Deposits of Collections. (a) The Servicer has established, and shall maintain, one or more deposit accounts in the name of the Servicer (such account, together with any replacement account, the “Servicer Account”), as described in a written notice from the Servicer to the Subservicer from time to time. The Subservicer shall have no right to receive or commingle Program Collections and shall direct Obligors to deposit all Program Collections (including the Ancillary Fees) directly into the Servicer Account. The Subservicer shall have no right to any monies on deposit in the Servicer Account, and shall have no right to retain or receive any Ancillary Fees.
Deposits of Collections. Failure of Sellers to cause each Subservicer to comply with the deposit requirements set forth in Section 7.a hereof, if (i) such failure is not cured within two (2) Business Days after notice thereof from Buyer or (ii) the related Seller fails to replace such Subservicer within the applicable time period provided in Section 12.e, with a Subservicer expressly approved in writing by Buyer, which approval shall not be unreasonably withheld or delayed.
Deposits of Collections. Failure of Seller to cause each Servicer and the Property Manager to comply with the deposit requirements set forth in Xxxxxxx 0.x, Xxxxxxx 00.x and Section 12.c hereof, if such failure is not cured within two (2) days. An Event of Default shall be deemed to be continuing unless expressly waived by Buyer in writing.
Deposits of Collections. Failure of a Seller Party to cause each Servicer to comply with the deposit requirements set forth in Section 7.a hereof, if (i) such failure is not cured within two (2) Business Days after notice thereof from Buyer or (ii) a Seller Party fails to replace such Servicer within the applicable time period provided in Section 12.e, with a Servicer expressly approved in writing by Buyer, which approval shall not be unreasonably withheld or delayed.
Deposits of Collections. The Seller will instruct or cause the Collection Agent to instruct all Obligors to remit all their payments in respect of Receivables to a Lock-Box Account. The Seller will instruct or cause the Collection Agent to instruct the appropriate responsible employees at each DTC Store to remit all payments in respect of Receivables which, notwithstanding the aforementioned instructions given to the Obligors, are received at such DTC Store on any Business Day to a Store Account at the end of such Business Day or by 12:00 noon on the next Business Day. If the Seller shall receive any Collections directly (rather than at a DTC Store), it shall immediately (and in any event within two Business Days) deposit the same to a Lock-Box Account or the Collection Account. The Seller will not deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Lock-Box Account cash or cash proceeds other than Collections of Receivables. The Seller will instruct or otherwise cause, or cause the Collection Agent to instruct or otherwise cause, each bank holding a Store Account to remit, on each Business Day from and after the date of this Agreement, by wire transfer, ACH debit or other electronic method, all funds deposited and collected in each Store Account to the Collection Account. (i)
