Common use of Remittance Procedures Clause in Contracts

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. With respect to Section 2.08(a), on On each Payment Date, the Facility Servicer, on behalf of the Borrower, Administrative Agent shall instruct the Account Bank (and the Borrower consents to remit such instructions) to apply funds on deposit in the Collection Account Accounts (or, during the continuance of an Event of Default, any of the Secured Accounts) as described in this Section 2.08 and in accordance with the Servicing and Payment Date Report and shall instruct for such Payment Date and, to the extent funds are remitted to the Administrative Agent, the Administrative Agent to apply shall distribute 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 Date2.08; provided that, at any time after delivery of a Notice of Exclusive Control for a Secured Account pursuant to the terms of the applicable “springing” Account Control Agreement, the Administrative Agent shall instruct the Account Bank to remit funds on deposit in the Collection such Secured Account to the Administrative Agent as described in this Section 2.08.

Remittance Procedures. With respect to Section 2.08(a), on 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 for such Payment Date and, to the extent funds are remitted to the Administrative Agent, shall instruct the Administrative Agent to apply distribute such funds as described in this Section 2.08 and in accordance with the Payment Date Report2.08, such funds to be received by the Administrative Agent no later than 12:00 p.m. 11:00 a.m. on each such Payment Date; provided that, at any time after delivery of a 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.