Obligation of Seller to Forward Payments Sample Clauses

Obligation of Seller to Forward Payments. Seller shall promptly remit, or cause to be remitted, to Purchaser ELT as it may direct, all funds received by Seller after the Scheduled Sale Date for a Student Loan sold pursuant to this Agreement which constitute payments of principal, or interest or Special Allowance Payments accrued after such Scheduled Sale Date with respect to such Student Loan.
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Obligation of Seller to Forward Payments. Seller shall promptly remit, or cause to be remitted, to the Trustee or the Servicer as it or they may direct, all funds received by Seller after the Scheduled Sale Date which constitute payments of principal or interest or Special Allowance Payments accrued after the Scheduled Sale Date with respect to any Student Loan sold pursuant to Section 2.1 hereof.
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Obligation of Seller to Forward Payments. Seller shall promptly remit, or cause to be remitted, to Purchaser ELT as it may direct, all funds received by Seller after the Scheduled Sale Date for an Eligible Loan sold pursuant to this Agreement which constitute payments of principal or interest or Special Allowance Payments accrued after such Scheduled Sale Date with respect to such Eligible Loan. If any Eligible Loan sold hereunder is not appropriately marked in the related servicer’s records to indicate that such Eligible Loan has been sold to Purchaser, upon discovery thereof, Seller shall either (i) promptly cause the servicer’s records to be corrected and, if as a result thereof, any payment of principal, or interest or Special Allowance Payments with respect to such Eligible Loan accrued after the related Scheduled Sale Date and paid prior to correction of the servicer’s records was not remitted to Purchaser ELT, Seller shall promptly remit such payment to Purchaser ELT or (ii) if requested by Purchaser, Seller shall promptly repurchase the related Eligible Loan in accordance with Section 5.2.
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Obligation of Seller to Forward Payments. Seller shall promptly remit, ---------------------------------------- or cause to be remitted, to Purchaser all funds received by Seller on or after the applicable Sale Date which constitute Collections with respect to any Student Loan sold hereunder, and agrees that all such payments shall be deemed to be held in trust for Purchaser.
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Obligation of Seller to Forward Payments. Seller and the Seller Trustee shall promptly (but in any event, no later than the close of business on the second Business Day after receipt thereof) remit, or cause to be remitted, to Purchaser all funds received by Seller and the Seller Trustee on or after the applicable Sale Date which constitute Collections with respect to any Student Loan sold hereunder, and agrees that all such payments shall be deemed to be held in trust for Purchaser.
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Related to Obligation of Seller to Forward Payments

  • Indemnity for Returned Payments If, after receipt of any payment of, or proceeds applied to the payment of, all or any part of the Obligations, the Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person, because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason, then the Obligations or part thereof intended to be satisfied shall be revived and continue and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Agent or such Lender, and the Borrower shall be liable to pay to the Agent, and hereby does indemnify the Agent and the Lenders and hold the Agent and the Lenders harmless for, the amount of such payment or proceeds surrendered. The provisions of this Section 4.9 shall be and remain effective notwithstanding any contrary action which may have been taken by the Agent or any Lender in reliance upon such payment or application of proceeds, and any such contrary action so taken shall be without prejudice to the Agent's and the Lenders' rights under this Agreement and shall be deemed to have been conditioned upon such payment or application of proceeds having become final and irrevocable. The provisions of this Section 4.9 shall survive the termination of this Agreement.

  • Restricted Payments; Certain Payments of Indebtedness (a) The Borrower will not, and will not permit any Restricted Subsidiary to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except:

  • Delayed Payments The Parties hereto agree that payments due from one Party to the other Party under the provisions of this Agreement shall be made within the period set forth therein, and if no such period is specified, within 30 (thirty) days of receiving a demand along with the necessary particulars. Unless otherwise specified in this Agreement, in the event of delay beyond such period, the defaulting Party shall pay interest for the period of delay calculated at a rate equal to 5% (five per cent) above the Bank Rate, and recovery thereof shall be without prejudice to the rights of the Parties under this Agreement including Termination thereof.

  • Returned Payments If after receipt of any payment which is applied to the payment of all or any part of the Obligations (including a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion), then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender. The provisions of this Section 2.21 shall be and remain effective notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.21 shall survive the termination of this Agreement.

  • OBLIGATION TO REMIT SUBSEQUENT PAYMENTS AND FORWARD COMMUNICATIONS (A) Any payment received by the Seller with respect to amounts accrued after the date of the related Xxxx of Sale for any Purchased Loan sold to the Purchaser, which payment is not reflected in the related Loan Transmittal Summary Form, shall be received by the Seller in trust for the account of the Purchaser and the Seller hereby disclaims any title to or interest in any such amounts. Within two (2) Business Days following the date of receipt, the Seller shall remit to the Purchaser an amount equal to any such payments along with a listing on a form provided by the Purchaser identifying the Purchased Loans with respect to which such payments were made, the amount of each such payment and the date each such payment was received.

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