Common use of Backup Servicer Account Clause in Contracts

Backup Servicer Account. (a) On the Closing Date, the Seller, or the Servicer on its behalf, shall deposit the Backup Servicer Account Initial Deposit into the Backup Servicer Account. On each Payment Date to the extent that any Backup Servicer Expenses are then due and payable, the Servicer will instruct the Indenture Trustee in writing to withdraw an amount equal to such Backup Servicer Expenses then due and payable, and distribute such amount to the Person entitled thereto. If the amount on deposit in the Backup Servicer Account on any Payment Date (after giving effect to the withdrawal therefrom for the payment of Backup Servicer Expenses for such Payment Date) is greater than the Backup Servicer Account Required Amount, the excess will be released to the Seller; provided however, such excess will only be released to the Seller (i) to the extent that all reimbursable expenses of the Backup Servicer as set forth in the following sentence that are due have been paid and (ii) so long as no Servicer Default shall have occurred and be continuing. In addition, the amount on deposit in the Backup Servicer Account will also be made available to pay reasonable costs and expenses (including attorney’s fees) incurred by the Backup Servicer. The Seller (and any of its transferees and assignees) shall in no event be required to refund any amounts properly distributed to it pursuant to this Section 5.13.

Backup Servicer Account. (a) On the Closing Date, the Seller, or the Servicer on its behalf, shall deposit the Backup Servicer Account Initial Deposit into the Backup Servicer Account. On each Payment Date to the extent that any Backup Servicer Expenses are then due and payable, the Servicer will instruct the Indenture Trustee in writing to withdraw an amount equal to such Backup Servicer Expenses then due and payable, and distribute such amount to the Person entitled thereto. If the amount on deposit in the Backup Servicer Account on any Payment Date (after giving effect to the withdrawal therefrom for the payment of Backup Servicer Expenses for such Payment Date) is greater than the Backup Servicer Account Required Amount, the excess will be released to the Seller; provided however, such excess will only be released to the Seller (i) to the extent that all reimbursable expenses of the Backup Servicer as set forth in the following sentence that are due have been paid and (ii) so long as no Servicer Default shall have occurred and be continuing. In addition, the amount on deposit in the Backup Servicer Account will also be made available to pay reasonable costs and expenses (including attorney’s fees) incurred by the Backup Servicer. The Seller (and any of its transferees and assignees) shall in no event be required to refund any amounts properly distributed to it pursuant to this Section 5.13.

Backup Servicer Account. (a) On the Closing Date, the Seller, or the Servicer on its behalf, shall deposit the Backup Servicer Account Initial [Initial] Deposit into the Backup Servicer Account. On each Payment Date to the extent that any Backup Servicer Expenses are then due and payable, the Servicer will instruct the Indenture Trustee in writing to withdraw an amount equal to such Backup Servicer Expenses then due and payable, and distribute such amount to the Person entitled thereto. If the amount on deposit in the Backup Servicer Account on any Payment Date (after giving effect to the withdrawal therefrom for the payment of Backup Servicer Expenses for such Payment Date) is greater than the Backup Servicer Account Required Amount, the excess will be released to the Seller; provided however, such excess will only be released to the Seller (i) to the extent that all reimbursable expenses of the Backup Servicer as set forth in the following sentence that are due have been paid and (ii) so long as no Servicer Default shall have occurred and be continuing. In addition, the amount on deposit in the Backup Servicer Account will also be made available to pay reasonable costs and expenses (including attorney’s fees) incurred by the Backup Servicer. The Seller (and any of its transferees and assignees) shall in no event be required to refund any amounts properly distributed to it pursuant to this Section 5.13.

Backup Servicer Account. (a) On the Closing Date, the Seller, or the Servicer on its behalf, shall deposit the Backup Servicer Account Initial Deposit into the Backup Servicer Account. On each Payment Date to the extent that any Backup Servicer Expenses are then due and payable, the Servicer will instruct the Indenture Trustee in writing to withdraw an amount equal to such Backup Servicer Expenses then due and payable, and distribute such amount to the Person entitled thereto. If the amount on deposit in the Backup Servicer Account on any Payment Date (after giving effect to the withdrawal therefrom for the payment of Backup Servicer Expenses for such Payment Date) is greater than the Backup Servicer Account Required Amount, the excess will be released to the Seller; provided however, such excess will only be released to the Seller (i) to the extent that all reimbursable expenses of the Backup Servicer as set forth in the following sentence that are due have been paid and (ii) so long as no Servicer Default shall have occurred and be continuing. In addition, the amount on deposit in the Backup Servicer Account will also be made available to pay reasonable costs and expenses (including attorney’s fees) incurred by the Backup Servicer. The Seller (and any of its transferees and assignees) shall in no event be required to refund any amounts properly distributed to it pursuant to this Section 5.13.