Common use of ACOLT Collections Clause in Contracts

ACOLT Collections. (a) If the Monthly Remittance Condition is not satisfied, commencing with the first day of the first Monthly Period that begins at least two Business Days after the day on which the Monthly Remittance Condition ceases to be satisfied, the Servicer shall remit to the ACOLT Collection Account all ACOLT Collections (and to the Payment Ahead Servicing Account, all Payments Ahead in accordance with Section 3.01(g)) received within two Business Days after receipt thereof; provided, however, that the Servicer shall deposit into the ACOLT Collection Account any Pull Ahead Payments it receives from Ally Financial, as agent for the Lease OEMs, pursuant to Section 2.02(b) on the same day as such payments are received. Notwithstanding the foregoing, if the Monthly Remittance Condition is unsatisfied, the Servicer may utilize an alternative remittance schedule (which may include a remittance schedule utilized by the Servicer at a time when the Monthly Remittance Conditions was satisfied), if the Servicer provides the ACOLT Indenture Trustee (x) written instruction to follow such alternative remittance schedule and (y) Rating Agency Condition is satisfied with respect to any Rated Notes. At all times when the Monthly Remittance Condition is satisfied, the Servicer (i) shall not be required to segregate or otherwise hold separate any ACOLT Collections and Payments Ahead received on the Lease Assets and (ii) shall remit an amount equal to the ACOLT Collections received during a Monthly Period to the ACOLT Collection Account in immediately available funds on or before the related Distribution Date.