Common use of Remittance Procedures Clause in Contracts

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. On each Payment Date, the ServicerCollateral Manager, as agent for the Administrative Agent and the Lender AgentsLenders, shall instruct the Collateral Agent (and the Collateral Agent shall instruct the Account Bank) Custodian and, if the Servicer Collateral Manager fails to do so, the Administrative Agent may instruct the Collateral Agent (and the Collateral Agent shall instruct the Account BankCustodian), to apply funds on deposit in the Collection Account 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 (and the Collateral Agent shall instruct the Account BankCustodian) to apply funds on deposit in the Collection Account as described in this Section 2.04.