Payment of collections Sample Clauses

Payment of collections. 23.2.1 In so far as a Seller acts as collection agent in respect of any Sold Receivable, the Parties agree that:
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Payment of collections. Subject to Section 6(c), Servicer shall pay any amounts of Collections deposited in the Collection Account from time to time to the Purchaser who purchased the Sold Assets to which such Collection relate within two (2) Business Days after such Collections are identified and matched to a related Purchased Receivable (or are to be applied on account thereof under Section 6(c) below) (each a “Settlement Date”). Any Collections held in the Collection Account between each Settlement Date shall be deemed to be the exclusive property of the applicable Purchaser who purchased the Sold Assets to which such Collection relate, and Seller and Servicer each shall be deemed to be holding such funds in trust for the exclusive use and benefit of such Purchaser until disbursement on the forthcoming Settlement Date. Upon the occurrence and at any time during the continuance of any Termination Event, the Purchaser Representative (at the written direction or with the written consent of the applicable Purchaser) shall exercise its rights under the Collection Account Agreement and take exclusive control of the Collection Account for the benefit of the Purchasers and none of Originator, Servicer nor Seller shall have any further right to make withdrawals or to otherwise direct disbursements from the Collection Account. During any period of such exclusive control, either Purchaser may direct the Purchaser Representative to direct the disbursement of Collections in accordance with the provisions of this Agreement and the Intercreditor Agreement and the Purchaser Representative shall follow any such directions. (c)
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Payment of collections. Debtor promises to continuously repay the Obligations upon Debtor's receipt of any proceeds of the Collateral, including all checks, drafts, cash and other remittances and proceeds received in part or full payment of or with respect to the Collateral ("COLLECTIONS"). Debtor shall deposit or cause to be deposited all Collections in accordance with the provisions marked with an 'x' below. /X/ LENDER'S/REMOTE LOCK BOX SERVICE; RESTRICTED ACCOUNT. Prior to Lender making any advances hereunder, Debtor hereby agrees to enter into a lock box arrangement with Lender _____________________________________ ("DEPOSITORY BANK") [strike as appropriate) which is satisfactory to Lender, and pursuant to which Lender shall be granted sole access to the post office box to which account debtors shall be instructed to forward Collections. All Collections shall constitute a payment to and the property of Lender and be processed in accordance with such lock box arrangement. Once processed, the amount of any such Collections at Depository Bank shall be placed in a restricted account in the sole name and control of Lender (if not otherwise immediately wire-transferred to Lender). Any charges relating to such restricted account which Lender elects to pay shall be charged to Debtor's Loan Account Ledger. Any Collections inadvertently received by Debtor shall be immediately delivered to Lender or to Lender's restricted account at Depository Bank in precisely the form received (but endorsed by Debtor if necessary for collection), and until such delivery, Debtor shall not commingle any such Collections with any other funds or property of Debtor and shall hold the Collections upon an express trust for Lender. / / DIRECT DELIVERY/RESTRICTED ACCOUNT. Immediately upon receipt, Debtor shall (1) deliver to Lender or (2) deliver to ________________________ ("Depository Bank") [strike as appropriate] all Collections in precisely the form received (but endorsed by Debtor if necessary for collection). Said Collections shall constitute a payment to and the property of Lender and, until such delivery, Debtor shall not commingle any Collections with any other funds or property of Debtor and shall hold the Collections upon an express trust for Lender. Once delivered, the amount of any such Collections at Depository Bank shall be immediately placed in a restricted account in the sole name and control of Lender (if not otherwise immediately wire-transferred to Lender). Any charges relating to such res...
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Payment of collections. (i) The relevant Obligor has been given instructions to pay amounts due in respect of a Receivable directly into a Master Purchaser Account and either the relevant Obligor has made at least one payment in respect of a Purchased Receivable directly into such an account of the Master Purchaser or has provided written confirmation that it shall make payment in respect of the relevant Purchased Receivable directly into such an account.
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Payment of collections. Sub-Servicer hereby agrees to deposit all ---------------------- collections with respect to Mortgage Loans, less the compensation provided for in Paragraph 4, below, in accordance with Section 3.10 of the Pooling Agreement and to make withdrawals from the Collection Account in accordance with Section 3.11 of the Pooling Agreement.
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Payment of collections. The Supplier shall procure that any monies received by it with regard to a Receivable will be paid as collections on such Receivable into CCH's account.
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Payment of collections. Subject to Section 6(c), Servicer shall pay any amounts of Collections deposited in the Collection Account from time to time to the Purchaser within two (2) Business Days after such Collections are identified and matched to a related Purchased Receivable (or are to be applied on account thereof under Section 6(c) below) (each a “Settlement Date”). Any Collections held in the Collection Account between each Settlement Date shall be deemed to be the exclusive property of Purchaser, and Seller and Servicer each shall be deemed to be holding such funds in trust for the exclusive use and benefit of Purchaser until disbursement on the forthcoming Settlement Date. Upon the occurrence and at any time during the continuance of any Termination Event, Purchaser may exercise its rights under the Collection Account Agreement and take exclusive control of the Collection Account and none of Originator, Servicer nor Seller shall have any further right to make withdrawals or to otherwise direct disbursements from the Collection Account. During any period of such exclusive control, Purchaser shall direct the disbursement of the Collections in accordance with the provisions of this Agreement and the Intercreditor Agreement.
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Related to Payment of collections

  • Costs of Collection In the event that after an Event of Default: (i) the Note or any of the Loan Documents is placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding; (ii) an attorney is retained to represent Lender in any bankruptcy, reorganization, receivership, or other proceedings affecting creditors’ rights and involving a claim under the Note or any of the Loan Documents; or (iii) an attorney is retained to protect or enforce the lien or any of the terms of this Agreement, the Security Instrument or any of the Loan Documents; then Borrower shall pay to Lender all reasonable attorney’s fees, costs and expenses actually incurred in connection therewith, including costs of appeal, together with interest on any judgment obtained by Lender at the Default Rate.

  • Deposit of Collections The Borrower shall promptly (but in no event later than two Business Days after receipt) deposit or cause to be deposited into the Collection Account any and all Available Collections received by the Borrower, the Servicer or any of their Affiliates.

  • Allocations of Collections 35 SECTION 10. Payments..................................................................................................47 SECTION 11.

  • Cost of Collection If default is made in the payment of this Note, Borrower shall pay the Holder hereof reasonable costs of collection, including reasonable attorneys' fees.

  • Application of Collections On each Payment Date, all collections for the related Collection Period shall be applied by the Servicer as follows:

  • Establishment of Collection Account (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty days.

  • Allocations of Finance Charge Collections The Servicer shall allocate to the Series 1997-1 Certificateholders and retain in the Collection Account for application as provided herein an amount equal to the product of (A) the Floating Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Finance Charge Receivables deposited in the Collection Account on such Deposit Date.

  • Remittance of Payments and Collections 13.18.1. All payments by any Lender to Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by Agent and such demand is made on the paying Lender after 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by Agent to any Lender shall be made by wire transfer, promptly following Agent’s receipt of funds for the account of such Lender and in the type of funds received by Agent; provided, however, that if Agent receives such funds at or prior to 12:00 noon, Agent shall pay such funds to such Lender by 2:00 p.m. on such Business Day, but if Agent receives such funds after 12:00 noon, Agent shall pay such funds to such Lender by 2:00 p.m. on the next Business Day.

  • Allocations of Principal Collections The Servicer shall allocate to the Series 1997-1 Certificateholders the following amounts as set forth below:

  • Application of Payments and Collections All items of payment received by Agent by 12:00 noon, Chicago, Illinois, time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Chicago, Illinois, time, on any Business Day shall be deemed received on the following Business Day. Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent or any Lender upon any of its books and records. Amounts received by the Agent shall be for further credit to the accounts of Lenders pursuant to the settlement procedures contained in subsection 3.1.3 of this Agreement. Notwithstanding the foregoing, payments and collections shall not be applied to Obligations consisting of Derivative Obligations or Product Obligations at any time that any other Obligations are then due and payable. If as the result of collections of Accounts as authorized by subsection 6.2.4 hereof or otherwise, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be disbursed to Borrower or otherwise at Borrower's direction in the manner set forth in subsection 3.1.2, upon Borrower's request at any time, so long as no Default or Event of Default then exists. Agent may at its option, offset such credit balance against any of the Obligations upon and during the continuance of an Event of Default.

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