Common use of Collections Clause in Contracts

Collections. (a) The Servicer shall remit daily to the Collection Account all payments received from or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicer.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments received from or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (i) (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Servicer shall have obtained (1) a Servicer Letter of Credit issued by a depository institution or insurance company, as the case may be, having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee may draw thereon in the event that the Servicer fails to deposit collections into the Collection Account on a monthly basis, or (2) a surety bond, insurance policy or other deposit of cash or securities satisfactory to the Indenture Trustee and each Rating Agency; provided that in connection with clause (y) above, the Servicer satisfies the Rating Agency Condition has been satisfied or with respect to each Rating Agency for which the proposed alternative collections remittance schedule Servicer’s then-current short-term credit rating is otherwise acceptable not at least equal to the Required Servicer Rating Agenciesfor such Rating Agency and, if applicable, provides the Indenture Trustee with an Officer’s Certificate from the Servicer to the effect that the Servicer’s then-current short-term credit rating is at least equal to the Required Servicer Rating from each other Rating Agency, if any; and, provided further, that if the Servicer shall have obtained a Servicer Letter of Credit in accordance with subclause (1) above, the Servicer shall be required to remit collections to the Collection Account on each Business Day to the extent that the aggregate amount of collections described in clause (a) above and received during such Collection Period exceeds the amount of the Servicer Letter of Credit. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Bi)(B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.017.01 or from the Letter of Credit Bank. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days immediately following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist), the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller Seller, the Servicer or the Letter of Credit Bank, if any. Any funds held by the Servicer which should have been deposited into the Collection Account but were not, thereby resulting in a payment under the Servicer Letter of Credit, if any, shall not be remitted to the Collection Account, but shall instead be paid immediately and directly to the Letter of Credit Bank. The Servicer shall also be permitted to reimburse the Letter of Credit Bank out of its own funds. Any such payment to the Letter of Credit Bank shall be accompanied by a copy of the Servicer’s Certificate related to the previous failure to remit funds and an Officer’s Certificate which includes a statement identifying, by reference to the items in such related Servicer’s Certificate, each shortfall in Servicer remittances to which such payment to the Letter of Credit Bank relates. The Servicer will also provide the Indenture Trustee with copies of each such Servicer’s Certificate and any Officer’s Certificate delivered with any such payment to the Letter of Credit Bank.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments amounts (excluding, for the avoidance of doubt, any Supplemental Servicing Fees) received from or on behalf of by the Obligors Servicer on or in respect of the Receivables (including Liquidation Proceeds and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited received by the Servicer in connection with the Collection Account repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) but later determined by excluding payments with respect to Purchased Receivables) as soon as practicable and in no event after the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsclose of business on the second Business Day after such receipt; provided, which amounts have not been previously reimbursed to however, that for so long as (i) CarMax is the Servicer, and (ii) any prepayment charge no Event of Servicing Termination shall have occurred and other administrative fees be continuing and expenses or similar charges which shall be retained (iii) CarMax’s short-term unsecured debt is rated at least “A-1” by S&P Global Ratings and “F1” by Fitch (the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Condition”), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as remit any such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above amounts received during any Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day preceding the Distribution Date for so long following such Collection Period (it being understood that the Monthly Remittance Condition has not been satisfied as of the Closing Date); provided further, that if any such amounts (Aincluding Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) are received in respect of a Receivable as to which there is an unreimbursed Simple Interest Advance, the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable retain such amounts to the Rating Agenciesextent of such unreimbursed Simple Interest Advance (and shall apply the amount retained to reimburse itself for such unreimbursed Simple Interest Advance) and shall remit the balance of such amounts to the Collection Account; and, provided further, that the Servicer shall, if it determines that it has made an Unreimbursed Servicer Advance, retain amounts received on or in respect of the Receivables to the extent set forth in Section 4.4(b). The Owner Trustee and the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause clauses (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee, as applicable, has received notice of such event or circumstance at its Corporate Trust Office from the Seller Depositor or the Servicer in an Officer’s CertificateCertificate or written notice of such event or circumstance from the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or unless a Responsible Officer of the Owner Trustee or the Indenture Trustee, from Securityholders as provided in Section 7.01applicable, has actual knowledge of such event or circumstance. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the The Servicer shall remit all collections referred to in clause (a) above to the Collection Account on the Closing Date all amounts received by the Servicer on or in respect of the Receivables (including Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a daily basis within two Financed Vehicle (2whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article Day preceding the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerClosing Date.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments amounts (excluding, for the avoidance of doubt, any Supplemental Servicing Fees) received from or on behalf of by the Obligors Servicer on or in respect of the Receivables (including Liquidation Proceeds and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited received by the Servicer in connection with the Collection Account repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) but later determined by excluding payments with respect to Purchased Receivables) as soon as practicable and in no event after the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsclose of business on the second Business Day after such receipt; provided, which amounts have not been previously reimbursed to however, that for so long as (i) CarMax is the Servicer, and (ii) any prepayment charge no Event of Servicing Termination shall have occurred and other administrative fees be continuing and expenses or similar charges which shall be retained (iii) CarMax’s short-term unsecured debt is rated at least “A-1” by S&P Global Ratings and “F1” by Fitch Ratings, Inc. (the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Condition”), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as remit any such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above amounts received during any Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day preceding the Distribution Date for so long following such Collection Period (it being understood that the Monthly Remittance Condition has not been satisfied as of the Closing Date); provided further, that if any such amounts (Aincluding Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) are received in respect of a Receivable as to which there is an unreimbursed Simple Interest Advance, the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable retain such amounts to the Rating Agenciesextent of such unreimbursed Simple Interest Advance (and shall apply the amount retained to reimburse itself for such unreimbursed Simple Interest Advance) and shall remit the balance of such amounts to the Collection Account; and, provided further, that the Servicer shall, if it determines that it has made an Unreimbursed Servicer Advance, retain amounts received on or in respect of the Receivables to the extent set forth in Section 4.4(b). The Owner Trustee and the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause clauses (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee, as applicable, has received notice of such event or circumstance at its Corporate Trust Office from the Seller Depositor or the Servicer in an Officer’s CertificateCertificate or written notice of such event or circumstance from the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or unless a Responsible Officer of the Owner Trustee or the Indenture Trustee, from Securityholders as provided in Section 7.01applicable, has actual knowledge of such event or circumstance. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the The Servicer shall remit all collections referred to in clause (a) above to the Collection Account on the Closing Date all amounts received by the Servicer on or in respect of the Receivables (including Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a daily basis within two Financed Vehicle (2whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article Day preceding the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerClosing Date.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments received from or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (i) (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Servicer shall have provided the Trustees written confirmation from each Rating Agency Condition has been satisfied or that the proposed alternative collections remittance schedule is otherwise acceptable will not result in the reduction of withdrawal of the rating then assigned to the Rating Agenciesany Class of Notes. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Bi)(B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days immediately following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist), the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicer.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments amounts received from or on behalf of by the Obligors Servicer on or in respect of the Receivables (including Liquidation Proceeds and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited received by the Servicer in connection with the Collection Account repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable) but later determined by excluding payments with respect to Purchased Receivables) as soon as practicable and in no event after the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsclose of business on the second Business Day after such receipt; provided, which amounts have not been previously reimbursed to however, that for so long as (i) CarMax is the Servicer, and (ii) any prepayment charge no Event of Servicing Termination shall have occurred and other administrative fees be continuing and expenses or similar charges which (iii) the Rating Agency Condition shall be retained by the Servicer and Supplemental Servicing Fees; providedhave been satisfied (each, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed a “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Condition”), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as remit any such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above amounts received during any Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day preceding the Distribution Date for so long following such Collection Period (it being understood that the Monthly Remittance Condition has not been satisfied as of the Closing Date); provided further, that if any such amounts (Aincluding Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) are received in respect of a Receivable as to which there is an unreimbursed Simple Interest Advance, the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable retain such amounts to the Rating Agenciesextent of such unreimbursed Simple Interest Advance (and shall apply the amount retained to reimburse itself for such unreimbursed Simple Interest Advance) and shall remit the balance of such amounts to the Collection Account; and, provided further, that the Servicer shall, if it determines that it has made an Unreimbursed Servicer Advance, retain amounts received on or in respect of the Receivables to the extent set forth in Section 4.4(b). The Owner Trustee and the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee, as applicable, has received notice of such event or circumstance from the Seller Depositor or the Servicer in an Officer’s CertificateCertificate or written notice of such event or circumstance from the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or unless a Responsible Officer of the Owner Trustee or the Indenture Trustee, from Securityholders as provided in Section 7.01applicable, has actual knowledge of such event or circumstance. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the The Servicer shall remit all collections referred to in clause (a) above to the Collection Account on the Closing Date all amounts received by the Servicer on or in respect of the Receivables (including Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a daily basis within two Financed Vehicle (2whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article Day preceding the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerClosing Date.

Collections. (a) The Servicer shall, and shall cause any subservicer to, remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or with respect to the Receivables, and all Liquidation Proceeds, both as collected during the Collection Period, and in respect either case within two Business Days of the Receivables date that the Servicer has identified and all Net Liquidation Proceeds within two posted such amounts (2which the Servicer shall use its reasonable best efforts to do promptly) Business Days after receipt thereofto the Servicer’s computer system (the “Posted Date”). Notwithstanding the foregoing, in each case, minus for so long as: (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to NH Credit remains the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived (iii) prior to ceasing remittances as described in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfiedpreceding sentence, the Rating Agency Condition has shall have been satisfied (and any conditions or the proposed alternative collections remittance schedule is otherwise acceptable to limitations imposed by the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer Agencies in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (Aconnection therewith are complied with), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all such collections referred with respect to in clause (a) above the related Collection Period to the Collection Account on a daily basis within two (2) Business Days the Transfer Date immediately following the end of receipt thereof in accordance with clause (a) abovesuch Collection Period. For purposes of this Article V, the phrase “payments made by or on behalf of the Obligors” shall mean payments made with respect to the Receivables by Persons other than the Seller Servicer or the Seller. On any Payment Date with respect to which the Backup Servicer shall have been acting as Successor Servicer during the related Collection Period, the Backup Servicer, in its capacity as Successor Servicer, may direct the Indenture Trustee to withdraw from the Collection Account and pay to the Backup Servicer, in its capacity as Successor Servicer, the sum of any accrued amounts expended by such Successor Servicer in connection with the liquidation of any Liquidated Receivables, but solely to the extent such amounts were not netted out of Liquidation Proceeds with respect of such Liquidated Receivables or previously recovered by such Successor Servicer pursuant to this Section 5.3; provided that, the amount that such Successor Servicer may withdraw from the Collection Account pursuant to this Section 5.3 on any Payment Date shall not exceed the aggregate amount of Liquidation Proceeds collected during the related Collection Period and deposited into the Collection Account prior to such Payment Date. Any such withdrawals permissible under this Section 5.3 shall be made prior to any distributions under Section 5.6.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments amounts (excluding, for the avoidance of doubt, any Supplemental Servicing Fees) received from or on behalf of by the Obligors Servicer on or in respect of the Receivables (including Liquidation Proceeds and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited received by the Servicer in connection with the Collection Account repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) but later determined by excluding payments with respect to Purchased Receivables) as soon as practicable and in no event after the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsclose of business on the second Business Day after such receipt; provided, which amounts have not been previously reimbursed to however, that for so long as (i) CarMax is the Servicer, and (ii) any prepayment charge no Event of Servicing Termination shall have occurred and other administrative fees be continuing and expenses or similar charges which shall be retained (iii) CarMax’s short-term unsecured debt is rated at least “A-1” by S&P Global Ratings and “P-1” by Moody’s (the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Condition”), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as remit any such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above amounts received during any Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day preceding the Distribution Date for so long following such Collection Period (it being understood that the Monthly Remittance Condition has not been satisfied as of the Closing Date); provided further, that if any such amounts (Aincluding Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) are received in respect of a Receivable as to which there is an unreimbursed Simple Interest Advance, the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable retain such amounts to the Rating Agenciesextent of such unreimbursed Simple Interest Advance (and shall apply the amount retained to reimburse itself for such unreimbursed Simple Interest Advance) and shall remit the balance of such amounts to the Collection Account; and, provided further, that the Servicer shall, if it determines that it has made an Unreimbursed Servicer Advance, retain amounts received on or in respect of the Receivables to the extent set forth in Section 4.4(b). The Owner Trustee and the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause clauses (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee, as applicable, has received notice of such event or circumstance at its Corporate Trust Office from the Seller Depositor or the Servicer in an Officer’s CertificateCertificate or written notice of such event or circumstance from the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or unless a Responsible Officer of the Owner Trustee or the Indenture Trustee, from Securityholders as provided in Section 7.01applicable, has actual knowledge of such event or circumstance. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the The Servicer shall remit all collections referred to in clause (a) above to the Collection Account on the Closing Date all amounts received by the Servicer on or in respect of the Receivables (including Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a daily basis within two Financed Vehicle (2whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article Day preceding the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerClosing Date.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments received from or on behalf of the Obligors on or in respect of the Receivables (other than, in the case of Precomputed Receivables, payments constituting Payments Ahead) and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (aSection 4.02(a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)below, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause Section 4.02 (a) above upon compliance with the specific terms and conditions set forth below in this Section and for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of Section 4.02(a), the Servicer will be permitted to remit such collections referred to in clause (a) above to the Collection Account in immediately available funds funds, on each Deposit Date but only for so long as (i) (A) the Servicer shall be AHFC, (B) except as provided in clause (ii) below, the Required Servicer Rating is satisfied and (C) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived continuing, provided, however, that immediately following the non-compliance with clause (B) above or in accordance with the Basic Documentsevent that an event of the nature specified in Section 7.01(c) has occurred (notwithstanding any period of grace contained in such clause), the Servicer shall remit such collections to the Collection Account on a daily basis within two Business Days of receipt thereof, or (ii)(A) if the conditions specified in clause (i)(A) and (C) above are satisfied, and (xB) the Servicer shall have obtained (1) a Servicer Letter of Credit issued by a depository institution or insurance company, as the case may be, having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee may draw thereon in the event that the Servicer fails to deposit collections into the Collection Account on a monthly basis or (2) a surety bond, insurance policy or other deposit of cash or securities satisfactory to the Indenture Trustee and each Rating Agency; provided that in connection with clause (ii) above, the Servicer provides to the Indenture Trustee, from each Rating Agency for which the Servicer's then-current short-term credit rating is not at least equal to the Required Servicer Rating for such Rating Agency, a letter to the effect that the satisfaction of the conditions in clause (ii) above and allowing the Servicer to make monthly deposits will not result in a qualification, reduction or withdrawal of its then-current rating of any Class of Notes and, if applicable, an Officer's Certificate from the Servicer to the effect that the Servicer's then-current short-term credit rating is satisfied, or (y) if at least equal to the Required Servicer Rating is not satisfiedfrom each other Rating Agency, if any; and, provided further, that if the Servicer shall have obtained a Servicer Letter of Credit in accordance with clause (ii) above, the Rating Agency Condition has been satisfied or the proposed alternative Servicer shall be required to remit collections remittance schedule is otherwise acceptable to the Rating AgenciesCollection Account on each Business Day to the extent that the aggregate amount of collections described in Section 4.02(a) and received during such Collection Period exceeds the Servicer Letter of Credit Amount. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Bi)(C) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s 's Certificate, from Securityholders as provided in Section 7.017.01 or from the Letter of Credit Bank. For purposes of this Article the phrase "payments made on behalf of Obligors" shall mean payments made by Persons other than the Seller, the Servicer or the Letter of Credit Bank, if any. Any funds held by the Servicer which it determines are to be remitted (or any of its own funds which the Seller or the Servicer determines to pay to the Letter of Credit Bank) in respect of a failure previously to remit collections which failure resulted in a payment under the Servicer Letter of Credit, if any, shall not be remitted to the Collection Account, but shall instead be paid immediately and directly to the Letter of Credit Bank. Any such payment to the Letter of Credit Bank shall be accompanied by a copy of the Servicer's Certificate related to the previous failure to remit funds and an Officer's Certificate which includes a statement identifying, by reference to the items in such related Servicer's Certificate, each shortfall in Servicer remittances to which such payment relates. The Servicer will also provide the Indenture Trustee with copies of each such Servicer's Certificate and Officer's Certificate delivered with any such payment to the Letter of Credit Bank. (c) The Servicer shall deposit all Payments Ahead in the Payahead Account within two Business Days after receipt thereof, which Payments Ahead shall be transferred to the Collection Account pursuant to Section 4.06(a)(i). Notwithstanding the foregoing, commencing so long as the Servicer is permitted to remit collections to the Collection Account on a monthly basis pursuant to Section 4.02(b), the Servicer will not be required to deposit Payments Ahead in the Payahead Account within two Business Days after receipt thereof but shall be entitled to retain such Payments Ahead, without segregation from its other funds, until such time as the Servicer shall be required to remit Applied Payments Ahead to the Collection Account pursuant to Section 4.06(a)(ii). Commencing with the first day of the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) after the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, day on which the Servicer shall is no longer permitted to remit all collections referred to in clause (a) above to the Collection Account on a daily monthly basis pursuant to Section 4.02(b), and until such time as the Servicer is once again permitted by Section 4.02(b) to remit collections to the Collection Account on a monthly basis, all Payments Ahead then held by the Servicer shall be immediately deposited into the Payahead Account and all future Payments Ahead shall be remitted by the Servicer to the Payahead Account within two (2) Business Days of after receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicerthereof.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments amounts received from or on behalf of by the Obligors Servicer on or in respect of the Receivables (including Liquidation Proceeds and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited received by the Servicer in connection with the Collection Account repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable) but later determined by excluding payments with respect to Purchased Receivables) as soon as practicable and in no event after the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsclose of business on the second Business day after such receipt; provided, which amounts have not been previously reimbursed to however, that for so long as (i) CarMax is the Servicer, and (ii) any prepayment charge no Event of Servicing Termination shall have occurred and other administrative fees be continuing and expenses or similar charges which (iii) the Rating Agency Condition shall be retained by the Servicer and Supplemental Servicing Fees; providedhave been satisfied (each, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed a “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Condition”), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as remit any such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above amounts received during any Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day preceding the Distribution Date for so long following such Collection Period (it being understood that the Monthly Remittance Condition has not been satisfied as of the Closing Date); provided further, that if any such amounts (Aincluding Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) are received in respect of a Receivable as to which there is an unreimbursed Simple Interest Advance, the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable retain such amounts to the Rating Agenciesextent of such unreimbursed Simple Interest Advance (and shall apply the amount retained to reimburse itself for such unreimbursed Simple Interest Advance) and shall remit the balance of such amounts to the Collection Account; and, provided further, that the Servicer shall, if it determines that it has made an Unreimbursed Servicer Advance, retain amounts received on or in respect of the Receivables to the extent set forth in Section 4.4(b). The Owner Trustee and the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee, as applicable, has received notice of such event or circumstance from the Seller Depositor or the Servicer in an Officer’s CertificateCertificate or written notice of such event or circumstance from the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or unless a Responsible Officer of the Owner Trustee or the Indenture Trustee, from Securityholders as provided in Section 7.01applicable, has actual knowledge of such event or circumstance. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the The Servicer shall remit all collections referred to in clause (a) above to the Collection Account on the Closing Date all amounts received by the Servicer on or in respect of the Receivables (including Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a daily basis within two Financed Vehicle (2whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article Day preceding the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerClosing Date.

Collections. (a) The Subject to the provisions of subsection (b) below, the Servicer shall remit daily to the Collection Account (i) all payments received from by or on behalf of the Obligors (including, subject to the next two sentences, Payaheads on or in the Receivables, but excluding payments with respect of the to Purchased Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer included in the Collection Account but later determined by the Servicer in its reasonable opinion Supplemental Servicing Fee), including amounts treated as collections on Balloon Payment Receivables and Final Payment Receivables pursuant to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, Section 3.2(d) and (ii) any prepayment charge all Liquidation Proceeds and other administrative fees and expenses or similar charges which shall be retained all Recoveries, received by the Servicer during any Collection Period, as soon as practicable, but in no event after the close of business on the second Business Day after receipt thereof. Collections of Payaheads shall be deposited in the Collection Account, pursuant to the preceding sentence for purposes of administrative convenience only, pending determination of the amount to be deposited in the Payahead Account (or in the event that the Monthly Remittance Conditions are satisfied, remitted to the Servicer pursuant to Section 4.1(h)), which amount shall be deposited in the Payahead Account as soon as practicable but in no event later than the Payment Date immediately following collection, and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, such amounts shall not be deemed “received” transferred to the Collection Account until such time due. MMCA, for so long as it is acting as the Obligor is identified and the payment is allocated as suchServicer, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (athe immediately preceding paragraph. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 4.2(a) above and only for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 4.2(a), the Servicer will be permitted to shall remit collections referred to in clause (a) above received during a Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day prior to the related Payment Date but only for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating each Monthly Remittance Condition is satisfied. Notwithstanding the foregoing, or (y) if the Required Servicer Rating a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition became unsatisfied), if the Servicer provides to the Owner Trustee and the Indenture Trustee written confirmation from the Rating Agency Condition has been satisfied Agencies that such alternative remittance schedule will not result in the downgrading or withdrawal by the Rating Agencies of the ratings then assigned to the Notes and the Certificates. The Owner Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause clauses (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, 's Certificate or written notice from Securityholders as provided the Holders of Notes evidencing not less than 25% of the principal balance of the then outstanding Notes or from the Holders of Certificates evidencing not less than 25% of the Certificate Balance or a Responsible Officer in Section 7.01. Notwithstanding the foregoing, commencing Corporate Trust Office with the first Collection Period that begins at least two knowledge hereof or familiarity herewith has actual knowledge of such event or circumstance. (2b) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existIn those cases where a subservicer is servicing a Receivable, the Servicer shall cause the subservicer to remit all collections to the Collection Account, as soon as practicable, but in no event after the close of business on the second Business Day after receipt thereof by the subservicer (but subject to the provisions of Section 4.2(a)) the amounts referred to in clause (aSection 4.2(a) above to in respect of a Receivable being serviced by the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersubservicer.

Collections. (a) The Subject to the provisions of subsection (b) below, the Servicer shall remit daily to the Collection Account (i) all payments received from by or on behalf of the Obligors (including, subject to the next two sentences, Payaheads on or in the Receivables, but excluding payments with respect of the to Purchased Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer included in the Collection Account but later determined by the Servicer in its reasonable opinion Supplemental Servicing Fee), including amounts treated as collections on Final Payment Receivables pursuant to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, Section 3.2(d) and (ii) any prepayment charge all Liquidation Proceeds and other administrative fees and expenses or similar charges which shall be retained all Recoveries, received by the Servicer during any Collection Period, as soon as practicable, but in no event after the close of business on the second Business Day after receipt thereof. Collections of Payaheads shall be deposited in the Collection Account, pursuant to the preceding sentence for purposes of administrative convenience only, pending determination of the amount to be deposited in the Payahead Account (or in the event that the Monthly Remittance Conditions are satisfied, remitted to the Servicer pursuant to Section 4.1(e)), which amount shall be deposited in the Payahead Account as soon as practicable but in no event later than the Payment Date immediately following collection, and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, such amounts shall not be deemed “received” transferred to the Collection Account until such time due. MMCA, for so long as it is acting as the Obligor is identified and the payment is allocated as suchServicer, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (athe immediately preceding paragraph. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 4.2(a) above and only for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 4.2(a), the Servicer will be permitted to shall remit collections referred to in clause (a) above received during a Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day prior to the related Payment Date but only for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating each Monthly Remittance Condition is satisfied. Notwithstanding the foregoing, or (y) if the Required Servicer Rating a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition became unsatisfied), if the Servicer provides to the Owner Trustee and the Indenture Trustee written confirmation from the Rating Agency Condition has been satisfied Agencies that such alternative remittance schedule will not result in the downgrading or withdrawal by the Rating Agencies of the ratings then assigned to the Notes and the Certificates. The Owner Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause clauses (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, 's Certificate or written notice from Securityholders as provided the Holders of Notes evidencing not less than 25% of the principal balance of the then outstanding Notes or from the Holders of Certificates evidencing not less than 25% of the Certificate Balance or a Responsible Officer in Section 7.01. Notwithstanding the foregoing, commencing Corporate Trust Office with the first Collection Period that begins at least two knowledge hereof or familiarity herewith has actual knowledge of such event or circumstance. (2b) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existIn those cases where a subservicer is servicing a Receivable, the Servicer shall cause the subservicer to remit all collections to the Collection Account, as soon as practicable, but in no event after the close of business on the second Business Day after receipt thereof by the subservicer (but subject to the provisions of Section 4.2(a)) the amounts referred to in clause (aSection 4.2(a) above to in respect of a Receivable being serviced by the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersubservicer.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the first Business Days Day after receipt thereof. For purposes of this Article V, in each case, minus (i) an amount equal to amounts previously deposited the phrase “payments received by or on behalf of the Servicer in the Collection Account but later determined Obligors” shall mean payments made by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to Persons other than the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) . Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)foregoing, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms (i) NMAC is the Servicer, (ii) (A) NMAC’s short-term unsecured debt obligations are rated at least “P-1” by Moody’s and conditions NMAC’s short-term unsecured debt obligations (or, if NMAC is the Servicer and the Servicer then has no short-term rating from Standard & Poor’s, Nissan Capital of America, Inc.’s short-term unsecured debt obligations) are fulfilled. Accordinglyrated “A-1” by Standard & Poor’s (so long as Moody’s and Standard & Poor’s are Rating Agencies), or (B) certain arrangements are made that are acceptable to the Rating Agencies, and (iii) no Event of Default or Servicer Default shall have occurred and be continuing (unless waived by the appropriate Securityholders) (collectively, the “Monthly Remittance Conditions”); the Servicer will shall not be permitted required to remit such collections referred to the Collection Account on the foregoing daily basis but shall be entitled to retain such collections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer shall remit all such collections in clause (a) above respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFC, immediately deposited into the Collection Account and all future collections on or in respect of the Receivables (Bother than payments on Warranty Receivables and the Administrative Receivables) no and all Net Liquidation Proceeds shall be remitted by the Servicer Default or Event of Default shall have occurred and be continuing and to the Collection Account on a daily basis not have been waived in accordance with later than the Basic Documents, and first Business Day after receipt thereof. (Cb) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s CertificateCertificate or from the Holders of Notes evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes, from Securityholders or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. (c) The Servicer shall give the Owner Trustee, the Indenture Trustee and each Rating Agency written notice of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) as provided soon as practical after the occurrence thereof but in Section 7.01. no event later than 10 Business Days after obtaining knowledge thereof (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer shall remit all collections referred to in clause may utilize an alternative remittance schedule (a) above which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition became unsatisfied), if the Servicer provides to the Collection Account on a daily basis within two (2) Business Days Owner Trustee and the Indenture Trustee written confirmation from each Rating Agency that such alternative remittance schedule will not result in the downgrading or withdrawal by such Rating Agency of receipt thereof in accordance with clause (a) above. For purposes the ratings then assigned to any Class of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerNotes.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the first Business Days Day after receipt thereof. For purposes of this Article V, in each case, minus (i) an amount equal to amounts previously deposited the phrase "payments received by or on behalf of the Servicer in the Collection Account but later determined Obligors" shall mean payments made by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to Persons other than the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) . Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)foregoing, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms (i) NMAC is the Servicer, (ii) (A) NMAC's short-term unsecured debt obligations are rated at least "P-1" by Moody's and conditions NMAC's short-term unsecured debt obligations (or, if NMAC is the Servicer and the Servicer then has no short-term rating from Standard & Poor's, Nissan Capital of America, Inc.'s short-term unsecured debt obligations) are fulfilled. Accordinglyrated "A-1" by Standard & Poor's (so long as Moody's and Standard & Poor's are Rating Agencies), or (B) certain arrangements are made that are acceptable to the Rating Agencies, and (iii) no Event of Default or Servicer Default shall have occurred and be continuing (unless waived by the appropriate Securityholders) (collectively, the "Monthly Remittance Conditions"); the Servicer will shall not be permitted required to remit such collections referred to the Collection Account on the foregoing daily basis but shall be entitled to retain such collections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer shall remit all such collections in clause (a) above respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFC, immediately deposited into the Collection Account and all future collections on or in respect of the Receivables (Bother than payments on Warranty Receivables and the Administrative Receivables) no and all Net Liquidation Proceeds shall be remitted by the Servicer Default or Event of Default shall have occurred and be continuing and to the Collection Account on a daily basis not have been waived in accordance with later than the Basic Documents, and first Business Day after receipt thereof. (Cb) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate's Certificate or from the Holders of Notes evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes, from Securityholders or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. (c) The Servicer shall give the Owner Trustee, the Indenture Trustee and each Rating Agency written notice of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) as provided soon as practical after the occurrence thereof but in Section 7.01. no event later than 10 Business Days after obtaining knowledge thereof (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer shall remit all collections referred to in clause may utilize an alternative remittance schedule (a) above which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition became unsatisfied), if the Servicer provides to the Collection Account on a daily basis within two (2) Business Days Owner Trustee and the Indenture Trustee written confirmation from each Rating Agency that such alternative remittance schedule will not result in the downgrading or withdrawal by such Rating Agency of receipt thereof in accordance with clause (a) above. For purposes the ratings then assigned to any Class of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerNotes.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments amounts (excluding, for the avoidance of doubt, any Supplemental Servicing Fees) received from or on behalf of by the Obligors Servicer on or in respect of the Receivables (including Liquidation Proceeds and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited received by the Servicer in connection with the Collection Account repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable) but later determined by excluding payments with respect to Purchased Receivables) as soon as practicable and in no event after the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsclose of business on the second Business Day after such receipt; provided, which amounts have not been previously reimbursed to however, that for so long as (i) CarMax is the Servicer, and (ii) any prepayment charge no Event of Servicing Termination shall have occurred and other administrative fees be continuing and expenses or similar charges which shall be retained (iii) CarMax’s short-term unsecured debt is rated at least “[_____]” by the Servicer [_____] and Supplemental Servicing Fees; provided“[______]” by [____] (each, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed a “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Condition”), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as remit any such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above amounts received during any Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day preceding the Distribution Date for so long following such Collection Period (it being understood that the Monthly Remittance Condition has not been satisfied as of the Closing Date); provided further, that if any such amounts (Aincluding Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) are received in respect of a Receivable as to which there is an unreimbursed Simple Interest Advance, the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable retain such amounts to the Rating Agenciesextent of such unreimbursed Simple Interest Advance (and shall apply the amount retained to reimburse itself for such unreimbursed Simple Interest Advance) and shall remit the balance of such amounts to the Collection Account; and, provided further, that the Servicer shall, if it determines that it has made an Unreimbursed Servicer Advance, retain amounts received on or in respect of the Receivables to the extent set forth in Section 4.4(b). The Owner Trustee and the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause clauses (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee, as applicable, has received notice of such event or circumstance at its Corporate Trust Office from the Seller Depositor or the Servicer in an Officer’s CertificateCertificate or written notice of such event or circumstance from the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or unless a Responsible Officer of the Owner Trustee or the Indenture Trustee, from Securityholders as provided in Section 7.01applicable, has actual knowledge of such event or circumstance. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the The Servicer shall remit all collections referred to in clause (a) above to the Collection Account on the Closing Date all amounts received by the Servicer on or in respect of the Receivables (including Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a daily basis within two Financed Vehicle (2whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article Day preceding the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerClosing Date.

Collections. TRANSFERS TO PAYAHEAD ACCOUNT; REALIZATION UPON POLICY; NET DEPOSITS; TRANSFERS TO PAYMENT ACCOUNT. (a) The Subject to the last sentence of this Section 4.02(a), the Servicer shall remit daily to the Collection Account or credit all payments received from on a daily basis, within two Business Days of receipt, by or on behalf of the Obligors on or in respect of the Receivables Contracts, and all Net Liquidation Proceeds within two (2) and Net Insurance Proceeds and other monies as required to the Collection Account. Prior to the Servicer Report Date, amounts with respect to Precomputed Contracts which are otherwise required to be deposited in or credited to the Collection Account pursuant to the immediately preceding sentence shall instead be deposited in or credited to the Payahead Account to the extent that such amounts are installments of Monthly P&I which are due in a Collection Period relating to a Distribution Date subsequent to the Distribution Date immediately succeeding the date of receipt. The Servicer or the Seller, as the case may be, each shall remit or credit to the Collection Account each Purchase Amount to be remitted by it with respect to Purchased Contracts on the Business Days after receipt thereof, in each case, minus Day preceding the Servicer Report Date next succeeding (i) an amount equal to amounts previously deposited the end of the Collection Period in which the applicable Contract is repurchased by the Servicer Seller pursuant to Section 2.03, in the Collection Account but later determined by case of the Seller or (ii) the last day of the related cure period specified in Section 3.07, in the case of the Servicer. (b) On the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsReport Date, the Servicer shall determine the Insured Amount, if any, which amounts have not been previously reimbursed exists with respect to the related Distribution Date and submit a Distribution Date Statement pursuant to Section 3.09. (c) The Indenture Trustee shall, no later than 10:00 a.m., New York City time, on the third Business Day prior to each Distribution Date (based solely on the information contained in the Distribution Date Statement, delivered on the applicable Servicer Report Date), make a claim under the Policy for the Insured Amount, if any, for such Distribution Date by delivering to the Insurer, with a copy to the Trust Agent and the Servicer, and by hand delivery, telex or facsimile transmission, a written notice (iia "Deficiency Notice") any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by specifying the Servicer and Supplemental Servicing Fees; providedInsured Amount, that any payments received if any, for such Distribution Date, separately identifying the amount of the Insured Amount payable in respect of an Obligor each Class of Notes. Each Deficiency Notice shall direct the Insurer to remit such Insured Amount to the Indenture Trustee for deposit in the Payment Account. In making any such claim, the Indenture Trustee shall comply with all the terms and conditions of the Policy. Upon receipt of the Insured Amount, the Indenture Trustee shall apply the portion thereof, if any, representing the Deficiency Amount with respect to a Distribution Date as provided in Section 4.03. Any amounts received by the Indenture Trustee under the Policy that are not immediately identifiable as such, represent Avoided Payment Amounts shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as suchpaid, in accordance with the Servicer’s customary servicing practicesPolicy, to the applicable Noteholder(s). (bd) Notwithstanding So long as Onyx is the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)Servicer, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified deposits in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above or credits to the Collection Account in immediately available funds on each Deposit Date for so long as (A) net of amounts to be paid to the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01this Agreement. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two Servicer shall maintain the records and accounts for such deposits and credits on a gross basis. (2e) On the Business Days following (x) non-compliance with any of clause (A)Day immediately preceding each Distribution Date, (B) or (C) above, or (y) based solely on the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existDistribution Date Statement, the Servicer shall remit all collections referred cause funds equal to the amount of Net Collections available with respect to such Distribution Date on deposit in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article to be withdrawn from the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than Collection Account and deposited into the Seller or the ServicerPayment Account to be distributed pursuant to Section 4.03.

Collections. (a) The Servicer shall remit daily to the Collection Certificate Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereofProceeds, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in both as collected during the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, Period net of Monthly Servicing Fees and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall allowed to be retained by the Servicer pursuant to Section 8.08 and Supplemental Servicing Fees; providednet of charge backs (attributable to errors in posting, returned checks, or rights of offset for amounts that any payments received in respect of an Obligor should not have been paid or that are not immediately identifiable as such, shall not must be deemed “received” until such time refunded as the Obligor is identified and result of a successful claim or defense under bankruptcy or similar laws) not later than the payment is allocated as such, in accordance with second Business Day following the Business Day on which such amounts are received by the Servicer’s customary servicing practices. (b) . Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)foregoing, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (Aa) UAC remains the Servicer shall be AHFCServicer, (Bb) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived (c)(1) UAC maintains a short-term rating of at least A-1 by Standard & Poor's and P-l by Moody's (and for five Business Days following a reduction in accordance with the Basic Documents, and (Ceither such rating) (x) the Required Servicer Rating is satisfied, or (y2) if the Required Servicer Rating is not satisfiedprior to ceasing daily remittances, the Rating Agency Condition has shall have been satisfied (and any conditions or limitations imposed by the proposed alternative collections remittance schedule is otherwise acceptable Rating Agencies in connection therewith are complied with) and the prior written consent of the Surety Bond Issuer (not to be unreasonably withheld) shall have been obtained, the Servicer may remit all such payments and Liquidation Proceeds with respect to any Collection Period to the Rating AgenciesCertificate Account on a less frequent basis, but in no event later than the Determination Date immediately preceding each Distribution Date. The Indenture Trustee Servicer shall not be deemed remit any Advances with respect to have knowledge of any event a Collection Period to the Certificate Account on or circumstance under clause (B) above that would require daily remittance by before the Determination Date. On each Determination Date, the Servicer shall determine (a) the amount of payments on all Receivables and all Liquidation Proceeds received during such Collection Period, the amount of Advances for such Collection Period, and the Purchase Amount for all Receivables purchased or repurchased with respect to such Collection Period which have been deposited in the Certificate Account (net of amounts required to be paid pursuant to Section 9.04(d), excluding investment income on all such amounts, and not including amounts required to be paid pursuant to Sections 7.02, 8.07, and 9.05 but not so paid) after giving effect to the Collection Account unless a Responsible Officer has received notice of such event or circumstance net transfer from the Seller Certificate Account to the Payahead Account or from the Servicer in an Officer’s Certificate, from Securityholders Payahead Account to the Certificate Account as provided in Section 7.01. Notwithstanding 9.09, (the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A"Available Funds"), and (Bb) the amount of funds necessary to make the distributions required pursuant to Sections 9.04(a) (i) through (vii), inclusive, on the next Distribution Date. The Servicer shall by a Servicer's Certificate notify the Trustee of such amounts by telecopy to the Corporate Trust Office at the number specified in this Agreement (or (C) abovesuch other number as the Trustee may from time to time provide), followed promptly by mailing such notice to the Trustee at the Corporate Trust Office and to the Surety Bond Issuer. On each Distribution Date, the Trustee, or the Servicer on its behalf, shall effect the net transfer between the Certificate Account and the Payahead Account as required by Section 9.09 for such Distribution Date. On any Distribution Date on which there are not sufficient Available Funds to make the distributions required pursuant to Sections 9.04(a)(i) through (yiii) the occurrence Trustee, or the Servicer on its behalf, shall withdraw from the Spread Account, to the extent of the Available Spread Amount, an event specified amount equal to such deficiency and promptly deposit such amount in Section 7.01(c) (notwithstanding any period of grace contained in the Certificate Account. If such clause) and for so long as such condition continues to existdeficiency exceeds the Available Spread Amount, the Servicer shall remit all collections referred to simultaneously and in clause the same manner also notify the Trustee and the Surety Bond Issuer of the amount of such excess deficiency. The Trustee shall promptly (aand in any event not later than 1:00 p.m. New York City time on the Business Day preceding the Distribution Date) above deliver a Notice for Payment as defined in the Surety Bond (appropriately completed) to the Collection Surety Bond Issuer with respect to the Surety Bond. The Surety Bond Issuer is required pursuant to Section 10.03 and the terms of the Surety Bond to pay the amount of such excess deficiency of Monthly Interest and Monthly Principal, up to the Surety Bond Amount. The Trustee shall deposit in the Certificate Account any funds received by the Trustee in respect of funds drawn under the Surety Bond from the Surety Bond Issuer. If the Available Funds for a Distribution Date are insufficient to pay current and past due Surety Bond Fees, or any amounts owing to the Surety Bond Issuer pursuant to the Insurance Agreement including, without limitation, reimbursements, indemnities, fees and expenses, plus accrued interest thereon, to the Surety Bond Issuer, the Servicer shall notify the Trustee of such deficiency, and the Available Spread Amount, if any, then on deposit in the Spread Account (after giving effect to any withdrawal to satisfy a daily basis within two (2deficiency in Monthly Interest or Monthly Principal) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicerbe available to cover such deficiency.

Collections. (a) The On each day Servicer shall remit daily to set aside and hold in trust for the Collection Account holder of each Investor Interest, all payments Collections received from on such day, any other amounts received by or on behalf of Seller from the Obligors Originator or Finance LLC pursuant to a Sale Agreement and an additional amount of funds available to Seller for the payment of any accrued and unpaid Obligations owed by Seller and not previously paid by Seller in accordance with Section 2.1, and shall pay and remit apply such funds as follows: (i) on or each Business Day during a Monthly Period that is prior to both the Cash Receipt Date and the Amortization Date, remit such funds to Seller in respect of Reinvestments for such Monthly Period pursuant to Section 2.2 (and subject to the Receivables provisions of Section 2.2(c)), so long as, on such Business Day, after giving effect to such remittance of funds, the aggregate of the Investor Interests shall not exceed 100%, and all Net Liquidation Proceeds within two otherwise deposit such amounts into the Collection Account, and otherwise deposit the remainder of such amounts into the Collection Account; (2ii) on each Cash Receipt Date prior to the Amortization Date and on each Business Days after receipt thereofDay thereafter during a Monthly Period prior to the Amortization Date, in each case, minus (iA) an amount equal to deposit such amounts previously deposited by the Servicer in into the Collection Account but later determined by until the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to amount on deposit therein equals the ServicerRequired Collection Account Amount for such Business Day, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) at Servicer’s election, remit the Required Servicer Rating is satisfiedbalance (if any) of such funds to Seller in respect of Reinvestments for such Monthly Period pursuant to Section 2.2 (and subject to the provisions of Section 2.2(c)), or so long as, after giving effect to such remittance of funds, the aggregate of the Investor Interests shall not exceed 100%, and otherwise (y) if the Required Servicer Rating is not satisfieddeposit such balance of such funds, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to remainder thereof, as applicable, into the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause Collection Account; and (Biii) above that would require daily remittance by on each Business Day from and after the Servicer to Amortization Date, deposit such amounts into the Collection Account unless a Responsible Officer has received notice for the sole benefit of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existProgram Agent, the Managing Agent and the Investors. If at any time Servicer shall remit all collections referred to in clause (a) above to determines that an amount deposited into the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of does not constitute an amount to be deposited therein pursuant to this Article Section 2.3 or otherwise pursuant to this Agreement or any Transaction Document, Servicer shall withdraw such amounts from the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than Collection Account and pay such amounts to the Seller or the ServicerPerson that Servicer determines is entitled thereto.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the second Business Days Day after receipt identification thereof. For purposes of this Article V, in each case, minus (i) an amount equal to amounts previously deposited the phrase “payments received by or on behalf of the Servicer in the Collection Account but later determined Obligors” shall mean payments made by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to Persons other than the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) . Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)foregoing, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms (i) NMAC is the Servicer, (ii) (A) NMAC’s short-term unsecured debt obligations are rated at least “Prime-1” by ▇▇▇▇▇’▇ and conditions NMAC’s short-term unsecured debt obligations are fulfilled. Accordinglyrated at least “F1” by Fitch (so long as ▇▇▇▇▇’▇ and Fitch are Rating Agencies), (B) NMAC maintains a letter of credit or other form of enhancement acceptable to each Rating Agency to support NMAC’s obligation to deposit collections into the Collection Account, or (C) NMAC otherwise satisfies each Rating Agency’s requirements, and (iii) no Event of Default or Servicer Default shall have occurred and be continuing (unless waived by the appropriate Securityholders) (collectively, the “Monthly Remittance Conditions”); the Servicer will shall not be permitted required to remit such collections referred to the Collection Account on the foregoing basis but shall be entitled to retain such collections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer shall remit all such collections in clause (a) above respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFCimmediately deposited into the Collection Account and all future collections on or in respect of the Receivables (other than payments on Warranty Receivables and the Administrative Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account not later than the second Business Day after identification thereof. Notwithstanding anything herein to the contrary, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived if a subsequent Public ABS Transaction calls for changes in accordance with making monthly deposits to the Basic Documentsrelated collection account, and (C) (x) the Required Servicer Rating is satisfiedthen, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has shall have been satisfied satisfied, the Servicer will no longer be bound by the Monthly Remittance Condition hereunder, and will instead be subject to the conditions to making monthly deposits as required by the subsequent Public ABS Transaction. (b) The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s CertificateCertificate or from the Holders of Notes evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes, from Securityholders or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. (c) The Servicer shall give (i) the Owner Trustee, the Indenture Trustee, and each Rating Agency written notice as provided soon as practical after the occurrence thereof but in Section 7.01. no event later than 10 Business Days after obtaining knowledge thereof, of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition became unsatisfied), if the Rating Agency Condition shall remit all collections referred have been satisfied with respect to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersuch alternative remittance schedule.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the second Business Days Day after receipt identification thereof. For purposes of this Article V, in each casethe phrase “payments received by or on behalf of the Obligors” shall mean payments made by Persons other than the Servicer. Notwithstanding the foregoing, minus for so long as (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to NMAC is the Servicer, and (ii) any prepayment charge (A) NMAC’s short-term unsecured debt obligations are rated at least “Prime-1” by ▇▇▇▇▇’▇ and at least “F1” by Fitch (so long as ▇▇▇▇▇’▇ and Fitch are Rating Agencies), (B) NMAC maintains a letter of credit or other administrative fees form of enhancement acceptable to each Rating Agency to support NMAC’s obligation to deposit collections into the Collection Account, or (C) NMAC otherwise satisfies each Rating Agency’s requirements, and expenses (iii) no Event of Default or similar charges which Servicer Default shall have occurred and be retained continuing (unless waived by the Servicer and Supplemental Servicing Fees; providedappropriate Securityholders) (collectively, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed the “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Conditions”), the Servicer may shall not be permitted required to make remittances of remit such collections to the Collection Account on a less frequent the foregoing basis than that specified in clause (a) above for so long as but shall be entitled to retain such terms and conditions are fulfilled. Accordinglycollections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer will be permitted to shall remit all such collections referred to in clause (a) above respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFCimmediately deposited into the Collection Account and all future collections on or in respect of the Receivables (other than payments on Warranty Receivables and the Administrative Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account not later than the second Business Day after identification thereof. Notwithstanding anything herein to the contrary, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived if a subsequent Public ABS Transaction calls for changes in accordance with making monthly deposits to the Basic Documentsrelated collection account, and (C) (x) the Required Servicer Rating is satisfiedthen, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has shall have been satisfied satisfied, the Servicer will no longer be bound by the Monthly Remittance Condition hereunder, and will instead be subject to the conditions to making monthly deposits as required by the subsequent Public ABS Transaction. (b) The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s CertificateCertificate or from the Holders of Notes evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes, from Securityholders or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. (c) The Servicer shall give (i) the Owner Trustee, the Indenture Trustee and each Rating Agency written notice, as provided soon as practical after the occurrence thereof but in Section 7.01. no event later than 10 Business Days after obtaining knowledge thereof, of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition failed to be satisfied), if the Rating Agency Condition shall remit all collections referred have been satisfied with respect to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersuch alternative remittance schedule.

Collections. TRANSFERS TO PAYAHEAD ACCOUNT; REALIZATION UPON POLICY; NET DEPOSITS; TRANSFERS TO PAYMENT ACCOUNT. (a) The Subject to the last sentence of this Section 4.02(a), the Servicer shall remit daily to the Collection Account or credit all payments received from on a daily basis, within two Business Days of receipt, by or on behalf of the Obligors on or in respect of the Receivables Contracts, and all Net Liquidation Proceeds within two (2) and Net Insurance Proceeds and other monies as required to the Collection Account. Prior to the Servicer Report Date, amounts with respect to Precomputed Contracts which are otherwise required to be deposited in or credited to the Collection Account pursuant to the immediately preceding sentence shall instead be deposited in or credited to the Payahead Account to the extent that such amounts are installments of Monthly P&I which are due in a Collection Period relating to a Distribution Date subsequent to the Distribution Date immediately succeeding the date of receipt. The Servicer or the Seller, as the case may be, each shall remit or credit to the Collection Account each Purchase Amount to be remitted by it with respect to Purchased Contracts on the Business Days after receipt thereof, in each case, minus Day preceding the Servicer Report Date next succeeding (i) an amount equal to amounts previously deposited the end of the Collection Period in which the applicable Contract is repurchased by the Servicer Seller pursuant to Section 2.03, in the Collection Account but later determined by case of the Seller or (ii) the last day of the related cure period specified in Section 3.07, in the case of the Servicer. (b) On the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsReport Date, the Servicer shall determine the Policy Claim Amount, if any, which amounts have not been previously reimbursed exists with respect to the related Distribution Date and submit a Distribution Date Statement pursuant to Section 3.09. (c) The Indenture Trustee shall, no later than 12:00 p.m., New York City time, on the third Business Day prior to each Distribution Date (based solely on the information contained in the Distribution Date Statement, delivered on the applicable Servicer Report Date), make a claim under the Policy for the Policy Claim Amount, if any, for such Distribution Date by delivering to the Fiscal Agent, with a copy to the Insurer, the Trust Agent and the Servicer, and by hand delivery, telex or facsimile transmission, a written notice (iia "Deficiency Notice") any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by specifying the Servicer and Supplemental Servicing Fees; providedPolicy Claim Amount, that any payments received if any, for such Distribution Date, separately identifying the amount of the Policy Claim Amount payable in respect of an Obligor each Class of Notes. Each Deficiency Notice shall direct the Insurer to remit such Policy Claim Amount to the Indenture Trustee for deposit in the Payment Account. In making any such claim, the Indenture Trustee shall comply with all the terms and conditions of the Policy. Upon receipt of the Policy Claim Amount, the Indenture Trustee shall apply the portion thereof, if any, representing the Deficiency Amount with respect to a Distribution Date as provided in Section 4.03. Any amounts received by the Indenture Trustee under the Policy that are not immediately identifiable as such, represent Preference Amounts shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as suchpaid, in accordance with the Servicer’s customary servicing practicesPolicy, to the applicable Noteholder(s). (bd) Notwithstanding So long as Onyx is the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)Servicer, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified deposits in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above or credits to the Collection Account in immediately available funds on each Deposit Date for so long as (A) net of amounts to be paid to the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01this Agreement. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two Servicer shall maintain the records and accounts for such deposits and credits on a gross basis. (2e) On the Business Days following (x) non-compliance with any of clause (A)Day immediately preceding each Distribution Date, (B) or (C) above, or (y) based solely on the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existDistribution Date Statement, the Servicer shall remit all collections referred cause funds equal to the amount of Net Collections available with respect to such Distribution Date on deposit in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article to be withdrawn from the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than Collection Account and deposited into the Seller or the ServicerPayment Account to be distributed pursuant to Section 4.03.

Collections. TRANSFERS TO PAYAHEAD ACCOUNT; REALIZATION UPON POLICY; NET DEPOSITS; TRANSFERS TO PAYMENT ACCOUNT. (a) The Subject to the last sentence of this Section 4.02(a), the Servicer shall remit daily to the Collection Account or credit all payments received from on a daily basis, within two Business Days of receipt, by or on behalf of the Obligors on or in respect of the Receivables Contracts, and all Net Liquidation Proceeds within two (2) and Net Insurance Proceeds and other monies as required to the Collection Account. Prior to the Servicer Report Date, amounts with respect to Precomputed Contracts which are otherwise required to be deposited in or credited to the Collection Account pursuant to the immediately preceding sentence shall instead be deposited in or credited to the Payahead Account to the extent that such amounts are installments of Monthly P&I which are due in a Collection Period relating to a Distribution Date subsequent to the Distribution Date immediately succeeding the date of receipt. The Servicer or the Seller, as the case may be, each shall remit or credit to the Collection Account each Purchase Amount to be remitted by it with respect to Purchased Contracts on the Business Days after receipt thereof, in each case, minus Day preceding the Servicer Report Date next succeeding (i) an amount equal to amounts previously deposited the end of the Collection Period in which the applicable Contract is repurchased by the Servicer Seller pursuant to Section 2.03, in the Collection Account but later determined by case of the Seller or (ii) the last day of the related cure period specified in Section 3.07, in the case of the Servicer. (b) On the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsReport Date, the Servicer shall determine the Policy Claim Amount, if any, which amounts have not been previously reimbursed exists with respect to the related Distribution Date and submit a Distribution Date Statement pursuant to Section 3.09. (c) The Indenture Trustee shall, no later than 12:00 p.m., New York City time, on the third Business Day prior to each Distribution Date (based solely on the information contained in the Distribution Date Statement, delivered on the applicable Servicer Report Date), make a claim under the Policy for the Policy Claim Amount, if any, for such Distribution Date by delivering to the Fiscal Agent, with a copy to the Insurer, the Trust Agent and the Servicer, and by hand delivery, telex or facsimile transmission, a written notice (iia "DEFICIENCY NOTICE") any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by specifying the Servicer and Supplemental Servicing Fees; providedPolicy Claim Amount, that any payments received if any, for such Distribution Date, separately identifying the amount of the Policy Claim Amount payable in respect of an Obligor each Class of Notes. Each Deficiency Notice shall direct the Insurer to remit such Policy Claim Amount to the Indenture Trustee for deposit in the Payment Account. In making any such claim, the Indenture Trustee shall comply with all the terms and conditions of the Policy. Upon receipt of the Policy Claim Amount, the Indenture Trustee shall apply the portion thereof, if any, representing the Deficiency Amount with respect to a Distribution Date as provided in Section 4.03. Any amounts received by the Indenture Trustee under the Policy that are not immediately identifiable as such, represent Preference Amounts shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as suchpaid, in accordance with the Servicer’s customary servicing practicesPolicy, to the applicable Noteholder(s). (bd) Notwithstanding So long as Onyx is the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)Servicer, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified deposits in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above or credits to the Collection Account in immediately available funds on each Deposit Date for so long as (A) net of amounts to be paid to the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01this Agreement. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two Servicer shall maintain the records and accounts for such deposits and credits on a gross basis. (2e) On the Business Days following (x) non-compliance with any of clause (A)Day immediately preceding each Distribution Date, (B) or (C) above, or (y) based solely on the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existDistribution Date Statement, the Servicer shall remit all collections referred cause funds equal to the amount of Net Collections available with respect to such Distribution Date on deposit in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article to be withdrawn from the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than Collection Account and deposited into the Seller or the ServicerPayment Account to be distributed pursuant to Section 4.03.

Collections. (a) The Servicer shall remit daily within two Business Days of receipt thereof to the Collection Account all payments received from by or on behalf of the Obligors on or in with respect of to the Receivables (other than Purchased Receivables) and all Net Liquidation Proceeds within two (2) Business Days after receipt thereofProceeds, in each caseboth as collected during the Monthly Period less any payments owed thereon to the Servicer. Notwithstanding the foregoing, minus for so long as (i) an amount equal TMS Auto Finance remains the Servicer, (ii) no Servicer Default shall have occurred and be continuing, (iii) there exists no Insurer Default and the Security Insurer has furnished its prior written consent and (iv) the Rating Agency Condition shall have been satisfied (and any conditions or limitations imposed by the Rating Agencies in connection therewith are complied with), the Servicer may remit such collections with respect to the preceding calendar month to the Collection Account on the Determination Date immediately preceding the related Distribution Date. For purposes of this Article V the phrase "payments by or on behalf of Obligors" shall mean payments made with respect to the Receivables by Persons other than the Servicer or the Seller. (b) The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Monthly Period for amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer, and (iiServicer on the related Distribution Date pursuant to Section 5.6(b)(ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained upon certification by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified amounts and the payment is allocated provision of such information to the Trustee and the Security Insurer as such, may be necessary in accordance with the opinion of the Security Insurer to verify the accuracy of such certification. In the event that the Security Insurer has not received evidence satisfactory to it of the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject 's entitlement to and upon compliance with the terms and conditions set forth in this clause (breimbursement pursuant to Section 5.2(b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause Security Insurer shall (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of unless an Insurer Default shall have occurred and be continuing and not have been waived in accordance with continuing) give the Basic DocumentsTrustee notice to such effect, and (C) (x) following receipt of which the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed make a distribution to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in respect of such amount pursuant to Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above5.6, or (y) if the occurrence of an event specified in Servicer prior thereto has been reimbursed pursuant to Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist5.6 or Section 5.9, the Servicer Trustee shall remit all collections referred to in clause (a) above withhold such amounts from amounts otherwise distributable to the Collection Account Servicer on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicernext succeeding Distribution Date.

Collections. (a) The Except as provided below, the Servicer shall remit daily to the Collection Account deposit all payments received from or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer Collections in the Collection Account as promptly as possible after the Date of Processing of such Collections, but in no event later determined by than the second Business Day following such Date of Processing. In the event of a Servicer Default, if World’s Foremost Bank is the Servicer, then, immediately upon the occurrence of such event and thereafter, the Servicer shall deposit all Collections into the Collection Account which shall be established and maintained with a Qualified Institution other than World’s Foremost Bank in its reasonable opinion accordance with subsection 4.02(a), and in no such event shall the Servicer deposit any Collections thereafter into any account established, held or maintained with World’s Foremost Bank. The Servicer shall allocate such amounts to have resulted each Series of Investor Certificates and to the Holder of the Transferor Certificate in accordance with this Article IV and shall withdraw the required amounts from mistaken the Collection Account or pay such amounts to the Holder of the Transferor Certificate in accordance with this Article IV, in both cases as modified by any Supplement. The Servicer shall make such deposits or postingspayments on the date indicated therein by wire transfer or as otherwise provided in the Supplement for any Series of Certificates with respect to such Series. Notwithstanding anything in this Agreement to the contrary, which amounts have not been previously reimbursed for so long as, and only so long as, WFB shall remain the Servicer hereunder, and (a)(i) the Servicer provides to the Trustee a letter of credit from an issuer with a short term rating of at least A-1 by Standard & Poor’s and P-1 by ▇▇▇▇▇’▇ and acceptable in form to Standard & Poor’s and ▇▇▇▇▇’▇ and each Credit Enhancement Provider covering risk collection of the Servicer, and (ii) the Transferor shall have received a notice from any prepayment charge and other administrative fees and expenses Rating Agency that such a letter of credit would not result in the lowering of such Rating Agency’s then-existing rating of the Investor Certificates, or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the Servicer shall have and maintain a certificate of deposit or short-term deposit rating of P-1 by ▇▇▇▇▇’▇ and of A-1 by Standard & Poor’s and deposit insurance provided by the FDIC, the Servicer need not deposit Collections from the Collection Account into the Principal Account, the Finance Charge Account or any Series Account, as provided in any Supplement, or make payments to the Holder of the Transferor Certificate, prior to the close of business on the day any Collections are deposited in the Collection Account as provided in this Article IV, but may make such deposits, payments and withdrawals on each Transfer Date in an amount equal to the net amount of such deposits, payments and withdrawals which would have been made but for the provisions of clause this paragraph. If at any time the Servicer shall qualify to make deposits on the Transfer Date as provided in this paragraph (aor shall cease to be so qualified) above and subject the Servicer shall deliver an Officer’s Certificate to and upon compliance with the terms and conditions Trustee stating that the criteria set forth in this clause (a)(i) and (ii) or (b) of this paragraph have been satisfied (or have ceased to be satisfied). The Trustee may rely on such Officer’s Certificate without investigation or inquiry. Notwithstanding anything else in this Agreement to the contrary, with respect to any Monthly Period, whether the Servicer is required to make monthly or daily deposits from the Collection Account into the Finance Charge Account, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified Principal Account or any Series Account, as provided in clause (a) above for so long as such terms and conditions are fulfilled. Accordinglyany Supplement, the Servicer will be permitted to remit collections referred to in clause (a) above to deposit Collections from the Collection Account in immediately available funds on each Deposit Date for so long as (A) into the Finance Charge Account, the Principal Account or any Series Account. Any amounts owed to the Servicer pursuant to this Agreement or a related Supplement and any excess over the required amount to be deposited in an aforementioned deposit account, or without duplication, distributed on or prior to the related Distribution Date to Investor Certificateholders or to any Credit Enhancement Provider pursuant to the terms of a Supplement or agreement relating to such Credit Enhancement shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable paid over to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Serviceraforementioned accounts.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereofProceeds, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in both as collected during the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, Period net of Monthly Servicing Fees and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall allowed to be retained by the Servicer pursuant to Section 8.08 and Supplemental Servicing Fees; providednet of charge backs (attributable to errors in posting, returned checks, or rights of offset for amounts that any payments received in respect of an Obligor should not have been paid or that are not immediately identifiable as such, shall not must be deemed “received” until such time refunded as the Obligor is identified and result of a successful claim or defense under bankruptcy or similar laws) not later than the payment is allocated as such, in accordance with second Business Day following the Business Day on which such amounts are received by the Servicer’s customary servicing practices. (b) . Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)foregoing, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (Aa) UAC remains the Servicer shall be AHFCServicer, (Bb) no Servicer Default or Event of Servicer Default shall have occurred and be continuing and not have been waived (c)(1) UAC maintains a short-term rating of at least A-1 by Standard & Poor's and P-l by Moody's (and for five Business Days following a reduction in accordance with the Basic Documents, and (Ceither such rating) (x) the Required Servicer Rating is satisfied, or (y2) if the Required Servicer Rating is not satisfiedprior to ceasing daily remittances, the Rating Agency Condition has shall have been satisfied (and any conditions or the proposed alternative collections remittance schedule is otherwise acceptable to limitations imposed by the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer Agencies in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clauseconnection therewith are complied with) and for so long as such condition continues the prior written consent of the Insurer (not to existbe unreasonably withheld) shall have been obtained, the Servicer shall may remit all collections referred such payments and Liquidation Proceeds with respect to in clause (a) above any Collection Period to the Collection Account on a daily basis within two less frequent basis, but in no event later than the Determination Date immediately preceding each Payment Date. The Servicer shall remit any Advances with respect to a Collection Period to the Collection Account on or before the Determination Date. (2b) Business Days The Servicer, the Owner Trustee and/or Indenture Trustee shall deposit in the Collection Account any funds received by such parties in respect of receipt thereof funds drawn under the Policy from the Insurer. (c) If the Available Funds for a Payment Date are insufficient to pay current and past due Insurance Premiums or the aggregate amount of unreimbursed draws under the Policy plus accrued interest thereon to the Insurer, the Servicer shall notify the Owner Trustee and the Indenture Trustee of such deficiency, and the Available Spread Amount, if any, then on deposit in the Spread Account shall be available to cover such deficiency in accordance with clause (aSection 9.04(a) above. For purposes or 5.06(a) of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerIndenture, as applicable.

Collections. (a) The Subject to the provisions of subsection (b) below, the Servicer shall remit daily to the Collection Account (i) all payments received from by or on behalf of the Obligors (including, subject to the next two sentences, Payaheads on or in the Receivables, but excluding payments with respect of the to Purchased Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer included in the Collection Account but later determined by the Servicer in its reasonable opinion Supplemental Servicing Fee), including amounts treated as collections on Final Payment Receivables pursuant to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, Section 3.2(d) and (ii) any prepayment charge all Liquidation Proceeds and other administrative fees and expenses or similar charges which shall be retained all Recoveries, received by the Servicer during any Collection Period, as soon as practicable, but in no event after the close of business on the second Business Day after receipt thereof. Collections of Payaheads shall be deposited in the Collection Account, pursuant to the preceding sentence for purposes of administrative convenience only, pending determination of the amount to be deposited in the Payahead Account (or in the event that the Monthly Remittance Conditions are satisfied, remitted to the Servicer pursuant to Section 4.1(g)), which amount shall be deposited in the Payahead Account as soon as practicable but in no event later than the Payment Date immediately following collection, and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, such amounts shall not be deemed “received” transferred to the Collection Account until such time due. MMCA, for so long as it is acting as the Obligor is identified and the payment is allocated as suchServicer, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (athe immediately preceding paragraph. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 4.2(a) above and only for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 4.2(a), the Servicer will be permitted to shall remit collections referred to in clause (a) above received during a Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day prior to the related Payment Date but only for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating each Monthly Remittance Condition is satisfied. Notwithstanding the foregoing, or (y) if the Required Servicer Rating a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition became unsatisfied), if the Servicer provides to the Owner Trustee and the Indenture Trustee written confirmation from the Rating Agency Condition has been satisfied Agencies that such alternative remittance schedule will not result in the downgrading or withdrawal by the Rating Agencies of the ratings then assigned to the Notes and the Certificates. The Owner Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause clauses (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, 's Certificate or written notice from Securityholders as provided the Holders of Notes evidencing not less than 25% of the principal balance of the then outstanding Notes or from the Holders of Certificates evidencing not less than 25% of the Certificate Balance or a Responsible Officer in Section 7.01. Notwithstanding the foregoing, commencing Corporate Trust Office with the first Collection Period that begins at least two knowledge hereof or familiarity herewith has actual knowledge of such event or circumstance. (2b) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existIn those cases where a subservicer is servicing a Receivable, the Servicer shall cause the subservicer to remit all collections to the Collection Account, as soon as practicable, but in no event after the close of business on the second Business Day after receipt thereof by the subservicer (but subject to the provisions of Section 4.2(a)) the amounts referred to in clause (aSection 4.2(a) above to in respect of a Receivable being serviced by the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersubservicer.

Collections. (a) The Subject to the provisions of the succeeding sentence and of subsections (b) and (c), Servicer shall remit daily to the Collection Account all payments received from (other than amounts constituting Supplemental Servicing Fees) by or on behalf of the Obligors on or in respect of the Receivables and Receivables, including all Net Liquidation Proceeds within two (2) received by Servicer during any Collection Period, as soon as practicable, but in no event after the close of business on the second Business Days Day, after receipt thereof. Subject to the provisions of subsections (b) and (c), in each caseon the Closing Date, minus (i) an amount equal to amounts previously deposited by the Servicer shall deposit in the Collection Account but later determined all payments by or on behalf of the Obligors on the Receivables received by Servicer in its reasonable opinion to have resulted from mistaken deposits after the Cutoff Date and on or postings, which amounts have not been previously reimbursed prior to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by second Business Day immediately preceding the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practicesClosing Date. (b) Notwithstanding the provisions of clause subsection (a), if _________ is the Servicer and (i) Servicer shall have the Required Rating or (ii) Trustee otherwise shall have received written notice from each of the Rating Agencies that the then outstanding rating on the Class A Certificates and the Class B Certificates would not be lowered or withdrawn as a result, Servicer may deposit all amounts referred to in subsection (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to any Collection Period into the Collection Account in immediately available funds not later than the close of business on each the Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) respect to such Collection Period; provided that if (x) the Required a Servicer Rating Termination Event has occurred and is satisfiedcontinuing, or (y) if Servicer has been terminated as such pursuant to Section 8.1 or (z) Servicer ceases to have the Required Rating, Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of deposit such amounts (including any event or circumstance under clause (Bamounts then being held by Servicer) above that would require daily remittance by the Servicer to into the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.014.2(a). Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any provisions of clause (A), (B) or (C) above, or (y) the proviso to the preceding sentence shall not be applicable to a successor Servicer solely by reason of the occurrence of an event specified in Section 7.01(c) clauses (notwithstanding any period of grace contained in such clausex), (y) and for so long as (z) of such condition continues proviso with respect to exist, the Servicer shall remit all collections outgoing Servicer. Pending the deposit of the amounts referred to in clause subsection (a) above into the Collection Account, such amounts may be employed by Servicer at its own risk and for its own benefit and need not be segregated from Servicer's own funds. Any losses resulting from Servicer's actions shall be borne exclusively by the Servicer. Servicer shall promptly notify Trustee in writing if it shall obtain or lose the Required Rating. (c) Notwithstanding the provisions of subsections (a) and (b), Servicer may retain, or will be entitled to be reimbursed, from amounts otherwise payable into, or on deposit in, the Collection Account with respect to a Collection Period any amounts previously deposited in the Collection Account but later determined to have resulted from mistaken deposits or postings or checks returned for insufficient funds, in each case, with respect to which Servicer has not been previously reimbursed hereunder. The amount to be retained or reimbursed hereunder shall not be included in Collections with respect to the related Distribution Date. (d) With respect to each Precomputed Receivable, collections and payments by or on behalf of an obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to the scheduled payment on such Precomputed Receivable for such Collection Period. To the extent such collections and payments on a Precomputed Receivable during a Collection Period exceed the scheduled payment on such Precomputed Receivable and are insufficient to prepay the Precomputed Receivable in full, collections shall be treated as Payaheads until such later Collection Period as such Payaheads may be transferred to the Collection Account on a daily basis within two (2) Business Days of receipt thereof and applied either to the scheduled payments due or to prepay the Precomputed Receivable in full in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerSection 4.5.

Collections. (a) The Master Servicer shall remit daily provide each Servicer with such instructions as are necessary to permit the transfer by wire transfer in immediately available funds of all amounts on deposit in the Custodial Accounts which constitute collections to the Collection Account all payments received from or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer Remittance Date specified in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental related Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practicesAgreement. (b) Notwithstanding the provisions of clause (a) above and subject On or prior to and upon compliance with the terms and conditions set forth in this clause (b)each Master Servicer Remittance Date, the Master Servicer may be permitted to make remittances of collections on a less frequent basis than that specified shall determine (by Mortgage Pool and in clause (athe aggregate) above for so long as such terms and conditions are fulfilled. Accordinglythe Interest Remittance Amount, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfiedPrincipal Remittance Amount, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existPrincipal Distribution Amount, the Servicer shall remit all collections referred to Total Distribution Amount and the Trustee Fee, in clause (a) above to each case for the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) aboverelated Distribution Date. For purposes of this Article Section 6.04 and Section 6.08, with respect to any Distribution Date, in determining the phrase “payments made amount received from the Cap Provider, the Master Servicer shall be entitled to rely conclusively on behalf the accuracy of Obligors” the information provided to it by the Cap Provider or by the Trustee, as applicable, and the Master Servicer shall mean payments made not be obligated to verify, recompute, reconcile or recalculate any such amount. (c) On each Master Servicer Remittance Date, the Master Servicer shall remit the Total Distribution Amount for the related Distribution Date, exclusive of any amounts received with respect to the related Distribution Date under the Cap Agreement or received as proceeds from the sale of any Excess Cap Amount that have not been deposited in the Collection Account, to the Certificate Distribution Account. Prior to disbursing the Total Distribution Amount, the Trustee shall withdraw from the Certificate Distribution Account on each Distribution Date and pay, solely from and in reduction of the Interest Remittance Amount (from each Mortgage Pool in accordance with the applicable Pool Percentage), (i) to itself, the Trustee Fee for such Distribution Date, (ii) to the applicable Retained Interest Holder, any Retained Interest not paid thereto by Persons other than the applicable Servicer (including the remittance to the Seller of the Seller’s Retained Interest with respect to Mortgage Loans identified on the Mortgage Loan Schedule as “Seller Retained Interest Mortgage Loans,” at the applicable Seller Retained Interest Rate specified in the Mortgage Loan Schedule), and (iii) to any Pool PMI Insurer, the related Pool PMI Insurance Premium for such Distribution Date. (d) The Trustee shall deposit into the Certificate Distribution Account on the day on which, or, if such day is not a Business Day, the Business Day immediately following the day on which, any payments or distributions are received by the ServicerTrustee with respect to the Cap Agreement or received as proceeds from the sale of any Excess Cap Amount, all such amounts.

Collections. The Indenture Trustee shall review the Servicer's Certificate prepared by the Servicer immediately upon receipt thereof pursuant to Section 8.09 of the Trust Agreement. For any Payment Date on which there will not be sufficient Available Funds to make the distributions required pursuant to Sections 9.04(a)(i) through (a) The vii), the Indenture Trustee shall withdraw or direct the Servicer shall remit daily to withdraw from the Spread Account, to the Collection Account all payments received from or on behalf extent of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereofAvailable Spread Amount, in each case, minus (i) an amount equal to amounts previously deposited such deficiency (after consideration of the adjustment provided in Section 9.04(b)(i)) and promptly deposit such amount in the Collection Account; or, if the Notes shall have been declared to be due and payable under Section 5.02 following an Event of Default, for any Payment Date on which there will not be sufficient Available Funds to make the distributions required pursuant to Sections 5.06(a)(i) through (vii), but excluding any distributions required by Section 5.06(a)(ii) and Sections 5.06(a) (iv) or (vi) in an amount in excess of the amount, if any, required to reduce the aggregate Note Balances as of the prior Payment Date (after giving effect to any distributions on the prior Payment Date) to the Pool Balance at the end of the related Collection Period, the Indenture Trustee shall withdraw or direct the Servicer to withdraw from the Spread Account, to the extent of the Available Spread Amount, an amount equal to such deficiency and promptly deposit such amount in the Collection Account. In either case, if such deficiency exceeds the Available Spread Amount, the Indenture Trustee shall notify the Insurer of the amount of such excess deficiency. To the extent the Insurer is required pursuant to the terms of the Policy to pay the amount of such excess deficiency of the Monthly Servicing Fee, Monthly Interest and Monthly Principal, the Indenture Trustee shall promptly (and in any event not later than 1:00 p.m., New York City time, on the Business Day preceding the Payment Date) deliver a Notice for Payment as defined in the Policy (appropriately completed) to the Fiscal Agent with respect to the Policy. The Indenture Trustee shall, immediately upon receipt, deposit in the Collection Account but later determined any funds received by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received Indenture Trustee in respect of an Obligor that funds drawn under the Policy from the Insurer. If the Available Funds for a Payment Date are not immediately identifiable as suchinsufficient to pay current and past due Insurance Premiums on the Policy, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above or any amounts owing to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable Insurer pursuant to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer Insurance Agreement including, without limitation, reimbursements, indemnities, fees and expenses, plus accrued interest thereon, to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existInsurer, the Servicer shall remit all collections referred notify the Indenture Trustee of such deficiency, and the applicable Available Spread Amount, if any, then on deposit in the Spread Account (after giving effect to any withdrawal to satisfy a deficiency in clause (a) above the Monthly Servicing Fee, Monthly Interest or Monthly Principal, other than amounts that would be attributable to the Collection Account on a daily basis within two (2Accelerated Principal Amount) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicerbe available to cover such deficiency.

Collections. (a) The Servicer shall remit daily to the Collection Certificate Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereofProceeds, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in both as collected during the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, Period net of Monthly Servicing Fees and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall allowed to be retained by the Servicer pursuant to Section 8.08 and Supplemental Servicing Fees; providednet of charge backs (attributable to errors in posting, returned checks, or rights of offset for amounts that any payments received in respect of an Obligor should not have been paid or that are not immediately identifiable as such, shall not must be deemed “received” until such time refunded as the Obligor is identified and result of a successful claim or defense under bankruptcy or similar laws) not later than the payment is allocated as such, in accordance with second Business Day following the Business Day on which such amounts are received by the Servicer’s customary servicing practices. (b) . Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)foregoing, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (Aa) UAC remains the Servicer shall be AHFCServicer, (Bb) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived (c)(1) UAC maintains a short-term rating of at least A-1 by Standard & Poor's and P-l by Moody's (and for five Business Days following a reduction in accordance with the Basic Documents, and (Ceither such rating) (x) the Required Servicer Rating is satisfied, or (y2) if the Required Servicer Rating is not satisfiedprior to ceasing daily remittances, the Rating Agency Condition has shall have been satisfied (and any conditions or limitations imposed by the proposed alternative collections remittance schedule is otherwise acceptable Rating Agencies in connection therewith are complied with) and the prior written consent of the Insurer (not to be unreasonably withheld) shall have been obtained, the Servicer may remit all such payments and Liquidation Proceeds with respect to any Collection Period to the Rating AgenciesCertificate Account on a less frequent basis, but in no event later than the Determination Date immediately preceding each Distribution Date. The Indenture Trustee Servicer shall not be deemed remit any Advances with respect to have knowledge of any event a Collection Period to the Certificate Account on or circumstance under clause (B) above that would require daily remittance by before the Determination Date. On each Determination Date, the Servicer shall determine (a) the amount of payments on all Receivables and all Liquidation Proceeds received during such Collection Period, the amount of Advances for such Collection Period, and the Purchase Amount for all Receivables purchased or repurchased with respect to such Collection Period which have been deposited in the Certificate Account (net of amounts required to be paid pursuant to Section 9.04(d), excluding investment income on all such amounts, and not including amounts required to be paid pursuant to Sections 7.02, 8.07, and 9.05 but not so paid) after giving effect to the Collection Account unless a Responsible Officer has received notice of such event or circumstance net transfer from the Seller Certificate Account to the Payahead Account or from the Servicer in an Officer’s Certificate, from Securityholders Payahead Account to the Certificate Account as provided in Section 7.01. Notwithstanding 9.09, (the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A"Available Funds"), and (Bb) the amount of funds necessary to make the distributions required pursuant to Sections 9.04(a) (i) through (vii), inclusive, on the next Distribution Date. The Servicer shall by a Servicer's Certificate notify the Trustee of such amounts by telecopy to the Corporate Trust Office at the number specified in this Agreement (or (C) abovesuch other number as the Trustee may from time to time provide), followed promptly by mailing such notice to the Trustee at the Corporate Trust Office and to the Insurer. On each Distribution Date, the Trustee, or the Servicer on its behalf, shall effect the net transfer between the Certificate Account and the Payahead Account as required by Section 9.09 for such Distribution Date. On any Distribution Date on which there are not sufficient Available Funds to make the distributions required pursuant to Sections 9.04(a)(i) through (yiii) the occurrence Trustee, or the Servicer on its behalf, shall withdraw from the Spread Account, to the extent of the Available Spread Amount, an event specified amount equal to such deficiency and promptly deposit such amount in Section 7.01(c) (notwithstanding any period of grace contained in the Certificate Account. If such clause) and for so long as such condition continues to existdeficiency exceeds the Available Spread Amount, the Servicer shall remit all collections referred to simultaneously and in clause the same manner also notify the Trustee and the Insurer of the amount of such excess deficiency. The Trustee shall promptly (aand in any event not later than 1:00 p.m. New York City time on the Business Day preceding the Distribution Date) above deliver a Notice for Payment as defined in the Policy (appropriately completed) to the Collection Fiscal Agent with respect to the Policy. The Insurer is required pursuant to Section 10.03 and the terms of the Policy to pay the amount of such excess deficiency of Monthly Interest and Monthly Principal, up to the Policy Amount. The Trustee shall deposit in the Certificate Account any funds received by the Trustee in respect of funds drawn under the Policy from the Insurer. If the Available Funds for a Distribution Date are insufficient to pay current and past due Insurance Premiums, or any amounts owing to the Insurer pursuant to the Insurance Agreement including, without limitation, reimbursements, indemnities, fees and expenses, plus accrued interest thereon, to the Insurer, the Servicer shall notify the Trustee of such deficiency, and the Available Spread Amount, if any, then on deposit in the Spread Account (after giving effect to any withdrawal to satisfy a daily basis within two (2deficiency in Monthly Interest or Monthly Principal) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicerbe available to cover such deficiency.

Collections. (a) The Servicer shall remit daily by wire transfer to the Collection Account within two Business Days following receipt thereof all payments received from by or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereofincluding payments made under any of the Insurance Policies or the Collateral Insurance to the extent applicable to payments due on the Receivables), in each caseboth as collected during the Collection Period, minus net of (i) an amount equal the Servicer's actual out-of-pocket expenses reasonably incurred with respect to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits Defaulted Receivables or postingsFinanced Vehicles ("Liquidation Expenses"), which shall -------------------- be paid from amounts have not been previously reimbursed actually recovered with respect to the Servicer, any Defaulted Receivable or Financed Vehicle and (ii) any prepayment charge and other administrative fees and expenses backs attributable to errors in posting, returned checks, or rights of offset for amounts that should not have been paid or that must be refunded as the result of a successful claim or defense under bankruptcy or similar charges which shall be retained by laws as provided in Section 4.8. The amounts specified in clauses (i) and (ii), to the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as suchextent deposited into the Collection Account, shall not be deemed “received” until such included in Available Funds and will be withdrawn from the Collection Account and paid to the Servicer from time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practicesto time. (b) Notwithstanding On the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth Determination Date in this clause (b)each month, the Servicer may be permitted shall instruct the Indenture Trustee to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to withdraw from the Collection Account the Available Funds with respect to the next Payment Date, including Additional Fees and Liquidation Proceeds, received during the Collection Period and investment earnings on the Collection Account and the Note Account related to such Determination Date, net of any amounts specified in clauses (i) and (ii) of Section 5.2(a), to the extent deposited therein, and deposit such amount in immediately available funds on or by wire transfer in immediately available funds into the Note Account. (c) On or before each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existDetermination Date, the Servicer shall remit all collections referred determine (i) the amount of Available Funds and (ii) the amount of funds necessary to in clause (amake the distributions required pursuant to Section 5.4(a) above on the next Payment Date. The Servicer shall by a Servicer's Certificate notify the Indenture Trustee of such amounts by telecopy to the Collection Account on a daily basis within two Corporate Trust Office (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article or such other number as the phrase “payments made on behalf of Obligors” shall mean payments made Indenture Trustee may from time to time provide), followed promptly by Persons other than mailing such notice to the Seller or Indenture Trustee at the ServicerCorporate Trust Office.

Collections. (a) The Servicer shall remit daily within forty-eight hours of receipt to the Collection Account all payments received from or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in Collections collected during the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsPeriod. Chase USA has requested that, which amounts have not been previously reimbursed to so long as it is acting as the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections Collections on a less frequent basis than that specified in clause (a) above the immediately preceding sentence. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 5.2 and only for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 5.2, the Servicer will be permitted to shall remit such collections referred to in clause (a) above to the Collection Account in Automated Clearinghouse Corporation next-day funds or immediately available funds no later than 11:00 a.m., New York City time, on each the Deposit Date Date, but only for so long as (Ai) the short-term certificate of deposit ratings of the Servicer are at least P-1 by Moody's, "F1" by Fitch (if rated by Fitch) and "A-1" by Standard & Poor's, or the Rating Agency Condition is satisfied as a result of Collections being remitted on a monthly, rather than daily, basis and (ii) the Servicer shall be AHFC, (B) no Servicer Default Chase USA or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating AgenciesChase. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily Upon remittance by the Servicer of Collections to the Collection Account unless a Responsible Officer has received pursuant to the preceding sentence, the Paying Agent shall provide written notice of such event or circumstance from to the Seller or Indenture Trustee and the Owner Trustee no later than 11 a.m., New York City time, on each Deposit Date, setting forth the amounts remitted by the Servicer in an Officer’s Certificateon such date and, from Securityholders as provided in Section 7.01. Notwithstanding if the foregoingPaying Agent fails to provide the Indenture Trustee and the Owner Trustee, commencing with such written notice by 12 noon, New York City time, on such Deposit Date, then the first Collection Period Indenture Trustee and the Owner Trustee shall assume that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above no deposits were made to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) abovepursuant to this Section 5.2. For purposes of this Article Section 5.2 the phrase “"payments made on behalf of the Obligors” " shall mean payments made by Persons other than the Seller or the Servicer. (b) Notwithstanding anything in this Agreement to the contrary, if the Servicer inadvertently deposits amounts that it mistakenly believes are Collections resulting in the payment in full of a Receivable, and (i) the Servicer discovers its error prior to the Payment following such deposit, the Indenture Trustee, at the written direction of the Servicer, shall withdraw such amounts and pay them to the Servicer or (ii) the Servicer shall be deemed to have purchased such Receivable pursuant to Section 4.6 as of the last day of the Collection Period during which such error shall have occurred.

Collections. (a) The Servicer shall remit daily within forty-eight hours of receipt to the Collection Account all payments received from or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in Collections collected during the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsPeriod. Chase USA has requested that, which amounts have not been previously reimbursed to so long as it is acting as the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections Collections on a less frequent basis than that specified in clause (a) above the immediately preceding sentence. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 5.2 and only for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 5.2, the Servicer will be permitted to shall remit such collections referred to in clause (a) above to the Collection Account in Automated Clearinghouse Corporation next-day funds or immediately available funds no later than 11:00 a.m., New York City time, on each the Deposit Date Date, but only for so long as (Ai) the short-term certificate of deposit ratings of the Servicer are at least P-1 by Moody's, "F1" by Fitch (if rated by Fitch) and "A-1" by Standard & Poor's, or the Rating Agency Condition is satisfied as a result of Collections being remitted on a monthly, rather than daily, basis and (ii) the Servicer shall be AHFC, (B) no Servicer Default Chase USA or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating AgenciesJPMorgan Chase Bank. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily Upon remittance by the Servicer of Collections to the Collection Account unless a Responsible Officer has received pursuant to the preceding sentence, the Paying Agent shall provide written notice of such event or circumstance from to the Seller or Indenture Trustee and the Owner Trustee no later than 11 a.m., New York City time, on each Deposit Date, setting forth the amounts remitted by the Servicer in an Officer’s Certificateon such date and, from Securityholders as provided in Section 7.01. Notwithstanding if the foregoingPaying Agent fails to provide the Indenture Trustee and the Owner Trustee, commencing with such written notice by 12 noon, New York City time, on such Deposit Date, then the first Collection Period Indenture Trustee and the Owner Trustee shall assume that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above no deposits were made to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) abovepursuant to this Section 5.2. For purposes of this Article Section 5.2 the phrase “"payments made on behalf of the Obligors” " shall mean payments made by Persons other than the Seller or the Servicer. (b) Notwithstanding anything in this Agreement to the contrary, if the Servicer inadvertently deposits amounts that it mistakenly believes are Collections resulting in the payment in full of a Receivable, and (i) the Servicer discovers its error prior to the Payment following such deposit, the Indenture Trustee, at the written direction of the Servicer, shall withdraw such amounts and pay them to the Servicer or (ii) the Servicer shall be deemed to have purchased such Receivable pursuant to Section 4.6 as of the last day of the Collection Period during which such error shall have occurred.

Collections. (a) The Subject to the continued satisfaction of the commingling conditions described below, the Servicer shall remit daily to the Collection Deposit Account all payments received from by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables and not including Fixed Value Payments), all Liquidation Proceeds collected during the related Collection Period, prior to 11:00 A.M. (New York time) on or in respect the related Payment Date. Notwithstanding the foregoing, if any of the commingling conditions ceases to be met, the Servicer shall remit to the Deposit Account all payments by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables and not including Fixed Value Payments), all Net Liquidation Proceeds within two (2) Business Days after of receipt thereof, in each case, minus . The commingling conditions are as follows: (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to CFC must be the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (Ciii) (x) the Required Servicer Rating is satisfied, CFC or DaimlerChrysler North America Holding Corporation must maintain a short-term rating of at least "A-1" by Standard & Poor's and "P-1" by Moody's or (y) if the Required Servicer Rating is not satisfieddaily remittances occur hereunder, prior to ceasing daily remittances, the Rating Agency Condition has shall have been satisfied (and any conditions or limitations imposed by the proposed alternative collections remittance schedule is otherwise acceptable Rating Agencies in connection therewith are complied with). Notwithstanding anything herein to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificatecontrary, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as CFC is the Servicer, CFC may withhold from the deposit into the Deposit Account any amounts indicated on the related Servicer's Certificate as being due and payable to CFC or the Seller and pay such condition continues amounts directly to existCFC or the Seller, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) aboveas applicable. For purposes of this Article V, the phrase “"payments made by or on behalf of Obligors” " shall mean payments made with respect to the Receivables by Persons other than the Seller Servicer or the ServicerSeller. In the event the commingling conditions cease to be met, the Servicer shall make daily remittance of collections to the Deposit Account within two Business Days of receipt thereof; provided however, daily remittance may commence no later than five Business Days following a reduction of CFC's or DaimlerChrysler North America Holding Corporation's, as applicable, short-term ratings below "A-1" by Standard & Poor's or "P-1" by Moody's.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables Receivables, all Insurance Proceeds, all Liquidation Proceeds, proceeds from any Dealer Liability, proceeds from any NITC Purchase Obligations and all Net Liquidation Proceeds proceeds from any Guaranties within two (2) Business Days after receipt thereof. Notwithstanding the foregoing, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted required to remit such collections referred to in clause (a) above within such two Business Days but may remit collections received during a Monthly Period to the Collection Account in immediately available funds on each Deposit the Business Day immediately preceding the related Distribution Date but only for so long as (Ai) NFC is the Servicer shall be AHFCServicer, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (Cii) (x) the Required Servicer satisfies the requirements for monthly remittances established by the Rating is satisfiedAgencies initially rating the Securities, and upon the satisfaction of such requirements, the Rating Agencies which initially rated the Securities reaffirm the rating of the Securities at the level at which they would be rated if collections were remitted within two Business Days, or (y) if the Required short-term unsecured debt obligations of NFC are rated at least A-1+ by Standard & Poor's Ratings Group and P-1 by ▇▇▇▇▇'▇ Investors Service, Inc., and (iii) a Servicer Rating is Default shall not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencieshave occurred and be continuing. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Biii) above of the immediately preceding sentence that would require daily remittance within two Business Days by the Servicer to the Collection Account unless a Responsible Officer the Indenture Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, 's Certificate or from Securityholders Noteholders whose Notes evidence not less than 25% of the Outstanding Amount of the Notes as provided of the close of the preceding Distribution Date or from Certificateholders whose Certificates evidence not less the 25% of the Voting Interests thereof or unless a Responsible Officer in Section 7.01. Notwithstanding the foregoing, commencing Corporate Trust Office with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any knowledge hereof and familiarity herewith has actual knowledge of clause (A), (B) such event or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) abovecircumstance. For purposes of this Article V the phrase “"payments made by or on behalf of Obligors” " shall mean payments made by Persons other than the Seller or the Servicer.

Collections. (a) The Subject to the continued satisfaction of the commingling conditions described below, the Servicer shall remit daily to the Collection Deposit Account all payments received from by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables and not including Fixed Value Payments), all Liquidation Proceeds collected during the related Collection Period, prior to 11:00 a.m. (New York time) on or in respect the related Payment Date. Notwithstanding the foregoing, if any of the commingling conditions ceases to be met, the Servicer shall remit to the Deposit Account all payments by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables and not including Fixed Value Payments) and all Net Liquidation Proceeds within two (2) Business Days after of receipt thereof, in each case, minus . The commingling conditions are as follows: (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to DCFS must be the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (Ciii) (x) the Required Servicer Rating is satisfiedDCFS must maintain a short-term rating of at least “A-1” by Standard & Poor’s, “P-1” by Moody’s and “F-1” by Fitch or (y) if the Required Servicer Rating is not satisfieddaily remittances occur hereunder, prior to ceasing daily remittances, the Rating Agency Condition has shall have been satisfied (and any conditions or limitations imposed by the proposed alternative collections remittance schedule is otherwise acceptable Rating Agencies in connection therewith are complied with). Notwithstanding anything herein to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificatecontrary, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as DCFS is the Servicer, DCFS may withhold from the deposit into the Deposit Account any amounts indicated on the related Servicer’s Certificate as being due and payable to DCFS or the Seller and pay such condition continues amounts directly to existDCFS or the Seller, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) aboveas applicable. For purposes of this Article V, the phrase “payments made by or on behalf of Obligors” shall mean payments made with respect to the Receivables by Persons other than the Seller Servicer or the ServicerSeller. In the event the commingling conditions cease to be met, the Servicer shall make daily remittance of collections to the Deposit Account within two Business Days of receipt thereof; provided, however, daily remittance may commence no later than five Business Days following a reduction of DCFS’s short-term ratings below “P-1” by Moody’s or “F1” by Fitch or “A-1” by Standard & Poor’s.

Collections. (a) The Subject to the continued satisfaction of the commingling conditions described below, the Servicer shall remit daily to the Collection Deposit Account all payments received from by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables and not including Fixed Value Payments), all Liquidation Proceeds collected during the related Collection Period, prior to 11:00 A.M. (New York time) on or in respect the related Payment Date. Notwithstanding the foregoing, if any of the commingling conditions ceases to be met, the Servicer shall remit to the Deposit Account all payments by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables and not including Fixed Value Payments), all Net Liquidation Proceeds within two (2) Business Days after of receipt thereof, in each case, minus . The commingling conditions are as follows: (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to CFC must be the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (Ciii) (x) the Required Servicer Rating is satisfied, CFC must maintain a short-term rating of at least "A-1" by Standard & Poor's and "P-1" by Moody's or (y) if the Required Servicer Rating is not satisfieddaily remittances occur hereunder, prior to ceasing daily remittances, the Rating Agency Condition has shall have been satisfied (and any conditions or limitations imposed by the proposed alternative collections remittance schedule is otherwise acceptable Rating Agencies in connection therewith are complied with). Notwithstanding anything herein to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificatecontrary, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as CFC is the Servicer, CFC may withhold from the deposit into the Deposit Account any amounts indicated on the related Servicer's Certificate as being due and payable to CFC or the Seller and pay such condition continues amounts directly to existCFC or the Seller, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) aboveas applicable. For purposes of this Article V, the phrase “"payments made by or on behalf of Obligors” " shall mean payments made with respect to the Receivables by Persons other than the Seller Servicer or the ServicerSeller. In the event the commingling conditions cease to be met, the Servicer shall make daily remittance of collections to the Deposit Account within two Business Days of receipt thereof; provided however, daily remittance may commence no later than five Business Days following a reduction of CFC's short-term ratings below "A-1" by Standard & Poor's or "P-1" by Moody's.

Collections. (a) The Subject to the continued satisfaction of the commingling conditions described below, the Servicer shall remit daily to the Collection Deposit Account all payments received from by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables and not including Fixed Value Payments), all Liquidation Proceeds collected during the related Collection Period, prior to 11:00 A.M. (New York time) on or in respect the related Payment Date. Notwithstanding the foregoing, if any of the commingling conditions ceases to be met, the Servicer shall remit to the Deposit Account all payments by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables and not including Fixed Value Payments), all Net Liquidation Proceeds within two (2) Business Days after of receipt thereof, in each case, minus . The commingling conditions are as follows: (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to DCFS must be the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (Ciii) (x) the Required Servicer Rating is satisfied, DaimlerChrysler North America Holding Corporation must maintain a short-term rating of at least "A-1" by Standard & Poor's and "P-1" by Moody's or (y) if the Required Servicer Rating is not satisfieddaily remittances occur hereunder, prior to ceasing daily remittances, the Rating Agency Condition has shall have been satisfied (and any conditions or limitations imposed by the proposed alternative collections remittance schedule is otherwise acceptable Rating Agencies in connection therewith are complied with). Notwithstanding anything herein to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificatecontrary, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as DCFS is the Servicer, DCFS may withhold from the deposit into the Deposit Account any amounts indicated on the related Servicer's Certificate as being due and payable to DCFS or the Seller and pay such condition continues amounts directly to existDCFS or the Seller, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) aboveas applicable. For purposes of this Article V, the phrase “"payments made by or on behalf of Obligors” " shall mean payments made with respect to the Receivables by Persons other than the Seller Servicer or the ServicerSeller. In the event the commingling conditions cease to be met, the Servicer shall make daily remittance of collections to the Deposit Account within two Business Days of receipt thereof; provided however, daily remittance may commence no later than five Business Days following a reduction of DaimlerChrysler North America Holding Corporation's short-term ratings below "A-1" by Standard & Poor's or "P-1" by Moody's.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all Collections (other than payments received from or on behalf of Repurchased Receivables) not later than the Obligors on or in respect of second Business Day after identification thereof; provided, however, that if the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereofMonthly Remittance Condition is satisfied, in each case, minus (i) then the Servicer shall not be required to deposit into the Collection Account an amount equal to amounts previously deposited by the Collections received during the related Collection Period until the Business Day before each Distribution Date. The “Monthly Remittance Condition” shall be deemed to be satisfied if (i) NMAC is the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge NMAC’s short-term unsecured debt obligations are rated at least “P-1” by ▇▇▇▇▇’▇ and other administrative fees and expenses or similar charges which shall be retained “A-1” by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. S&P (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms ▇▇▇▇▇’▇ and conditions S&P are fulfilledRating Agencies). Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance Commencing with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge first day of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following after the day on which the Monthly Remittance Condition is not satisfied, all Collections then held by the Servicer shall be immediately deposited into the Collection Account and all future Collections on or in respect of the 37 (xNAROT 2018-C Sale and Servicing Agreement) non-compliance with any of clause Receivables (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clauseother than payments on Repurchased Receivables) and for so long as such condition continues all Net Liquidation Proceeds shall be remitted by the Servicer to existthe Collection Account not later than the second Business Day after identification thereof. Notwithstanding the foregoing, the Servicer shall may remit all collections referred to in clause (a) above Collections to the Collection Account on a daily basis within two any other alternate remittance schedule (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other but not later than the Seller or related Distribution Date) if the ServicerRating Agency Condition is satisfied with respect to such alternate remittance schedule. Pending deposit into the Collection Account, Collections may be commingled and used by the Servicer at its own risk and are not required to be segregated from its own funds.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the second Business Days Day after receipt identification thereof. For purposes of this Article V, in each casethe phrase “payments received by or on behalf of the Obligors” shall mean payments made by Persons other than the Servicer. Notwithstanding the foregoing, minus for so long as (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to NMAC is the Servicer, and (ii) any prepayment charge (A) NMAC’s short-term unsecured debt obligations are rated at least “Prime-1” by ▇▇▇▇▇’▇ and at least “F1” by Fitch (so long as ▇▇▇▇▇’▇ and Fitch are Rating Agencies), (B) NMAC maintains a letter of credit or other administrative fees form of enhancement acceptable to each Rating Agency to support NMAC’s obligation to deposit collections into the Collection Account, or (C) NMAC otherwise satisfies each Rating Agency’s requirements, and expenses (iii) no Event of Default or similar charges which Servicer Default shall have occurred and be retained continuing (unless waived by the Servicer and Supplemental Servicing Fees; providedappropriate Securityholders) (collectively, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed the “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Conditions”), the Servicer may shall not be permitted required to make remittances of remit such collections to the Collection Account on a less frequent the foregoing basis than that specified in clause (a) above for so long as but shall be entitled to retain such terms and conditions are fulfilled. Accordinglycollections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer will be permitted to shall remit all such collections referred to in clause (a) above respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFCimmediately deposited into the Collection Account and all future collections on or in respect of the Receivables (other than payments on Warranty Receivables and the Administrative Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account not later than the second Business Day after identification thereof. Notwithstanding anything herein to the contrary, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived if a subsequent Public ABS Transaction calls for changes in accordance with making monthly deposits to the Basic Documentsrelated collection account, and (C) (x) the Required Servicer Rating is satisfiedthen, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has shall have been satisfied satisfied, the Servicer will no longer be bound by the Monthly Remittance Condition hereunder, and will instead be subject to the conditions to making monthly deposits as required by the subsequent Public ABS Transaction. (b) The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s CertificateCertificate or from the Holders of Notes evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes, from Securityholders or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. 40 (Nissan 2013-C Sale and Servicing Agreement) (c) The Servicer shall give (i) the Owner Trustee, the Indenture Trustee and each Rating Agency written notice, as provided soon as practical after the occurrence thereof but in Section 7.01. no event later than 10 Business Days after obtaining knowledge thereof, of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition failed to be satisfied), if the Rating Agency Condition shall remit all collections referred have been satisfied with respect to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersuch alternative remittance schedule.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the second Business Days Day after receipt identification thereof. For purposes of this Article V, in each casethe phrase “payments received by or on behalf of the Obligors” shall mean payments made by Persons other than the Servicer. Notwithstanding the foregoing, minus for so long as (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to NMAC is the Servicer, and (ii) any prepayment charge (A) NMAC’s short-term unsecured debt obligations are rated at least “Prime-1” by ▇▇▇▇▇’▇ and at least “F1” by Fitch (so long as ▇▇▇▇▇’▇ and Fitch are Rating Agencies), (B) NMAC maintains a letter of credit or other administrative fees form of enhancement acceptable to each Rating Agency to support NMAC’s obligation to deposit collections into the Collection Account, or (C) NMAC otherwise satisfies each Rating Agency’s requirements, and expenses (iii) no Event of Default or similar charges which Servicer Default shall have occurred and be retained continuing (unless waived by the Servicer and Supplemental Servicing Fees; providedappropriate Securityholders) (collectively, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed the “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Conditions”), the Servicer may shall not be permitted required to make remittances of remit such collections to the Collection Account on a less frequent the foregoing basis than that specified in clause (a) above for so long as but shall be entitled to retain such terms and conditions are fulfilled. Accordinglycollections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer will be permitted to shall remit all such collections referred to in clause (a) above respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFCimmediately deposited into the Collection Account and all future collections on or in respect of the Receivables (other than payments on Warranty Receivables and the Administrative Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account not later than the second Business Day after identification thereof. Notwithstanding anything herein to the contrary, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived if a subsequent Public ABS Transaction calls for changes in accordance with making monthly deposits to the Basic Documentsrelated collection account, and (C) (x) the Required Servicer Rating is satisfiedthen, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has shall have been satisfied satisfied, the Servicer will no longer be bound by the Monthly Remittance Condition hereunder, and will instead be subject to the conditions to making monthly deposits as required by the subsequent Public ABS Transaction. 40 (Nissan 2012-B Sale and Servicing Agreement) (b) The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s CertificateCertificate or from the Holders of Notes evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes, from Securityholders or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. (c) The Servicer shall give (i) the Owner Trustee, the Indenture Trustee and each Rating Agency written notice, as provided soon as practical after the occurrence thereof but in Section 7.01. no event later than 10 Business Days after obtaining knowledge thereof, of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition failed to be satisfied), if the Rating Agency Condition shall remit all collections referred have been satisfied with respect to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersuch alternative remittance schedule.

Collections. (a) The Servicer shall remit daily within forty-eight hours of receipt to the Collection Account all payments received from or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in Collections collected during the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsPeriod. Chase USA has requested that, which amounts have not been previously reimbursed to so long as it is acting as the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections Collections on a less frequent basis than that specified in clause (a) above the immediately preceding sentence. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 5.2 and only for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 5.2, the Servicer will be permitted to shall remit such collections referred to in clause (a) above to the Collection Account in Automated Clearinghouse Corporation next-day funds or immediately available funds no later than 11:00 a.m., New York City time, on each the Deposit Date Date, but only for so long as (Ai) the short-term certificate of deposit ratings of the Servicer are at least P-1 by Moody’s, “F1” by Fitch (if rated by Fitch) and “A-1” by Standard & Poor’s, or the Rating Agency Condition is satisfied as a result of Collections being remitted on a monthly, rather than daily, basis and (ii) the Servicer shall be AHFC, (B) no Servicer Default Chase USA or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating AgenciesJPMorgan Chase. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily Upon remittance by the Servicer of Collections to the Collection Account unless a Responsible Officer has received pursuant to the preceding sentence, the Paying Agent shall provide written notice of such event or circumstance from to the Seller or Indenture Trustee and the Owner Trustee no later than 11 a.m., New York City time, on each Deposit Date, setting forth the amounts remitted by the Servicer in an Officer’s Certificateon such date and, from Securityholders as provided in Section 7.01. Notwithstanding if the foregoingPaying Agent fails to provide the Indenture Trustee and the Owner Trustee, commencing with such written notice by 12 noon, New York City time, on such Deposit Date, then the first Collection Period Indenture Trustee and the Owner Trustee shall assume that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above no deposits were made to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) abovepursuant to this Section 5.2. For purposes of this Article Section 5.2 the phrase “payments made on behalf of the Obligors” shall mean payments made by Persons other than the Seller or the Servicer. (b) Notwithstanding anything in this Agreement to the contrary, if the Servicer inadvertently deposits amounts that it mistakenly believes are Collections resulting in the payment in full of a Receivable, and (i) the Servicer discovers its error prior to the Payment following such deposit, the Indenture Trustee, at the written direction of the Servicer, shall withdraw such amounts and pay them to the Servicer or (ii) the Servicer shall be deemed to have purchased such Receivable pursuant to Section 4.6 as of the last day of the Collection Period during which such error shall have occurred.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the second Business Days Day after receipt identification thereof. For purposes of this Article V, in each casethe phrase “payments received by or on behalf of the Obligors” shall mean payments made by Persons other than the Servicer. Notwithstanding the foregoing, minus for so long as (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to NMAC is the Servicer, and (ii) any prepayment charge (A) NMAC’s short-term unsecured debt obligations are rated at least “Prime-1” by ▇▇▇▇▇’▇ and at least “F1” by Fitch (so long as ▇▇▇▇▇’▇ and Fitch are Rating Agencies), (B) NMAC maintains a letter of credit or other administrative fees form of enhancement acceptable to each Rating Agency to support NMAC’s obligation to deposit collections into the Collection Account, or (C) NMAC otherwise satisfies each Rating Agency’s requirements, and expenses (iii) no Event of Default or similar charges which Servicer Default shall have occurred and be retained continuing (unless waived by the Servicer and Supplemental Servicing Fees; providedappropriate Securityholders) (collectively, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed the “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Conditions”), the Servicer may shall not be permitted required to make remittances of remit such collections to the Collection Account on a less frequent the foregoing basis than that specified in clause (a) above for so long as but shall be entitled to retain such terms and conditions are fulfilled. Accordinglycollections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer will be permitted to shall remit all such collections referred to in clause (a) above respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFCimmediately deposited into the Collection Account and all future collections on or in respect of the Receivables (other than payments on Warranty Receivables and the Administrative Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account not later than the second Business Day after identification thereof. Notwithstanding anything herein to the contrary, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived if a subsequent Public ABS Transaction calls for changes in accordance with making monthly deposits to the Basic Documentsrelated collection account, and (C) (x) the Required Servicer Rating is satisfiedthen, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has shall have been satisfied satisfied, the Servicer will no longer be bound by the Monthly Remittance Condition hereunder, and will instead be subject to the conditions to making monthly deposits as required by the subsequent Public ABS Transaction. (b) The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s CertificateCertificate or from the Holders of Notes evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes, from Securityholders or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. (c) The Servicer shall give (i) the Owner Trustee, the Indenture Trustee and each Rating Agency written notice, as provided soon as practical after the occurrence thereof but in Section 7.01. no event later than 10 Business Days after obtaining knowledge thereof, of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition became unsatisfied), if the Rating Agency Condition shall remit all collections referred have been satisfied with respect to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersuch alternative remittance schedule.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the second Business Days Day after receipt identification thereof. For purposes of this Article V, in each casethe phrase “payments received by or on behalf of the Obligors” shall mean payments made by Persons other than the Servicer. Notwithstanding the foregoing, minus for so long as (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to NMAC is the Servicer, and (ii) any prepayment charge (A) NMAC’s short-term unsecured debt obligations are rated at least “Prime-1” by ▇▇▇▇▇’▇ and at least “F1” by Fitch (so long as ▇▇▇▇▇’▇ and Fitch are Rating Agencies), (B) NMAC maintains a letter of credit or other administrative fees form of enhancement acceptable to each Rating Agency to support NMAC’s obligation to deposit collections into the Collection Account, or (C) NMAC otherwise satisfies each Rating Agency’s requirements, and expenses (iii) no Event of Default or similar charges which Servicer Default shall have occurred and be retained continuing (unless waived by the Servicer and Supplemental Servicing Fees; providedappropriate Securityholders) (collectively, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed the “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Conditions”), the Servicer may shall not be permitted required to make remittances of remit such collections to the Collection Account on a less frequent the foregoing basis than that specified in clause (a) above for so long as but shall be entitled to retain such terms and conditions are fulfilled. Accordinglycollections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer will be permitted to shall remit all such collections referred to in clause (a) above respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFCimmediately deposited into the Collection Account and all future collections on or in respect of the Receivables (other than payments on Warranty Receivables and the Administrative Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account not later than the second Business Day after identification thereof. Notwithstanding anything herein to the contrary, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived if a subsequent Public ABS Transaction calls for changes in accordance with making monthly deposits to the Basic Documentsrelated collection account, and (C) (x) the Required Servicer Rating is satisfiedthen, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has shall have been satisfied satisfied, the Servicer will no longer be bound by the Monthly Remittance Condition hereunder, and will instead be subject to the conditions to making monthly deposits as required by the subsequent Public ABS Transaction. (b) The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s CertificateCertificate or from the Holders of Notes evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes, from Securityholders or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. 42 (Nissan 2015-C Sale and Servicing Agreement) (c) The Servicer shall give (i) the Owner Trustee, the Indenture Trustee and each Rating Agency written notice, as provided soon as practical after the occurrence thereof but in Section 7.01. no event later than 10 Business Days after obtaining knowledge thereof, of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition failed to be satisfied), if the Rating Agency Condition shall remit all collections referred have been satisfied with respect to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersuch alternative remittance schedule.

Collections. (a) The Subject to the provisions of subsection (b) below, the Servicer shall remit daily to the Collection Account (i) all payments received from by or on behalf of the Obligors (including, subject to the next two sentences, Payaheads on or in the Receivables, but excluding payments with respect of the to Purchased Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer included in the Collection Account but later determined by the Servicer in its reasonable opinion Supplemental Servicing Fee), including amounts treated as collections on Balloon Payment Receivables and Final Payment Receivables pursuant to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, Section 3.2(d) and (ii) any prepayment charge all Liquidation Proceeds and other administrative fees and expenses or similar charges which shall be retained all Recoveries, received by the Servicer during any Collection Period, as soon as practicable, but in no event after the close of business on the second Business Day after receipt thereof. Collections of Payaheads shall be deposited in the Collection Account, pursuant to the preceding sentence for purposes of administrative convenience only, pending determination of the amount to be deposited in the Payahead Account (or in the event that the Monthly Remittance Conditions are satisfied, remitted to the Servicer pursuant to Section 4.1(e)), which amount shall be deposited in the Payahead Account as soon as practicable but in no event later than the Payment Date immediately following collection, and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, such amounts shall not be deemed “received” transferred to the Collection Account until such time due. MMCA, for so long as it is acting as the Obligor is identified and the payment is allocated as suchServicer, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (athe immediately preceding paragraph. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 4.2(a) above and only for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 4.2(a), the Servicer will be permitted to shall remit collections referred to in clause (a) above received during a Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day prior to the related Payment Date but only for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating each Monthly Remittance Condition is satisfied. Notwithstanding the foregoing, or (y) if the Required Servicer Rating a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition became unsatisfied), if the Servicer provides to the Owner Trustee and the Indenture Trustee written confirmation from the Rating Agency Condition has been satisfied Agencies that such alternative remittance schedule will not result in the downgrading or withdrawal by the Rating Agencies of the ratings then assigned to the Notes and the Certificates. The Owner Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause clauses (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, 's Certificate or written notice from Securityholders as provided the Holders of Notes evidencing not less than 25% of the principal balance of the then outstanding Notes or from the Holders of Certificates evidencing not less than 25% of the Certificate Balance or a Responsible Officer in Section 7.01. Notwithstanding the foregoing, commencing Corporate Trust Office with the first Collection Period that begins at least two knowledge hereof or familiarity herewith has actual knowledge of such event or circumstance. (2b) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existIn those cases where a subservicer is servicing a Receivable, the Servicer shall cause the subservicer to remit all collections to the Collection Account, as soon as practicable, but in no event after the close of business on the second Business Day after receipt thereof by the subservicer (but subject to the provisions of Section 4.2(a)) the amounts referred to in clause (aSection 4.2(a) above to in respect of a Receivable being serviced by the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersubservicer.

Collections. (a) The Subject to the provisions of the succeeding sentence and of subsections (b) and (c), Servicer shall remit daily to the Collection Account all payments received from (other than amounts constituting Supplemental Servicing Fees) by or on behalf of the Obligors on or in respect of the Receivables and Receivables, including all Net Liquidation Proceeds within two received by Servicer during any Collection Period, as soon as practicable, but in no event after the close of business on the second Business Day, after identification thereof. Subject to the provisions of subsections (2b) Business Days after receipt thereofand (c), in each caseon the Closing Date, minus (i) an amount equal to amounts previously deposited by the Servicer shall deposit in the Collection Account but later determined all payments by or on behalf of the Obligors on the Receivables received by Servicer in its reasonable opinion to have resulted from mistaken deposits after the Cutoff Date and on or postings, which amounts have not been previously reimbursed prior to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by second Business Day immediately preceding the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practicesClosing Date. (b) Notwithstanding the provisions of clause subsection (a), if Bank is the Servicer and (i) [ ] shall have the Required Rating or (ii) Trustee otherwise shall have received written notice from each of the Rating Agencies that the then outstanding rating on the Class A Certificates and the Class B Certificates would not be lowered or withdrawn as a result, Servicer may deposit all amounts referred to in subsection (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to any Collection Period into the Collection Account in immediately available funds not later than the close of business on each the Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) respect to such Collection Period; provided that if (x) the Required a Servicer Rating Termination Event has occurred and is satisfiedcontinuing, or (y) if Servicer has been terminated as such pursuant to Section 8.1 or (z) [ ] ceases to have the Required Rating, Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of deposit such amounts (including any event or circumstance under clause (Bamounts then being held by Servicer) above that would require daily remittance by the Servicer to into the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.014.2(a). Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any provisions of clause (A), (B) or (C) above, or (y) the proviso to the preceding sentence shall not be applicable to a successor Servicer solely by reason of the occurrence of an event specified in Section 7.01(c) clauses (notwithstanding any period of grace contained in such clausex), (y) and for so long as (z) of such condition continues proviso with respect to exist, the Servicer shall remit all collections outgoing Servicer. Pending the deposit of the amounts referred to in clause subsection (a) above into the Collection Account, such amounts may be employed by Servicer at its own risk and for its own benefit and need not be segregated from Servicer’s own funds. Any losses resulting from Servicer’s actions shall be borne exclusively by Servicer. Servicer shall promptly notify Trustee in writing if [ ] shall obtain or lose the Required Rating. (c) Notwithstanding the provisions of subsections (a) and (b), Servicer may retain, or will be entitled to be reimbursed, from amounts otherwise payable into, or on deposit in, the Collection Account with respect to a Collection Period any amounts previously deposited in the Collection Account but later determined to have resulted from mistaken deposits or postings or checks returned for insufficient funds, in each case, with respect to which Servicer has not been previously reimbursed hereunder. The amount to be retained or reimbursed hereunder shall not be included in Collections with respect to the related Distribution Date. (d) With respect to each Precomputed Receivable, collections and payments by or on behalf of an obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to the scheduled payment on such Precomputed Receivable for such Collection Period. To the extent such collections and payments on a Precomputed Receivable during a Collection Period exceed the scheduled payment on such Precomputed Receivable and are insufficient to prepay the Precomputed Receivable in full, collections shall be treated as Payaheads until such later Collection Period as such Payaheads may be transferred to the Collection Account on a daily basis within two (2) Business Days of receipt thereof and applied either to the scheduled payments due or to prepay the Precomputed Receivable in full in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerSection 4.5.

Collections. So long as no Event of Default has occurred and is continuing, the Facility Servicer (a) The Servicer shall remit daily to the Collection Account all payments received from or on behalf of the Obligors on Borrower) shall (as directed pursuant to the first paragraph of this Section 2.08) instruct the Account Bank to transfer Collections held by the Account Bank in the Collection Account, in accordance with the Payment Date Report, and shall instruct the Administrative Agent to distribute such funds to the following Persons in the following amounts, calculated as of the most recent Determination Date, subject to the minimum balance requirement included in the Account Control Agreement, in the following order and priority, with respect to Collections: (i) first, to the Borrower for payment of Borrower Taxes, registration and filing fees and operating expenses then due and owing by the Borrower that are attributable solely to the operations of the Borrower; provided that transfers from the Account Bank for registration and filing fees and operating expenses payable pursuant to this clause (i) shall not, individually or in respect the aggregate, exceed (A) $75,000 in any calendar quarter and (B) $200,000 in any calendar year; (ii) second, to the Administrative Agent for the ratable distribution to the Administrative Agent and the Collateral Custodian in payment in full for all accrued fees, expenses and indemnities due and payable to such party hereunder or under any other Transaction Document and under the Fee Letters and Schedule XI; (iii) third, to the Facility Servicer in payment in full for all accrued fees, expenses and indemnities due and payable to the Facility Servicer hereunder or under any other Transaction Document and under the Fee Letters; (iv) fourth, to the Administrative Agent for the ratable distribution to the Lenders in payment in full for all accrued fees, expenses and indemnities due and payable to such party hereunder or under any other Transaction Document and under the Fee Letters; (v) fifth, to the Administrative Agent for distribution to each Lender to pay such Lender’s Pro Rata Share of accrued and unpaid interest owing to such Lender under this Agreement (including any such accrued and unpaid interest or fees from a prior period); (vi) sixth, if no Event of Default or Cash Trap Event has occurred and is continuing, to the Receivables and all Net Liquidation Proceeds within two Borrower or as the Borrower may direct (2) Business Days after receipt thereofincluding to make a Restricted Junior Payment to Holdings or for Holdings to make a Restricted Junior Payment to its member or members), in each case, minus an amount equal to the lesser of (ia) an amount equal to amounts previously deposited by the Servicer minimum amount necessary for the Sponsor to maintain its status as a real estate investment trust for U.S. federal income tax purposes and to avoid income and excise tax under Section 857 and 4981 of the Code (after giving effect to any other available funds of the Sponsor and its Affiliates) as specified in the Collection Account but later determined Servicing Report delivered pursuant to Section 8.08(a) for the most recent Reporting Date and (b) the amount by which Interest Collections exceed the Servicer required payments and distributions in its reasonable opinion to have resulted from mistaken deposits or postingsclauses (a)(i) through (a)(iv) inclusive; (vii) seventh, which amounts have not been previously reimbursed first to the Servicer, Administrative Agent and the Collateral Custodian for any amounts not paid pursuant to clause (ii) above and second, to the Administrative Agent for distribution to each other Secured Party to pay any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by Obligations (other than the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect principal of an Obligor the Advances) that are not immediately identifiable as such, shall not be deemed “received” until then due and owing to such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices.Secured Party; (bviii) Notwithstanding eighth, if a Cash Trap Event has occurred and is continuing, to the provisions Administrative Agent for distribution to each Lender to repay such Lender’s Pro Rata Share of the Advances Outstanding until (A) if such Cash Trap Event arises under clause (a) above and subject of the definition thereof, the Advances Outstanding are repaid to and upon compliance with an amount where LTV, when recalculated giving effect to such repayment, is equal to the terms and conditions set forth in this clause applicable Maximum Quarterly LTV Percentage at the time of such Payment Date or (B) if such Cash Trap Event arises under clauses (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (Bc) or (Cd) above, or (y) of the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existdefinition thereof, the Servicer shall remit all collections referred Advances Outstanding are paid in full (it being understood that such amount may be only a portion of the outstanding amount with respect to in the Advances); and (ix) ninth, if no Cash Trap Event has occurred and is continuing or would result after giving effect to the payment under this clause (a) above vii), to the Collection Account on Borrower or as the Borrower may direct (including to make a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller Restricted Junior Payment to Holdings or the Servicerfor Holdings to make a Restricted Junior Payment to its member or members).

Collections. (a) The Servicer shall remit daily to the Collection Account within two Business Days following receipt thereof all payments received from by or on behalf of the Obligors obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2including payments made under any of the Insurance Policies or the Collateral Insurance to the extent applicable to payments due on the Receivables) Business Days after receipt thereof, in each caseboth as collected during the Collection Period, minus net of (i) an amount equal the Servicer's actual out-of-pocket expenses reasonably incurred with respect to Defaulted Receivables or Vehicles, which shall be paid from amounts previously deposited by actually recovered with respect to any Defaulted Receivable or Vehicle, (ii) charge backs attributable to errors in posting, returned checks, or rights of offset for amounts that should not have been paid or that must be refunded as the result of a successful claim or defense under bankruptcy or similar laws and (iii) the Monthly Servicing Fee, as provided in Section 4.8. (b) On the Determination Date in each month, the Servicer shall instruct the Trustee to withdraw from the Collection Account the amount collected with respect to Receivables, including Additional Fees and Liquidation Proceeds, received during the Collection Period and investment earnings related to such Determination Date and deposit such amount in immediately available funds or by wire transfer in immediately available funds into the Certificate Account. (c) On or before each Determination Date, the Servicer shall determine (i) the sum of (x) the amount of payments on all Receivables, including all Additional Fees and Liquidation Proceeds (including payments made under any of the Insurance Policies or the Collateral Insurance to the extent applicable to payments due on the Receivables), received during the related Collection Period, investment earnings deposited in the Collection Account but later determined by or Certificate Account during the Servicer related Collection Period, investment earnings earned through such Determination Date and not yet deposited in its reasonable opinion the Collection Account or Certificate Account, and the Purchase Amounts for all Receivables to be purchased or repurchased with respect to such Collection Period which have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to deposited in the ServicerCertificate Account (the "Net Available Funds") and (y) the Yield Maintenance Withdrawal Amount for the related Distribution Date (the sum of (x) and (y) being the "Available Funds"), and (ii) any prepayment charge and the amount of funds necessary to make the distributions required pursuant to clauses (i) through (iv) of Section 5.4(a) on the next Distribution Date. The Servicer shall by a Servicer's Certificate notify the Trustee of such amounts by telecopy to the Corporate Trust office (or such other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time number as the Obligor is identified Trustee may from time to time provide), followed promptly by mailing such notice to the Trustee at the Corporate Trust Office, and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as Trustee shall provide such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above notice to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerCertificate Insurer.

Collections. (a) The Servicer shall remit daily to the Collection ----------- Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables Receivables, all Insurance Proceeds, all Liquidation Proceeds, proceeds from any Dealer Liability, proceeds from any International Purchase Obligations and all Net Liquidation Proceeds proceeds from any Guaranties within two (2) Business Days after receipt thereof. Notwithstanding the foregoing, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted required to remit such collections referred to in clause (a) above within such two Business Days but may remit collections received during a Monthly Period to the Collection Account in immediately available funds on each Deposit the Business Day immediately preceding the related Distribution Date but only for so long as (Ai) NFC is the Servicer shall be AHFCServicer, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (Cii) (x) the Required Servicer satisfies the requirements for monthly remittances established by the Rating is satisfiedAgencies initially rating the Securities, and upon the satisfaction of such requirements, the Rating Agencies which initially rated the Securities reaffirm the rating of the Securities at the level at which they would be rated if collections were remitted within two Business Days or (y) if the Required short-term unsecured debt obligations of NFC are rated at least A-1+ by S&P and P-1 by ▇▇▇▇▇'▇ Investors Service, Inc., and (iii) a Servicer Rating is Default shall not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencieshave occurred and be continuing. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Biii) above of the immediately preceding sentence that would require daily remittance within two Business Days by the Servicer to the Collection Account unless a Responsible Officer the Indenture Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, 's Certificate or from Securityholders Noteholders whose Notes evidence not less than 25% of the Outstanding Amount of the Voting Notes as provided of the close of the preceding Distribution Date or unless a Responsible Officer in Section 7.01. Notwithstanding the foregoing, commencing Corporate Trust Office with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any knowledge hereof and familiarity herewith has actual knowledge of clause (A), (B) such event or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) abovecircumstance. For purposes of this Article V the phrase “"payments made by or on behalf of Obligors” " shall mean payments made by Persons other than the Seller or the Servicer.

Collections. (a) The Servicer shall remit daily within two Business Days of the date of processing to the Collection Account all payments received from by or on behalf of the Obligors on or in with respect of to the Receivables (other than any amounts constituting Supplemental Servicing Fees) and all Net Liquidation Proceeds within two (2) Business Days after receipt thereofProceeds, in each caseboth as collected during the Collection Period. Notwithstanding the foregoing, minus if (i) an amount equal to amounts previously deposited by Servicer shall have the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsRequired Rating, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by Servicer provides to the Issuer a letter from an entity with the Required Rating covering the collection risk of the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is (iii) Indenture Trustee otherwise acceptable to shall have received written notice from each of the Rating Agencies. The Indenture Trustee shall Agencies that the then outstanding rating on the Notes would not be deemed lowered, qualified or withdrawn as a result, Servicer may deposit all amounts referred to have knowledge of above for any event or circumstance under clause (B) above that would require daily remittance by the Servicer to Collection Period into the Collection Account unless not later than 11:00 a.m. (New York time) on the Deposit Date with respect to such Collection Period; provided that (y) if a Responsible Officer Servicer Termination Event has received notice of occurred and is continuing, or (z) Servicer has been terminated as such event or circumstance from pursuant to Section 8.1, Servicer shall deposit such amounts (including any amounts then being held by Servicer) into the Seller or the Servicer in an Officer’s Certificate, from Securityholders Collection Account as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) abovepreceding sentence. For purposes of this Article V the phrase “payments made by or on behalf of Obligors” shall mean payments made with respect to the Receivables by Persons other than the Servicer, Seller or any Affiliate. (b) With respect to each Receivable (other than a Purchased Receivable), collections and payments by or on behalf of the Obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to interest and principal in accordance with the Simple Interest Method, as applied by Servicer. Any excess shall be applied to prepay the Receivable.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments received from or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller Seller, the Servicer [or a Letter of Credit Bank, if any.] [Any funds held by the Servicer which should have been deposited into the Collection Account but were not, thereby resulting in a payment under the Servicer Letter of Credit, if any, shall not be remitted to the Collection Account, but shall instead be paid immediately and directly to the Letter of Credit Bank. The Servicer shall also be permitted to reimburse the Letter of Credit Bank out of its own funds. Any such payment to the Letter of Credit Bank shall be accompanied by a copy of the Servicer’s Certificate related to the previous failure to remit funds and an Officer’s Certificate which includes a statement identifying, by reference to the items in such related Servicer’s Certificate, each shortfall in Servicer remittances to which such payment to the Letter of Credit Bank relates. The Servicer will also provide the Indenture Trustee with copies of each such Servicer’s Certificate and any Officer’s Certificate delivered with any such payment to the Letter of Credit Bank.]

Collections. (a) The Servicer shall remit daily within two Business Days of receipt thereof (or, with respect to principal payments received up to two Business Days prior to the Closing Date, on the Closing Date) to the Collection Account all payments received from by or on behalf of the Obligors on or in with respect of to the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to other than any amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and constituting Supplemental Servicing Fees; provided) and all Liquidation Proceeds, that any payments received in respect of an Obligor that are not immediately identifiable both as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on collected during a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01Period. Notwithstanding the foregoing, commencing with if Compass Bank is the first Servicer and (i) shall have the Required Rating or (ii) Indenture Trustee otherwise shall have received written notice from each of the Rating Agencies that the then outstanding rating on the Notes or the Certificates would not be lowered or withdrawn as a result, Servicer may deposit all amounts referred to above for any Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to into the Collection Account not later than the close of business on the Deposit Date with respect to such Collection Period; provided that (i) if a daily basis within two Servicer Termination Event has occurred and is continuing, (2ii) Business Days of receipt thereof Servicer has been terminated as such pursuant to Section 8.1 or (iii) Servicer ceases to have the Required Rating, Servicer shall deposit such amounts (including any amounts then being held by Servicer) into the Collection Account as provided in accordance with clause (a) abovethe preceding sentence. For purposes of this Article V, the phrase “"payments made by or on behalf of the Obligors” " shall mean payments made with respect to the Receivables by Persons other than Servicer, Company or either Seller. (b) With respect to each Receivable (other than a Purchased Receivable), collections and payments by or on behalf of the Seller or Obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to interest and principal in accordance with the Simple Interest Method, as applied by Servicer. Any excess shall be applied to prepay the Receivable. All Liquidation Proceeds shall be applied to the related Receivable in accordance with Servicer's customary servicing procedures.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments amounts received from or on behalf of by the Obligors Servicer on or in respect of the Receivables (including Liquidation Proceeds and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited received by the Servicer in connection with the Collection Account repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable) but later determined by excluding payments with respect to Purchased Receivables) as soon as practicable and in no event after the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsclose of business on the second Business Day after such receipt; provided, which amounts have not been previously reimbursed to however, that for so long as (i) CarMax is the Servicer, and (ii) any prepayment charge no Event of Servicing Termination shall have occurred and other administrative fees be continuing and expenses or similar charges which (iii) the Rating Agency Condition shall be retained by the Servicer and Supplemental Servicing Fees; providedhave been satisfied (each, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed a “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Condition”), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as remit any such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above amounts received during any Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day preceding the Distribution Date for so long following such Collection Period (it being understood that the Monthly Remittance Condition has not been satisfied as of the Closing Date); provided further, that if any such amounts (Aincluding Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) are received in respect of a Receivable as to which there is an unreimbursed Simple Interest Advance, the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable retain such amounts to the Rating Agenciesextent of such unreimbursed Simple Interest Advance (and shall apply the amount retained to reimburse itself for such unreimbursed Simple Interest Advance) and shall remit the balance of such amounts to the Collection Account; and, provided further, that the Servicer shall, if it determines that it has made an Unreimbursed Servicer Advance, retain amounts received on or in respect of the Receivables to the extent set forth in Section 4.4(b). The Owner Trustee and the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Bii) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicer.or

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the second Business Days Day after receipt identification thereof. For purposes of this Article V, in each casethe phrase “payments received by or on behalf of the Obligors” shall mean payments made by Persons other than the Servicer. Notwithstanding the foregoing, minus for so long as (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to NMAC is the Servicer, and (ii) any prepayment charge (A) NMAC’s short-term unsecured debt obligations are rated at least “Prime-1” by ▇▇▇▇▇’▇ and at least “F1” by Fitch (so long as ▇▇▇▇▇’▇ and Fitch are Rating Agencies), (B) NMAC maintains a letter of credit or other administrative fees form of enhancement acceptable to each Rating Agency to support NMAC’s obligation to deposit collections into the Collection Account, or (C) NMAC otherwise satisfies each Rating Agency’s requirements, and expenses (iii) no Event of Default or similar charges which Servicer Default shall have occurred and be retained continuing (unless waived by the Servicer and Supplemental Servicing Fees; providedappropriate Securityholders) (collectively, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed the “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Conditions”), the Servicer may shall not be permitted required to make remittances of remit such collections to the Collection Account on a less frequent the foregoing basis than that specified in clause (a) above for so long as but shall be entitled to retain such terms and conditions are fulfilled. Accordinglycollections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer will be permitted to shall remit all such collections referred to in clause (a) above respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFCimmediately deposited into the Collection Account and all future collections on or in respect of the Receivables (other than payments on Warranty Receivables and the Administrative Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account not later than the second Business Day after identification thereof. Notwithstanding anything herein to the contrary, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived if a subsequent Public ABS Transaction calls for changes in accordance with making monthly deposits to the Basic Documentsrelated collection account, and (C) (x) the Required Servicer Rating is satisfiedthen, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has shall have been satisfied satisfied, the Servicer will no longer be bound by the Monthly 40 (Nissan 2014-A Sale and Servicing Agreement) Remittance Condition hereunder, and will instead be subject to the conditions to making monthly deposits as required by the subsequent Public ABS Transaction. (b) The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s CertificateCertificate or from the Holders of Notes evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes, from Securityholders or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. (c) The Servicer shall give (i) the Owner Trustee, the Indenture Trustee and each Rating Agency written notice, as provided soon as practical after the occurrence thereof but in Section 7.01. no event later than 10 Business Days after obtaining knowledge thereof, of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition failed to be satisfied), if the Rating Agency Condition shall remit all collections referred have been satisfied with respect to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersuch alternative remittance schedule.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the second Business Days Day after receipt identification thereof. For purposes of this Article V, in each casethe phrase “payments received by or on behalf of the Obligors” shall mean payments made by Persons other than the Servicer. Notwithstanding the foregoing, minus for so long as (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to NMAC is the Servicer, and (ii) any prepayment charge (A) NMAC’s short-term unsecured debt obligations are rated at least “Prime-1” by ▇▇▇▇▇’▇ and at least “F1” by Fitch (so long as ▇▇▇▇▇’▇ and Fitch are Rating Agencies), (B) NMAC maintains a letter of credit or other administrative fees form of enhancement acceptable to each Rating Agency to support NMAC’s obligation to deposit collections into the Collection Account, or (C) NMAC otherwise satisfies each Rating Agency’s requirements, and expenses (iii) no Event of Default or similar charges which Servicer Default shall have occurred and be retained continuing (unless waived by the Servicer and Supplemental Servicing Fees; providedappropriate Securityholders) (collectively, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed the “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Conditions”), the Servicer may shall not be permitted required to make remittances of remit such collections to the Collection Account on a less frequent the foregoing basis than that specified in clause (a) above for so long as but shall be entitled to retain such terms and conditions are fulfilled. Accordinglycollections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer will be permitted to shall remit all such collections referred to in clause (a) above respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFCimmediately deposited into the Collection Account and all future collections on or in respect of the Receivables (other than payments on Warranty Receivables and the Administrative Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account not later than the second Business Day after identification thereof. Notwithstanding anything herein to the contrary, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived if a subsequent Public ABS Transaction calls for changes in accordance with making monthly deposits to the Basic Documentsrelated collection account, and (C) (x) the Required Servicer Rating is satisfiedthen, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has shall have been satisfied satisfied, the Servicer will no longer be bound by the Monthly Remittance Condition hereunder, and will instead be subject to the conditions to making monthly deposits as required by the subsequent Public ABS Transaction. 40 (Nissan 2013-B Sale and Servicing Agreement) (b) The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s CertificateCertificate or from the Holders of Notes evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes, from Securityholders or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. (c) The Servicer shall give (i) the Owner Trustee, the Indenture Trustee and each Rating Agency written notice, as provided soon as practical after the occurrence thereof but in Section 7.01. no event later than 10 Business Days after obtaining knowledge thereof, of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition failed to be satisfied), if the Rating Agency Condition shall remit all collections referred have been satisfied with respect to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersuch alternative remittance schedule.

Collections. (a) The Subject to the provisions of subsections (b) and (c) below, the Servicer shall remit daily to the Collection Certificate Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables and Receivables, including all Net Liquidation Proceeds within two and Recoveries received by the Servicer during any Collection Period, as soon as practicable, but in no event after the close of business (2New York time) on the second Business Days Day after receipt thereof. Subject to the provisions of subsection (c) hereof, on the Closing Date, the Servicer shall deposit in each case, minus (i) an amount equal to amounts previously deposited the Certificate Account all payments by or on behalf of the Obligors on the Receivables received by the Servicer in after the Collection Account but later determined by close of business of the Servicer in its reasonable opinion to have resulted from mistaken deposits on the Cutoff Date and on or postings, which amounts have not been previously reimbursed prior to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by second Business Day immediately preceding the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practicesClosing Date. (b) Notwithstanding the provisions of clause Section 4.2(a), if (i) the Servicer shall have the Required Rating or (ii) (a) the Servicer shall have obtained a letter of credit or surety bond (or similar form of performance guaranty) in favor of the Trustee, on behalf of the Trust for the benefit of the Certificateholders, providing that the Trustee may demand payment (up to the amount then available thereunder) in the event that the Servicer fails to make any payment or deposit required hereunder (other than with respect to Advances) and (b) the Trustee shall have received written notice from each of the Rating Agencies that the then outstanding rating on the Class A Certificates and the Class B Certificates would not be lowered or withdrawn as a result, the Servicer may deposit the amounts referred to in subsection (a) above into the Certificate Account not later than the close of business on the Deposit Date immediately succeeding the last day of the related Collection Period, for so long as the Servicer shall have the Required Rating or such letter of credit, surety bond or similar form of performance guaranty is in full force and subject effect, as the case may be; PROVIDED, HOWEVER, that (i) if an Event of Servicing Termination has occurred and is continuing, (ii) the Servicer has been terminated as such pursuant to Section 9.1 or (iii) the Servicer ceases to have the Required Rating (and upon compliance with the terms and Servicer has not obtained a letter of credit (or similar form of performance guaranty) satisfying the conditions set forth in this clause (bspecified above), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause shall deposit such amounts (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of including any event or circumstance under clause (B) above that would require daily remittance amounts then being held by the Servicer to Servicer) into the Collection Certificate Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.014.2(a). Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any provisions of clause (A), (B) or (C) above, or (y) the proviso to the preceding sentence shall not be applicable to a successor servicer solely by reason of the occurrence of an event specified in Section 7.01(c) clauses (notwithstanding any period of grace contained in such clausei), (ii) and (iii) of such proviso with respect to the outgoing Servicer. Following the occurrence of an event specified in clauses (i), (ii) or (iii) in the preceding proviso, on a monthly basis, all Collections shall be segregated by book-entry or similar form of identification on the Servicer's books and records and identified as the property of the Trust. The Servicer shall promptly notify the Trustee in writing if it shall obtain or lose the Required Rating or the benefit of such letter of credit, surety bond, or similar form of performance guaranty. (c) Notwithstanding the provisions of subsections (a) and (b) hereof, the Servicer may retain, or will be entitled to be reimbursed, from amounts otherwise payable into, or on deposit in, the Certificate Account with respect to a Collection Period and the Receivables originated by it any amounts previously deposited in the Certificate Account but later determined to have resulted from mistaken deposits or postings or checks returned for so long as such condition continues insufficient funds, in each case, with respect to existwhich the Servicer has not been previously reimbursed hereunder. The amount to be retained or reimbursed hereunder shall not be included in Collections with respect to the related Distribution Date. (d) In those cases where a subservicer is servicing a Receivable, the Servicer shall cause the subservicer to remit all collections to the Certificate Account as soon as practicable, but in no event later than the close of business (New York time) on the second Business Day after receipt thereof by the subservicer (but subject to the provisions of Section 4.2 (b) and the limitations contained in Section 4.2(c) of this Agreement) the amounts referred to in clause (aSection 4.2(a) above to in respect of a Receivable being serviced by the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersubservicer.

Collections. (a) The Master Servicer shall (or shall cause the applicable Sub-Servicers to) remit daily within two Business Days of receipt thereof to the Group I Collection Account Sub-Account (with respect to the Group I Student Loans) or the Group II Collection Account Sub-Account (with respect to the Group II Student Loans) all payments received from by or on behalf of the Obligors on or in with respect of to the Receivables Group I and Group II Student Loans, respectively (other than Purchased Student Loans), and all Net related Liquidation Proceeds within two (2) Business Days after receipt thereofand Recoveries, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in as collected during the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Period. Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)foregoing, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (Ai) Key Bank USA, National Association (or its Affiliate) is the Servicer shall be AHFCAdministrator, (Bii) no Servicer Default or Event of Administrator Default shall have occurred and be continuing continuing, (iii) the Administrator’s long-term debt is rated at least “A-” by S&P and not have been waived in accordance with the Basic Documents, “A3” by ▇▇▇▇▇’▇ and (Civ) (x) prior to ceasing daily remittances to the Required Servicer Rating is satisfied, or (y) if applicable sub-account of the Required Servicer Rating is not satisfiedCollection Account, the Rating Agency Condition has shall have been satisfied or (which the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee parties hereto agree shall not be deemed to have knowledge of been satisfied on the Closing Date) (and any event conditions or circumstance under clause (B) above that would require daily remittance limitations imposed by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer Rating Agencies in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (Aconnection therewith are complied with), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Master Servicer shall (or shall cause the applicable Sub-Servicers to) remit all such collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) aboveto the Administrator, and the Administrator need not deposit such collections into the Group I Collection Account Sub-Account or the Group II Collection Account Sub-Account, as applicable, until one Business Day immediately prior to the next following Distribution Date; provided, however, that, notwithstanding the foregoing, on or before the Business Day preceding each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deposit into the Group I Collection Account Sub-Account or the Group II Collection Account Sub-Account, as applicable, that portion of such amounts received by it that is equal to the related Master Servicing Fee payable on such date. In the event that any of the foregoing conditions for ceasing daily remittances shall no longer be satisfied, then the Administrator shall deposit all collections held by it into the Group I Collection Account Sub-Account or the Group II Collection Account Sub-Account, as applicable, within two Business Days of receipt thereof. For purposes of this Article V, the phrase “payments made by or on behalf of Obligors” shall mean payments made with respect to the Group I or Group II Student Loans, as applicable, by Persons other than or on behalf of borrowers thereof and the Seller or Guarantors (but excluding the ServicerDepartment).

Collections. (a) The Servicer shall remit daily to the Collection Account all payments amounts received from or on behalf of by the Obligors Servicer on or in respect of the Receivables (including Liquidation Proceeds and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited received by the Servicer in connection with the Collection Account repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable) but later determined by excluding payments with respect to Purchased Receivables) as soon as practicable and in no event after the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsclose of business on the second Business day after such receipt; provided, which amounts have not been previously reimbursed to however, that for so long as (i) CarMax is the Servicer, and (ii) any prepayment charge no Event of Servicing Termination shall have occurred and other administrative fees be continuing and expenses or similar charges which (iii) the Rating Agency Condition shall have been satisfied and, unless an Insurer Default shall have occurred and be retained by continuing, the Servicer and Supplemental Servicing Fees; providedwritten consent of the Insurer shall have been obtained (each, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (ba "Monthly Remittance Condition"), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as remit any such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above amounts received during any Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day preceding the Distribution Date for so long as following such Collection Period (A) it being understood that the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Monthly Remittance Condition has not been satisfied or as of the proposed alternative collections remittance schedule is otherwise acceptable to the Rating AgenciesClosing Date). The Owner Trustee and the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee, as applicable, has received notice of such event or circumstance from the Seller Depositor or the Servicer in an Officer’s Certificate, 's Certificate or written notice from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two Insurer (2) Business Days following (x) non-compliance with any of clause (Aif no Insurer Default shall have occurred and be continuing), (B) the Holders of Notes evidencing not less than 25% of the Note Balance or (C) abovefrom the Holders of Certificates evidencing not less than 25% of the Certificate Balance or a Responsible Officer of the Owner Trustee or the Indenture Trustee, as applicable, has actual knowledge of such event or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the circumstance. The Servicer shall remit all collections referred to in clause (a) above to the Collection Account on the Closing Date all amounts received by the Servicer on or in respect of the Receivables (including Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a daily basis within two Financed Vehicle (2whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article Day preceding the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerClosing Date.

Collections. (a) The Servicer shall remit daily within two Business Days of receipt thereof to the Collection Account all payments received from by or on behalf of the Obligors on or in with respect of to the Receivables (other than Purchased Receivables) and all Net Liquidation Proceeds within two (2) Business Days after receipt thereofProceeds, in each caseboth as collected during the Monthly Period less any payments owed thereon to the Servicer. Notwithstanding the foregoing, minus for so long as (i) Franklin Capital remains the Servicer, (ii) no Servicer Default shall have occurred and be continuing, (iii) there exists no Insurer Default, (iv) the Servicer's (or if the Servicer is Franklin Capital, and the Representative has entered into an amount equal agreement, guaranty, surety or other arrangement backing Franklin Capital's obligations acceptable to the Rating Agencies and the Security Insurer, then the Representative's) short term obligations are rated at least A-1 by Standard & Poor's and P-1 by Moody's and (v) the Rating Agency Condition shall have been satisfied (and any conditions or limitations imposed by the Rating Agencies in connection therewith are complied with), the Servicer may remit such collections with respect to the preceding calendar month to the Collection Account on the second Business Day immediately preceding the related Distribution Date. If, however, one of the conditions in clauses (i) through (v) of the preceding sentence is not satisfied, then the Servicer shall remit such collections with respect to the preceding calendar month to the Collection Account within two Business Days of receipt thereof or, if the Servicer has already held such collections for two Business Days, it shall remit such collections to the Collection Account immediately. Pending deposit thereof into the Collection Account, the Servicer may use or invest collections at its own risk and for its own benefit and need not segregate collections from its own funds. For purposes of this Article V the phrase "payments by or on behalf of Obligors" shall mean payments made with respect to the Receivables by Persons other than the Servicer or the Seller. (b) The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Monthly Period for amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer, and (iiServicer on the related Distribution Date pursuant to Section 5.6(a)(i) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained upon certification by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified amounts and the payment is allocated provision of such information to the Trustee and the Security Insurer as such, may be necessary in accordance with the opinion of the Security Insurer to verify the accuracy of such certification. In the event that the Security Insurer has not received evidence satisfactory to it of the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject 's entitlement to and upon compliance with the terms and conditions set forth in this clause (breimbursement pursuant to Section 5.2(b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause Security Insurer shall (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of unless an Insurer Default shall have occurred and be continuing and not have been waived in accordance with continuing) give the Basic DocumentsTrustee notice to such effect, and (C) (x) following receipt of which the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed make a distribution to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in respect of such amount pursuant to Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A5.6(a)(i), (Bor if the Servicer prior thereto has been reimbursed pursuant to Section 5.6(a)(i) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist5.9, the Servicer Trustee shall remit all collections referred to in clause (a) above withhold such amounts from amounts otherwise distributable to the Collection Account Servicer on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicernext succeeding Distribution Date.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all Collections (other than payments received from or on behalf of Repurchased Receivables) not later than the Obligors on or in respect of second Business Day after identification thereof; provided, however, that if the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereofMonthly Remittance Condition is satisfied, in each case, minus (i) then the Servicer shall not be required to deposit into the Collection Account an amount equal to amounts previously deposited by the Collections received during the related Collection Period until the Business Day before each Distribution Date. The “Monthly Remittance Condition” shall be deemed to be satisfied if (i) NMAC is the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge NMAC’s short-term unsecured debt obligations are rated at least [“Prime-1”] by [▇▇▇▇▇’▇] and other administrative fees and expenses or similar charges which shall be retained at least [“F1”] by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. [Fitch] (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms [▇▇▇▇▇’▇] and conditions [Fitch] are fulfilledRating Agencies). Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance Commencing with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge first day of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following after the day on which the Monthly Remittance Condition is not satisfied, all Collections then held by the Servicer shall be immediately deposited into the Collection Account and all future Collections on or in respect of the Receivables (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clauseother than payments on Repurchased Receivables) and for so long as such condition continues all Net Liquidation Proceeds shall be remitted by the Servicer to existthe Collection Account not later than the second Business Day after identification thereof. Notwithstanding the foregoing, the Servicer shall may remit all collections referred to in clause (a) above Collections to the Collection Account on a daily basis within two any other alternate remittance schedule (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other but not later than the Seller or related Distribution Date) if the ServicerRating Agency Condition is satisfied with respect to such alternate remittance schedule. Pending deposit into the Collection Account, Collections may be commingled and used by the Servicer at its own risk and are not required to be segregated from its own funds. (b) [The Indenture Trustee will promptly, on the date of receipt, deposit into the Collection Account all Net [Swap][Cap] Receipts received by it under the Interest Rate [Swap][Cap] Agreement in immediately available funds.] 38 (Nissan 20[ ]-[ ] Sale and Servicing Agreement)

Collections. (a) The Servicer shall remit daily to the Collection Account all payments amounts (excluding, for the avoidance of doubt, any Supplemental Servicing Fees) received from or on behalf of by the Obligors Servicer on or in respect of the Receivables (including Liquidation Proceeds and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited received by the Servicer in connection with the Collection Account repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) but later determined by excluding payments with respect to Purchased Receivables) as soon as practicable and in no event after the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsclose of business on the second Business Day after such receipt; provided, which amounts have not been previously reimbursed to however, that for so long as (i) CarMax is the Servicer, and (ii) any prepayment charge no Event of Servicing Termination shall have occurred and other administrative fees be continuing and expenses or similar charges which shall be retained (iii) CarMax’s short-term unsecured debt is rated at least “F1” by Fitch and “P-1” by Moody’s (the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Condition”), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as remit any such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above amounts received during any Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day preceding the Distribution Date for so long following such Collection Period (it being understood that the Monthly Remittance Condition has not been satisfied as of the Closing Date); provided further, that if any such amounts (Aincluding Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) are received in respect of a Receivable as to which there is an unreimbursed Simple Interest Advance, the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable retain such amounts to the Rating Agenciesextent of such unreimbursed Simple Interest Advance (and shall apply the amount retained to reimburse itself for such unreimbursed Simple Interest Advance) and shall remit the balance of such amounts to the Collection Account; and, provided further, that the Servicer shall, if it determines that it has made an Unreimbursed Servicer Advance, retain amounts received on or in respect of the Receivables to the extent set forth in Section 4.4(b). The Owner Trustee and the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause clauses (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee, as applicable, has received notice of such event or circumstance at its Corporate Trust Office from the Seller Depositor or the Servicer in an Officer’s CertificateCertificate or written notice of such event or circumstance from the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or unless a Responsible Officer of the Owner Trustee or the Indenture Trustee, from Securityholders as provided in Section 7.01applicable, has actual knowledge of such event or circumstance. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the The Servicer shall remit all collections referred to in clause (a) above to the Collection Account on the Closing Date all amounts received by the Servicer on or in respect of the Receivables (including Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a daily basis within two Financed Vehicle (2whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article Day preceding the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerClosing Date.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments received from or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (i) (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Servicer shall have provided the Trustees written confirmation from each Rating Agency Condition has been satisfied or that the proposed alternative collections remittance schedule is otherwise acceptable will not result in the reduction of withdrawal of the rating then assigned to the Rating Agenciesany Class of Notes. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Bi)(B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days immediately following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist), the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller Seller, the Servicer or a Letter of Credit Bank, if any. Any funds held by the Servicer which should have been deposited into the Collection Account but were not, thereby resulting in a payment under the Servicer Letter of Credit, if any, shall not be remitted to the Collection Account, but shall instead be paid immediately and directly to the Letter of Credit Bank. The Servicer shall also be permitted to reimburse the Letter of Credit Bank out of its own funds. Any such payment to the Letter of Credit Bank shall be accompanied by a copy of the Servicer’s Certificate related to the previous failure to remit funds and an Officer’s Certificate which includes a statement identifying, by reference to the items in such related Servicer’s Certificate, each shortfall in Servicer remittances to which such payment to the Letter of Credit Bank relates. The Servicer will also provide the Indenture Trustee with copies of each such Servicer’s Certificate and any Officer’s Certificate delivered with any such payment to the Letter of Credit Bank.

Collections. (a) The Subject to the provisions of subsection (b) below, the Servicer shall remit daily to the Collection Account (i) all payments received from by or on behalf of the Obligors (including, subject to the next two sentences, Payaheads on or in the Receivables, but excluding payments with respect of the to Purchased Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer included in the Collection Account but later determined by the Servicer in its reasonable opinion Supplemental Servicing Fee), including amounts treated as collections on Final Payment Receivables pursuant to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, Section 3.2(d) and (ii) any prepayment charge all Liquidation Proceeds and other administrative fees and expenses or similar charges which shall be retained all Recoveries, received by the Servicer during any Collection Period, as soon as practicable, but in no event after the close of business on the second Business Day after receipt thereof. Collections of Payaheads shall be deposited in the Collection Account, pursuant to the preceding sentence for purposes of administrative convenience only, pending determination of the amount to be deposited in the Payahead Account (or in the event that the Monthly Remittance Conditions are satisfied, remitted to the Servicer pursuant to Section 4.1(f)), which amount shall be deposited in the Payahead Account as soon as practicable but in no event later than the Payment Date immediately following collection, and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, such amounts shall not be deemed “received” transferred to the Collection Account until such time due. MMCA, for so long as it is acting as the Obligor is identified and the payment is allocated as suchServicer, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (athe immediately preceding paragraph. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 4.2(a) above and only for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 4.2(a), the Servicer will be permitted to shall remit collections referred to in clause (a) above received during a Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day prior to the related Payment Date but only for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating each Monthly Remittance Condition is satisfied. Notwithstanding the foregoing, or (y) if the Required Servicer Rating a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition became unsatisfied), if the Servicer provides to the Owner Trustee and the Indenture Trustee written confirmation from the Rating Agency Condition has been satisfied Agencies that such alternative remittance schedule will not result in the downgrading or withdrawal by the Rating Agencies of the ratings then assigned to the Notes and the Certificates. The Owner Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause clauses (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, 's Certificate or written notice from Securityholders as provided the Holders of Notes evidencing not less than 25% of the principal balance of the then outstanding Notes or from the Holders of Certificates evidencing not less than 25% of the Certificate Balance or a Responsible Officer in Section 7.01. Notwithstanding the foregoing, commencing Corporate Trust Office with the first Collection Period that begins at least two knowledge hereof or familiarity herewith has actual knowledge of such event or circumstance. (2b) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existIn those cases where a subservicer is servicing a Receivable, the Servicer shall cause the subservicer to remit all collections to the Collection Account, as soon as practicable, but in no event after the close of business on the second Business Day after receipt thereof by the subservicer (but subject to the provisions of Section 4.2(a)) the amounts referred to in clause (aSection 4.2(a) above to in respect of a Receivable being serviced by the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersubservicer.

Collections. (a) The Servicer shall remit daily within two Business Days of receipt thereof to the Collection Account all payments received from by or on behalf of the Obligors on or in with respect of to the Receivables (other than Purchased Receivables) and all Net Liquidation Proceeds within two (2) Business Days after receipt thereofProceeds, in each caseboth as collected during the Monthly Period less any payments owed thereon to the Servicer. Notwithstanding the foregoing, minus for so long as (i) Franklin Capital remains the Servicer, (ii) no Servicer Default shall have occurred and be continuing, (iii) there exists no Insurer Default, (iv) the Servicer’s (or if the Servicer is Franklin Capital, and the Representative has entered into an amount equal agreement, guaranty, surety or other arrangement backing Franklin Capital’s obligations acceptable to the Rating Agencies and the Security Insurer, then the Representative’s) short term obligations are rated at least A 1 by Standard & Poor’s and P 1 by Moody’s and (v) the Rating Agency Condition shall have been satisfied (and any conditions or limitations imposed by the Rating Agencies in connection therewith are complied with), the Servicer may remit such collections with respect to the preceding calendar month to the Collection Account on the second Business Day immediately preceding the related Distribution Date. If, however, one of the conditions in clauses (i) through (v) of the preceding sentence is not satisfied, then the Servicer shall remit such collections with respect to the preceding calendar month to the Collection Account within two Business Days of receipt thereof or, if the Servicer has already held such collections for two Business Days, it shall remit such collections to the Collection Account immediately. Pending deposit thereof into the Collection Account, the Servicer may use or invest collections at its own risk and for its own benefit and need not segregate collections from its own funds. For purposes of this Article V the phrase “payments by or on behalf of Obligors” shall mean payments made with respect to the Receivables by Persons other than the Servicer or the Seller. (b) The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Monthly Period for amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer, and (iiServicer on the related Distribution Date pursuant to Section 5.6(a)(i) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained upon certification by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified amounts and the payment is allocated provision of such information to the Trustee and the Security Insurer as such, may be necessary in accordance with the opinion of the Security Insurer to verify the accuracy of such certification. In the event that the Security Insurer has not received evidence satisfactory to it of the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject entitlement to and upon compliance with the terms and conditions set forth in this clause (breimbursement pursuant to Section 5.2(b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause Security Insurer shall (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of unless an Insurer Default shall have occurred and be continuing and not have been waived in accordance with continuing) give the Basic DocumentsTrustee notice to such effect, and (C) (x) following receipt of which the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed make a distribution to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in respect of such amount pursuant to Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A5.6(a)(i), (Bor if the Servicer prior thereto has been reimbursed pursuant to Section 5.6(a)(i) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist5.9, the Servicer Trustee shall remit all collections referred to in clause (a) above withhold such amounts from amounts otherwise distributable to the Collection Account Servicer on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicernext succeeding Distribution Date.

Collections. (a) The Servicer shall remit daily within two Business Days of receipt thereof to the Collection Account all payments received from by or on behalf of the Obligors on or in with respect of to the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to other than any amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and constituting Supplemental Servicing Fees; provided) and all Liquidation Proceeds, that any payments received in respect of an Obligor that are not immediately identifiable both as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to collected during the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01Period. Notwithstanding the foregoing, commencing with if [_______] is the first Collection Period that begins at least two (2) Business Days following Servicer and (x) non-compliance with any of clause (A), (B) or (C) above, shall have the Required Rating or (y) Indenture Trustee otherwise shall have received written notice from each of the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long Rating Agencies that the then outstanding rating on the Notes or the Certificates would not be lowered or withdrawn as such condition continues to exista result, the Servicer shall remit may deposit all collections amounts referred to in clause (a) above to for any Collection Period into the Collection Account not later than the close of business on the Deposit Date with respect to such Collection Period; provided that (i) if a daily basis within two Servicer Termination Event has occurred and is continuing, (2ii) Business Days of receipt thereof Servicer has been terminated as such pursuant to Section 8.1 or (iii) Servicer ceases to have the Required Rating, Servicer shall deposit such amounts (including any amounts then being held by Servicer) into the Collection Account as provided in accordance with clause (a) abovethe preceding sentence. For purposes of this Article V the phrase “"payments made by or on behalf of Obligors” " shall mean payments made with respect to the Receivables by Persons other than the Servicer, Seller or any Seller Affiliate. (b) With respect to each Receivable (other than a Purchased Receivable or a Precomputed Receivable), collections and payments by or on behalf of the Obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to interest and principal in accordance with the Simple Interest Method, as applied by Servicer. Any excess shall be applied to prepay the Receivable. All Liquidation Proceeds shall be treated as Available Interest. (c) With respect to each Precomputed Receivable, collections and payments by or on behalf of an Obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to the scheduled payments due on such Precomputed Receivable for such Collection Period. To the extent such collections and payments on a Precomputed Receivable during a Collection Period exceed the scheduled payment on such Precomputed Receivable and are insufficient to prepay the Precomputed Receivable in full, collections shall be treated as Payaheads until such later Collection Period as such Payaheads may be transferred to the Collection Account and applied either to the scheduled payments due or to prepay the Precomputed Receivable in full in accordance with Section 5.5.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables Receivables, all Insurance Proceeds, all Liquidation Proceeds, proceeds from any Dealer Liability, proceeds from any NITC Purchase Obligations and all Net Liquidation Proceeds proceeds from any Guaranties within two (2) Business Days after receipt thereof. Notwithstanding the foregoing, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted required to remit such collections referred to in clause (a) above within such two Business Days but may remit collections received during a Monthly Period to the Collection Account in immediately available funds on each Deposit the Business Day immediately preceding the related Distribution Date but only for so long as (Ai) NFC is the Servicer shall be AHFCServicer, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (Cii) (x) the Required Servicer satisfies the requirements for monthly remittances established by the Rating is satisfiedAgencies initially rating the Securities, and upon the satisfaction of such requirements, the Rating Agencies which initially rated the Securities reaffirm the rating of the Securities at the level at which they would be rated if collections were remitted within two Business Days, or (y) if the Required short-term unsecured debt obligations of NFC are rated at least A-1+ by Standard & Poor's Ratings Services and P-1 by ▇▇▇▇▇'▇ Investors Service, Inc., and (iii) a Servicer Rating is Default shall not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencieshave occurred and be continuing. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Biii) above of the immediately preceding sentence that would require daily remittance within two Business Days by the Servicer to the Collection Account unless a Responsible Officer the Indenture Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, 's Certificate or from Securityholders Noteholders whose Notes evidence not less than 25% of the Outstanding Amount of the Notes as provided of the close of the preceding Distribution Date or from Certificateholders whose Certificates evidence not less the 25% of the Voting Interests thereof or unless a Responsible Officer in Section 7.01. Notwithstanding the foregoing, commencing Corporate Trust Office with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any knowledge hereof and familiarity herewith has actual knowledge of clause (A), (B) such event or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) abovecircumstance. For purposes of this Article V the phrase “"payments made by or on behalf of Obligors” " shall mean payments made by Persons other than the Seller or the Servicer.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the second Business Days Day after receipt identification thereof. For purposes of this Article V, in each casethe phrase “payments received by or on behalf of the Obligors” shall mean payments made by Persons other than the Servicer. Notwithstanding the foregoing, minus for so long as (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to NMAC is the Servicer, and (ii) any prepayment charge (A) NMAC’s short-term unsecured debt obligations are rated at least “Prime-1” by ▇▇▇▇▇’▇ and at least “F1” by Fitch (so long as ▇▇▇▇▇’▇ and Fitch are Rating Agencies), (B) NMAC maintains a letter of credit or other administrative fees form of enhancement acceptable to each Rating Agency to support NMAC’s obligation to deposit collections into the Collection Account, or (C) NMAC otherwise satisfies each Rating Agency’s requirements, and expenses (iii) no Event of Default or similar charges which Servicer Default shall have occurred and be retained continuing (unless waived by the Servicer and Supplemental Servicing Fees; providedappropriate Securityholders) (collectively, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed the “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Conditions”), the Servicer may shall not be permitted required to make remittances of remit such collections to the Collection Account on a less frequent the foregoing basis than that specified in clause (a) above for so long as but shall be entitled to retain such terms and conditions are fulfilled. Accordinglycollections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer will be permitted to shall remit all such collections referred to in clause (a) above respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFCimmediately deposited into the Collection Account and all future collections on or in respect of the Receivables (other than payments on Warranty Receivables and the Administrative Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account not later than the second Business Day after identification thereof. Notwithstanding anything herein to the contrary, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived if a subsequent Public ABS Transaction calls for changes in accordance with making monthly deposits to the Basic Documentsrelated collection account, and (C) (x) the Required Servicer Rating is satisfiedthen, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has shall have been satisfied satisfied, the Servicer will no longer be bound by the Monthly Remittance Condition hereunder, and will instead be subject to the conditions to making monthly deposits as required by the subsequent Public ABS Transaction. (b) The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s CertificateCertificate or from the Holders of Notes evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes, from Securityholders or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. 42 (Nissan 2015-B Sale and Servicing Agreement) (c) The Servicer shall give (i) the Owner Trustee, the Indenture Trustee and each Rating Agency written notice, as provided soon as practical after the occurrence thereof but in Section 7.01. no event later than 10 Business Days after obtaining knowledge thereof, of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer may utilize an alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition failed to be satisfied), if the Rating Agency Condition shall remit all collections referred have been satisfied with respect to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicersuch alternative remittance schedule.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments amounts (excluding, for the avoidance of doubt, any Supplemental Servicing Fees) received from or on behalf of by the Obligors Servicer on or in respect of the Receivables (including Liquidation Proceeds and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited received by the Servicer in connection with the Collection Account repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) but later determined by excluding payments with respect to Purchased Receivables) as soon as practicable and in no event after the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsclose of business on the second Business Day after such receipt; provided, which amounts have not been previously reimbursed to however, that for so long as (i) CarMax is the Servicer, and (ii) any prepayment charge no Event of Servicing Termination shall have occurred and other administrative fees be continuing and expenses or similar charges which (iii) the Rating Agency Condition shall be retained by the Servicer and Supplemental Servicing Fees; providedhave been satisfied (each, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed a “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Condition”), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as remit any such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above amounts received during any Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day preceding the Distribution Date for so long following such Collection Period (it being understood that the Monthly Remittance Condition has not been satisfied as of the Closing Date); provided further, that if any such amounts (Aincluding Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) are received in respect of a Receivable as to which there is an unreimbursed Simple Interest Advance, the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable retain such amounts to the Rating Agenciesextent of such unreimbursed Simple Interest Advance (and shall apply the amount retained to reimburse itself for such unreimbursed Simple Interest Advance) and shall remit the balance of such amounts to the Collection Account; and, provided further, that the Servicer shall, if it determines that it has made an Unreimbursed Servicer Advance, retain amounts received on or in respect of the Receivables to the extent set forth in Section 4.4(b). The Owner Trustee and the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause clauses (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee, as applicable, has received notice of such event or circumstance at its Corporate Trust Office from the Seller Depositor or the Servicer in an Officer’s CertificateCertificate or written notice of such event or circumstance from the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or unless a Responsible Officer of the Owner Trustee or the Indenture Trustee, from Securityholders as provided in Section 7.01applicable, has actual knowledge of such event or circumstance. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the The Servicer shall remit all collections referred to in clause (a) above to the Collection Account on the Closing Date all amounts received by the Servicer on or in respect of the Receivables (including Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a daily basis within two Financed Vehicle (2whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article Day preceding the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerClosing Date.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments received from or on behalf set aside and hold in trust as property of the Obligors on or in respect Borrower for the benefit of the Receivables and all Net Liquidation Proceeds within two Secured Parties (2) Business Days after receipt thereofor, in each case, minus (i) an amount equal to amounts previously deposited if so requested by the Servicer Administrative Agent, segregate in the Collection Account but later determined a separate account designated by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsAdministrative Agent, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained an account maintained and controlled by the Servicer and Supplemental Servicing Fees; providedAdministrative Agent unless the Administrative Agent otherwise instructs in its sole discretion), that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, for application in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding priority of payments set forth below, all Collections on Pool Receivables that are received by the provisions Servicer or the Borrower or received in any Lock-Box or Collection Account; provided, however, that so long as each of clause (a) above and subject to and upon compliance with the terms and conditions precedent set forth in this clause (b)Section 5.03 are satisfied with respect thereto, the Servicer may be permitted release to make remittances of collections on the Borrower (for its own account) from such Collections the amount it determines in its sole discretion (each such release, a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled“Release”). AccordinglyOn each Settlement Date, the Servicer will be permitted to remit collections referred to (or, following its assumption of control of the Collection Accounts, the Administrative Agent) shall, distribute such Collections in clause the following order of priority: (ai) above first, to the Collection Account Servicer for the payment of the accrued Servicing Fees payable for the immediately preceding Interest Period (plus, if applicable, the amount of Servicing Fees payable for any prior Interest Period to the extent such amount has not been distributed to the Servicer); (ii) second, to each Lender and other Credit Party (ratably, based on the amount then due and owing), all accrued and unpaid Interest, Fees and Breakage Fees due to such Lender and other Credit Party for the immediately preceding Interest Period (including any additional amounts or indemnified amounts payable under Sections 4.03 and 12.01 in immediately available funds on each Deposit Date respect of such payments), plus, if applicable, the amount of any such Interest, Fees and Breakage Fees (including any additional amounts or indemnified amounts payable under Sections 4.03 and 12.01 in respect of such payments) payable for so long any prior Interest Period to the extent such amount has not been distributed to such Lender or Credit Party; (iii) third, as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived set forth in accordance with the Basic Documents, and (C) clauses (x) the Required Servicer Rating is satisfied), or (y) if the Required Servicer Rating is not satisfiedand/or (z) below, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicer.applicable:

Collections. (a) The Servicer shall remit daily to the Collection Account all payments amounts received from or on behalf of by the Obligors Servicer on or in respect of the Receivables (including Liquidation Proceeds and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited received by the Servicer in connection with the Collection Account repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable) but later determined by excluding payments with respect to Purchased Receivables) as soon as practicable and in no event after the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsclose of business on the second Business day after such receipt; provided, which amounts have not been previously reimbursed to however, that for so long as (i) CarMax is the Servicer, and (ii) any prepayment charge no Event of Servicing Termination shall have occurred and other administrative fees be continuing and expenses or similar charges which (iii) the Rating Agency Condition shall be retained by the Servicer and Supplemental Servicing Fees; providedhave been satisfied (each, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (ba "Monthly Remittance Condition"), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as remit any such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above amounts received during any Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day preceding the Distribution Date for so long following such Collection Period (it being understood that the Monthly Remittance Condition has not been satisfied as of the Closing Date); provided further, that if any such amounts (Aincluding Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) are received in respect of a Receivable as to which there is an unreimbursed Simple Interest Advance, the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable retain such amounts to the Rating Agenciesextent of such unreimbursed Simple Interest Advance (and shall apply the amount retained to reimburse itself for such unreimbursed Simple Interest Advance) and shall remit the balance of such amounts to the Collection Account; and, provided further, that the Servicer shall, if it determines that it has made an Unreimubursed Servicer Advance, retain amounts received on or in respect of the Receivables to the extent set forth in Section 4.4(b). The Owner Trustee and the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee, as applicable, has received notice of such event or circumstance from the Seller Depositor or the Servicer in an Officer’s Certificate's Certificate or written notice of such event or circumstance from the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or unless a Responsible Officer of the Owner Trustee or the Indenture Trustee, from Securityholders as provided in Section 7.01applicable, has actual knowledge of such event or circumstance. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the The Servicer shall remit all collections referred to in clause (a) above to the Collection Account on the Closing Date all amounts received by the Servicer on or in respect of the Receivables (including Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a daily basis within two Financed Vehicle (2whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article Day preceding the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerClosing Date.

Collections. (a) The Servicer shall remit daily to the Collection Account all payments amounts received from or on behalf of by the Obligors Servicer on or in respect of the Receivables (including Liquidation Proceeds and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited received by the Servicer in connection with the Collection Account repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable) but later determined by excluding payments with respect to Purchased Receivables) as soon as practicable and in no event after the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsclose of business on the second Business Day after such receipt; provided, which amounts have not been previously reimbursed to however, that for so long as (i) CarMax is the Servicer, and (ii) any prepayment charge no Event of Servicing Termination shall have occurred and other administrative fees be continuing and expenses or similar charges which (iii) the Rating Agency Condition shall be retained by the Servicer and Supplemental Servicing Fees; providedhave been satisfied (each, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed a “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (bMonthly Remittance Condition”), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as remit any such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above amounts received during any Collection Period to the Collection Account in immediately available funds on each Deposit the Business Day preceding the Distribution Date for so long following such Collection Period (it being understood that the Monthly Remittance Condition has not been satisfied as of the Closing Date); provided further, that if any such amounts (Aincluding Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) are received in respect of a Receivable as to which there is an unreimbursed Simple Interest Advance, the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable retain such amounts to the Rating Agenciesextent of such unreimbursed Simple Interest Advance (and shall apply the amount retained to reimburse itself for such unreimbursed Simple Interest Advance) and shall remit the balance of such amounts to the Collection Account; and, provided further, that the Servicer shall, if it determines that it has made an Unreimbursed Servicer Advance, retain amounts received on or in respect of the Receivables to the extent set forth in Section 4.4(b). The Owner Trustee and the Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Bii) above or (iii) of the definition of Monthly Remittance Condition that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer the Owner Trustee or the Indenture Trustee, as applicable, has received notice of such event or circumstance at its Corporate Trust Office from the Seller Depositor or the Servicer in an Officer’s CertificateCertificate or written notice of such event or circumstance from the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or unless a Responsible Officer of the Owner Trustee or the Indenture Trustee, from Securityholders as provided in Section 7.01applicable, has actual knowledge of such event or circumstance. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the The Servicer shall remit all collections referred to in clause (a) above to the Collection Account on the Closing Date all amounts received by the Servicer on or in respect of the Receivables (including Liquidation Proceeds and all amounts received by the Servicer in connection with the repossession and sale of a daily basis within two Financed Vehicle (2whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article Day preceding the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerClosing Date.

Collections. (a) The Servicer shall remit daily within two Business Days of receipt thereof to the Collection Account all payments received from by or on behalf of the Obligors on or in with respect of to the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to other than any amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and constituting Supplemental Servicing Fees; provided) and all Liquidation Proceeds, that any payments received in respect of an Obligor that are not immediately identifiable both as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to collected during the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01Period. Notwithstanding the foregoing, commencing with if Key Bank USA is the first Servicer and (i) shall have the Required Rating or (ii) Indenture Trustee otherwise shall have received written notice from each of the Rating Agencies that the then outstanding rating on the Notes or the Certificates would not be lowered or withdrawn as a result, Servicer may deposit all amounts referred to above for any Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to into the Collection Account not later than the close of business on the Deposit Date with respect to such Collection Period; provided that (i) if a daily basis within two Servicer Termination Event has occurred and is continuing, (2ii) Business Days of receipt thereof Servicer has been terminated as such pursuant to Section 8.1 or (iii) Servicer ceases to have the Required Rating, Servicer shall deposit such amounts (including any amounts then being held by Servicer) into the Collection Account as provided in accordance with clause (a) abovethe preceding sentence. For purposes of this Article V the phrase “"payments made by or on behalf of Obligors” " shall mean payments made with respect to the Receivables by Persons other than the Servicer, Seller or any Seller Affiliate. (b) With respect to each Receivable (other than a Purchased Receivable or a Precomputed Receivable), collections and payments by or on behalf of the Obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to interest and principal in accordance with the Simple Interest Method, as applied by Servicer. Any excess shall be applied to prepay the Receivable. All Liquidation Proceeds shall be treated as Interest Collections. (c) With respect to each Precomputed Receivable, collections and payments by or on behalf of an Obligor (other than any amounts constituting SALE AND SERVICING AGREEMENT Supplemental Servicing Fees) for each Collection Period shall be applied to the scheduled payments due on such Precomputed Receivable for such Collection Period. To the extent such collections and payments on a Precomputed Receivable during a Collection Period exceed the scheduled payment on such Precomputed Receivable and are insufficient to prepay the Precomputed Receivable in full, collections shall be treated as Payaheads until such later Collection Period as such Payaheads may be transferred to the Collection Account and applied either to the scheduled payments due or to prepay the Precomputed Receivable in full in accordance with Section 5.5.

Collections. (a) The Servicer shall remit daily to the Collection ----------- Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables Receivables, all Insurance Proceeds, all Liquidation Proceeds, proceeds from any Dealer Liability, proceeds from any International Purchase Obligations and all Net Liquidation Proceeds proceeds from any Guaranties within two (2) Business Days after receipt thereof. Notwithstanding the foregoing, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted required to remit such collections referred to in clause (a) above within such two Business Days but may remit collections received during a Monthly Period to the Collection Account in immediately available funds on each Deposit the Business Day immediately preceding the related Distribution Date but only for so long as (Ai) NFC is the Servicer shall be AHFCServicer, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (Cii) (x) the Required Servicer satisfies the requirements for monthly remittances established by the Rating is satisfiedAgencies initially rating the Securities, or and upon the satisfaction of such requirements, the Rating Agencies which initially rated the Securities reaffirm the rating of the Securities at the level at which they would be rated if collections were remitted within two Business Days, (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition short-term unsecured debt obligations of NFC are rated at least A-1 by S&P and P-1 by ▇▇▇▇▇'▇ Investors Service or (z) a standby letter of credit has been satisfied or issued by an Eligible Institution which, as of each date during the proposed alternative collections remittance schedule period that the Servicer is otherwise acceptable making monthly remittances of Collections, has an undrawn amount at least equal to 150% of all Scheduled Payments due for the latest Monthly Period ended prior to the Rating Agenciesnext succeeding Distribution Date (and the aggregate amount of unremitted collections does not at any time exceed 90% of the undrawn amount of such letter of credit) and (iii) a Servicer Default shall not have occurred and be continuing. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (Biii) above of the immediately preceding sentence that would require daily remittance within two Business Days by the Servicer to the Collection Account unless a Responsible Officer the Indenture Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, 's Certificate or from Securityholders Noteholders whose Notes evidence not less than 25% of the Outstanding Amount of the Controlling Class as provided of the close of the preceding Distribution Date or unless a Responsible Officer in Section 7.01. Notwithstanding the foregoing, commencing Corporate Trust Office with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any knowledge hereof and familiarity herewith has actual knowledge of clause (A), (B) such event or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) abovecircumstance. For purposes of this Article V the phrase “"payments made by or on behalf of Obligors” " shall mean payments made by Persons other than the Seller or the Servicer.

Collections. (a) The Master Servicer shall (or shall cause the applicable Subservicers to) remit daily within two Business Days of receipt thereof to the Group I Collection Account (with respect to the Group I Student Loans) or the Group II Collection Account (with respect to the Group II Student Loans) all payments received from by or on behalf of the Obligors on or in with respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the ServicerGroup I and Group II Student Loans, and respectively (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above than Purchased Student Loans and subject to the definition of Group I and upon compliance with the terms and conditions set forth in this clause (bGroup II Available Funds), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long and all related Liquidation Proceeds and Recoveries, as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to collected during the Collection Account in immediately available funds on each Deposit Date Period. Notwithstanding the foregoing, for so long as (Ai) KBNA (or its Affiliate) is the Servicer shall be AHFCMaster Servicer, (Bii) no Master Servicer Default or Event of Default shall have occurred and be continuing continuing, (iii) the Master Servicer’s long-term debt is rated at least “A-” by S&P and not have been waived in accordance with the Basic Documents, its short-term debt is rated at least “P-1” by Moody’s and at least “F-1” by Fitch and (Civ) (x) prior to ceasing daily remittances to the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfiedapplicable Collection Account, the Rating Agency Condition has shall have been satisfied or (which the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee parties hereto agree shall not be deemed to have knowledge of been satisfied on the Closing Date) (and any event conditions or circumstance under clause (B) above that would require daily remittance limitations imposed by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer Rating Agencies in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (Aconnection therewith are complied with), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Master Servicer shall (or shall cause the applicable Subservicers to) remit all such collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) aboveto the Master Servicer, and the Master Servicer need not deposit such collections into the Group I Collection Account or the Group II Collection Account, as applicable, until one Business Day immediately prior to the next following Distribution Date or Redemption Date; provided, however, that, notwithstanding the foregoing, on or before the Business Day preceding each Monthly Servicing Payment Date that is not a Distribution Date, the Master Servicer shall deposit into the Group I Collection Account or the Group II Collection Account, as applicable, that portion of such amounts received by it that is equal to the related Master Servicing Fee payable on such date; provided further however, that for so long as KBNA is the Master Servicer, for administrative convenience, Master Servicing Fees and Administration Fees due and payable to KBNA need not be deposited into the Collection Accounts, but rather may be retained by KBNA and all such amounts shall be deemed to have been paid out of the Collection Accounts and shall be accounted as such. In the event that any of the foregoing conditions for ceasing daily remittances shall no longer be satisfied, then the Master Servicer shall deposit all collections held by it into the Group I Collection Account or the Group II Collection Account, as applicable, within two Business Days of receipt thereof. For purposes of this Article V, the phrase “payments made by or on behalf of Obligors” shall mean payments made by Persons (other than administrative fees, late fees and similar charges and subject to the Seller definition of Group I and Group II Available Funds) made with respect to the Group I or Group II Student Loans, as applicable, by or on behalf of borrowers thereof and the ServicerGuarantors (but excluding the Department).

Collections. (a) The Servicer shall remit daily within two Business Days of receipt thereof to the Collection Account all payments received from by or on behalf of the Obligors on or in with respect of to the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to other than any amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and constituting Supplemental Servicing Fees; provided) and all Liquidation Proceeds, that any payments received in respect of an Obligor that are not immediately identifiable both as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to collected during the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01Period. Notwithstanding the foregoing, commencing with if [_______] is the first Collection Period that begins at least two (2) Business Days following Servicer and (x) non-compliance with any of clause (A), (B) or (C) above, shall have the Required Rating or (y) Indenture Trustee otherwise shall have received written notice from each of the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long Rating Agencies that the then outstanding rating on the Notes or the Certificates would not be lowered or withdrawn as such condition continues to exista result, the Servicer shall remit may deposit all collections amounts referred to in clause (a) above to for any Collection Period into the Collection Account not later than the close of business on the Deposit Date with respect to such Collection Period; provided that (i) if a daily basis within two Servicer Termination Event has occurred and is continuing, (2ii) Business Days of receipt thereof Servicer has been terminated as such pursuant to Section 8.1 or (iii) Servicer ceases to have the Required Rating, Servicer shall deposit such amounts (including any amounts then being held by Servicer) into the Collection Account as provided in accordance with clause (a) abovethe preceding sentence. For purposes of this Article V the phrase “"payments made by or on behalf of Obligors” " shall mean payments made with respect to the Receivables by Persons other than the Servicer, Seller or any Seller Affiliate. (b) With respect to each Receivable (other than a Purchased Receivable or a Precomputed Receivable), collections and payments by or on behalf of the Obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to interest and principal in accordance with the Simple Interest Method, as applied by Servicer. Any excess shall be applied to prepay the Receivable. All Liquidation Proceeds shall be treated as Available Interest. (c) With respect to each Precomputed Receivable, collections and payments by or on behalf of an Obligor (other than any amounts constituting 21 SALE AND SERVICING AGREEMENT Supplemental Servicing Fees) for each Collection Period shall be applied to the scheduled payments due on such Precomputed Receivable for such Collection Period. To the extent such collections and payments on a Precomputed Receivable during a Collection Period exceed the scheduled payment on such Precomputed Receivable and are insufficient to prepay the Precomputed Receivable in full, collections shall be treated as Payaheads until such later Collection Period as such Payaheads may be transferred to the Collection Account and applied either to the scheduled payments due or to prepay the Precomputed Receivable in full in accordance with Section 5.5.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the first Business Days Day after receipt thereof. For purposes of this Article V, in each case, minus (i) an amount equal to amounts previously deposited the phrase "payments received by or on behalf of the Servicer in the Collection Account but later determined Obligors" shall mean payments made by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to Persons other than the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) . Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)foregoing, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms (i) NMAC is the Servicer, (ii) (A) NMAC's short-term unsecured debt obligations are rated at least "P-1" by Moody's and conditions are fulfilled. AccordinglyNMAC's short-term unsecured debt obligations (or, if NMAC is the Servicer will and the Servicer then has no short-term rating from Standard & Poor's, Nissan Capital of America, Inc.'s short-term unsecured debt obligations) are rated "A-1" by Standard & Poor's (so long as Moody's and Standard & Poor's are Rating Agencies), or (B) certain arrangements are made that are acceptable to the Rating Agencies, and (iii) no Event of Default or Servicer Default shall have occurred and be permitted to remit collections referred to continuing (unless waived by the appropriate Securityholders), except that the requirement in clause (aii) above shall not apply if only the Class C Certificates are outstanding and the Class C Certificates do not have an investment grade rating, (collectively, the "Monthly Remittance Conditions"); the Servicer shall not be required to remit such collections to the Collection Account on the foregoing daily basis but shall be entitled to retain such collections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer shall remit all such collections in respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFC, immediately deposited into the Collection Account and all future collections on or in respect of the Receivables (Bother than payments on Warranty Receivables and the Administrative Receivables) no and all Net Liquidation Proceeds shall be remitted by the Servicer Default or Event of Default shall have occurred and be continuing and to the Collection Account on a daily basis not have been waived in accordance with later than the Basic Documents, and first Business Day after receipt thereof. (Cb) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate's Certificate or from the Holders of Notes or Certificates evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes and the aggregate balance of the Certificates, from Securityholders acting together as provided a single class, or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. (c) The Servicer shall give the Owner Trustee, the Indenture Trustee and each Rating Agency written notice of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) as soon as practical after the occurrence thereof but in Section 7.01. no event later than 10 Business Days after obtaining knowledge thereof (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer shall remit all collections referred to in clause may utilize an alternative remittance schedule (a) above which may include the 37 42 remittance schedule utilized by the Servicer before the Monthly Remittance Condition became unsatisfied), if the Servicer provides to the Collection Account on a daily basis within two (2) Business Days Owner Trustee and the Indenture Trustee written confirmation from each Rating Agency that such alternative remittance schedule will not result in the downgrading or withdrawal by such Rating Agency of receipt thereof in accordance with clause (a) above. For purposes the ratings then assigned to any Class of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller Notes or the ServicerClass C Certificates.

Collections. (a) The Servicer shall remit daily within two Business Days of receipt thereof to the Collection Account or Payahead Account, as applicable, all payments received from by or on behalf of the Obligors on or in with respect of to the Receivables (other than Purchased Receivables) and all Net Liquidation Proceeds within two (2) Business Days after receipt thereofProceeds, in each caseboth as collected during the Monthly Period less any payments owed thereon to the Servicer. Notwithstanding the foregoing, minus for so long as (i) Franklin Capital remains the Servicer, (ii) no Servicer Default shall have occurred and be continuing, (iii) there exists no Insurer Default, (iv) the Servicer's (or if the Servicer is Franklin Capital, and the Representative has entered into an amount equal agreement, guaranty, surety or other arrangement backing (b) The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Monthly Period for amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer, and (iiServicer on the related Distribution Date pursuant to Section 5.6(b)(i) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained upon certification by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified amounts and the payment is allocated provision of such information to the Trustee and the Security Insurer as such, may be necessary in accordance with the opinion of the Security Insurer to verify the accuracy of such certification. In the event that the Security Insurer has not received evidence satisfactory to it of the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject 's entitlement to and upon compliance with the terms and conditions set forth in this clause (breimbursement pursuant to Section 5.2(b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause Security Insurer shall (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of unless an Insurer Default shall have occurred and be continuing and not have been waived in accordance with continuing) give the Basic DocumentsTrustee notice to such effect, and (C) (x) following receipt of which the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed make a distribution to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in respect of such amount pursuant to Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A5.6(b)(i), (Bor if the Servicer prior thereto has been reimbursed pursuant to Section 5.6(b)(i) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist5.9, the Servicer Trustee shall remit all collections referred to in clause (a) above withhold such amounts from amounts otherwise distributable to the Collection Account Servicer on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the Servicernext succeeding Distribution Date.

Collections. (a) The Except as provided below, Servicer shall remit daily to the Collection Account deposit all payments received from or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer Collections in the Collection Account as promptly as possible after the Date of Processing of such Collections, but in no event later determined than the second Business Day following such Date of Processing. Servicer shall allocate such amounts to each Series of Investor Certificates and to the Holder of the Transferor Interest in accordance with this Article IV and shall withdraw the required amounts from the Collection Account or pay such amounts to the Holder of the Transferor Interest in accordance with this Article IV, in both cases as modified by the any Supplement. Servicer in its reasonable opinion to have resulted from mistaken shall make such deposits or postings, which amounts have not been previously reimbursed payments on the date indicated therein by wire transfer or as otherwise provided in the Supplement for any Series of Certificates with respect to such Series. (i) Servicer provides to Trustee a letter of credit or other credit enhancement covering collection risk of Servicer acceptable to the ServicerRating Agencies, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, Transferor shall not be deemed “received” until have received a notice from any Rating Agency that reliance on such time as a letter of credit or other credit enhancement would result in the Obligor is identified and lowering of such Rating Agency's then-existing rating of the payment is allocated as suchInvestor Certificates, in accordance with the Servicer’s customary servicing practices. or (b) Notwithstanding the certificate of deposit or unsecured short-term debt obligations of Transferor are rated P-1 by Moody's (or, if neither such certificates of deposit nor such obligations of Transferor are rated by Moody's, and so long as Moody's has not notified Servicer that reliance upon Mellon Bank Corporation's ratings for this purpose would result in a lowering of Moody's then-existing rating of the Investor Certificates, then the counterparty risk or long-term unsecured debt of Mellon Bank Corporation are rated at least A2 by Moody's), at least A-1 by Standard & Poor's and insured by BIF or SAIF, Servicer need not deposit Collections into the Collection Account, the Excess Funding Account, the Finance Charge Account or any Series Account, as provided in any Supplement, or make payments to Transferor, on or before the second Business Day following the Date of Processing of such Receivables as provided in this Article IV, but may make such deposits, payments and withdrawals on each Transfer Date or as specified in the related Supplement in an amount equal to the net amount of such deposits, payments and withdrawals which would have been made but for the provisions of clause this paragraph. Notwithstanding anything else in this Agreement to the contrary, with respect to any Monthly Period, whether Servicer is required to make quarterly, monthly or daily deposits into the Collection Account, the Finance Charge Account, the Excess Funding Account or any Series Account, as provided in any Supplement, (ai) above and subject Servicer will only be required to and upon compliance with deposit Collections into the Collection Account, the Finance Charge Account, the Excess Funding Account or any Series Account up to the required amount to be deposited into any such deposit account or, without duplication, distributed on or prior to the related Distribution Date to Investor Holders or to any Credit Enhancement Provider pursuant to the terms of any Supplement or agreement relating to such Credit Enhancement, and conditions set forth (ii) if at any time prior to such Distribution Date the amount of Collections deposited in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to the Collection Account in immediately available funds on each Deposit Date for so long as (A) exceeds the Servicer shall amount required to be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable deposited pursuant to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by i), Servicer may withdraw the Servicer to excess from the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01. Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerAccount.

Collections. (a) The Servicer shall remit daily within forty-eight hours of receipt to the Collection Account all payments received from or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to amounts previously deposited by the Servicer in Collections collected during the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postingsPeriod. Chase USA has requested that, which amounts have not been previously reimbursed to so long as it is acting as the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections Collections on a less frequent basis than that specified in clause (a) above the immediately preceding sentence. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 5.2 and only for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 5.2, the Servicer will be permitted to shall remit such collections referred to in clause (a) above to the Collection Account in Automated Clearinghouse Corporation next-day funds or immediately available funds no later than 11:00 a.m., New York City time, on each the Deposit Date Date, but only for so long as (Ai) the short-term certificate of deposit ratings of the Servicer are at least P-1 by Moody's, "F1" by Fitch (if rated by Fitch) and "A-1" by Standard & Poor's, or the Rating Agency Condition is satisfied as a result of Collections being remitted on a monthly, rather than daily, basis and (ii) the Servicer shall be AHFC, (B) no Servicer Default Chase USA or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating AgenciesJPMorgan Chase. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily Upon remittance by the Servicer of Collections to the Collection Account unless a Responsible Officer has received pursuant to the preceding sentence, the Paying Agent shall provide written notice of such event or circumstance from to the Seller or Indenture Trustee and the Owner Trustee no later than 11 a.m., New York City time, on each Deposit Date, setting forth the amounts remitted by the Servicer in an Officer’s Certificateon such date and, from Securityholders as provided in Section 7.01. Notwithstanding if the foregoingPaying Agent fails to provide the Indenture Trustee and the Owner Trustee, commencing with such written notice by 12 noon, New York City time, on such Deposit Date, then the first Collection Period Indenture Trustee and the Owner Trustee shall assume that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above no deposits were made to the Collection Account on a daily basis within two (2) Business Days of receipt thereof in accordance with clause (a) abovepursuant to this Section 5.2. For purposes of this Article Section 5.2 the phrase “"payments made on behalf of the Obligors” " shall mean payments made by Persons other than the Seller or the Servicer. (b) Notwithstanding anything in this Agreement to the contrary, if the Servicer inadvertently deposits amounts that it mistakenly believes are Collections resulting in the payment in full of a Receivable, and (i) the Servicer discovers its error prior to the Payment following such deposit, the Indenture Trustee, at the written direction of the Servicer, shall withdraw such amounts and pay them to the Servicer or (ii) the Servicer shall be deemed to have purchased such Receivable pursuant to Section 4.6 as of the last day of the Collection Period during which such error shall have occurred.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the first Business Days Day after receipt thereof. For purposes of this Article V, in each case, minus (i) an amount equal to amounts previously deposited the phrase "payments received by or on behalf of the Servicer in the Collection Account but later determined Obligors" shall mean payments made by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to Persons other than the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) . Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)foregoing, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms (i) NMAC is the Servicer, (ii) (A) NMAC's short-term unsecured debt obligations are rated at least "P-1" by Moody's and conditions NMAC's short-term unsecured debt obligations (or, if NMAC is the Servicer and the Servicer then has no short-term rating from Standard & Poor's, Nissan Capital of America, Inc.'s short-term unsecured debt obligations) are fulfilled. Accordinglyrated "A-1" by Standard & Poor's (so long as Moody's and Standard & Poor's are Rating Agencies), or (B) certain arrangements are made that are acceptable to the Rating Agencies, and (iii) no Event of Default or Servicer Default shall have occurred and be continuing (unless waived by the appropriate Securityholders) (collectively, the "Monthly Remittance Conditions"); the Servicer will shall not be permitted required to remit such collections referred to the Collection Account on the foregoing daily basis but shall be entitled to retain such collections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer shall remit all such collections in clause (a) above respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFC, immediately deposited into the Collection Account and all future collections on or in respect of the Receivables (Bother than payments on Warranty Receivables and the Administrative Receivables) no and all Net Liquidation Proceeds shall be remitted by the Servicer Default or Event of Default shall have occurred and be continuing and to the Collection Account on a daily basis not have been waived in accordance with later than the Basic Documents, and first Business Day after receipt thereof. (Cb) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate's Certificate or from the Holders of Notes evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes, from Securityholders or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. (c) The Servicer shall give the Owner Trustee, the Indenture Trustee and each Rating Agency written notice of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) as provided soon as practical after the occurrence thereof but in Section 7.01no event later than 10 Business Days after obtaining knowledge thereof (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (Nissan 2003-B Sale and Servicing Agreement) (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer shall remit all collections referred to in clause may utilize an alternative remittance schedule (a) above which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition became unsatisfied), if the Servicer provides to the Collection Account on a daily basis within two (2) Business Days Owner Trustee and the Indenture Trustee written confirmation from each Rating Agency that such alternative remittance schedule will not result in the downgrading or withdrawal by such Rating Agency of receipt thereof in accordance with clause (a) above. For purposes the ratings then assigned to any Class of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerNotes.

Collections. (a) The Servicer shall remit daily within two Business Days of receipt thereof to the Collection Account all payments received from by or on behalf 21 SALE AND SERVICING AGREEMENT of the Obligors on or in with respect of to the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to other than any amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and constituting Supplemental Servicing Fees; provided) and all Liquidation Proceeds, that any payments received in respect of an Obligor that are not immediately identifiable both as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to collected during the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01Period. Notwithstanding the foregoing, commencing with if AmSouth is the first Servicer and (i) shall have the Required Rating or (ii) Indenture Trustee otherwise shall have received written notice from each of the Rating Agencies that the then outstanding rating on the Notes or the Certificates would not be lowered or withdrawn as a result, Servicer may deposit all amounts referred to above for any Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to into the Collection Account not later than the close of business on the Deposit Date with respect to such Collection Period; provided that (i) if a daily basis within two Servicer Termination Event has occurred and is continuing, (2ii) Business Days of receipt thereof Servicer has been terminated as such pursuant to Section 8.1 or (iii) Servicer ceases to have the Required Rating, Servicer shall deposit such amounts (including any amounts then being held by Servicer) into the Collection Account as provided in accordance with clause (a) abovethe preceding sentence. For purposes of this Article V the phrase “"payments made by or on behalf of Obligors” " shall mean payments made with respect to the Receivables by Persons other than the Servicer, Seller or any Seller Affiliate. (b) With respect to each Receivable (other than a Purchased Receivable or a Precomputed Receivable), collections and payments by or on behalf of the Obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to interest and principal in accordance with the Simple Interest Method, as applied by Servicer. Any excess shall be applied to prepay the Receivable. All Liquidation Proceeds shall be treated as Interest Collections. (c) With respect to each Precomputed Receivable, collections and payments by or on behalf of an Obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to the scheduled payments due on such Precomputed Receivable for such Collection Period. To the extent such collections and payments on a Precomputed Receivable during a Collection Period exceed the scheduled payment on such Precomputed Receivable and are insufficient to prepay the Precomputed Receivable in full, collections shall be treated as Payaheads until such later Collection Period as such Payaheads may be transferred to the Collection Account and applied either to the scheduled payments due or to prepay the Precomputed Receivable in full in accordance with Section 5.5.

Collections. (a) The Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received from by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds within two (2) not later than the first Business Days Day after receipt thereof. For purposes of this Article V, in each case, minus (i) an amount equal to amounts previously deposited the phrase "payments received by or on behalf of the Servicer in the Collection Account but later determined Obligors" shall mean payments made by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to Persons other than the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) . Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b)foregoing, the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms (i) NMAC is the Servicer, (ii) (A) NMAC's short-term unsecured debt obligations are rated at least "P-1" by Moody's and conditions are fulfilled. AccordinglyNMAC's short-term unsecured debt obligations (or, if NMAC is the Servicer will and the Servicer then has no short-term rating from Standard & Poor's, Nissan Capital of America, Inc.'s short-term unsecured debt obligations) are rated "A-1" by Standard & Poor's (so long as Moody's and Standard & Poor's are Rating Agencies), or (B) certain arrangements are made that are acceptable to the Rating Agencies, and (iii) no Event of Default or Servicer Default shall have occurred and be permitted to remit collections referred to continuing (unless waived by the appropriate Securityholders), except that the requirement in clause (aii) above shall not apply if only the Class C Certificates are outstanding and the Class C Certificates do not have an investment grade rating, (collectively, the "Monthly Remittance Conditions"); the Servicer shall not be required to remit such collections to the Collection Account on the foregoing daily basis but shall be entitled to retain such collections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the Servicer shall remit all such collections in respect of the related Collection Period to the Collection Account in immediately available funds funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after the day on each Deposit Date which any Monthly Remittance Condition ceases to be satisfied and for so long as (A) any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be AHFC, immediately deposited into the Collection Account and all future collections on or in respect of the Receivables (Bother than payments on Warranty Receivables and the Administrative Receivables) no and all Net Liquidation Proceeds shall be remitted by the Servicer Default or Event of Default shall have occurred and be continuing and to the Collection Account on a daily basis not have been waived in accordance with later than the Basic Documents, and first Business Day after receipt thereof. (Cb) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied The Indenture Trustee or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Owner Trustee shall not be deemed to have knowledge of any event or circumstance circumstances under clause (Biii) above that would require daily remittance by of the Servicer to definition of the Collection Account Monthly Remittance Condition unless a Responsible Officer the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate's Certificate or from the Holders of Notes or Certificates evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes and the aggregate balance of the Certificates, from Securityholders acting together as provided a single class, or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such event or circumstances. (c) The Servicer shall give the Owner Trustee, the Indenture Trustee and each Rating Agency written notice of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) as soon as practical after the occurrence thereof but in Section 7.01. no event later than 10 Business Days after obtaining knowledge thereof (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). (d) Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to existif a Monthly Remittance Condition is not satisfied, the Servicer shall remit all collections referred to in clause may utilize an alternative remittance schedule (a) above which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition became unsatisfied), if the Servicer provides to the Collection Account on a daily basis within two (2) Business Days Owner Trustee and the Indenture Trustee written confirmation from each Rating Agency that such alternative remittance schedule will not result in the downgrading or withdrawal by such Rating Agency of receipt thereof in accordance with clause (a) above. For purposes the ratings then assigned to any Class of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller Notes or the ServicerClass C Certificates.

Collections. (a) The Servicer shall remit daily within two Business Days of receipt thereof to the Collection Account all payments received from by or on behalf of the Obligors on or in with respect of to the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof, in each case, minus (i) an amount equal to other than any amounts previously deposited by the Servicer in the Collection Account but later determined by the Servicer in its reasonable opinion to have resulted from mistaken deposits or postings, which amounts have not been previously reimbursed to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by the Servicer and constituting Supplemental Servicing Fees; provided) and all Liquidation Proceeds, that any payments received in respect of an Obligor that are not immediately identifiable both as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practices. (b) Notwithstanding the provisions of clause (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to collected during the Collection Account in immediately available funds on each Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) (x) the Required Servicer Rating is satisfied, or (y) if the Required Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance under clause (B) above that would require daily remittance by the Servicer to the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.01Period. Notwithstanding the foregoing, commencing with if COAF is the first Servicer and (i) shall have the Required Rating or (ii) Indenture Trustee otherwise shall have received written notice from each of the Rating Agencies that the then outstanding rating on the Notes or the Certificates would not be lowered or withdrawn as a result, Servicer may deposit all amounts referred to above for any Collection Period that begins at least two (2) Business Days following (x) non-compliance with any of clause (A), (B) or (C) above, or (y) the occurrence of an event specified in Section 7.01(c) (notwithstanding any period of grace contained in such clause) and for so long as such condition continues to exist, the Servicer shall remit all collections referred to in clause (a) above to into the Collection Account not later than the close of business on the Deposit Date with respect to such Collection Period; provided that (i) if a daily basis within two Servicer Termination Event has occurred and is continuing, (2ii) Business Days of receipt thereof Servicer has been terminated as such pursuant to Section 8.1 or (iii) Servicer ceases to have the Required Rating, Servicer shall deposit such amounts (including any amounts then being held by Servicer) into the Collection Account as provided in accordance with clause (a) abovethe preceding sentence. For purposes of this Article V the phrase “"payments made by or on behalf of Obligors” " shall mean payments made with respect to the Receivables by Persons other than the Servicer, Seller or any Seller Affiliate. (b) With respect to each Receivable (other than a Purchased Receivable or a Precomputed Receivable), collections and payments by or on behalf of the Obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to interest and principal in accordance with the Simple Interest Method, as applied by Servicer. Any excess shall be applied to prepay the Receivable. All Liquidation Proceeds shall be treated as Interest Collections. (c) With respect to each Precomputed Receivable, collections and payments by or on behalf of an Obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to the scheduled payments due on such Precomputed Receivable for such Collection Period. To the extent such collections and payments on a Precomputed Receivable during a Collection Period exceed the scheduled payment on such Precomputed Receivable and are insufficient to prepay the Precomputed Receivable in full, collections shall be treated as Payaheads until such later Collection Period as such Payaheads may be transferred to the Collection Account and applied either to the scheduled payments due or to prepay the Precomputed Receivable in full in accordance with Section 5.5.

Collections. (a) The Subject to the provisions of the succeeding sentence and of subsections (b) and (c), Servicer shall remit daily to the Collection Account all payments received from (other than amounts constituting Supplemental Servicing Fees) by or on behalf of the Obligors on or in respect of the Receivables and Receivables, including all Net Liquidation Proceeds within two (2) received by Servicer during any Collection Period, as soon as practicable, but in no event after the close of business on the second Business Days Day, after receipt thereof. Subject to the provisions of subsections (b) and (c), in each caseon the Closing Date, minus (i) an amount equal to amounts previously deposited by the Servicer shall deposit in the Collection Account but later determined all payments by or on behalf of the Obligors on the Receivables received by Servicer in its reasonable opinion to have resulted from mistaken deposits after the Cutoff Date and on or postings, which amounts have not been previously reimbursed prior to the Servicer, and (ii) any prepayment charge and other administrative fees and expenses or similar charges which shall be retained by second Business Day immediately preceding the Servicer and Supplemental Servicing Fees; provided, that any payments received in respect of an Obligor that are not immediately identifiable as such, shall not be deemed “received” until such time as the Obligor is identified and the payment is allocated as such, in accordance with the Servicer’s customary servicing practicesClosing Date. (b) Notwithstanding the provisions of clause subsection (a), if Key Bank is the Servicer and (i) Servicer shall have the Required Rating or (ii) Trustee otherwise shall have received written notice from each of the Rating Agencies that the then outstanding rating on the Class A Certificates and the Class B Certificates would not be lowered or withdrawn as a result, Servicer may deposit all amounts referred to in subsection (a) above and subject to and upon compliance with the terms and conditions set forth in this clause (b), the Servicer may be permitted to make remittances of collections on a less frequent basis than that specified in clause (a) above for so long as such terms and conditions are fulfilled. Accordingly, the Servicer will be permitted to remit collections referred to in clause (a) above to any Collection Period into the Collection Account in immediately available funds not later than the close of business on each the Deposit Date for so long as (A) the Servicer shall be AHFC, (B) no Servicer Default or Event of Default shall have occurred and be continuing and not have been waived in accordance with the Basic Documents, and (C) respect to such Collection Period; provided that if (x) the Required a Servicer Rating Termination Event has occurred and is satisfiedcontinuing, or (y) if Servicer has been terminated as such pursuant to Section 8.1 or (z) Servicer ceases to have the Required Rating, Servicer Rating is not satisfied, the Rating Agency Condition has been satisfied or the proposed alternative collections remittance schedule is otherwise acceptable to the Rating Agencies. The Indenture Trustee shall not be deemed to have knowledge of deposit such amounts (including any event or circumstance under clause (Bamounts then being held by Servicer) above that would require daily remittance by the Servicer to into the Collection Account unless a Responsible Officer has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate, from Securityholders as provided in Section 7.014.2(a). Notwithstanding the foregoing, commencing with the first Collection Period that begins at least two (2) Business Days following (x) non-compliance with any provisions of clause (A), (B) or (C) above, or (y) the proviso to the preceding sentence shall not be applicable to a successor Servicer solely by reason of the occurrence of an event specified in Section 7.01(c) clauses (notwithstanding any period of grace contained in such clausex), (y) and for so long as (z) of such condition continues proviso with respect to exist, the Servicer shall remit all collections outgoing Servicer. Pending the deposit of the amounts referred to in clause subsection (a) above into the Collection Account, such amounts may be employed by Servicer at its own risk and for its own benefit and need not be segregated from Servicer's own funds. Any losses resulting from Servicer's actions shall be borne exclusively by the Servicer. Servicer shall promptly notify Trustee in writing if it shall obtain or lose the Required Rating. (c) Notwithstanding the provisions of subsections (a) and (b), Servicer may retain, or will be entitled to be reimbursed, from amounts otherwise payable into, or on deposit in, the Collection Account with respect to a Collection Period any amounts previously deposited in the Collection Account but later determined to have resulted from mistaken deposits or postings or checks returned for insufficient funds, in each case, with respect to which Servicer has not been previously reimbursed hereunder. The amount to be retained or reimbursed hereunder shall not be included in Collections with respect to the related Distribution Date. (d) With respect to each Precomputed Receivable, collections and payments by or on behalf of an Obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to the scheduled payment on such Precomputed Receivable for such Collection Period. To the extent such collections and payments on a Precomputed Receivable during a Collection Period exceed the scheduled payment on such Precomputed Receivable and are insufficient to prepay the Precomputed Receivable in full, collections shall be treated as Payaheads until such later Collection Period as such Payaheads may be transferred to the Collection Account on a daily basis within two (2) Business Days of receipt thereof and applied either to the scheduled payments due or to prepay the Precomputed Receivable in full in accordance with clause (a) above. For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller or the ServicerSection 4.5.