Common use of Interest and Breakage Fees Clause in Contracts

Interest and Breakage Fees. On each Business Day (including any Remittance Date), the Servicer shall, and, if the Servicer fails to do so, the Lender may direct the Lender’s Bank to, retain in the Collection Account for transfer at the further direction of the Lender or any duly authorized agent of the Lender (whether on such day or on a subsequent day) collected funds in an amount equal to accrued and unpaid interest through such day on the Loans not so previously retained and the amount of any accrued and unpaid Breakage Fees owed to the Lender on such day. On or before the last day of each Interest Period, the Lender shall notify the Servicer of the accrued and unpaid interest for such Interest Period and the Servicer shall, on the last day of each Interest Period, direct the Lender’s Bank to pay collected funds set aside in respect of accrued and unpaid interest pursuant to this Section 2.04(a) to the Lender (or the designee of the Lender) in respect of payment of such accrued and unpaid interest for such Interest Period. On any Business Day on which an amount is set aside in respect of Breakage Fees pursuant to this Section 2.04(a), the Servicer shall direct the Lender’s Bank to pay such funds to the Lender in payment of such Breakage Fees.

Interest and Breakage Fees. On each Business Day (including any Remittance Date), the Servicer shall, and, if the Servicer fails to do so, the Lender Lenders may direct the Lender’s Lenders’ Bank to, retain in the Collection Account for transfer at the further direction of the Lender Lenders or any duly authorized agent of the Lender Lenders (whether on such day or on a subsequent day) collected funds in an amount equal to accrued and unpaid interest through such day on the Loans not so previously retained and the amount of any accrued and unpaid Breakage Fees owed to the each Lender on such day. On or before the last day of each Interest Period, the Lender Lenders shall notify the Servicer of the accrued and unpaid interest for such Interest Period and the Servicer shall, on the last day of each Interest Period, direct the Lender’s Lenders’ Bank to pay collected funds set aside in respect of accrued and unpaid interest pursuant to this Section 2.04(a) to the each Lender (or the designee of the such Lender) in respect of payment of such accrued and unpaid interest for such Interest Period. On any Business Day on which an amount is set aside in respect of Breakage Fees pursuant to this Section 2.04(a), the Servicer shall direct the Lender’s Lenders’ Bank to pay such funds to the Lender Lenders in payment of such Breakage Fees.