Common use of Loan Collections; Repayment Clause in Contracts

Loan Collections; Repayment. (a) Borrower shall, or shall cause Servicer to, instruct the Account Lessee and the Servicer’s payment processing company of each Pledged Lease to pay directly to the Collateral Account or by delivery to the addresses set forth in the Servicing Agreement (the “Servicer Physical Payment Address, all Scheduled Payments, prepayments (both voluntary and mandatory), and other amounts received of any and every description payable to Borrower by or on behalf of such Account Lessee pursuant to the applicable Pledged Lease, the related Portfolio Documents, or any other related documents or instruments. All such amounts delivered to the Servicer Physical Payment Address shall be received and held in trust for the sole and exclusive benefit of the Agent and shall be directed to the Collateral Account within two (2) Business Days after such amounts so received and held by the Servicer equals or exceeds $25,000. In the event that Servicer or Borrower receives any payments on any Pledged Lease directly from or on behalf of the Account Lessee thereof in a manner other than through a deposit into the Collateral Account or a payment at a Servicer Physical Payment Address, the Servicer or Borrower, as applicable, shall receive and hold all such payments in trust for the sole and exclusive benefit of Agent, and Servicer or Borrower, as applicable, shall deliver to the Collateral Account within two (2) Business Days after such amounts so received and held by the Servicer equals or exceeds $25,000 all such payments (in the form so received) as and when received by Servicer or Borrower, as applicable, unless Agent shall have notified Servicer or Borrower, as applicable, to deliver directly to Agent all payments in respect of the Leases after the occurrence and during the continuance of an Event of Default, in which event all such payments (in the form received) shall be endorsed by Servicer or Borrower, as applicable, to Agent and delivered to Agent promptly upon Servicer or Borrower’s receipt thereof. (b) At any time after the occurrence and during the continuance of an Event of Default, Agent shall have the right to notify any Account Lessee to mail or otherwise deliver payments directly to an address determined by Agent or to otherwise deposit such sums in the Collateral Account or any other deposit account established by Agent from time to time. (c) All Scheduled Payments, interest, principal, prepayments (both voluntary and mandatory), and other amounts received of any and every description payable to Borrower by or on behalf of such Account Lessee pursuant to the applicable Lease, the related Portfolio Documents, or any other related documents or instruments with respect to the Leases pledged as Collateral for the Revolving Advances shall be paid directly to the Collateral Account.

Loan Collections; Repayment. (a) Borrower shalland/or Servicer in accordance with the Servicing Agreement, shall direct or otherwise cause all applicable Obligors on each Pledged Receivable, in writing, to pay directly, whether via electronic debit or otherwise, to the Lockbox Account all Collections. In the case of funds transfers pursuant to a pre-authorized debit, Borrower shall take, or shall cause each of the Lockbox Account bank and/or the Servicer toto take, instruct the Account Lessee all necessary and the Servicer’s payment processing company of appropriate action to ensure that each Pledged Lease to pay such pre-authorized debit is credited directly to the Collateral Account or by delivery Lockbox Account. Payments related to credit cards will be deposited in Borrower’s credit card deposit account and will be wired via an automated, repetitive wire once a week to the addresses set forth Lockbox Account, along with the applicable merchant discount previously deducted from such payment(s). (b) All such amounts received in the Servicing Agreement Lockbox Account (in excess of the “Servicer Physical Payment Addressretained balance, all Scheduled Paymentsif any, prepayments (both voluntary and mandatory), and other amounts received of any and every description payable provided for in the Lockbox Agreement) shall be automatically directed to Borrower by or Agent on behalf of such Account Lessee each Business Day pursuant to the applicable Pledged Lease, the related Portfolio Documents, or any other related documents or instruments. All such amounts delivered to the Servicer Physical Payment Address shall be received and held in trust for the sole and exclusive benefit terms of the Agent and shall be directed to the Collateral Account within two (2) Business Days after such amounts so received and held by the Servicer equals or exceeds $25,000Lockbox Agreement. In the event that Borrower or Servicer or Borrower receives any payments on any of the Pledged Lease Receivables directly from or on behalf of the Account Lessee thereof in a manner other than through a deposit into the Collateral Account or a payment at a Servicer Physical Payment Addressrelated Obligor, the Servicer or Borrower, as applicable, Borrower shall receive and hold all such payments in trust for the sole and exclusive benefit of Agent, and Borrower shall deposit, or shall direct Servicer or Borrowerto deposit, as applicable, shall deliver to such payments (in the Collateral form received) into the Lockbox Account within two (2) Business Days after such amounts so received and held by the Servicer equals or exceeds $25,000 all such payments (in the form so received) as and when received by Servicer or Borrower, as applicableDays, unless Agent shall have notified Borrower to deliver, or cause Servicer or Borrowerto deliver, as applicable, to deliver directly to Agent or its designee all payments in respect of the Leases after the occurrence and during the continuance of an Event of DefaultPledged Receivables which may be received by Borrower or Servicer, in which event all such payments (in the form received) shall be endorsed by Servicer or Borrower, as applicable, Borrower to Agent and delivered to Agent or its designee promptly upon Servicer Borrower or BorrowerServicer’s receipt thereof. (bc) At any time after In the occurrence event that the collections received by Agent include payments for items other than principal and during interest payable under the continuance of an Event of DefaultPledged Receivables, (e.g. tax and insurance impounds, maintenance and other assessment payments, late charges, “NSF” or returned check charges, misdirected payments or deposits, etc.), Agent shall have remit such other payments back to Borrower provided that (i) no Potential Default or Event of Default exists, (ii) Borrower requests in writing that Agent remit such other payments back to Borrower, (iii) Borrower specifically identifies (inclusive of the right to notify any Account Lessee to mail or otherwise deliver payments directly to an address determined by Agent or to otherwise deposit amount of) such sums in the Collateral Account or any other deposit account established by Agent from time to time. (c) All Scheduled Payments, interest, principal, prepayments (both voluntary and mandatory)payments, and other amounts received (iv) Borrower provides Agent with back-up to support the claim that such payments should not be part of any and every description payable to Borrower by or on behalf the proceeds of such Account Lessee pursuant to the applicable Lease, the related Portfolio Documents, or any other related documents or instruments with respect to the Leases pledged as Collateral for the Revolving Advances shall be paid directly to the Collateral AccountCollateral.

Loan Collections; Repayment. (a) Borrower shall, or shall cause direct Servicer to, instruct direct or otherwise cause the Account Lessee and the Servicer’s payment processing company Debtor of each Pledged Lease Receivable, to pay directly all Collections (other than checks) to the Collateral Account or by delivery to the addresses set forth in the Servicing Agreement (the “Servicer Physical Payment AddressCollection Receipt Accounts other than Collections that consist of ACH payments, all Scheduled Payments, prepayments (both voluntary and mandatory), and other amounts received of any and every description payable to Borrower by or on behalf of such Account Lessee pursuant to the applicable Pledged Lease, the related Portfolio Documents, or any other related documents or instruments. All such amounts delivered to the Servicer Physical Payment Address shall be received and held in trust for the sole and exclusive benefit of the Agent and which shall be directed to the Collateral Account within two (2) Business Days after such amounts so received and held by the Servicer equals or exceeds $25,000ACH Sweep Account. In the event that Servicer Borrower or any Affiliate of Borrower receives any payments on any Pledged Lease Collections (including checks) directly from or on behalf of the an Account Lessee thereof Debtor in a manner other than through a deposit into the Collateral Account Collection Receipt Accounts or a payment at a Servicer Physical Payment Address, the Servicer or BorrowerACH Sweep Account, as applicable, Borrower or such Affiliate shall receive and hold all such payments Collections in trust for the sole and exclusive benefit of AgentAgent as secured party hereunder. Any checks received by Borrower or Servicer shall be deposited in the Xxxxx Fargo Account within three (3) Business Days of receipt. To the extent not paid directly to the Collection Receipt Accounts or the ACH Sweep Account, and Servicer or Borroweras applicable, Borrower or, pursuant to the Servicing Agreement, Servicer, as applicable, shall deliver to the Collateral Account Account, within two (2) Business Days after such amounts so received and held by the Servicer equals or exceeds $25,000 of receipt thereof, all such payments Collections (in the form so received) as and when received by Servicer or Borrower, as applicable, unless Agent shall have notified Servicer or Borrower, as applicable, to deliver directly to Agent all payments in respect of the Leases such Collections after the occurrence and during the continuance of an Event of Default, in which event all such payments Collections (in the form received) shall shall, if applicable, be endorsed by Servicer or Borrower, as applicable, to Agent and delivered to Agent promptly upon Servicer or Borrower’s receipt thereof. Servicer shall deliver all Collections deposited in the Collection Receipt Accounts to the Collateral Account in accordance with the Servicing Agreement and the Intercreditor Agreement. All Collections received, net of returns, in the ACH Sweep Account shall be remitted to the Collateral Account on each Business Day by the Servicer. If the aggregate amount of Collections in the form of checks during any three (3) month period exceeds seven and one-half percent (7.5%) of the total Collections received during such period, Agent may require the Borrower to enter into a blocked account control agreement with respect to the Xxxxx Fargo Account. (b) At any time after the occurrence and during the continuance of an Event of DefaultDefault (but not before), in accordance with Applicable Laws, Agent shall have the right to notify any Account Lessee Debtor or Servicer (i) that all Receivables of Borrower have been assigned to Agent, (ii) that all Collections shall be endorsed by Servicer or Borrower, as applicable, to Agent and paid directly to Agent promptly upon receipt thereof, and (iii) that all Account Debtors shall be directed to mail or otherwise deliver payments directly to an address determined by Agent or to otherwise deposit such sums in the Collateral Account or any other deposit account established by Agent from time to time. (c) All Scheduled Payments, interest, principal, prepayments (both voluntary and mandatory), and other amounts received of any and every description payable to Borrower by or on behalf of such Account Lessee pursuant to the applicable Lease, the related Portfolio Documents, or any other related documents or instruments with respect to the Leases pledged as Collateral for the Revolving Advances shall be paid directly to the Collateral Account.

Loan Collections; Repayment. (a) Pursuant to the applicable Bank Program Agreements and the Stride Multi-Party Agreement, all collections in respect of the Bank Partner Receivables originated by Stride Bank will be initially deposited in the Stride Collections Account. Borrower shall, or shall request the Servicer to cause Avio to, direct or otherwise cause Stride Bank with respect to a Bank Partner Receivable originated by Stride Bank to withdraw from the Stride Collections Account and pay directly to the Collateral Account, all such collections, including all Scheduled Payments, prepayments (both voluntary and mandatory), and other amounts received of any and every description payable to Borrower by or on behalf of the related Account Obligor pursuant to the applicable Bank Partner Receivable, the related Portfolio Documents, or any other related documents or instruments (b) Borrower shall, or shall cause request the Servicer to, instruct direct or otherwise cause (x) each Bank Partner (other than Stride Bank) with respect to a Participation Interest or (y) the applicable Account Lessee and the Servicer’s payment processing company of Obligor with respect to each Pledged Lease Receivable that is not a Bank Partner Receivable, in each case to pay directly to either (i) the General Collections Account, (ii) the Collateral Account or by delivery to (iii) the addresses set forth in the Servicing Agreement (the “Servicer Physical Payment Address”), all collections in respect of the related Bank Partner Receivables or other Receivables, including all Scheduled Payments, prepayments (both voluntary and mandatory), and other amounts received of any and every description payable to Borrower by or on behalf of such Account Lessee Obligor pursuant to the applicable Pledged LeaseReceivable, the related Portfolio Documents, or any other related documents or instruments. . (c) All such amounts delivered to the General Collections Account or the Servicer Physical Payment Address with respect to the Pledged Receivables shall be received and held in trust for the sole and exclusive benefit of the Agent and shall be directed to the Collateral Account within two (2) Business Days after such amounts so received of receipt and held by the Servicer equals or exceeds $25,000identification. In the event that any Seller, Intermediate SPE, the Servicer or Borrower receives any payments on any Pledged Lease Participation Interest or Receivable directly from or on behalf of the Account Lessee Obligor thereof in a manner other than through a deposit into the Collateral General Collections Account or a payment at a Servicer Physical Payment AddressCollateral Account, then such Seller, Intermediate SPE, the Servicer or Borrower, as applicable, shall receive and hold all such payments in trust for the sole and exclusive benefit of Agent, and such Seller, Intermediate SPE, the Servicer or Borrower, as applicable, shall deliver to the Collateral Account within two (2) Business Days after such amounts so received and held by the Servicer equals or exceeds $25,000 no less than twice weekly, all such payments (in the form so received) as and when received by such Seller, Intermediate SPE, the Servicer or Borrower, as applicable, unless Agent shall have notified such Seller, Intermediate SPE, the Servicer or Borrower, as applicable, to deliver directly to Agent all payments in respect of the Leases Receivables after the occurrence and during the continuance of an Event of Default, in which event all such payments (in the form received) shall be endorsed by such Seller, Intermediate SPE, the Servicer or Borrower, as applicable, to Agent and delivered to Agent promptly upon Servicer such Seller’s, Intermediate SPE’s, the Servicer’s or Borrower’s receipt thereof. (bd) At any time after the occurrence and during the continuance of an Event of Default, Agent shall have the right to notify (i) any Bank Partner to deliver payments with respect to the Participation Interests directly into the Collateral Account or any other deposit account established by Agent from time to time and (ii) any Account Lessee Obligor to mail or otherwise deliver payments with respect to the applicable Receivable directly to an address determined by Agent or to otherwise deposit such sums in into the Collateral Account or any other deposit account established by Agent from time to time. (ce) All Scheduled PaymentsSo long as any collections or other proceeds with respect to any Receivables of Borrower, interest, principal, prepayments (both voluntary and mandatory), and other amounts received Intermediate SPE or any of any and every description payable their Affiliates are required to Borrower by or on behalf of such Account Lessee pursuant be delivered to the applicable LeaseGeneral Collections Account, the related Portfolio Documents, Borrower and CFTC agree not to xxxxx x Xxxx in the General Collections Account to any Person or to enter into an account control agreement (or otherwise grant control to any other related documents or instruments Person) with respect to the Leases pledged as Collateral for General Collections Account without the Revolving Advances shall consent of the Agent, which consent may be paid directly conditioned upon the entry into a satisfactory intercreditor agreement with respect to the Collateral AccountGeneral Collections Account in order to set forth the relative priorities of such collections and proceeds on deposit in the General Collections Account from time to time.

Loan Collections; Repayment. (a) Borrower shall, or shall cause Servicer to, instruct the Account Lessee and the Servicer’s payment processing company of each Pledged Lease to pay directly to the Collateral Account or by delivery to the addresses set forth in the Servicing Agreement (the “Servicer Physical Payment Address, all Scheduled Payments, prepayments (both voluntary and mandatory), and other amounts received of any and every description payable to Borrower by or on behalf of such Account Lessee pursuant to the applicable Pledged Lease, the related Portfolio Documents, or any other related documents or instruments. All such amounts delivered to the Servicer Physical Payment Address shall be received and held in trust for the sole and exclusive benefit of the Agent and shall be directed to the Collateral Account within two (2) Business Days after such amounts so received and held by the Servicer equals or exceeds $25,000. In the event that Servicer or Borrower receives any payments on any Pledged Lease directly from or on behalf of the Account Lessee thereof in a manner other than through a deposit into the Collateral Account or a payment at a Servicer Physical Payment Address, the Servicer or Borrower, as applicable, shall receive and hold all such payments in trust for the sole and exclusive benefit of Agent, and Servicer or Borrower, as applicable, shall deliver to the Collateral Account within two (2) Business Days after such amounts so received and held by the Servicer equals or exceeds $25,000 all such payments (in the form so received) as and when received by Servicer or Borrower, as applicable, unless Agent shall have notified Servicer or Borrower, as applicable, to deliver directly to Agent all payments in respect of the Leases after the occurrence and during the continuance of an Event of Default, in which event all such payments (in the form received) shall be endorsed by Servicer or Borrower, as applicable, to Agent and delivered to Agent promptly upon Servicer or Borrower’s receipt thereof. (b) . At any time after the occurrence and during the continuance of an Event of Default, Agent shall have the right to notify any Account Lessee to mail or otherwise deliver payments directly to an address determined by Agent or to otherwise deposit such sums in the Collateral Account or any other deposit account established by Agent from time to time. (c) . All Scheduled Payments, interest, principal, prepayments (both voluntary and mandatory), and other amounts received of any and every description payable to Borrower by or on behalf of such Account Lessee pursuant to the applicable Lease, the related Portfolio Documents, or any other related documents or instruments with respect to the Leases pledged as Collateral for the Revolving Advances shall be paid directly to the Collateral Account.

Loan Collections; Repayment. (a1) Borrower shall, or shall cause Servicer to, instruct the Account Lessee and the Servicer’s payment processing company of each Pledged Lease to pay directly to the Collateral Account or by delivery to the addresses set forth in the Servicing Agreement (the “Servicer Physical Payment Address, all Scheduled Payments, prepayments (both voluntary and mandatory), and other amounts received of any and every description payable to Borrower by or on behalf of such Account Lessee pursuant to the applicable Pledged Lease, the related Portfolio Documents, or any other related documents or instruments. All such amounts delivered to the Servicer Physical Payment Address shall be received and held in trust for the sole and exclusive benefit of the Agent and shall be directed to the Collateral Account within two (2) Business Days after such amounts so received and held by the Servicer equals or exceeds $25,000. In the event that Servicer or Borrower receives any payments on any Pledged Lease directly from or on behalf of the Account Lessee thereof in a manner other than through a deposit into the Collateral Account or a payment at a Servicer Physical Payment Address, the Servicer or Borrower, as applicable, shall receive and hold all such payments in trust for the sole and exclusive benefit of Agent, and Servicer or Borrower, as applicable, shall deliver to the Collateral Account within two (2) Business Days after such amounts so received and held by the Servicer equals or exceeds $25,000 all such payments (in the form so received) as and when received by Servicer or Borrower, as applicable, unless Agent shall have notified Servicer or Borrower, as applicable, to deliver directly to Agent all payments in respect of the Leases after the occurrence and during the continuance of an Event of Default, in which event all such payments (in the form received) shall be endorsed by Servicer or Borrower, as applicable, to Agent and delivered to Agent promptly upon Servicer or Borrower’s receipt thereof. (b2) At any time after the occurrence and during the continuance of an Event of Default, Agent shall have the right to notify any Account Lessee to mail or otherwise deliver payments directly to an address determined by Agent or to otherwise deposit such sums in the Collateral Account or any other deposit account established by Agent from time to time. (c3) All Scheduled Payments, interest, principal, prepayments (both voluntary and mandatory), and other amounts received of any and every description payable to Borrower by or on behalf of such Account Lessee pursuant to the applicable Lease, the related Portfolio Documents, or any other related documents or instruments with respect to the Leases pledged as Collateral for the Revolving Advances shall be paid directly to the Collateral Account.