Remittance Procedures Sample Clauses
The Remittance Procedures clause defines the process and requirements for transferring payments between parties under the agreement. It typically outlines the methods of payment, such as wire transfer or check, specifies the timing and frequency of remittances, and may include details like required documentation or reference information to accompany each payment. By clearly establishing how and when payments should be made, this clause helps prevent disputes and ensures timely and accurate financial transactions between the parties.
Remittance Procedures. The Servicer shall instruct the Collateral Agent by delivery of the Servicing Report and, if the Servicer fails to do so, the Administrative Agent may instruct the Collateral Agent, to apply funds on deposit in the Controlled Accounts, subject to Pari Passu Provisions, as described in this Section 2.04; provided that, at any time after delivery of a Notice of Exclusive Control, the Administrative Agent shall instruct the Collateral Agent to apply funds on deposit in the Controlled Accounts as described in this Section 2.04.
Remittance Procedures. On each Payment Date, the Servicer, as agent for the Administrative Agent and the Lender Agents, shall instruct the Collateral Agent and, if the Servicer fails to do so, the Administrative Agent may instruct the Collateral Agent, to apply funds on deposit in the Collection Account as described in this Section 2.04; provided that, at any time after delivery of Notice of Exclusive Control, the Administrative Agent shall instruct the Collateral Agent to apply funds on deposit in the Collection Account as described in this Section 2.04.
Remittance Procedures. On each Payment Date, the Servicer, as agent for the Administrative Agent and the Lender Agents, shall instruct the Collateral Agent (and the Collateral Agent shall instruct the Account Bank) and, if the Servicer fails to do so, the Administrative Agent may instruct the Collateral Agent (and the Collateral Agent shall instruct the Account Bank), to apply funds on deposit in the Collection Account as described in this Section 2.04; provided that, at any time after delivery of Notice of Exclusive Control, the Administrative Agent shall instruct the Collateral Agent (and the Collateral Agent shall instruct the Account Bank) to apply funds on deposit in the Collection Account as described in this Section 2.04.
Remittance Procedures. The Servicer, as agent for the Agent and the Lenders, shall instruct the Trustee and, if the Servicer fails to do so, the Agent may instruct the Trustee, to apply funds on deposit in the Controlled Accounts as described in this Section 2.04; provided that, at any time after delivery of Notice of Exclusive Control (as defined in the Collection Account Agreement), the Agent shall instruct the Trustee to apply funds on deposit in the Controlled Accounts as described in this Section 2.04.
Remittance Procedures. By delivery of a Servicing Report on a Reporting Date, the Servicer, as agent for the Administrative Agent and the Lenders, shall, and if the Servicer fails to do so, the Administrative Agent may instruct the Account Bank to, apply funds on deposit in the Controlled Accounts on the related Payment Date as described in this Section 2.04; provided that at any time after delivery of Notice of Exclusive Control that has not been rescinded, the Administrative Agent shall instruct the Collateral Agent (who shall instruct the Account Bank) to apply funds on deposit in the Controlled Accounts as described in this Section 2.04.
Remittance Procedures. Subject to Section 7.03(c)(i)(E) (if then applicable) and the proviso set forth in Section 2.04(a), the Servicer, as agent for the Lenders, with the prior written consent of the Collateral Agent, shall instruct the Lenders’ Bank and, if the Servicer fails to do so, the Collateral Agent shall instruct the Lenders’ Bank, to apply funds on deposit in the Collection Account as described in this Section 2.04.
Remittance Procedures. With respect to Section 2.08(a), on each Payment Date, the Facility Servicer, on behalf of the Borrower, shall instruct the Account Bank to remit funds on deposit in the Collection Account as described in this Section 2.08 and in accordance with the Payment Date Report and shall instruct the Administrative Agent to apply such funds as described in this Section 2.08 and in accordance with the Payment Date Report, such funds to be received by the Administrative Agent no later than 12:00 p.m. on each Payment Date; provided that, at any time after delivery of Notice of Exclusive Control pursuant to the terms of the Account Control Agreement, the Administrative Agent shall instruct the Account Bank to remit funds on deposit in the Collection Account to the Administrative Agent as described in this Section 2.08.
Remittance Procedures. The Servicer shall instruct the Collateral Agent by delivery of the Servicing Report and, if the Servicer fails to do so, the Administrative Agent may instruct the Collateral Agent, to apply funds on deposit in the Controlled Accounts as described in this Section 2.04 and subject to the Pari Passu Provisions; provided that, at any time after delivery of a Notice of Exclusive Control (and prior to any rescission of such Notice of Exclusive Control), the Administrative Agent shall instruct the Collateral Agent to apply funds on deposit in the Controlled Accounts as described in this Section 2.04. Any transfers or payments made pursuant to this Agreement shall be made by wire transfer in immediately available funds and in no event shall the Collateral Agent be required to disburse any funds via check; provided that the Collateral Agent may require certain information for verification purposes prior to processing any such wire transfer.
Remittance Procedures. On each Payment Date (including, Inter-Period Payment Dates), the Administrative Agent, on behalf of the Borrower, shall instruct the Account Bank to remit funds on deposit in the Collection Accounts as described in this Section 2.08 in accordance with the Payment Date Report for such Payment Date.
Remittance Procedures. (a) On each Remittance Date, the Servicer, as agent for the Agent and the Lenders, and with the consent of the Agent, which consent shall be deemed to be granted by the Agent if the amounts to be remitted by the Servicer are in accordance with the waterfall provisions set forth in this Section 2.04 and the Agent shall fail to make any objections to the Remittance Report, shall instruct the Collection Account Bank and, if the Servicer fails to do so, the Agent may instruct the Collection Account Bank, to apply funds on deposit in the Collection Account, as of the day immediately preceding such Remittance Date, as described in this Section 2.04 in the following amounts and priority:
(i) to the Servicer in an amount equal to the Servicing Fee which is accrued and unpaid as of the day immediately preceding such Remittance Date, together with any Servicing Fee that was not paid on any prior Remittance Date;
(ii) to the Servicer in an amount equal to any Servicer Advances not previously reimbursed to the Servicer;
(iii) to the Manager in an amount equal to the Management Fee which is accrued and unpaid as of the day immediately preceding such Remittance Date, together with any Management Fee that was not paid on any prior Remittance Date;
(iv) to the Agent for the account of the Lenders in an amount equal to (and for the pro rata payment of) (A) the Fees which are due and payable on such Remittance Date pursuant to the terms hereof and the terms of the Fee Letter, (B) any increased costs or increased capital requirements required to be paid under Section 2.07 to the extent not already paid by the Company, (C) any Taxes required to be paid under Section 2.08 to the extent not already paid by the Company, and (D) all interest on the Loan which are accrued and unpaid as of the day immediately preceding such Remittance Date;
(v) to the Reserve Account in an amount equal to the amount by which the Required Reserve Amount exceeds the amount of funds maintained in the Reserve Account as of the Remittance Date;
(vi) if such Remittance Date occurs prior to the Early Amortization Commencement Date, to the Agent for the account of the Lenders in an amount equal to the amount by which the aggregate amount of the Loan Outstanding exceeds the Maximum Loan Amount after giving effect to required reduction of the Maximum Loan Amount on such Remittance Date;
(vii) if such Remittance Date occurs on or after the occurrence of any Early Amortization Commencement Date and if the Earl...