment of the Commitment Fees; (iv) to the Purchaser, (A) the Administration Fee and (B) all indemnities and other amounts payable by the Funding Seller to any of the Purchasing Entities pursuant to the Transaction Documents; (v) to the Purchaser, an amount equal to the product of (x) the Discount Rate and (y) the Collections on Purchased Receivables owned by the Purchaser during the prior most recently ended Collection Period; (vi) to the Purchaser, an amount equal to the product of (x) the Discount Rate and (y) the amount of all Late Collections that occurred during the prior most recently ended Collection Period; (vii) if the Funded Amount for such Settlement Date is less than the Funded Amount for the immediately preceding Settlement Date (which, for purposes of the first Settlement Date, shall be deemed to have been the Closing Date Funded Amount), the amount of such decrease in the Funded Amount (excluding a decrease in the Funded Amount pursuant to Section 5.3(b)(vi)) to the Purchaser; and (viii) the remainder, if any, to the Funding Seller. (c) Immediately upon the application of the payments disbursed pursuant to Sections 2.7(b)(v) and 2.7(b)(vi) above, the Bank Purchasing Agent shall increase the Discount Ledger Balance by such amounts. Following the Final Termination Date, any amounts relating to the Discount Ledger Balance shall be retained by the Purchaser in accordance with this Agreement. (d) The Servicer shall make available the amounts due to the Purchaser pursuant to Section 2.7(b) by wire transfer in U.S. dollars in same day funds to the accounts designated by the Bank Purchasing Agent no later than 3:00 p.m. (New York City time) on the related Settlement Date.

Settlement Date Procedures. (a) On each Settlement Date, the following amounts shall be deposited to the Collection Account by the Purchaser: (i) until the Facility Termination Date, the higher of (i) the Funded Amount for such Settlement Date minus the Funded Amount for the immediately preceding Settlement Date (which, for purposes of the first Settlement Date, shall be deemed to have been the Closing Date Funded Amount), and (ii) zero; and (ii) the amount of all payments required to be made by the Purchaser on such Settlement Date in respect of Immediate Write-Off Amounts in accordance with Section 5.3(b)(ii) and (iii). (b) All amounts on deposit in the Collection Account shall be applied by the Servicer on each Settlement Date (in accordance with the Monthly Report provided by the Servicer to the Bank Purchasing Agent prior to such Settlement Date) for the related Collection Period in the following order of priority: (i) to the Servicer in payment of the monthly Servicer Fee; (ii) to Xxxxx Fargo, in payment of any other amounts, including indemnification amounts, payable to it in accordance with the organizational documents of the Purchaser or the organizational documents of the Purchaser’s manager, Billing Gate One Trust; (iii) to the Purchaser, (A) first, first to the payment of the Factoring Fees, Fee and (B) then, then to the payment of the Commitment FeesFee; (iv) to the Purchaser, (A) the Administration Fee and (B) all indemnities and other amounts payable by the Funding Seller to any of the Purchasing Entities pursuant to the Transaction Documents; (v) to the Purchaser, an amount equal to the product of (x) the Discount Rate and (y) the Collections on Purchased Receivables owned by the Purchaser during the prior Collection Period; (vi) to the Purchaser, an amount equal to the product of (x) the Discount Rate and (y) the amount of all Late Collections that occurred during the prior Collection Period; (vii) if the Funded Amount for such Settlement Date is less than the Funded Amount for the immediately preceding Settlement Date (which, for purposes of the first Settlement Date, shall be deemed to have been the Closing Date Funded Amount), the amount of such decrease in the Funded Amount (excluding a decrease in the Funded Amount pursuant to Section 5.3(b)(vi)) to the Purchaser; and (viii) the remainder, if any, to the Funding Seller. (c) Immediately upon the application of the payments disbursed pursuant to Sections 2.7(b)(v) and 2.7(b)(vi) above, the Bank Purchasing Agent shall increase the Discount Ledger Balance by such amounts. Following the Final Termination Date, any amounts relating to the Discount Ledger Balance shall be retained by the Purchaser in accordance with this Agreement. (d) The Servicer shall make available the amounts due to the Purchaser pursuant to Section 2.7(b) by wire transfer in U.S. dollars in same day funds to the accounts designated by the Bank Purchasing Agent no later than 3:00 p.m. (New York City time) on the related Settlement Date.

Settlement Date Procedures. Amounts on deposit on any Settlement Date in the Collection Account representing Collections, Reserve Account Withdrawal Amounts transferred from the Reserve Account pursuant to Section 3.04(b), Advances made pursuant to Section 1.01(c) and other Available Funds (a) On each Settlement Datenet of any amounts reimbursable to Master Servicer in respect of Monthly Advances pursuant to Section 3.05(e), the following amounts which shall be deposited paid to Master Servicer) shall be withdrawn from the Collection Account by the Purchaser: (i) until Indenture Trustee at the Facility Termination Date, the higher of (i) the Funded Amount for such Settlement Date minus the Funded Amount for the immediately preceding Settlement Date (which, for purposes written direction of the first Issuer (or, upon receipt of written notice from the Administrative Agent stating that the Indenture Trustee may no longer rely on the Issuer’s directions, solely at the written direction of the Administrative Agent) on such Settlement Date, shall be deemed to have been in the Closing Date Funded Amount)amounts required, and (ii) zero; and (ii) the amount of all payments required to be made by the Purchaser on such Settlement Date in respect of Immediate Write-Off Amounts in accordance with Section 5.3(b)(ii) and (iii). (b) All amounts on deposit in the Collection Account shall be applied by the Servicer on each Settlement Date (in accordance with the Monthly Report provided by the Servicer to the Bank Purchasing Agent prior to such Settlement Date) for the related Collection Period in the following order of priority: (i) to the Servicer in payment of the monthly Servicer Fee; (ii) to Xxxxx Fargo, in payment of any other amounts, including indemnification amounts, payable to it in accordance with the organizational documents of the Purchaser or the organizational documents of the Purchaser’s manager, Billing Gate One Trust; (iii) to the Purchaser, (A) : first, to the payment of the Factoring Fees, and (B) then, to the payment of the Commitment Fees; (iv) to the Purchaser, (A) the Administration Fee and (B) all indemnities and other any indemnification amounts payable by under the Funding Seller to any of the Purchasing Entities Joint Sharing Agreement pursuant to the Transaction Documents; (v) to the PurchaserSection 3.07; second, an amount equal to the product unpaid Monthly Rebate Fee for such Settlement Period plus any Monthly Rebate Fees not paid when due on any prior Settlement Date shall be set aside in the Collection Account and paid to the Department on such Settlement Date but only to the extent the Department has not deducted or netted the amount of (x) such Monthly Rebate Fees from the Discount Rate and (y) the Collections on Purchased Receivables owned Interest Subsidy Payments or Special Allowance Payments payable by the Purchaser during the prior Collection Period; (vi) Department with respect to the PurchaserPledged Student Loans; third, an amount equal to the product Master Servicer’s Fees for the Pledged Student Loans with respect to such Settlement Period plus any Master Servicer’s Fees not paid when due on any prior Settlement Date shall be set aside in the Collection Account and paid to the Master Servicer for the benefit of (x) the Discount Rate Master Servicer and (y) the amount of all Late Collections that occurred during the prior Collection Period; (vii) if the Funded Amount for Sub-Servicers, as applicable, on such Settlement Date is less in the amount provided in Section 12.18 of this Agreement, provided that following the occurrence of an Event of Termination, the Indenture Trustee may and at the request of the Administrative Agent shall pay the portion of the Master Servicer’s Fees consisting of sub servicing fees directly to the Sub Servicers (rather than through the Funded Amount Master Servicer); fourth, an amount equal to the Eligible Lender Trustee’s Fees with respect to such Settlement Period, plus any Eligible Lender Trustee’s Fees not paid when due on any prior Settlement Date and all expenses incurred by the Eligible Lender Trustee (including its reasonable fees of counsel) in connection with the enforcement of this Agreement shall be set aside in the Collection Account and paid to the Eligible Lender Trustee on such Settlement Date; fifth, an amount equal to the Indenture Trustee’s Fees with respect to such Settlement Period, plus any Indenture Trustee’s Fees not paid when due on any prior Settlement Date and all expenses incurred by the Indenture Trustee (including its reasonable fees of counsel) in connection with the enforcement of this Agreement shall be set aside in the Collection Account and paid to the Indenture Trustee on such Settlement Date; sixth, an amount equal to Administrative Expenses with respect to such Settlement Period, plus any Administrative Expenses not paid when due on any prior Settlement Date shall be set aside in the Collection Account and paid to the party to which such amounts are owed or to the Issuer for payment to such party on such Settlement Date; seventh, an amount equal to the interest accrued (or to be accrued) in respect of all Advances during such Settlement Period, plus any interest on the Advances not paid when due on any prior Settlement Date and interest thereon shall be set aside in the Collection Account and ratably paid to each Funding Agent, for the immediately preceding Settlement Date (which, for purposes account of the first Lenders in such Funding Agent’s Lender Group, according to the respective principal amounts of the Total Outstanding Advances then held by each of the Lenders in such Funding Agent’s Lender Group on such Settlement Date; eighth, an amount equal to all Fees accrued (or to be accrued) during such Settlement Period (other than fees payable to the Letter of Credit provider pursuant to clause tenth that have not been paid previously pursuant to this Section 3.03(b)), plus any Fees not paid when due on any prior Settlement Date, together with interest thereon, shall be deemed set aside in the Collection Account and ratably paid to have been each Funding Agent, for the Closing account of Lenders in such Funding Agent’s Lender Group, according to the respective principal amounts of the Total Outstanding Advances then held by each of the Lenders in such Funding Agent’s Lender Group or any other intended recipient of such Fees on such Settlement Date; ninth, during the Liquidation Period, ratably to each Funding Agent on each Settlement Date, for the account of the Lenders in such Funding Agent’s Lender Group, according to the respective principal amounts of the Total Outstanding Advances then held by each of the Lenders in such Funding Agent’s Lender Group and applied to the outstanding principal amount of the Advances; tenth, an amount equal to the Letter of Credit Provider’s Fees with respect to such Settlement Period, plus any Letter of Credit Provider’s Fees not paid when due on any prior Settlement Date Funded Amount)shall be set aside in the Collection Account and paid to the Letter of Credit Provider on such Settlement Date; eleventh, an amount equal to any other amounts due and owing to the Indenture Trustee, Eligible Lender Trustee, the amount of such decrease Administrative Agent, any Funding Agent, any Affected Party, any Indemnified Party or the Lenders pursuant to this Agreement shall be set aside in the Funded Amount (excluding a decrease in the Funded Amount pursuant to Section 5.3(b)(vi)) Collection Account and paid to the Purchaser; and (viii) Indenture Trustee, Eligible Lender Trustee, Administrative Agent, such Funding Agent, such Affected Party, such Indemnified Party or the remainderLenders, if anyas the case may be, to the Funding Seller. (c) Immediately upon the application of the payments disbursed pursuant to Sections 2.7(b)(v) and 2.7(b)(vi) above, the Bank Purchasing Agent shall increase the Discount Ledger Balance by such amounts. Following the Final Termination Date, any amounts relating to the Discount Ledger Balance shall be retained by the Purchaser when due in accordance with this Agreement. (d) The Servicer shall make available ; twelfth, during the Revolving Period, to the Indenture Trustee for deposit to the Reserve Account in an amount equal the amount by which the balance in the Reserve Account is less than the Reserve Account Minimum Balance; thirteenth, an amount equal to any other amounts due and owing to the Purchaser Letter of Credit Provider pursuant to Section 2.7(b) by wire transfer this Agreement or the Premium Letter of Credit shall be set aside in U.S. dollars in same day funds the Collection Account and paid to the accounts designated Letter of Credit Provider when due; fourteenth, an amount equal to the Administrator’s Fees for the Pledged Student Loans with respect to such Settlement Period plus any Administrator’s Fees not paid when due on any prior Settlement Date shall be set aside in the Collection Account and paid to the Administrator; and fifteenth, during the Revolving Period, in an amount, if any, directed by Issuer, ratably to each Funding Agent, for the Bank Purchasing Agent no later than 3:00 p.m. (New York City time) on account of the related Settlement DateLenders in such Funding Agent’s Lender Group, ratably according to the respective principal amounts of the Total Outstanding Advances then held by each of the Lenders in such Funding Agent’s Lender Group and applied to the outstanding principal amount of the Advances.