Common use of Daily Deposits of Net Proceeds Clause in Contracts

Daily Deposits of Net Proceeds. The Servicer shall deposit all Advance Reimbursement Amounts to its clearing account, and shall cause any Subservicer to deposit any Advance Reimbursement Amounts it collects to the Subservicer’s clearing account, within one (1) Business Day after its receipt thereof. The Servicer, for and on behalf of the Indenture Trustee and the Noteholders, shall remit or cause the Subservicer to remit, to either the Collection and Funding Account or to an Eligible Account in the name of the Indenture Trustee, in which no other funds are deposited (the “Initial Collection Account”) all Advance Reimbursement Amounts collected by the Servicer pursuant to any Designated Servicing Agreement, no later than two (2) Business Days after the Servicer’s or the Subservicer’s deposit thereof into its clearing account, and shall, no later than two (2) Business Days thereafter, remit all such Advance Reimbursement Amounts received on or after the Cut-off Date to the Indenture Trustee for deposit into the Collection and Funding Account; provided, however, that if a Designated Servicing Agreement requires the related Servicer to remit such amounts to a Dedicated Collection Account, the Servicer or the Subservicer shall deposit such collections to such Dedicated Collection Account no later than two (2) Business Days after collection thereof by the Servicer or the Subservicer, and shall cause such amounts to be remitted directly from such Dedicated Collection Account(s) to the Initial Collection Account or to the Collection and Funding Account no later than two (2) Business Days after such amounts are deposited into the clearing account. If the Servicer remits Collections through one or more intermediate steps in the course of transfer from its clearing account to the related Dedicated Collection Account, or from the related Dedicated Collection Account to the Collection and Funding Account, the Servicer shall identify each such account in writing to each Administrative Agent. The Indenture Trustee shall deposit to the Collection and Funding Account all Advance Reimbursement Amounts it receives from the Servicer or the Subservicer daily. To the extent the Indenture Trustee receives for deposit Advance Reimbursement Amounts in the Collection and Funding Account later than 2:00 p.m. Eastern Time on a Business Day, such funds shall be deemed to have been received on the following Business Day. Notwithstanding the foregoing, after the Servicer or the Subservicer shall have remitted to the Collection and Funding Account, Advance Reimbursement Amounts in respect of P&I Advances made under a Designated Servicing Agreement in an amount sufficient to reimburse all P&I Advances that were made under such Designated Servicing Agreement using funds other than Amounts Held for Future Distribution, the Servicer or the Subservicer may leave additional Advance Reimbursement Amounts collected with respect to such Designated Servicing Agreement in the related Dedicated Collection Account and use such funds to reimburse Amounts Held for Future Distribution as required pursuant to Section 4.2(c).

Daily Deposits of Net Proceeds. The Servicer shall deposit all Advance Reimbursement Amounts to its clearing account, and shall cause any Subservicer to deposit any Advance Reimbursement Amounts it collects to the Subservicer’s clearing account, within one (1) Business Day after its receipt thereof. The Servicer, for and on behalf of the Indenture Trustee and the Noteholders, shall remit or cause the Subservicer to remit, to either into the Collection and Funding Account or to an Eligible Account in the name of the Indenture Trustee, in which no other funds are deposited (the “Initial Collection Account”) all Advance Reimbursement Amounts collected by the Servicer pursuant to any Designated Servicing Agreement, no later than two (2) Business Days after the Servicer’s or the Subservicer’s deposit thereof into its clearing account, and shall, no later than two (2) Business Days thereafter, remit all such Advance Reimbursement Amounts received on or after the Cut-off Date to the Indenture Trustee for deposit into the Collection and Funding Account; provided, however, that if a Designated Servicing Agreement requires the related Servicer to remit such amounts to a Dedicated Collection Custodial Account, the Servicer or the Subservicer shall deposit such collections to such Dedicated Collection Custodial Account no later than two (2) Business Days after collection thereof by the Servicer or the Subservicer, and shall cause such amounts to be remitted directly (unless the Servicer has provided notice to the Administrative Agent as contemplated in the immediately following sentence) from such Dedicated Collection Custodial Account(s) to the Initial Collection Account (which amounts shall afterwards be deposited into the Collection and Funding Account within one (1) Business Day of deposit into the Initial Collection Account) or to the Collection and Funding Account no later than two (2) Business Days after such amounts are deposited into the clearing account. If the Servicer or Subservicer, as applicable, remits Collections through one or more intermediate steps in the course of transfer from its clearing account to the related Dedicated Collection Custodial Account, or from the related Dedicated Collection Custodial Account to the Collection and Funding Account, the Servicer shall identify each such account in writing to each the Administrative Agent. The Indenture Trustee shall deposit to the Collection and Funding Account all Advance Reimbursement Amounts it receives from the Servicer or the Subservicer daily. To the extent the Indenture Trustee receives for deposit Advance Reimbursement Amounts in the Collection and Funding Account later than 2:00 p.m. Eastern New York City Time on a Business Day, such funds shall be deemed to have been received on the following Business Day. Notwithstanding the foregoing, after the Servicer or the Subservicer shall have remitted to the Collection and Funding Account, Advance Reimbursement Amounts in respect of P&I Advances made under a Designated Servicing Agreement in an amount sufficient to reimburse all P&I Advances that were made under such Designated Servicing Agreement using funds other than Amounts Held for Future Distribution, the Servicer or the Subservicer may leave additional Advance Reimbursement Amounts collected with respect to such Designated Servicing Agreement in the related Dedicated Collection Custodial Account and use such funds to reimburse Amounts Held for Future Distribution as required pursuant to Section 4.2(c).

Daily Deposits of Net Proceeds. The Servicer shall deposit all Advance Reimbursement Amounts to its clearing account, and shall cause any Subservicer to deposit any Advance Reimbursement Amounts it collects to the Subservicer’s its clearing account, within one (1) Business Day after its receipt thereof. The Servicer, for and on behalf of the Indenture Trustee and the Noteholders, shall remit or cause the Subservicer Subservcier to remit, to either the Collection and Funding Account or to an Eligible Account in the name of the Indenture Trustee, in which no other funds are deposited (the “Initial Collection Account”) all Advance Reimbursement Amounts collected by the Servicer pursuant to any Designated Servicing Agreement, no later than two (2) Business Days after the Servicer’s or the Subservicer’s deposit thereof into its clearing account, and shall, no later than two (2) Business Days thereafter, remit all such Advance Reimbursement Amounts received on or after the Cut-off Date to the Indenture Trustee for deposit into the Collection and Funding Account; provided, however, that if a Designated Servicing Agreement requires the related Servicer to remit such amounts to a an Dedicated Collection Account, the Servicer or the Subservicer shall deposit such collections to such Dedicated Collection Account no later than two (2) Business Days after collection thereof by the Servicer or the Subservicer, and shall cause such amounts to be remitted directly from such Dedicated Collection Account(s) to the Initial Collection Account or to the Collection and Funding Account no later than two (2) Business Days after such amounts are deposited into the clearing account. If the Servicer remits Collections through one or more intermediate steps in the course of transfer from its clearing account to the related Dedicated Collection Account, or from the related Dedicated Collection Account to the Collection and Funding Account, the Servicer shall identify each such account in writing to each Administrative Agent. The Indenture Trustee shall deposit to the Collection and Funding Account all Advance Reimbursement Amounts it receives from the Servicer or the Subservicer daily. To the extent the Indenture Trustee receives for deposit Advance Reimbursement Amounts in the Collection and Funding Account later than 2:00 p.m. Eastern Time on a Business Day, such funds shall be deemed to have been received on the following Business Day. Notwithstanding the foregoing, after the Servicer or the Subservicer shall have remitted to the Collection and Funding Account, Advance Reimbursement Amounts in respect of P&I Advances made under a Designated Servicing Agreement in an amount sufficient to reimburse all P&I Advances that were made under such Designated Servicing Agreement using funds other than Amounts Held for Future Distribution, the Servicer or the Subservicer may leave additional Advance Reimbursement Amounts collected with respect to such Designated Servicing Agreement in the related Dedicated Collection Account and use such funds to reimburse Amounts Held for Future Distribution as required pursuant to Section 4.2(c).

Daily Deposits of Net Proceeds. The Servicer shall deposit all Advance Reimbursement Amounts to its clearing account, and shall cause any Subservicer to deposit any Advance Reimbursement Amounts it collects to the Subservicer’s clearing account, account within one (1) Business Day after its receipt thereof. The Servicer, for and on behalf of the Indenture Trustee and the Noteholders, shall remit or cause the Subservicer to remit, to either into the Collection and Funding Account or to an Eligible Account in the name of the Indenture Trustee, in which no other funds are deposited (the “Initial Collection Account”) all Advance Reimbursement Amounts collected by the Servicer pursuant to any Designated Servicing Agreement, no later than two (2) Business Days after the Servicer’s or the Subservicer’s deposit thereof into its clearing account, and shall, no later than two (2) Business Days thereafter, remit all such Advance Reimbursement Amounts received on or after the Cut-off Date to the Indenture Trustee for deposit into the Collection and Funding Account; provided, however, that if a Designated Servicing Agreement requires the related Servicer to remit such amounts to a Dedicated Collection Custodial Account, the Servicer or the Subservicer shall deposit such collections to such Dedicated Collection Custodial Account no later than two (2) Business Days after collection thereof by the Servicer or the SubservicerServicer, and shall cause such amounts to be remitted directly (unless the Servicer has provided notice to the Administrative Agent as contemplated in the immediately following sentence) from such Dedicated Collection Custodial Account(s) to the Initial Collection Account (which amounts shall afterwards be deposited into the Collection and Funding Account within one (1) Business Day of deposit into the Initial Collection Account) or to the Collection and Funding Account no later than two (2) Business Days after such amounts are deposited into the clearing account. If the Servicer remits Collections through one or more intermediate steps in the course of transfer from its clearing account to the related Dedicated Collection Custodial Account, or from the related Dedicated Collection Custodial Account to the Collection and Funding Account, the Servicer shall identify each such account in writing to each the Administrative Agent. The Indenture Trustee shall deposit to the Collection and Funding Account all Advance Reimbursement Amounts it receives from the Servicer or the Subservicer daily. To the extent the Indenture Trustee receives for deposit Advance Reimbursement Amounts in the Collection and Funding Account later than 2:00 p.m. Eastern New York City Time on a Business Day, such funds shall be deemed to have been received on the following Business Day. Notwithstanding the foregoing, after the Servicer or the Subservicer shall have remitted to the Collection and Funding Account, Advance Reimbursement Amounts in respect of P&I Advances made under a Designated Servicing Agreement in an amount sufficient to reimburse all P&I Advances that were made under such Designated Servicing Agreement using funds other than Amounts Held for Future Distribution, the Servicer or the Subservicer may leave additional Advance Reimbursement Amounts collected with respect to such Designated Servicing Agreement in the related Dedicated Collection Custodial Account and use such funds to reimburse Amounts Held for Future Distribution as required pursuant to Section 4.2(c).

Daily Deposits of Net Proceeds. The Servicer shall deposit all Advance Reimbursement Amounts to its clearing account, and shall cause any Subservicer to deposit any Advance Reimbursement Amounts it collects to the Subservicer’s clearing account, account within one (1) Business Day after its receipt thereof. The Servicer, for and on behalf of the Indenture Trustee and the Noteholders, shall remit or cause the Subservicer to remit, to either into the Collection and Funding Account or to an Eligible Account in the name of the Indenture Trustee, in which no other funds are deposited (the “Initial Collection Account”) all Advance Reimbursement Amounts collected by the Servicer pursuant to any Designated Servicing Agreement, no later than two (2) Business Days after the Servicer’s or the Subservicer’s 's deposit thereof into its clearing account, and shall, no later than two (2) Business Days thereafter, remit all such Advance Reimbursement Amounts received on or after the Cut-off Date to the Indenture Trustee for deposit into the Collection and Funding Account; provided, however, that if a Designated Servicing Agreement requires the related Servicer to remit such amounts to a Dedicated Collection Custodial Account, the Servicer or the Subservicer shall deposit such collections to such Dedicated Collection Custodial Account no later than two (2) Business Days after collection thereof by the Servicer or the SubservicerServicer, and shall cause such amounts to be remitted directly (unless the Servicer has provided notice to the Administrative Agent as contemplated in the immediately following sentence) from such Dedicated Collection Custodial Account(s) to the Initial Collection Account (which amounts shall afterwards be deposited into the Collection and Funding Account within one (1) Business Day of deposit into the Initial Collection Account) or to the Collection and Funding Account no later than two (2) Business Days after such amounts are deposited into the clearing account. If the Servicer remits Collections through one or more intermediate steps in the course of transfer from its clearing account to the related Dedicated Collection Custodial Account, or from the related Dedicated Collection Custodial Account to the Collection and Funding Account, the Servicer shall identify each such account in writing to each the Administrative Agent. The Indenture Trustee shall deposit to the Collection and Funding Account all Advance Reimbursement Amounts it receives from the Servicer or the Subservicer daily. To the extent the Indenture Trustee receives for deposit Advance Reimbursement Amounts in the Collection and Funding Account later than 2:00 p.m. Eastern Time on a Business EXECUTION VERSION Day, such funds shall be deemed to have been received on the following Business Day. Notwithstanding the foregoing, after the Servicer or the Subservicer shall have remitted to the Collection and Funding Account, Advance Reimbursement Amounts in respect of P&I Advances made under a Designated Servicing Agreement in an amount sufficient to reimburse all P&I Advances that were made under such Designated Servicing Agreement using funds other than Amounts Held for Future Distribution, the Servicer or the Subservicer may leave additional Advance Reimbursement Amounts collected with respect to such Designated Servicing Agreement in the related Dedicated Collection Custodial Account and use such funds to reimburse Amounts Held for Future Distribution as required pursuant to Section 4.2(c).

Daily Deposits of Net Proceeds. The Servicer shall deposit all Advance Reimbursement Amounts to its clearing account, and shall cause any Subservicer to deposit any Advance Reimbursement Amounts it collects to the Subservicer’s clearing account, within one (1) Business Day after its receipt thereof. The Servicer, for and on behalf of the Indenture Trustee and the Noteholders, shall remit or cause the Subservicer to remit, to either the Collection and Funding Account or to an Eligible Account in the name of the Indenture Trustee, in which no other funds are deposited (the “Initial Collection Account”) all Advance Reimbursement Amounts collected by the Servicer pursuant to any Designated Servicing Agreement, no later than two (2) Business Days after the Servicer’s or the Subservicer’s deposit thereof into its clearing account, and shall, no later than two (2) Business Days thereafter, remit all such Advance Reimbursement Amounts received on or after the Cut-off Date to the Indenture Trustee for deposit into the Collection and Funding Account; provided, however, that if a Designated Servicing Agreement requires the related Servicer to remit such amounts to a an Dedicated Collection Account, the Servicer or the Subservicer shall deposit such collections to such Dedicated Collection Account no later than two (2) Business Days after collection thereof by the Servicer or the Subservicer, and shall cause such amounts to be remitted directly from such Dedicated Collection Account(s) to the Initial Collection Account or to the Collection and Funding Account no later than two (2) Business Days after such amounts are deposited into the clearing account. If the Servicer remits Collections through one or more intermediate steps in the course of transfer from its clearing account to the related Dedicated Collection Account, or from the related Dedicated Collection Account to the Collection and Funding Account, the Servicer shall identify each such account in writing to each Administrative Agent. The Indenture Trustee shall deposit to the Collection and Funding Account all Advance Reimbursement Amounts it receives from the Servicer or the Subservicer daily. To the extent the Indenture Trustee receives for deposit Advance Reimbursement Amounts in the Collection and Funding Account later than 2:00 p.m. Eastern Time on a Business Day, such funds shall be deemed to have been received on the following Business Day. Notwithstanding the foregoing, after the Servicer or the Subservicer shall have remitted to the Collection and Funding Account, Advance Reimbursement Amounts in respect of P&I Advances made under a Designated Servicing Agreement in an amount sufficient to reimburse all P&I Advances that were made under such Designated Servicing Agreement using funds other than Amounts Held for Future Distribution, the Servicer or the Subservicer may leave additional Advance Reimbursement Amounts collected with respect to such Designated Servicing Agreement in the related Dedicated Collection Account and use such funds to reimburse Amounts Held for Future Distribution as required pursuant to Section 4.2(c).

Daily Deposits of Net Proceeds. The Servicer shall deposit all Advance Reimbursement Amounts to its clearing account, and shall cause any Subservicer to deposit any Advance Reimbursement Amounts it collects to the Subservicer’s clearing account, account within one (1) Business Day after its receipt thereof. The Servicer, for and on behalf of the Indenture Trustee and the Noteholders, shall remit or cause the Subservicer to remit, to either into the Collection and Funding Account or to an Eligible Account in the name of the Indenture Trustee, in which no other funds are deposited (the “Initial Collection Account”) all Advance Reimbursement Amounts collected by the Servicer pursuant to any Designated Servicing Agreement, no later than two (2) Business Days after the Servicer’s or the Subservicer’s 's deposit thereof into its clearing account, and shall, no later than two (2) Business Days thereafter, remit all such Advance Reimbursement Amounts received on or after the Cut-off Date to the Indenture Trustee for deposit into the Collection and Funding Account; provided, however, that if a Designated Servicing Agreement requires the related Servicer to remit such amounts to a Dedicated Collection Custodial Account, the Servicer or the Subservicer shall deposit such collections to such Dedicated Collection Custodial Account no later than two (2) Business Days after collection thereof by the Servicer or the SubservicerServicer, and shall cause such amounts to be remitted directly (unless the Servicer has provided notice to the Administrative Agent as contemplated in the immediately following sentence) from such Dedicated Collection Custodial Account(s) to the Initial Collection Account (which amounts shall afterwards be deposited into the Collection and Funding Account within 1 Business Day of deposit into the Initial Collection Account) or to the Collection and Funding Account no later than two (2) Business Days after such amounts are deposited into the clearing account. If the Servicer remits Collections through one or more intermediate steps in the course of transfer from its clearing account to the related Dedicated Collection Custodial Account, or from the related Dedicated Collection Custodial Account to the Collection and Funding Account, the Servicer shall identify each such account in writing to each the Administrative Agent. The Indenture Trustee shall deposit to the Collection and Funding Account all Advance Reimbursement Amounts it receives from the Servicer or the Subservicer daily. To the extent the Indenture Trustee receives for deposit Advance Reimbursement Amounts in the Collection and Funding Account later than 2:00 p.m. Eastern Time on a Business Day, such funds shall be deemed to have been received on the following Business Day. Notwithstanding the foregoing, after the Servicer or the Subservicer shall have remitted to the Collection and Funding Account, Advance Reimbursement Amounts in respect of P&I Advances made under a Designated Servicing Agreement in an amount sufficient to reimburse all P&I Advances that were made under such Designated Servicing Agreement using funds other than Amounts Held for Future Distribution, the Servicer or the Subservicer may leave additional Advance Reimbursement Amounts collected with respect to such Designated Servicing Agreement in the related Dedicated Collection Custodial Account and use such funds to reimburse Amounts Held for Future Distribution as required pursuant to Section 4.2(c).

Daily Deposits of Net Proceeds. The Servicer shall deposit all Advance Reimbursement Amounts to its clearing account, and shall cause any Subservicer to deposit any Advance Reimbursement Amounts it collects to the Subservicer’s its clearing account, within one (1) Business Day after its receipt thereof. The Servicer, for and on behalf of the Indenture Trustee and the Noteholders, shall remit or cause the Subservicer to remit, to either the Collection and Funding Account or to an Eligible Account in the name of the Indenture Trustee, in which no other funds are deposited (the “Initial Collection Account”) all Advance Reimbursement Amounts collected by the Servicer pursuant to any Designated Servicing Agreement, no later than two (2) Business Days after the Servicer’s or the Subservicer’s deposit thereof into its clearing account, and shall, no later than two (2) Business Days thereafter, remit all such Advance Reimbursement Amounts received on or after the Cut-off Date to the Indenture Trustee for deposit into the Collection and Funding Account; provided, however, that if a Designated Servicing Agreement requires the related Servicer to remit such amounts to a an Dedicated Collection Account, the Servicer or the Subservicer shall deposit such collections to such Dedicated Collection Account no later than two (2) Business Days after collection thereof by the Servicer or the Subservicer, and shall cause such amounts to be remitted directly from such Dedicated Collection Account(s) to the Initial Collection Account or to the Collection and Funding Account no later than two (2) Business Days after such amounts are deposited into the clearing account. If the Servicer remits Collections through one or more intermediate steps in the course of transfer from its clearing account to the related Dedicated Collection Account, or from the related Dedicated Collection Account to the Collection and Funding Account, the Servicer shall identify each such account in writing to each Administrative Agent. The Indenture Trustee shall deposit to the Collection and Funding Account all Advance Reimbursement Amounts it receives from the Servicer or the Subservicer daily. To the extent the Indenture Trustee receives for deposit Advance Reimbursement Amounts in the Collection and Funding Account later than 2:00 p.m. Eastern Time on a Business Day, such funds shall be deemed to have been received on the following Business Day. Notwithstanding the foregoing, after the Servicer or the Subservicer shall have remitted to the Collection and Funding Account, Advance Reimbursement Amounts in respect of P&I Advances made under a Designated Servicing Agreement in an amount sufficient to reimburse all P&I Advances that were made under such Designated Servicing Agreement using funds other than Amounts Held for Future Distribution, the Servicer or the Subservicer may leave additional Advance Reimbursement Amounts collected with respect to such Designated Servicing Agreement in the related Dedicated Collection Account and use such funds to reimburse Amounts Held for Future Distribution as required pursuant to Section 4.2(c).

Daily Deposits of Net Proceeds. The Servicer shall deposit all Advance Reimbursement Amounts to its clearing account, and shall cause any Subservicer to deposit any Advance Reimbursement Amounts it collects to the Subservicer’s clearing account, account within one (1) Business Day after its receipt thereof. The Servicer, for and on behalf of the Indenture Trustee and the Noteholders, shall remit or cause the Subservicer to remit, to either into the Collection and Funding Account or to an Eligible Account in the name of the Indenture Trustee, in which no other funds are deposited (the “Initial Collection Account”) all Advance Reimbursement Amounts collected by the Servicer pursuant to any Designated Servicing Agreement, no later than two (2) Business Days after the Servicer’s or the Subservicer’s deposit thereof into its clearing account, and shall, no later than two (2) Business Days thereafter, remit all such Advance Reimbursement Amounts received on or after the Cut-off Date to the Indenture Trustee for deposit into the Collection and Funding Account; provided, however, that if a Designated Servicing Agreement requires the related Servicer to remit such amounts to a Dedicated Collection Custodial Account, the Servicer or the Subservicer shall deposit such collections to such Dedicated Collection Custodial Account no later than two (2) Business Days after collection thereof by the Servicer or the SubservicerServicer, and shall cause such amounts to be remitted directly (unless the Servicer has provided notice to the Administrative Agent as contemplated in the immediately following sentence) from such Dedicated Collection Custodial Account(s) to the Initial Collection Account (which amounts shall afterwards be deposited into the Collection and Funding Account within 1 Business Day of deposit into the Initial Collection Account) or to the Collection and Funding Account no later than two (2) Business Days after such amounts are deposited into the clearing account. If the Servicer remits Collections through one or more intermediate steps in the course of transfer from its clearing account to the related Dedicated Collection Custodial Account, or from the related Dedicated Collection Custodial Account to the Collection and Funding Account, the Servicer shall identify each such account in writing to each the Administrative Agent. The Indenture Trustee shall deposit to the Collection and Funding Account all Advance Reimbursement Amounts it receives from the Servicer or the Subservicer daily. To the extent the Indenture Trustee receives for deposit Advance Reimbursement Amounts in the Collection and Funding Account later than 2:00 p.m. Eastern Time on a Business Day, such funds shall be deemed to have been received on the following Business Day. Notwithstanding the foregoing, after the Servicer or the Subservicer shall have remitted to the Collection and Funding Account, Advance Reimbursement Amounts in respect of P&I Advances made under a Designated Servicing Agreement in an amount sufficient to reimburse all P&I Advances that were made under such Designated Servicing Agreement using funds other than Amounts Held for Future Distribution, the Servicer or the Subservicer may leave additional Advance Reimbursement Amounts collected with respect to such Designated Servicing Agreement in the related Dedicated Collection Custodial Account and use such funds to reimburse Amounts Held for Future Distribution as required pursuant to Section 4.2(c).