Examples of Monthly Remittance Condition in a sentence
As of the date hereof and during the entirety of the Collection Period, the Monthly Remittance Condition as defined in the Sale and Servicing Agreement, was satisfied.
Commingling Risk VWL as Servicer is entitled to commingle Collections with its own funds during each Monthly Period in accordance with the following procedure: If the Monthly Remittance Condition is satisfied, VWL as Servicer is entitled to commingle Collections with its own funds during each Monthly Period and will be required to make a single transfer to the Distribution Account on the following Payment Date.
If the Monthly Remittance Condition is not satisfied, VWL as Servicer is entitled to commingle Collections with its own funds during each Monthly Period only if it has deposited the Monthly Collateral for the respective Monthly Period in the Distribution Account.
If the Monthly Remittance Condition is not met and no Monthly Collateral Increase Event has occurred, VW Bank, as the Servicer, will determine the exact Collections only in accordance with the procedure outlined in detail in "ADMINISTRATION OF THE PURCHASED LOAN RECEIVABLES UNDER THE SERVICINGAGREEMENT - Commingling".
If and as long as the Monthly Remittance Condition is not satisfied, VW Bank, as the Servicer, is entitled to commingle funds representing Collections with its own funds during each Monthly Period only in accordance with the procedure outlined in detail in "ADMINISTRATION OF THE PURCHASED RECEIVABLES UNDER THE SERVICING AGREEMENT – Commingling of Collections".Commingled funds may be used or invested by VW Bank at its own risk and for its own benefit until the next relevant Payment Date.