Common use of Collections Clause in Contracts

Collections. (a) Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received 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 thereof. Notwithstanding the foregoing, for so long as the Monthly Remittance Conditions are satisfied, 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 11:00 a.m. New York time on each Payment 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. Commencing with the first day of the first Collection Period that begins at least two (2) Business Days after the day on which any Monthly Remittance Condition ceases to be satisfied and for so long as any 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 and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account on a daily basis within two (2) Business Days after receipt thereof. (b) 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. Notwithstanding the failure of any Monthly Remittance Condition, the Servicer may utilize an alternative collection remittance schedule (which may be the remittance schedule previously utilized prior to the failure of such Monthly Remittance Condition), if the Servicer provides to the Owner Trustee and Indenture Trustee written confirmation that the Rating Agency Condition has been satisfied with respect to such alternative remittance schedule.

Collections. (a) Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received 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 thereof. Notwithstanding the foregoing, for so long as the Monthly Remittance Conditions are satisfied, 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 11:00 a.m. 11:00am New York time on each Payment 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. Commencing with the first day of the first Collection Period that begins at least two (2) Business Days after the day on which any Monthly Remittance Condition ceases to be satisfied and for so long as any 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 and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account on a daily basis within two (2) Business Days after receipt thereof. (b) 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. Notwithstanding the failure of any Monthly Remittance Condition, the Servicer may utilize an alternative collection remittance schedule (which may be the remittance schedule previously utilized prior to the failure of such Monthly Remittance Condition), if the Servicer provides to the Owner Trustee and Indenture Trustee written confirmation that the from each Rating Agency Condition has been satisfied with respect to that such alternative remittance scheduleschedule will not result in the reduction or withdrawal of the rating then assigned to any Class of Notes.

Collections. (a) Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received 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 thereof. Notwithstanding the foregoing, for so long as the Monthly Remittance Conditions are satisfied, 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 11:00 a.m. New York time on each Payment 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. Commencing with the first day of the first Collection Period that begins at least two (2) Business Days after the day on which any Monthly Remittance Condition ceases to be satisfied and for so long as any 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 and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account on a daily basis within two (2) Business Days after receipt thereof. (b) 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. Notwithstanding the failure of any Monthly Remittance Condition, the Servicer may utilize an alternative collection remittance schedule (which may be the remittance schedule previously utilized prior to the failure of such Monthly Remittance Condition), if the Servicer provides to the Owner Trustee and Indenture Trustee written confirmation that the from each Rating Agency Condition has been satisfied with respect to that such alternative remittance scheduleschedule will not result in the reduction or withdrawal of the rating then assigned to any Class of Notes.

Collections. (a) Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received 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 thereof. Notwithstanding the foregoing, for so long as the Monthly Remittance Conditions are satisfied, 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 11:00 a.m. 11:00am New York time on each Payment 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. Commencing with the first day of the first Collection Period that begins at least two (2) Business Days after the day on which any Monthly Remittance Condition ceases to be satisfied and for so long as any 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 and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account on a daily basis within two (2) Business Days after receipt thereof. (b) 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. Notwithstanding the failure of any Monthly Remittance Condition, the Servicer may utilize an alternative collection remittance schedule (which may be the remittance schedule previously utilized prior to the failure of such Monthly Remittance Condition), if the Servicer provides to the Owner Trustee and Indenture Trustee written confirmation that the from each Rating Agency Condition has been satisfied with respect to that such alternative remittance scheduleschedule will not result in the reduction or withdrawal of the rating then assigned to any Class of Notes.

Collections. (a) Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all Collections (other than payments received by or on behalf of Repurchased Receivables) not later than the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) second Business Days Day after receipt identification thereof. Notwithstanding the foregoing; provided, for so long as however, that if the Monthly Remittance Conditions are Condition is satisfied, then the Servicer shall not be required to remit such collections to deposit into the Collection Account on an amount equal to the foregoing daily basis but shall be entitled to retain such collections, without segregation from its other funds, until 11:00 a.m. New York time on each Payment Date, at which time the Servicer shall remit all such collections in respect of 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 Collection Account in immediately available fundsServicer and (ii) NMAC’s short-term unsecured debt obligations are rated at least “P-1” by ▇▇▇▇▇’▇ and at least “F-1” by Fitch (so long as ▇▇▇▇▇’▇ and ▇▇▇▇▇ are Rating Agencies). Commencing with the first day of the first Collection Period that begins at least two (2) Business Days after the day on which any Monthly Remittance Condition ceases to be satisfied and for so long as any the Monthly Remittance Condition is not satisfied, all collections Collections then held by the Servicer shall be immediately deposited into the Collection Account and all future collections Collections on or in respect of the Receivables (other than payments on Repurchased Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account on a daily basis within two (2) not later than the second Business Days Day after receipt thereof. (b) 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 identification thereof. Notwithstanding the failure of any Monthly Remittance Conditionforegoing, the Servicer may utilize an alternative collection remit Collections to the Collection Account on any other alternate remittance schedule (which may be but not later than the remittance schedule previously utilized prior to the failure of such Monthly Remittance Condition), related Distribution Date) if the Servicer provides to the Owner Trustee and Indenture Trustee written confirmation that the Rating Agency Condition has been is satisfied with respect to such alternative 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) Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all Collections (other than payments received by or on behalf of Repurchased Receivables) not later than the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) second Business Days Day after receipt identification thereof. Notwithstanding the foregoing; provided, for so long as however, that if the Monthly Remittance Conditions are Condition is satisfied, then the Servicer shall not be required to remit such collections to deposit into the Collection Account on an amount equal to the foregoing daily basis but shall be entitled to retain such collections, without segregation from its other funds, until 11:00 a.m. New York time on each Payment Date, at which time the Servicer shall remit all such collections in respect of 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 Collection Account in immediately available fundsServicer and (ii) NMAC’s short-term unsecured debt obligations are rated at least “P-1” by ▇▇▇▇▇’▇ and at least “F-1” by Fitch (so long as ▇▇▇▇▇’▇ and Fitch are Rating Agencies). Commencing with the first day of the first Collection Period that begins at least two (2) Business Days after the day on which any Monthly Remittance Condition ceases to be satisfied and for so long as any the Monthly Remittance Condition is not satisfied, all collections Collections then held by the Servicer shall be immediately deposited into the Collection Account and all future collections Collections on or in respect of the Receivables (other than payments on Repurchased Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account on a daily basis within two (2) not later than the second Business Days Day after receipt thereof. (b) 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 identification thereof. Notwithstanding the failure of any Monthly Remittance Conditionforegoing, the Servicer may utilize an alternative collection remit Collections to the Collection Account on any other alternate remittance schedule (which may be but not later than the remittance schedule previously utilized prior to the failure of such Monthly Remittance Condition), related Distribution Date) if the Servicer provides to the Owner Trustee and Indenture Trustee written confirmation that the Rating Agency Condition has been is satisfied with respect to such alternative 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) Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all payments received 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 thereof. Notwithstanding the foregoing, for so long as the Monthly Remittance Conditions are satisfied, 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 11:00 a.m. New York time on each Payment 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. Commencing with the first day of the first Collection Period that begins at least two (2) Business Days after the day on which any Monthly Remittance Condition ceases to be satisfied and for so long as any 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 and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account on a daily basis within two (2) Business Days after receipt thereof. (b) 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. Notwithstanding the failure of any Monthly Remittance Condition, the Servicer may utilize an alternative collection remittance schedule (which may be the remittance schedule previously utilized prior to the failure of such Monthly Remittance Condition), if the Servicer provides to the Owner Trustee and Indenture Trustee written confirmation that the from each Rating Agency Condition has been satisfied with respect to that such alternative remittance scheduleschedule will not result in the reduction or withdrawal of the rating then assigned to the Class A Notes.

Collections. (a) Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all Collections (other than payments received by or on behalf of Repurchased Receivables) not later than the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) second Business Days Day after receipt identification thereof. Notwithstanding the foregoing; provided, for so long as however, that if the Monthly Remittance Conditions are Condition is satisfied, then the Servicer shall not be required to remit such collections to deposit into the Collection Account on an amount equal to the foregoing daily basis but shall be entitled to retain such collections, without segregation from its other funds, until 11:00 a.m. New York time on each Payment Date, at which time the Servicer shall remit all such collections in respect of 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 Collection Account in immediately available fundsServicer and (ii) NMAC’s short-term unsecured debt obligations are rated at least “P-1” by ▇▇▇▇▇’▇ and at least “F2” by Fitch (so long as ▇▇▇▇▇’▇ and Fitch are Rating Agencies). Commencing with the first day of the first Collection Period that begins at least two (2) Business Days after the day on which any Monthly Remittance Condition ceases to be satisfied and for so long as any the Monthly Remittance Condition is not satisfied, all collections Collections then held by the Servicer shall be immediately deposited into the Collection Account and all future collections Collections on or in respect of the Receivables (other than payments on Repurchased Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account on a daily basis within two (2) not later than the second Business Days Day after receipt thereof. (b) 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 identification thereof. Notwithstanding the failure of any Monthly Remittance Conditionforegoing, the Servicer may utilize an alternative collection remit Collections to the Collection Account on any other alternate remittance schedule (which may be but not later than the remittance schedule previously utilized prior to the failure of such Monthly Remittance Condition), related Distribution Date) if the Servicer provides to the Owner Trustee and Indenture Trustee written confirmation that the Rating Agency Condition has been is satisfied with respect to such alternative 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. 36 (NAROT 2019-B Sale and Servicing Agreement)

Collections. (a) Except as otherwise provided in this Agreement, the Servicer shall remit daily to the Collection Account all Collections (other than payments received by or on behalf of Repurchased Receivables) not later than the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) second Business Days Day after receipt identification thereof. Notwithstanding the foregoing; provided, for so long as however, that if the Monthly Remittance Conditions are Condition is satisfied, then the Servicer shall not be required to remit such collections to deposit into the Collection Account on an amount equal to the foregoing daily basis but shall be entitled to retain such collections, without segregation from its other funds, until 11:00 a.m. New York time on each Payment Date, at which time the Servicer shall remit all such collections in respect of 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 Collection Account in immediately available fundsServicer and (ii) NMAC’s short-term unsecured debt obligations are rated at least “P-1” by ▇▇▇▇▇’▇ and at least “F2” by Fitch (so long as ▇▇▇▇▇’▇ and Fitch are Rating Agencies). Commencing with the first day of the first Collection Period that begins at least two (2) Business Days after the day on which any Monthly Remittance Condition ceases to be satisfied and for so long as any the Monthly Remittance Condition is not satisfied, all collections Collections then held by the Servicer shall be immediately deposited into the Collection Account and all future collections Collections on or in respect of the Receivables (other than payments on Repurchased Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account on a daily basis within two (2) not later than the second Business Days Day after receipt thereof. (b) 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 identification thereof. Notwithstanding the failure of any Monthly Remittance Conditionforegoing, the Servicer may utilize an alternative collection remit Collections to the Collection Account on any other alternate remittance schedule (which may be but not later than the remittance schedule previously utilized prior to the failure of such Monthly Remittance Condition), related Distribution Date) if the Servicer provides to the Owner Trustee and Indenture Trustee written confirmation that the Rating Agency Condition has been is satisfied with respect to such alternative 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.