Common use of Collections; Realization Upon Note Policy; Net Deposits Clause in Contracts

Collections; Realization Upon Note Policy; Net Deposits. (a) Subject to Section 5.03 and subsections (b) and (e) hereof, the Master Servicer shall remit or credit all payments by the Obligors on the Contracts, all payments on behalf of Obligors on the Contracts and all Net Liquidation Proceeds and Net Insurance Proceeds to the Collection Account (within two Business Days as specified in Section 4.01); provided that the Master Servicer shall retain from collection of late payments and Net Liquidation Proceeds or Net Insurance Proceeds in respect of a Contract an amount equal to previously unreimbursed Advances in respect of such Contract made pursuant to Section 5.04. Amounts otherwise required to be deposited in or credited to the Collection Account pursuant to the immediately preceding sentence shall instead be deposited in or credited to the Holding Account to the extent that such amounts are installments of Monthly P&I which are due in a Due Period for a Distribution Date subsequent to the Distribution Date immediately succeeding the date of receipt. (b) Notwithstanding anything in this Agreement to the contrary, the Retained Yield will be collected by the Master Servicer and paid out on a monthly basis to the Seller without ever becoming part of the Trust's assets. (c) Not later than 12:00 p.m., New York City time, on the fifth Business Day prior to each Distribution Date, based on the information set forth in the related Distribution Date Statement to the extent that there are insufficient funds to make the distributions required to be made to each Class of Notes as described in Sections 5.05 and 5.06, the Master Servicer shall deliver to the Indenture Trustee, with a copy to the Insurer, the Owner Trustee and the Fiscal Agent, if any, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Note Deficiency Claim Amount, if any, for such Distribution Date, separately identifying the amount of the applicable Note Deficiency Claim Amount payable in respect of each Class of Notes. Such Deficiency Notice shall direct the Indenture Trustee to remit such Note Deficiency Claim Amount (to the extent of funds then on deposit in the Spread Account are insufficient) to the Indenture Trustee for deposit in the Note Distribution Account. (d) Not later than 12:00 p.m., New York City time, on the fourth Business Day prior to each Distribution Date, the Indenture Trustee shall make a claim under the Note Policy for any Note Policy Claim Amount for such Distribution Date by delivering to the Insurer and the Fiscal Agent, if any, with a copy to the Master Servicer, by hand delivery, telex or facsimile transmission, a claim for the related Note Policy Claim Amount, as the case may be. In making any such claim, the Owner Trustee or the Indenture Trustee shall comply with all the terms and conditions of the related Policy. The notice of such claim shall direct the Insurer to remit such Note Policy Claim Amount to the Owner Trustee or the Indenture Trustee for deposit in the Note Distribution Account. (e) So long as the Master Servicer is WFS, the Master Servicer shall have the right, on a basis not more frequently than once per month (although deposits shall be made into the Collection Account within two Business Days pursuant to Section 4.01), to deduct from amounts received that are otherwise required to be deposited in or credited to the Collection Account and, to the extent such amounts are insufficient, to require that the Indenture Trustee withdraw and deliver to it from the Collection Account, amounts due to be paid hereunder to the Master Servicer or to the Seller after giving effect to application of the payment priorities specified in this Article for the month (or other applicable period), and to pay such amounts to itself as Master Servicer or to the Seller, as the case may be. Notwithstanding the foregoing, the Master Servicer shall maintain the records and accounts for such deposits and credits on a gross basis.

Collections; Realization Upon Note Policy; Net Deposits. (a) Subject to Section 5.03 and subsections (b) and (e) hereof, the Master Servicer shall remit or credit all payments by the Obligors on the Contracts, all payments on behalf of Obligors on the Contracts and all Net Liquidation Proceeds and Net Insurance Proceeds to the Collection Account (within two Business Days as specified in Section 4.01); provided that the Master Servicer shall retain from collection of late payments and Net Liquidation Proceeds or Net Insurance Proceeds in respect of a Contract an amount equal to previously unreimbursed Advances in respect of such Contract made pursuant to Section 5.04. Amounts otherwise required to be deposited in or credited to the Collection Account pursuant to the immediately preceding sentence shall instead be deposited in or credited to the Holding Account to the extent that such amounts are installments of Monthly P&I which are due in a Due Period for a Distribution Date subsequent to the Distribution Date immediately succeeding the date of receipt. (b) Notwithstanding anything in this Agreement to the contrary, the Retained Yield will be collected by the Master Servicer and paid out on a monthly basis to the Seller without ever becoming part of the Trust's assets.[Reserved] (c) Not later than 12:00 p.m., New York City time, on the fifth Business Day prior to each Distribution Date, based on the information set forth in the related Distribution Date Statement to the extent that there are insufficient funds to make the distributions required to be made to each Class of Notes as described in Sections 5.05 and 5.06, the Master Servicer shall deliver to the Indenture Trustee, with a copy to the Insurer, the Owner Trustee and the Fiscal Agent, if any, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Note Deficiency Claim Amount, if any, for such Distribution Date, separately identifying the amount of the applicable Note Deficiency Claim Amount payable in respect of each Class of Notes. Such Deficiency Notice shall direct the Indenture Trustee to remit such Note Deficiency Claim Amount (to the extent of funds then on deposit in the Spread Account are insufficient) to the Indenture Trustee for deposit in the Note Distribution Account. (d) Not later than 12:00 p.m., New York City time, on the fourth Business Day prior to each Distribution Date, the Indenture Trustee shall make a claim under the Note Policy for any Note Policy Claim Amount for such Distribution Date by delivering to the Insurer and the Fiscal Agent, if any, with a copy to the Master Servicer, by hand delivery, telex or facsimile transmission, a claim for the related Note Policy Claim Amount, as the case may be. In making any such claim, the Owner Trustee or the Indenture Trustee shall comply with all the terms and conditions of the related Policy. The notice of such claim shall direct the Insurer to remit such Note Policy Claim Amount to the Owner Trustee or the Indenture Trustee for deposit in the Note Distribution Account. (e) So long as the Master Servicer is WFS, the Master Servicer shall have the right, on a basis not more frequently than once per month (although deposits shall be made into the Collection Account within two Business Days pursuant to Section 4.01), to deduct from amounts received that are otherwise required to be deposited in or credited to the Collection Account and, to the extent such amounts are insufficient, to require that the Indenture Trustee withdraw and deliver to it from the Collection Account, amounts due to be paid hereunder to the Master Servicer or to the Seller after giving effect to application of the payment priorities specified in this Article for the month (or other applicable period), and to pay such amounts to itself as Master Servicer or to the Seller, as the case may be. Notwithstanding the foregoing, the Master Servicer shall maintain the records and accounts for such deposits and credits on a gross basis.

Collections; Realization Upon Note Policy; Net Deposits. (a) Subject to Section 5.03 and subsections (b) and (e) hereof, the Master Servicer shall remit or credit all payments by the Obligors on the Contracts, all payments on behalf of Obligors on the Contracts Contracts, and all Net Liquidation Proceeds and Net Insurance Proceeds to the Collection Account (within two Business Days as specified in Section 4.01); provided that the Master Servicer shall retain from collection of late payments and Net Liquidation Proceeds or Net Insurance Proceeds in respect of a Contract an amount equal to previously unreimbursed Advances in respect of such Contract made pursuant to Section 5.04. Amounts otherwise required to be deposited in or credited to the Collection Account pursuant to the immediately preceding sentence shall instead be deposited in or credited to the Holding Account to the extent 58 that such amounts are installments of Monthly P&I which are due in a Due Period for a Distribution Date subsequent to the Distribution Date immediately succeeding the date of receipt. (b) Notwithstanding anything in this Agreement to the contrary, the Retained Yield will be collected by the Master Servicer and paid out on a monthly basis to the Seller without ever becoming part of the Trust's assets. (c) Not later than 12:00 p.m., New York City time, on the fifth Business Day prior to each Distribution Date, based on the information set forth in the related Distribution Date Statement to the extent that there are insufficient funds to make the distributions required to be made to each Class of Notes as described in Sections 5.05 and 5.06, the Master Servicer shall deliver to the Indenture Trustee, with a copy to the Insurer, the Owner Trustee and the Fiscal Agent, if any, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Note Deficiency Claim Amount, if any, for such Distribution Date, separately identifying the amount of the applicable Note Deficiency Claim Amount payable in respect of each Class of Notes. Such Deficiency Notice shall direct the Indenture Trustee to remit such Note Deficiency Claim Amount (to the extent of funds then on deposit in the Spread Account are insufficientAccount) to the Indenture Trustee for deposit in the Note Distribution Account. (d) Not later than 12:00 p.m., New York City time, on the fourth Business Day prior to each Distribution Date, the Indenture Trustee shall make a claim under the Note Policy for any Note Policy Claim Amount for such Distribution Date by delivering to the Insurer and the Fiscal Agent, if any, with a copy to the Master Servicer, by hand delivery, telex or facsimile transmission, a claim for the related Note Policy Claim Amount, as the case may be. In making any such claim, the Owner Trustee or the Indenture Trustee shall comply with all the terms and conditions of the related Policy. The notice of such claim shall direct the Insurer to remit such Note Policy Claim Amount to the Owner Trustee or the Indenture Trustee for deposit in the Note Distribution Account. (e) So long as the Master Servicer is WFS, the Master Servicer shall have the right, on a basis not more frequently than once per month (although deposits shall be made into the Collection Account within two Business Days pursuant to Section 4.01), to deduct from amounts received that are otherwise required to be deposited in or credited to the Collection Account and, to the extent such amounts are insufficient, to require that the Indenture Trustee withdraw and deliver to it from the Collection Account, amounts due to be paid hereunder to the Master Servicer or to the Seller after giving effect to application of the payment priorities specified in this Article for the month (or other applicable period), and to pay such amounts to itself as Master Servicer or to the Seller, as the case may be. Notwithstanding the foregoing, the Master Servicer shall maintain the records and accounts for such deposits and credits on a gross basis.

Collections; Realization Upon Note Policy; Net Deposits. (a) Subject to Section 5.03 and subsections (bSections 4.01, 5.02(d) and (e) hereof5.03, the Master Servicer shall remit or credit all payments by the Obligors on the Contracts, all payments on behalf of Obligors on the Contracts and all Net Liquidation Proceeds and Net Insurance Proceeds to the Collection Account (within two Business Days as specified in Section 4.01); provided that the Master Servicer shall retain from collection of late payments and Net Liquidation Proceeds or Net Insurance Proceeds in respect of a Contract an amount equal to previously unreimbursed Advances in respect of such Contract made pursuant to Section 5.04. Amounts otherwise required to be deposited in or credited to the Collection Account pursuant to the immediately preceding sentence shall instead be deposited in or credited to the Holding Account to the extent that such amounts are installments of Monthly P&I which are due in a Due Period for a Distribution Date subsequent to the Distribution Date immediately succeeding the date of receipt. (b) Notwithstanding anything in this Agreement to the contrary, the Retained Yield will be collected by the Master Servicer and paid out on a monthly basis to the Seller without ever becoming part of the Trust's assets. (c) Not later than 12:00 p.m., New York City time, on the fifth Business Day prior to each Distribution Date, based on the information set forth in the related Distribution Date Statement to the extent that there are insufficient funds to make the distributions required to be made to each Class of Notes as described in Sections 5.05 and 5.06, the Master Servicer shall deliver to the Indenture Trustee, with a copy to the Insurer, the Owner Trustee and the Fiscal Agent, if any, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Note Deficiency Claim Amount, if any, for such Distribution Date, separately identifying the amount of the applicable Note Deficiency Claim Amount payable in respect of each Class of Notes. Such Deficiency Notice shall direct the Indenture Trustee to remit such Note Deficiency Claim Amount (to the extent of funds then on deposit in the Spread Account are insufficient) to the Indenture Trustee for deposit in the Note Distribution Account. (dc) Not later than 12:00 p.m., New York City time, on the fourth Business Day prior to each Distribution Date, the Indenture Trustee shall make a claim under the Note Policy for any Note Policy Claim Amount for such Distribution Date by delivering to the Insurer and the Fiscal Agent, if any, with a copy to the Master Servicer, by hand delivery, telex or facsimile transmission, a claim for the related Note Policy Claim Amount, as the case may be. In making any such claim, the Owner Trustee or the Indenture Trustee shall comply with all the terms and conditions of the related Policy. The notice of such claim shall direct the Insurer to remit such Note Policy Claim Amount to the Owner Trustee or the Indenture Trustee for deposit in the Note Distribution Account. (ed) So long as the Master Servicer is WFS, the Master Servicer shall have the right, on a basis not more frequently than once per month (although deposits shall be made into the Collection Account within two Business Days pursuant to Section 4.01), to deduct from amounts received that are otherwise required to be deposited in or credited to the Collection Account and, to the extent such amounts are insufficient, to require that the Indenture Trustee withdraw and deliver to it from the Collection Account, amounts due to be paid hereunder to the Master Servicer or to the Seller after giving effect to application of the payment priorities specified in this Article for the month (or other applicable period), and to pay such amounts to itself as Master Servicer or to the Seller, as the case may be. Notwithstanding the foregoing, the Master Servicer shall maintain the records and accounts for such deposits and credits on a gross basis. (e) With respect to each Due Period and the related Distribution Date, Net Swap Receipts, if any, will be deposited into the Collection Account on the Business Day immediately preceding that Distribution Date.

Collections; Realization Upon Note Policy; Net Deposits. (a) Subject to Section 5.03 and subsections subsection (b) and (e) hereofd), the Master Servicer shall remit or credit all payments by the Obligors on the Contracts, all payments on behalf of Obligors on the Contracts and all Net Liquidation Proceeds and Net Insurance Proceeds to the Collection Account (within two Business Days as specified in Section 4.01); provided that the Master Servicer shall retain from collection of late payments and Net Liquidation Proceeds or Net Insurance Proceeds in respect of a Contract an amount equal to previously unreimbursed Advances in respect of such Contract made pursuant to Section 5.04. Amounts otherwise required to be deposited in or credited to the Collection Account pursuant to the immediately preceding sentence shall instead be deposited in or credited to the Holding Account to the extent that such amounts are installments of Monthly P&I which are due in a Due Period for a Distribution Date subsequent to the Distribution Date immediately succeeding the date of receipt. (b) Notwithstanding anything in this Agreement to the contrary, the Retained Yield will be collected by the Master Servicer and paid out on a monthly basis to the Seller without ever becoming part of the Trust's assets. (c) Not later than 12:00 p.m., New York City time, on the fifth Business Day prior to each Distribution Date, based on the information set forth in the related Distribution Date Statement to the extent that there are insufficient funds to make the distributions required to be made to each Class of Notes as described in Sections 5.05 and 5.06, the Master Servicer shall deliver to the Indenture Trustee, with a copy to the Insurer, the Owner Trustee and the Fiscal Agent, if any, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Note Deficiency Claim Amount, if any, for such Distribution Date, separately identifying the amount of the applicable Note Deficiency Claim Amount payable in respect of each Class of Notes. Such Deficiency Notice shall direct the Indenture Trustee to remit such Note Deficiency Claim Amount (to the extent of funds then on deposit in the Spread Account are insufficient) to the Indenture Trustee for deposit in the Note Distribution Account. (dc) Not later than 12:00 p.m., New York City time, on the fourth Business Day prior to each Distribution Date, the Indenture Trustee shall make a claim under the Note Policy for any Note Policy Claim Amount for such Distribution Date by delivering to the Insurer and the Fiscal Agent, if any, with a copy to the Master Servicer, by hand delivery, telex or facsimile transmission, a claim for the related Note Policy Claim Amount, as the case may be. In making any such claim, the Owner Trustee or the Indenture Trustee shall comply with all the terms and conditions of the related Policy. The notice of such claim shall direct the Insurer to remit such Note Policy Claim Amount to the Owner Trustee or the Indenture Trustee for deposit in the Note Distribution Account. (ed) So long as the Master Servicer is WFS, the Master Servicer shall have the right, on a basis not more frequently than once per month (although deposits shall be made into the Collection Account within two Business Days pursuant to Section 4.01), to deduct from amounts received that are otherwise required to be deposited in or credited to the Collection Account and, to the extent such amounts are insufficient, to require that the Indenture Trustee withdraw and deliver to it from the Collection Account, amounts due to be paid hereunder to the Master Servicer or to the Seller after giving effect to application of the payment priorities specified in this Article for the month (or other applicable period), and to pay such amounts to itself as Master Servicer or to the Seller, as the case may be. Notwithstanding the foregoing, the Master Servicer shall maintain the records and accounts for such deposits and credits on a gross basis.