Common use of Late Lease Payments Clause in Contracts

Late Lease Payments. (a) On each Determination Date, the Servicer may, but will not be required to, advance and remit to the Trustee for deposit in the Collection Account, in such manner as will ensure that the Trustee will have immediately available funds on account thereof by 11:00 A.M. New York City time on the second Business Day prior to the next succeeding Payment Date, an amount (a "Servicer Advance") equal to any Lease Payment due during the prior Lease Payment Period but unpaid prior to such Determination Date with respect to any Lease. In consideration of each Servicer Advance the Servicer will be entitled to retain any late payment fees recovered from the Lessee with respect to any Lease Payment covered by a Servicer Advance. In addition, the Servicer will be reimbursed for Servicer Advances from funds in the Collection Account in accordance with the Indenture on the second following Payment Date. (b) On each Determination Date, the Servicer will be required to advance and remit to the Trustee for deposit in the Residual Account, in such manner as will ensure that the Trustee will have immediately available funds on account thereof by 11:00 A.M. New York City time on the second Business Day prior to the next succeeding Payment Date, an amount (a "Residual Servicer Advance") equal to the difference between distributions due to be made pursuant to Section 3.02(b)(i)-(iv) of the Indenture and the amounts then on deposit in the Residual Account and the Liquidity Reserve Account. The Servicer will be reimbursed for Residual Servicer Advances from funds in the Residual Account in accordance with the Indenture on the second following Payment Date.

Late Lease Payments. (a) On each Determination Date, the Servicer may, but will not be required to, advance and remit to the Trustee for deposit in the Collection Account, in such manner as will ensure that the Trustee will have immediately available funds on account thereof by 11:00 A.M. New York City time on the second Business Day prior to the next succeeding Payment Date, an amount (a "Servicer Advance") equal to any Lease Payment due during the prior Lease Payment Period but unpaid prior to such Determination Date with respect to any Lease. In consideration of each Servicer Advance the Servicer will be entitled to retain any late payment fees recovered from the Lessee with respect to any Lease Payment covered by a Servicer Advance. In addition, the Servicer will be reimbursed for Servicer Advances from funds in the Collection Account in accordance with the Indenture on the second following Payment Date. (b) On each Determination Date, the Servicer will be required to advance and remit to the Trustee for deposit in the Residual Account, in such manner as will ensure that the Trustee will have immediately available funds on account thereof by 11:00 A.M. New York City time on the second Business Day prior to the next succeeding Payment Date, an amount (a "Residual Servicer Advance") equal to the difference between distributions due to be made pursuant to Section 3.02(b)(i)-(iv3.02(b)(i)- (iv) of the Indenture and the amounts then on deposit in the Residual Account and the Liquidity Reserve Account. The Servicer will be reimbursed for Residual Servicer Advances from funds in the Residual Account in accordance with the Indenture on the second following Payment Date.

Late Lease Payments. (a) On each Determination Date, the Servicer may, but will not be required to, advance and remit to the Trustee for deposit in the Collection Account, in such manner as will ensure that the Trustee will have immediately available funds on account thereof by 11:00 A.M. New York City time on the second Business Day prior to the next succeeding Payment Date, an amount (a "Servicer Advance") equal to any Lease Payment due during the prior Lease Payment Period but unpaid prior to such Determination Date with respect to any Lease. In consideration of each Servicer Advance the Servicer will be entitled to retain any late payment fees recovered from the Lessee with respect to any Lease Payment covered by a Servicer Advance. In addition, the Servicer will be reimbursed for Servicer Advances from funds in the Collection Account in accordance with the Indenture on the second following Payment Date. (b) On each Determination Date, the Servicer will be required to advance and remit to the Trustee for deposit in the Residual Account, in such manner as will ensure that the Trustee will have immediately available funds on account thereof by 11:00 A.M. New York City time on the second Business Day prior to the next succeeding Payment Date, an amount (a "Residual Servicer Advance") equal to the difference between distributions due to be made pursuant to Section 3.02(b)(i)-(iv) of the Indenture and the amounts then on deposit in the Residual Account and the Liquidity Reserve Account. The Servicer will be reimbursed for Residual Servicer Advances from funds in the Residual Account in accordance with the Indenture on the second following Payment Date.