Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date.
Appears in 9 contracts
Samples: Sale and Servicing Agreement (UPFC Auto Receivables Trust 2007-B), Sale and Servicing Agreement (United Pan Am Financial Corp), Sale and Servicing Agreement (UPFC Auto Receivables Trust 2006-B)
Certain Reimbursements to the Servicer. The Servicer will -------------------------------------- be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date.
Appears in 6 contracts
Samples: Sale and Servicing Agreement (Americredit Financial Services Inc), Sale and Servicing Agreement (Americredit Financial Services Inc), Sale and Servicing Agreement (Americredit Financial Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Payment Date pursuant to Section 5.7(b)(ii5.7(a)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Trustee and the Note Insurer as may be necessary in the opinion of the Note Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification certification within 12 three months of its becoming aware of such mistaken deposit, posting, posting or returned check. In the event that the Note Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer Controlling Party shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.75.7(a)(ii), or or, if prior thereto the Servicer prior thereto has been reimbursed pursuant to Section 5.75.7(a)(ii), the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Payment Date.
Appears in 5 contracts
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc), Sale and Servicing Agreement (Consumer Portfolio Services Inc), Sale and Servicing Agreement (Consumer Portfolio Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Payment Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Trustee and the Note Insurer as may be necessary in the opinion of the Note Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Note Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Note Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Payment Date.
Appears in 5 contracts
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc), Sale and Servicing Agreement (Consumer Portfolio Services Inc), Sale and Servicing Agreement (Consumer Portfolio Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 4 contracts
Samples: Sale and Servicing Agreement (AFS SenSub Corp.), Sale and Servicing Agreement (AFS SenSub Corp.), Sale and Servicing Agreement (Americredit Automobile Receivables Trust 2005-C-F)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. To the extent that such amounts are owed to the Processing Bank, the Servicer will cause such amounts to be returned to the Processing Bank. The amount to be reimbursed hereunder shall will be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Indenture Trustee and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this SectionSection 5.3, the Insurer shall will (unless an Insurer Default shall have has occurred and be is continuing) give the Trust Collateral Agent Indenture Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent shall Indenture Trustee will not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall Indenture Trustee will withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any Supplemental Servicing Fees.
Appears in 4 contracts
Samples: Sale and Servicing Agreement (Triad Financial Special Purpose LLC), Sale and Servicing Agreement (Triad Automobile Receivables Trust 2005-A), Sale and Servicing Agreement (Triad Automobile Receivables Trust 2006-A)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Due Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent written notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date.
Appears in 4 contracts
Samples: Sale and Servicing Agreement (National Auto Finance Co Inc), Sale and Servicing Agreement (National Financial Auto Funding Trust), Sale and Servicing Agreement (National Auto Finance Co Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were deposited in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (AmeriCredit Automobile Receivables Trust 2010-B), Sale and Servicing Agreement (AmeriCredit Automobile Receivables Trust 2010-A), Sale and Servicing Agreement (AmeriCredit Automobile Receivables Trust 2008-a-F)
Certain Reimbursements to the Servicer. The To the extent that -------------------------------------- other reimbursable expenses are not recovered pursuant to Section 4.3, the Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Monthly Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Payment Date pursuant to Section 5.7(b)(ii5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Trustee and the Insurer Controlling Party as may be necessary in the opinion of the Insurer Controlling Party to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer Controlling Party has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer Controlling Party shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Payment Date.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (TFC Enterprises Inc), Sale and Servicing Agreement (TFC Enterprises Inc), Sale and Servicing Agreement (TFC Enterprises Inc)
Certain Reimbursements to the Servicer. The Servicer will be -------------------------------------- entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Americredit Financial Services Inc), Sale and Servicing Agreement (Americredit Financial Services Inc), Sale and Servicing Agreement (Americredit Financial Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; providedPROVIDED, howeverHOWEVER, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Borrowers that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Americredit Financial Services Inc), Sale and Servicing Agreement (Americredit Financial Services Inc), Sale and Servicing Agreement (Americredit Financial Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Americredit Automobile Receivables Trust 2003-D-M), Sale and Servicing Agreement (AmeriCredit Automobile Receivables Trust 2005-B-M), Sale and Servicing Agreement (Americredit Automobile Receivables Trust 2004-B-M)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Americredit Financial Services Inc), Sale and Servicing Agreement (Americredit Financial Services Inc), Sale and Servicing Agreement (Americredit Financial Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (AmeriCredit Automobile Receivables Trust 2004-C-A), Sale and Servicing Agreement (Americredit Automobile Receivables Trust 2003-C-F), Sale and Servicing Agreement (AmeriCredit Automobile Receivables Trust 2005-a-X)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed pursuant to Section 5.5(a)(iv) and Section 5.5(b)(iv) from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.5(a)(iv) or (b)(iv) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer Administrative Agent as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification and request and receive such reimbursement within 12 months of such mistaken deposit, posting, or returned check. In the event that any of the Insurer Class A Majority, the Class B Majority or the Class C Majority notifies the Servicer within 12 months of such reimbursement that it has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, such Class A Majority, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) Class B Majority or the Class C Majority may give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.75.5, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.75.5, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account, pursuant to such provisions of this Agreement, with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to principal and interest payments due on the Receivables.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Americredit Corp), Sale and Servicing Agreement (Americredit Corp), Sale and Servicing Agreement (Americredit Corp)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. To the extent that such amounts are owed to the Processing Bank, the Servicer will cause such amounts to be returned to the Processing Bank. The amount to be reimbursed hereunder shall will be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Indenture Trustee and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this SectionSection 5.3, the Insurer shall will (unless an Insurer Default shall have has occurred and be is continuing) give the Trust Collateral Agent Indenture Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent shall Indenture Trustee will not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall Indenture Trustee will withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any Supplemental Servicing Fees.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Triad Financial Special Purpose LLC), Sale and Servicing Agreement (Triad Financial Special Purpose LLC), Sale and Servicing Agreement (Triad Financial Special Purpose LLC)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Americredit Financial Services Inc), Sale and Servicing Agreement (Americredit Financial Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection an Accrual Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Settlement Date pursuant to Section 5.7(b)(iiSECTION 5.7(A)(II) upon certification by the Servicer of such amounts prior to such Settlement Date and the provision of such information to the Trust Collateral Agent Trustee and the Insurer Note Purchasers prior to such Settlement Date as may be necessary in the opinion of the Insurer Controlling Note Purchaser to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification certification within 12 three months of it becoming aware of such mistaken deposit, posting, posting or returned check. In the event that the Insurer Controlling Note Purchaser has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this SectionSection prior to such Settlement Date, the Insurer Controlling Note Purchaser shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section SECTION 5.7, or if prior thereto the Servicer prior thereto has been reimbursed pursuant to Section SECTION 5.7, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Settlement Date.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc), Sale and Servicing Agreement (Consumer Portfolio Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection an Accrual Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Settlement Date pursuant to Section 5.7(b)(iiSECTION 5.7(a)(iii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Trustee and the Insurer Controlling Party as may be necessary in the opinion of the Insurer Controlling Party to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification certification within 12 three months of it becoming aware of such mistaken deposit, posting, posting or returned check. In the event that the Insurer Controlling Party has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer Controlling Party shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section SECTION 5.7, or if prior thereto the Servicer prior thereto has been reimbursed pursuant to Section SECTION 5.7, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Settlement Date.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc), Sale and Servicing Agreement (Consumer Portfolio Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Americredit Automobile Receivables Trust 2003-a-M), Sale and Servicing Agreement (AFS SenSub Corp.)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were deposited in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (AFS SenSub Corp.), Sale and Servicing Agreement (AmeriCredit Automobile Receivables Trust 2007-D-F)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed pursuant to Section 2.10(c) of the Indenture from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Payment Date pursuant to Section 5.7(b)(ii2.10(c) of the Indenture upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Indenture Trustee and the Insurer Majority Noteholder as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification and request and receive such reimbursement within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer Majority Noteholder notifies the Servicer within 12 months of such reimbursement that it has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) Majority Noteholder may give the Trust Collateral Agent Indenture Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Indenture Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.72.10(c) of the Indenture, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.72.10(c) of the Indenture, the Trust Collateral Agent Indenture Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Payment Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account, pursuant to such provisions of this Agreement, with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to principal and interest payments due on the Receivables.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Americredit Corp), Sale and Servicing Agreement (Americredit Corp)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. To the extent that such amounts are owed to the Lockbox Bank, the Servicer will cause such amounts to be returned to the Lockbox Bank. The amount to be reimbursed hereunder shall will be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Indenture Trustee and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this SectionSection 5.3, the Insurer shall will (unless an Insurer Default shall have has occurred and be is continuing) give the Trust Collateral Agent Indenture Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent shall Indenture Trustee will not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall Indenture Trustee will withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any Supplemental Servicing Fees.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Triad Automobile Receivables Trust 2004-A)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. To the extent that such amounts are owed to the Processing Bank, the Servicer will cause such amounts to be returned to the Processing Bank. The amount to be reimbursed hereunder shall will be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Indenture Trustee [and the Insurer Insurer] as may be necessary in the opinion of [the Insurer Insurer] to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that [the Insurer Insurer] has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this SectionSection 5.3, [the Insurer shall will (unless an Insurer Default shall have has occurred and be is continuing) )] give the Trust Collateral Agent Indenture Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent shall Indenture Trustee will not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall Indenture Trustee will withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any Supplemental Servicing Fees.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Triad Financial Special Purpose LLC)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to (i) have resulted from mistaken deposits or postings or checks returned for insufficient fundsfunds or (ii) relate to amounts due prior to, but remitted after, Cutoff Date. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that if the Trust Collateral Agent has not confirmed the Servicer's certification referred to above, the Insurer may request evidence satisfactory to it prior to the reimbursement of any such amount to the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned checkin any Collection Period exceeding in the aggregate $75,000. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement in excess of $75,000 pursuant to this Section, the Insurer shall may (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. Notwithstanding the foregoing, the Insurer agrees to negotiate in good faith with the Servicer to resolve any dispute as to the amount of any such reimbursement within two Business Days of the Insurer's receipt of such certification. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account or Blocked Accounts but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; providedPROVIDED, howeverHOWEVER, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. .. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Borrowers that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Americredit Financial Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Borrowers that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Americredit Financial Services Inc)
Certain Reimbursements to the Servicer. The Servicer -------------------------------------- will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Americredit Financial Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Borrowers that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Americredit Financial Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection an Accrual Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Settlement Date pursuant to Section 5.7(b)(iiSECTION 5.7(A)(IV) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Trustee and the Insurer Noteholder as may be necessary in the opinion of the Insurer Noteholder to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification certification within 12 three months of it becoming aware of such mistaken deposit, posting, posting or returned check. In the event that the Insurer Noteholder has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer Noteholder shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section SECTION 5.7, or if prior thereto the Servicer prior thereto has been reimbursed pursuant to Section SECTION 5.7, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Settlement Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed pursuant to Section 5.5(a)(iv) and Section 5.5(b)(iv) from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.5(a)(iv) or (b)(iv) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer Administrative Agent as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification and request and receive such reimbursement within 12 months of such mistaken deposit, posting, or returned check. In the event that any of the Insurer Class A Majority, the Class B Majority or the Class C Majority notifies the Servicer within 12 months of such reimbursement that it has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, such Class A Majority, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) Class B Majority or the Class C Majority may give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.75.5, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.75.5, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account, pursuant to such provisions of this Agreement, with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to principal and interest payments due on the Receivables.
Appears in 1 contract
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Borrowers that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Americredit Financial Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Due Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that . If the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer Trust Collateral Agent has not received evidence satisfactory to it written confirmation from the Controlling Party of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (National Auto Finance Co Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)[(b)](i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 1 contract
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Payment Date pursuant to Section 5.7(b)(ii) 4.07(a)(ii)<-1- 95>upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Indenture Trustee and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Indenture Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Indenture Trustee shall not make a distribution payment to the Servicer in respect of such amount pursuant to Section 5.74.07(a), or if prior thereto the Servicer prior thereto has been reimbursed pursuant to Section 5.74.07(a), the Trust Collateral Agent Indenture Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Payment Date.
Appears in 1 contract
Samples: Indenture (Prudential Securities Secured Financing Corp)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. To extent that such amounts are owed to the Lockbox Bank, the Servicer will cause such amounts to be returned to the Lockbox Bank. The amount to be reimbursed hereunder shall will be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Indenture Trustee and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this SectionSection 5.3, the Insurer shall will (unless an Insurer Default shall have has occurred and be is continuing) give the Trust Collateral Agent Indenture Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent shall Indenture Trustee will not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall Indenture Trustee will withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any Supplemental Servicing Fees.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Triad Automobile Receivables Trust 2003-B)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. To extent that such amounts are owed to the Lockbox Bank, the Servicer will cause such amounts to be returned to the Lockbox Bank. The amount to be reimbursed hereunder shall will be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Indenture Trustee and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this SectionSection 5.3, the Insurer shall will (unless an Insurer Default shall have has occurred and be is continuing) give the Trust Collateral Agent Indenture Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent shall Indenture Trustee will not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall Indenture Trustee will withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Triad Automobile Receivables Trust 2002 A)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds; provided, however, that such reimbursement must be requested by the Servicer within six months of the related mistaken deposit into the Collection Account, otherwise such right to reimbursement shall be forfeited. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Payment Date pursuant to Section 5.7(b)(ii9.05(a) of the Indenture upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Indenture Trustee and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Indenture Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Indenture Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.79.05(a) of the Indenture, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.79.05(a) of the Indenture, the Trust Collateral Agent Indenture Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer pursuant to Section 9.05(a) of the Indenture on the next succeeding Distribution Payment Date.
Appears in 1 contract
Samples: Trust and Servicing Agreement (Bay View Securitization Corp)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Borrowers that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Americredit Financial Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds; provided, however, that such reimbursement must be requested by the Servicer within six months of the related mistaken deposit into the Collection Account, otherwise such right to reimbursement shall be forfeited. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Payment Date pursuant to Section 5.7(b)(ii8.05(a) of the Indenture upon certification by the Servicer of such amounts and the provision of such TRUST AND SERVICING AGREEMENT 55 information to the Trust Collateral Agent Indenture Trustee and the Insurer as may be reasonably necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence reasonably satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Indenture Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Indenture Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.78.05(a) of the Indenture, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.78.05(a) of the Indenture, the Trust Collateral Agent Indenture Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer pursuant to Section 8.05(a) of the Indenture on the next succeeding Distribution Payment Date.
Appears in 1 contract
Samples: Trust and Servicing Agreement (Bay View Transaction Corp)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall will be paid to the Servicer on the related Distribution Payment Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Indenture Trustee and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this SectionSection 5.3, the Insurer shall will (unless an Insurer Default shall have has occurred and be is continuing) give the Trust Collateral Agent Indenture Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent shall Indenture Trustee will not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall Indenture Trustee will withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Payment Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Bond Securitization LLC)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. To the extent that such amounts are owed to the Processing Bank, the Servicer will cause such amounts to be returned to the Processing Bank. The amount to be reimbursed hereunder shall will be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Indenture Trustee [and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification]; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. [In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this SectionSection 5.3, the Insurer shall will (unless an Insurer Default shall have has occurred and be is continuing) give the Trust Collateral Agent Indenture Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent shall Indenture Trustee will not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall Indenture Trustee will withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date.] The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any Supplemental Servicing Fees.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Triad Financial Special Purpose LLC)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Payment Date pursuant to Section 5.7(b)(ii5.7(a)(iii) or 5.7(a)(x), as applicable, upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Trustee and the Note Insurer as may be necessary in the opinion of the Note Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification certification within 12 three months of its becoming aware of such mistaken deposit, posting, posting or returned check. In the event that the Note Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Note Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.75.7(a)(iii) or 5.7(a)(x), as applicable, or if prior thereto the Servicer prior thereto has been reimbursed pursuant to Section 5.75.7(a)(iii) or 5.7(a)(x), as applicable, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Payment Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the next succeeding Business Day out of collections on Receivables to be remitted to the Collection Account to the extent the net amount to the Collection Account is greater than zero. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.12(a) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Note Insurer as may be necessary in the opinion of the Note Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Note Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Note Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent Indenture Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.75.12(a), or if the Servicer prior thereto has been reimbursed pursuant to Section 5.75.12(a), the Trust Collateral Agent Indenture Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer pursuant to Section 5.12(a) on the next succeeding Distribution Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (United Fidelity Finance LLC)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 1 contract
Samples: Sale and Servicing Agreement (AmeriCredit Automobile Receivables Trust 2007-a-X)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 1 contract
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection an Accrual Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Settlement Date pursuant to Section 5.7(b)(iiSECTION 5.7(A)(II) upon certification by the Servicer of such amounts prior to such Settlement Date and the provision of such information to the Trust Collateral Agent Trustee and the Insurer Note Purchaser prior to such Settlement Date as may be necessary in the opinion of the Insurer Note Purchaser to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification certification within 12 three months of it becoming aware of such mistaken deposit, posting, posting or returned check. In the event that the Insurer Note Purchaser has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this SectionSection prior to such Settlement Date, the Insurer Note Purchaser shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section SECTION 5.7, or if prior thereto the Servicer prior thereto has been reimbursed pursuant to Section SECTION 5.7, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Settlement Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection an Accrual Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Settlement Date pursuant to Section 5.7(b)(ii5.7(a)(iv) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Trustee and the Insurer Noteholder as may be necessary in the opinion of the Insurer Noteholder to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification certification within 12 three months of it becoming aware of such mistaken deposit, posting, posting or returned check. In the event that the Insurer Noteholder has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer Noteholder shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if prior thereto the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Settlement Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Silverleaf Resorts Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection an Accrual Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Settlement Date pursuant to Section 5.7(b)(ii5.7(a)(iv) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Trustee and the Insurer Noteholder as may be necessary in the opinion of the Insurer Noteholder to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification certification within 12 three months of it becoming aware of such mistaken deposit, posting, posting or returned check. In the event that the Insurer Noteholder has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer Noteholder shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if prior thereto the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Settlement Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Silverleaf Resorts Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds; provided, however, that such reimbursement must be requested by the Servicer within six months of the related mistaken deposit into the Collection Account, otherwise such right to reimbursement shall be forfeited (this proviso shall not apply to any successor Servicer). The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Payment Date pursuant to Section 5.7(b)(ii) 8.05 of the Indenture upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Indenture Trustee and the Insurer as may be reasonably necessary in the opinion reasonable business judgment of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence reasonably satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an so long as Insurer Default shall have occurred and be continuingis the Controlling Party) give the Trust Collateral Agent Indenture Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Indenture Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.78.05(a) of the Indenture, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.78.05(a) of the Indenture, the Trust Collateral Agent Indenture Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer pursuant to Section 8.05(a) of the Indenture on the next succeeding Distribution Payment Date.
Appears in 1 contract
Samples: Trust and Servicing Agreement (Bay View Deposit CORP)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed pursuant to Section 5.5(a)(iv) and Section 5.5(b)(iv) from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.5(a)(iv) or (b)(iv) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer Administrative Agent as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification and request and receive such reimbursement within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has Required Noteholders notify the Servicer within twelve (12) months of such reimbursement that they have not received evidence satisfactory to it them of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) Required Noteholders may give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.75.5, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.75.5, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account, pursuant to such provisions of this Agreement, with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to principal and interest payments due on the Receivables.
Appears in 1 contract
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that if the Trust Collateral Agent has not confirmed the Servicer's certification referred to above, the Insurer may request evidence satisfactory to it prior to the reimbursement of any such amount to the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned checkin any Collection Period exceeding in the aggregate $75,000. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement in excess of $75,000 pursuant to this Section, the Insurer shall may (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. Notwithstanding the foregoing, the Insurer agrees to negotiate in good faith with the Servicer to resolve any dispute as to the amount of any such reimbursement within two business days of the Insurer's receipt of such certification. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account or Blocked Accounts but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.
Appears in 1 contract
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Payment Date pursuant to Section 5.7(b)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Trustee and the Note Insurer as may be necessary in the opinion of the Note Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Note Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Note Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if prior thereto the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Payment Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection an Accrual Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Settlement Date pursuant to Section 5.7(b)(iiSECTION 5.7(a)(iv) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Trustee and the Insurer Noteholder as may be necessary in the opinion of the Insurer Noteholder to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification certification within 12 three months of it becoming aware of such mistaken deposit, posting, posting or returned check. In the event that the Insurer Noteholder has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer Noteholder shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section SECTION 5.7, or if prior thereto the Servicer prior thereto has been reimbursed pursuant to Section SECTION 5.7, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Settlement Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be -------------------------------------- entitled to be reimbursed pursuant to Section 5.5(a)(iv) and Section 5.5(b)(iv) from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.5(a)(iv) or (b)(iv) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer Administrative Agent as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification and request and receive such reimbursement within 12 months of such mistaken deposit, posting, or returned check. In the event that any of the Insurer Class A Majority, the Class B Majority or the Class C Majority notifies the Servicer within 12 months of such reimbursement that it has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, such Class A Majority, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) Class B Majority or the Class C Majority may give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.75.5, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.75.5, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account, pursuant to such provisions of this Agreement, with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to principal and interest payments due on the Receivables.
Appears in 1 contract
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection an Accrual Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Settlement Date pursuant to Section 5.7(b)(iiSECTION 5.7(A)(III) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Trustee and the Insurer Controlling Party as may be necessary in the opinion of the Insurer Controlling Party to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification certification within 12 three months of it becoming aware of such mistaken deposit, posting, posting or returned check. In the event that the Insurer Controlling Party has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer Controlling Party shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section SECTION 5.7, or if prior thereto the Servicer prior thereto has been reimbursed pursuant to Section SECTION 5.7, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Settlement Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date.. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables. Back to Contents
Appears in 1 contract
Samples: Sale and Servicing Agreement (Americredit Automobile Receivables Trust 2004-a-F)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii5.7(a)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date.to
Appears in 1 contract
Samples: Sale and Servicing Agreement (Americredit Automobile Receivables Trust 2003-B-X)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection an Accrual Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Settlement Date pursuant to Section 5.7(b)(ii5.7(a)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Trustee and the Insurer Note Purchaser as may be necessary in the opinion of the Insurer Note Purchaser to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification certification within 12 three months of it becoming aware of such mistaken deposit, posting, posting or returned check. In the event that the Insurer Note Purchaser has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer Note Purchaser shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if prior thereto the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Settlement Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc)
Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Payment Date pursuant to Section 5.7(b)(ii5.7(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent Trustee and the Insurer Credit Enhancer as may be necessary in the opinion of the Insurer Credit Enhancer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer Credit Enhancer has not received evidence satisfactory to it of the Servicer’s 's entitlement to reimbursement pursuant to this Section, the Insurer Credit Enhancer shall (unless an Insurer a Credit Enhancer Default shall have occurred and be continuing) give the Trust Collateral Agent Trustee notice in writing to such effect, following receipt of which the Trust Collateral Agent Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Payment Date.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc)