Common use of Monthly Remittance Condition Clause in Contracts

Monthly Remittance Condition. (a) For so long as the Monthly Remittance Condition is met: (i) the Master Servicer may remit all amounts received on or in respect of the Receivables during any Collection Period to the Collection Account in immediately available funds on or prior to the related Deposit Date; and (ii) the Depositor and the Master Servicer may make any remittances pursuant to this Article with respect to a Collection Period net of distributions or reimbursements to be made to or by the Depositor or the Master Servicer with respect to such Collection Period; provided, however, that such obligations shall remain separate obligations, no party shall have a right of offset, and each such party shall account for all of the above described remittances and distributions as if the amounts were deposited or transferred separately. (b) If on the Closing Date, the Master Servicer: (i) shall fail to satisfy the Monthly Remittance Condition, the Master Servicer shall remit to the Collection Account on or prior to the Closing Date all amounts received by the Master Servicer on or in respect of the Receivables (including Net Liquidation Proceeds and all amounts received by the Master Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Day preceding the Closing Date; (ii) shall satisfy the Monthly Remittance Condition, the Master Servicer shall remit to the Collection Account on or prior to the Deposit Date for the initial Collection Period, all amounts received by the Master Servicer on or in respect of the Receivables (including Net Liquidation Proceeds and all amounts received by the Master Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the last day of the initial Collection Period. (c) Neither Trustee shall be deemed to have knowledge of any event or circumstance under clause (i) or (ii) of the definition of the term “Monthly Remittance Condition” that would require daily remittances by the Master Servicer to the Collection Account unless such Trustee has received notice of such event or circumstance from the Master Servicer in an Officer’s Certificate or from the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or a Responsible Officer of such Trustee has actual knowledge of such event or circumstance. (d) Within five Business Days following the occurrence of any event or circumstance that would require daily remittances by the Master Servicer to the Collection Account, the Master Servicer shall provide an Officer’s Certificate with respect thereto to the Trustees.

Monthly Remittance Condition. (a) For so long as the Monthly Remittance Condition is met: (i) the Master Servicer may remit all amounts received on or in respect of the Receivables during any Collection Period to the Collection Account in immediately available funds on or prior to the related Deposit Date; and (ii) the Depositor and the Master Servicer may make any remittances pursuant to this Article with respect to a Collection Period net of distributions or reimbursements to be made to or by the Depositor or the Master Servicer with respect to such Collection Period; provided, however, that such obligations shall remain separate obligations, no party shall have a right of offset, and each such party shall account for all of the above described remittances and distributions as if the amounts were deposited or transferred separately. (b) If on the Closing Date, the Master Servicer: (i) shall fail to satisfy the Monthly Remittance Condition, the Master Servicer shall remit to the Collection Account on or prior to the Closing Date all amounts received by the Master Servicer on or in respect of the Receivables (including Net Liquidation Proceeds and all amounts received by the Master Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Day preceding the Closing Date; (ii) shall satisfy the Monthly Remittance Condition, the Master Servicer shall remit to the Collection Account on or prior to the Deposit Date for the initial Collection Period, all amounts received by the Master Servicer on or in respect of the Receivables (including Net Liquidation Proceeds and all amounts received by the Master Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the last day of the initial Collection Period. (c) Neither Trustee shall be deemed to have knowledge of any event or circumstance under clause (i) or (ii) of the definition of the term “"Monthly Remittance Condition” " that would require daily remittances by the Master Servicer to the Collection Account unless such Trustee has received notice of such event or circumstance from the Master Servicer in an Officer’s 's Certificate or from the Holders of Notes evidencing not less than 25___% of the Note Balance of the Controlling Class or a Responsible Officer of such Trustee has actual knowledge of such event or circumstance. (d) Within five Business Days following the occurrence of any event or circumstance that would require daily remittances by the Master Servicer to the Collection Account, the Master Servicer shall provide an Officer’s 's Certificate with respect thereto to the Trustees.

Monthly Remittance Condition. (a) For so long as the Monthly Remittance Condition is met: (i) the Master Servicer may remit all amounts received on or in respect of the Receivables during any Collection Period to the Collection Account in immediately available funds on or prior to the related Deposit Date; and (ii) the Depositor and the Master Servicer may make any remittances pursuant to this Article with respect to a Collection Period net of distributions or reimbursements to be made to or by the Depositor or the Master Servicer with respect to such Collection Period; provided, however, that such obligations shall remain separate obligations, no party shall have a right of offset, and each such party shall account for all of the above described remittances and distributions as if the amounts were deposited or transferred separately. (b) If on the Closing Date, the Master Servicer: (i) shall fail to satisfy the Monthly Remittance Condition, the Master Servicer shall remit to the Collection Account on or prior to the Closing Date all amounts received by the Master Servicer on or in respect of the Receivables (including Net Liquidation Proceeds and all amounts received by the Master Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the second Business Day preceding the Closing Date; (ii) shall satisfy the Monthly Remittance Condition, the Master Servicer shall remit to the Collection Account on or prior to the Deposit Date for the initial Collection Period, all amounts received by the Master Servicer on or in respect of the Receivables (including Net Liquidation Proceeds and all amounts received by the Master Servicer in connection with the repossession and sale of a Financed Vehicle (whether or not the related Receivable has been classified as a Defaulted Receivable)) during the period from but excluding the Cutoff Date to and including the last day of the initial Collection Period. (c) Neither Trustee shall be deemed to have knowledge of any event or circumstance under clause (i) or (ii) of the definition of the term “"Monthly Remittance Condition” " that would require daily remittances by the Master Servicer to the Collection Account unless such Trustee has received notice of such event or circumstance from the Master Servicer in an Officer’s 's Certificate or from the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling Class or a Responsible Officer of such Trustee has actual knowledge of such event or circumstance. (d) Within five Business Days following the occurrence of any event or circumstance that would require daily remittances by the Master Servicer to the Collection Account, the Master Servicer shall provide an Officer’s 's Certificate with respect thereto to the Trustees.