Common use of Payments on Receivables, Accounts Clause in Contracts

Payments on Receivables, Accounts. On the Closing Date, the Servicers shall inform each Included Employer and each Origination Home Closing Agent that an undivided interest in the Receivables and Related Assets have been assigned to the Agent on behalf of the Purchasers. On or prior to the Closing Date (or, if later, the date on which such Person becomes an Included Employer or otherwise becomes obligated) to remit any amounts in respect of the Receivables), the Servicers shall have given written directions to each then Included Employer and each Origination Home Closing Agent, to remit all amounts due in respect of the Receivables to the Agent Collection Account; provided that if the Seller or a Servicer shall receive any Collections, it shall remit such Collections to the Agent Collection Account within three Business Days of such receipt. No Subservicer will make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by a Subservicer or an incorrect account, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within three Business Days after receipt) remit such funds into the Collection Account. The Subservicers will not, and will not permit the Seller or other Person (other than Xxxxx Fargo Bank) to, thereafter commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Subservicers shall not close the LaSalle Collection Account without the prior written consent of the Agent.

Payments on Receivables, Accounts. On the Closing Date, the Servicers shall inform each Included Employer and each Origination Home Closing Agent that an undivided interest in the Receivables and Related Assets have has been assigned to the Agent on behalf of the Purchasers. On or prior to the Closing Date (or, if later, the date on which such Person becomes an Included Employer or otherwise becomes obligated) obligated to remit any amounts in respect of the Receivables), ) the Servicers shall have given written directions to each then Included Employer and each Origination Home Closing Agent, to remit all amounts due in respect of the Receivables to the Agent Collection Account; provided that if the Seller or a Servicer shall receive any Collections, it shall remit such Collections to the Agent Collection Account within three Business Days of such receipt. No Subservicer The Seller will not make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by a Subservicer the Seller, any Originator or an incorrect account, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within three Business Days after receipt) remit such funds into the Agent Collection Account. The Subservicers Seller will not permit the funds of any Affiliate to be deposited into the Collection Account. If such funds are nevertheless deposited into a Collection Account, the Seller will promptly identify such funds for segregation. The Seller will not, and will not permit the Seller any Servicer or other Person (other than Xxxxx Fargo Bank) to, thereafter commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Subservicers Seller shall not close the LaSalle Collection Account Account, without the prior written consent of the Agent.

Payments on Receivables, Accounts. On the Closing Date, the Servicers Master Servicer shall inform each Included Employer and each Origination Home Closing Agent that an undivided interest in the Receivables and Related Assets have been assigned to the Agent on behalf of the Purchasers. On The Servicers shall have given written directions to each Included Employer and each Origination Home Closing Agent on or prior to the Closing Date (or, if later, the date on which such Person becomes an Included Employer or otherwise becomes obligated) obligated to remit any amounts in respect of the Receivables), the Servicers shall have given written directions to each then Included Employer and each Origination Home Closing Agent, ) to remit all amounts due in respect of the Receivables (including out of a sale of an Origination Home) directly to the Agent Collection Account; provided that if the Seller or a . The Master Servicer shall receive any Collections, it shall remit such Collections to the Agent Collection Account within three Business Days of such receipt. No Subservicer will not make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by a Subservicer the Master Servicer or an incorrect account, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within three Business Days after receipt) remit such funds into the Agent Collection Account. The Subservicers Master Servicer will not, and will not permit the Seller or other Person (other than Xxxxx Fargo Bank) to, thereafter commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Subservicers Master Servicer shall not close the LaSalle Collection Account without the prior written consent of the Agent. The Master Servicer shall cause all Lock Boxes and Lock-Box Accounts to be subject to the control of the Agent pursuant to Lock-Box Agreements.

Payments on Receivables, Accounts. On the Closing DateSubject to Section 1.8(a), the Servicers shall inform will give written directions to each Included Employer and each Origination Home Closing Agent that an undivided interest in the Receivables and Related Assets have been assigned to the Agent on behalf of the Purchasers. On or prior to the Closing Date Agent, no later than February 15, 2005 (or, if later, the date on which such Person becomes an Included Employer or otherwise becomes obligated) obligated to remit any amounts in respect of the Receivables), the Servicers shall have given written directions to each then Included Employer and each Origination Home Closing Agent, to remit all amounts due in respect of the Receivables to the Agent Collection Account; provided that if the Seller or a Servicer shall receive any Collections, it shall remit such Collections to the Agent Collection Account within three Business Days of such receipt. No Subservicer The Seller will not make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by a Subservicer the Seller, any Originator or an incorrect account, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within three Business Days after receipt) remit such funds into the Collection Account. The Subservicers Seller will not permit the funds of any Affiliate to be deposited into the Collection Account. If such funds are nevertheless deposited into the Collection Account, the Seller will promptly identify such funds for segregation. The Seller will not, and will not permit the Seller any Servicer or other Person (other than Xxxxx Fargo Bank) to, thereafter commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Subservicers Seller shall not close the LaSalle Collection Account Account, without the prior written consent of the Agent.

Payments on Receivables, Accounts. On the Closing Date, the Servicers shall inform each Included Employer and each Origination Home Closing Agent that an undivided interest in the Receivables and Related Assets have been assigned The Seller will at all times instruct all Obligors to the Agent deliver payments on behalf of the Purchasers. On or prior to the Closing Date (or, if later, the date on which such Person becomes an Included Employer or otherwise becomes obligated) to remit any amounts in respect of the Receivables), the Servicers shall have given written directions to each then Included Employer and each Origination Home Closing Agent, to remit all amounts due in respect of the Receivables to a Lock-Box, the Agent Collection Account or to a Designated Payee (listed on Annex B to Exhibit G). The Seller will also instruct each Designated Payee to pay all Collections it receives to a Collection Account; provided that if the Seller or a Servicer shall receive any Collections, it shall remit such Collections to the Agent Collection Account within three Business Days of such receipt. No Subservicer will make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by a Subservicer or an incorrect accountthe Seller, it shall hold such payments in trust for the benefit of the Agent and the Purchasers Purchaser and promptly (but in any event within three two Business Days after receipt) remit such funds into at the Collection Accountdirection of the Agent. The Subservicers Seller will use commercially reasonable efforts to cause each Collection Bank to comply with the terms of each applicable Collection Letter. Upon the occurrence and during the continuation of a Termination Event, the Seller will not, and will not permit the Seller any Collection Agent or other Person (other than Xxxxx Fargo Bank) to, thereafter commingle Collections or other funds to which the Agent or any the Purchaser is entitled with any other funds. The Subservicers Seller shall not close only add a Collection Bank or Lock-Box to those listed on Exhibit F if the LaSalle Agent has received notice of such addition, a copy of any new Lock-Box Agreement, as applicable, and an executed and acknowledged copy of a Collection Account without Letter substantially in the prior written consent form of Exhibit G (with such changes as are acceptable to the Agent) from any new Collection Bank. The Seller shall only terminate a Collection Bank or Lock-Box upon 30 days advance notice to the Agent. If the long term unsecured indebtedness of the Originator is less than BBB- by S&P or Baa3 by Xxxxx'x (or either S&P or Xxxxx'x has withdrawn or suspended such rating), the Seller agrees that the Agent may, in its sole discretion, deliver the Agent's Notice (as defined in Annex A to Exhibit G) to the Collection Bank.

Payments on Receivables, Accounts. On The Servicer will at all times instruct all Obligors (or cause such Obligor to authorize the Closing Date, Servicer or the Servicers shall inform each Included Employer applicable Originator or Sub-Originator to debit such Obligor’s account and each Origination Home Closing Agent that an undivided interest in the Receivables and Related Assets have been assigned to the Agent remit on behalf of the Purchasers. On or prior to the Closing Date (or, if later, the date on which such Person becomes an Included Employer or otherwise becomes obligatedObligor’s behalf) to remit any amounts in respect of deliver payments on the Receivables)Pool Receivables billed or invoiced after December 14, the Servicers shall have given written directions 2014 to each then Included Employer and each Origination Home Closing Agent, to remit all amounts due in respect of the Receivables to the Agent a Collection Account; provided that if the Seller or a Servicer shall receive any Collections, it shall remit such Collections to the Agent Collection Account within three Business Days of such receipt. No Subservicer will make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by a Subservicer or an incorrect accountthe Servicer, it shall hold such payments in trust for the benefit of the Agent Administrator and the Purchasers and promptly (but in any event within three two Business Days after receipt) remit such funds into the an Eligible Collection Account. The Subservicers Servicer will not, and cause each Collection Account Bank to comply with the terms of each applicable Collection Account Agreement. The Servicer will not permit the Seller or other Person (funds other than Xxxxx Fargo Bank(i) toCollections on Pool Receivables and other Pool Assets, thereafter (ii) Chevron Collections and (iii) FEMA Collections to be deposited into any Collection Account. If such funds are nevertheless deposited into any Collection Account, the Servicer will promptly identify such funds for segregation. The Servicer will not commingle Collections or other funds to which the Administrator, any Purchaser Agent or any Purchaser is entitled with any other fundsfunds (other than Chevron Collections and FEMA Collections). The Subservicers Servicer shall not close the LaSalle only add a Collection Account without Bank (or the prior written consent related Lock-Box) or Collection Account to those listed on Schedule II to this Agreement, if the Administrator has received notice of such addition, a copy of any new Collection Account Agreement and an executed and acknowledged copy of a Collection Account Agreement in form and substance acceptable to the Agent.Administrator from any such new Collection Account Bank. The Servicer shall only terminate a Collection Account Bank or close a Collection Account (or the related Lock-Box), upon 30 days’ advance notice to the