Aggregate Remittance Amount definition
Examples of Aggregate Remittance Amount in a sentence
In the event that the Aggregate Remittance Amount for any Collection Period exceeds the amount available to be drawn under the Letter of Credit the Servicer shall be subject to the Daily Remittance of estimated FTA Payments as provided in Section 6.11(b).
Schedule 6 to Annex I to Servicing Agreement CALCULATION OF AGGREGATE REMITTANCE AMOUNT Subject to the terms and conditions of this Agreement, the Servicer shall calculate the Aggregate Remittance Amount to be remitted to the Collection Account on a Remittance Date in accordance with this Schedule 6.
The Note Issuer and the Note Trustee shall have the right to draw under the Letter of Credit solely in the event and to the extent that the Aggregate Remittance Amount is not remitted pursuant to Section 6.11 of the Servicing Agreement.
Such amount shall be increased or decreased, as applicable, by (A) the amount of any Remittance Shortfall or (B) the amount of any Excess Remittance and (C) Billed FTA Amounts not accounted for or erroneously accounted for in prior periods (collectively, the "Aggregate Remittance Amount") for the applicable Billing Period to the General Subaccount of the Collection Account.
If by 6:00 p.m. Eastern Time on such Remittance Date the Note Trustee shall not have received the Aggregate Remittance Amount, the Note Trustee shall draw on the Letter of Credit as set forth in Section 6.11(f) of the Servicing Agreement.