Common use of DEPOSIT OF NOTE PROCEEDS Clause in Contracts

DEPOSIT OF NOTE PROCEEDS. With respect to the gross proceeds from initial sale of beneficial interests in a Note, the Debtor agrees to cause each Broker/Dealer or other brokerage firm for which the Broker/Dealer acts as agent selling for such beneficial interest to forward to the Debtor the gross proceeds promptly upon receipt by the Broker/Dealer or other brokerage firm. The Debtor shall remit the gross proceeds from the initial sale of each such beneficial interest by wire transfer to the Trustee for deposit into the Concentration Account not later than the Business Day following the date such proceeds are received by the Debtor and constitute cleared funds in the Debtor's accounts. In connection with the wire transfer to the Trustee, the Debtor shall provide to the Trustee a written statement setting forth with respect to each class of Note for which gross proceeds are being wired to the Trustee: (i) the name of the Broker/Dealer that will be the Noteholder and (ii) the class, principal balance, interest rate, Date of Issue, Maturity Date, and amount of gross proceeds received by class by the Debtor with respect to the Note. Upon receipt of such gross proceeds, the Trustee shall deposit such proceeds into the Concentration Account.

DEPOSIT OF NOTE PROCEEDS. With respect to the gross proceeds from initial sale of beneficial interests in a Note, the Debtor agrees to cause each Broker/Dealer or other brokerage firm for which the Broker/Dealer acts as agent selling for such beneficial interest to forward to the Debtor the gross proceeds promptly upon receipt by the Broker/Dealer or other brokerage firm. The Debtor shall remit or cause to be remitted the gross proceeds from the initial sale of each such beneficial interest by wire transfer to the Trustee for deposit into the Concentration Account not later than the Business Day following the date such proceeds are received by the Debtor and constitute cleared funds in the Debtor's accounts. In connection with the wire transfer to the Trustee, the Debtor shall provide to the Trustee a written statement setting forth with respect to each class of Note for which gross proceeds are being wired to the Trustee: (i) the name of the Broker/Dealer Person that will be the Noteholder and their Clearing Agency Participant number, if applicable, and (ii) the class, principal balance, interest rate, Date of Issue, Maturity Date, and amount of gross proceeds received by class by the Debtor with respect to the Note. Upon receipt of such gross proceeds, the Trustee shall deposit such proceeds into the Concentration Account.

DEPOSIT OF NOTE PROCEEDS. With respect to the gross proceeds from initial sale of beneficial interests in a Note, the Debtor agrees to cause each Broker/Dealer or other brokerage firm for which the Broker/Dealer acts as agent selling for such beneficial interest to forward to the Debtor the gross proceeds promptly upon receipt by the Broker/Dealer or other brokerage firm. The Debtor shall remit the gross proceeds from the initial sale of each such beneficial interest by wire transfer to the Trustee for deposit into the Concentration Account not later than the Business Day following the date such proceeds are received by the Debtor and constitute cleared funds in the Debtor's accounts. In connection with the wire transfer to the Trustee, the Debtor shall provide to the Trustee a written statement setting forth with respect to each class of Note for which gross proceeds are being wired to the Trustee: (i) the name of the Broker/Dealer Person that will be the Noteholder and their Clearing Agency Participant number, if applicable, and (ii) the class, principal balance, interest rate, Date of Issue, Maturity Date, and amount of gross proceeds received by class by the Debtor with respect to the Note. Upon receipt of such gross proceeds, the Trustee shall deposit such proceeds into the Concentration Account.