Common use of Payment Collection Clause in Contracts

Payment Collection. The Borrower has directed, and will at all times hereafter direct, the Originator to deposit all Originator Amounts payable by the Originator to the Borrower pursuant to the Master Purchase Agreement directly to the Collection Account. The Borrower will direct the Servicer to (i) cause all pre-authorized debit payments on account of Borrower Receivables to be withdrawn from each of the related Obligors’ applicable accounts and deposited directly to the Collection Account, and (ii) promptly (and, except as set forth in the proviso to this Section 5.7(b), in no event later than two (2) Business Days following receipt) deposit all payments received by it on account of Borrower Receivables, whether in the form of cash, checks, notes, drafts, bills of exchange, money orders or otherwise, in the Collection Account in precisely the form in which they are received (but with any endorsements of the Borrower and/or Servicer necessary for deposit or collection), and until they are so deposited to hold such payments in trust for and as the property of the Collateral Agent; provided, however, that with respect to any payment received that does not contain sufficient identification of the account number to which such payment relates or cannot be processed due to an act beyond the control of the Servicer, such deposit shall be made no later than the second Business Day following the date on which such account number is identified or such payment can be processed, as applicable. In respect of any Collections received in respect of any Borrower Receivable, the term “Business Day” as used in this Section 5.7(b) shall not include legal holidays under the laws of the province or territory in which the related primary Obligor is resident or days on which banking institutions located in such jurisdiction are authorized or required by law or other governmental action to close, but only to the extent that such Collections are received in such jurisdiction.

Payment Collection. The Borrower has directed, and will at all times hereafter directdirect and otherwise cause, the Originator Servicer to deposit direct each of the Obligors to forward all Originator Amounts payable by the Originator to the Borrower pursuant to the Master Purchase Agreement payments on account of Receivables directly to the Collection Lockbox System or, with respect to electronic payments or wires, the Wire Account. The Borrower will direct agrees (i) to instruct the Servicer to instruct each Obligor (ix) cause to make all pre-authorized debit physical payments on account of Borrower with respect to Receivables to be withdrawn from each of the related Obligors’ applicable accounts and deposited directly to the Collection Account, Lockbox System and (y) to make all wires and other electronic payments with respect to Receivables directly to the Wire Account and (ii) promptly (and, except as set forth in the first proviso to this Section 5.7(b5.9(b), in no event later than two (2) Business Days following receipt) to deposit all physical payments received by it on account of Borrower Receivables, whether in the form of cash, checks, notes, drafts, bills of exchange, money orders or otherwise, in the Collection Account Lockbox System in precisely the form in which they are received (but with any endorsements of the Borrower and/or Servicer necessary for deposit or collection), and until they are so deposited to hold such payments in trust for and as the property of the Collateral Agent; provided, however, that with respect to any payment received that does not contain sufficient identification of the account number to which such payment relates or cannot be processed due to an act beyond the control of the Servicer, such deposit shall be made no later than the second Business Day following the date on which such account number is identified or such payment can be processed, as applicable. In respect of any The Borrower agrees promptly (and, except as set forth in the second proviso to this Section 5.9(b), in no event later than two (2) Business Days following receipt) to transfer all Collections received in respect of any Borrower Receivablethe Wire Account to the Lockbox Account, and until they are so deposited to hold such payments in trust for and as the term “Business Day” as used in this Section 5.7(b) shall not include legal holidays under the laws property of the province Collateral Agent; provided, however, that with respect to any payment received that does not contain sufficient identification of the account number to which such payment relates or territory in which cannot be processed due to an act beyond the related primary Obligor is resident or days control of the Servicer, such deposit shall be made no later than the second Business Day following the date on which banking institutions located such account number is identified or such payment can be processed, as applicable. All funds in such jurisdiction are authorized or required by law or other governmental action to close, but only to the extent that such Collections are received Lockbox Account will be swept daily into the Collection Account in such jurisdictionaccordance with the terms of the Servicing Agreement.