Common use of Remittance of Collections Clause in Contracts

Remittance of Collections. (i) The Nominee shall segregate all amounts collected on account of such Underlying Mortgage Loans and Underlying REO Properties, and shall remit such collections (collectively, the “Funds”) no later than two (2) Business Days following receipt to the Collection Account in accordance with the below instructions. Each Seller Party hereby notifies and instructs the Nominee and the Nominee is hereby authorized and instructed to remit any and all Funds which would be otherwise payable to Seller Parties with respect to the Underlying Mortgage Loans and/or Underlying REO Property to the Collection Account which instructions are irrevocable without the prior written consent of Buyer.

Remittance of Collections. (iviii) The Nominee shall segregate all amounts collected on account of such Underlying Mortgage Loans and Underlying REO PropertiesEarly Buyout Assets in the Collection Account, and shall remit such collections (collectively, the “Funds”) no later than two (2) Business Days following receipt to the Collection Payment Account in accordance with the below instructionsSection 6(c) hereof. Each Seller Party hereby notifies and instructs the Nominee and the Nominee is hereby authorized and instructed to remit any and all Funds which would be otherwise payable to Seller Parties with respect to the Underlying Mortgage Loans and/or Underlying REO Property to the Collection Payment Account which instructions are irrevocable without the prior written consent of Buyer.