Common use of Payments on Receivables, Accounts Clause in Contracts

Payments on Receivables, Accounts. Subject to Section 1.8(a), the Servicers will give written directions to each Included Employer and each Origination Home Closing Agent, no later than February 15, 2005 (or, if later, the date on which such Person becomes obligated to remit any amounts in respect of the Receivables), to remit all amounts due in respect of the Receivables to the Collection Account; provided that if the Seller or a Servicer shall receive any Collections, it shall remit such Collections to the Collection Account within three Business Days of such receipt. No Subservicer will make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by a Subservicer or an incorrect account, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within three Business Days after receipt) remit such funds into the Collection Account. No Subservicer will permit the funds of any Affiliate to be deposited into the Collection Account. If such funds are nevertheless deposited into the Collection Account, such Subservicer will promptly identify such funds for segregation. The Subservicers will not, and will not permit the Seller or other Person to, thereafter commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Subservicers shall not close the Collection Account without the prior written consent of the Agent.

Payments on Receivables, Accounts. Subject to Section 1.8(a)On the Closing Date, the Servicers will give written directions to shall inform each Included Employer and each Origination Home Closing Agent, no later than February 15, 2005 Agent that an undivided interest in the Receivables and Related Assets has been assigned to the Agent on behalf of the Purchasers. On or prior to the Closing Date (or, if later, the date on which such Person becomes an Included Employer or otherwise becomes obligated to remit any amounts in respect of the Receivables)) the Servicers shall have given written directions to each then Included Employer and each Origination Home Closing Agent, to remit all amounts due in respect of the Receivables to the Agent Collection Account; provided that if the Seller or a Servicer shall receive any Collections, it shall remit such Collections to the Agent Collection Account within three Business Days of such receipt. No Subservicer The Seller will not make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by a Subservicer the Seller, any Originator or an incorrect account, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within three Business Days after receipt) remit such funds into the Agent Collection Account. No Subservicer The Seller will not permit the funds of any Affiliate to be deposited into the Collection Account. If such funds are nevertheless deposited into the a Collection Account, such Subservicer the Seller will promptly identify such funds for segregation. The Subservicers Seller will not, and will not permit the Seller any Servicer or other Person (other than Xxxxx Fargo Bank) to, thereafter commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Subservicers Seller shall not close the LaSalle Collection Account Account, without the prior written consent of the Agent.

Payments on Receivables, Accounts. Subject to Section 1.8(a), the Servicers will give written directions to each Included Employer and each Origination Home Closing Agent, no later than February 15, 2005 (or, if later, the date on which such Person becomes obligated to remit any amounts in respect of the Receivables), to remit all amounts due in respect of the Receivables to the Collection Account; provided that if the Seller or a Servicer shall receive any Collections, it shall remit such Collections to the Collection Account within three Business Days of such receipt. No Subservicer The Seller will not make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by a Subservicer the Seller, any Originator or an incorrect account, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within three Business Days after receipt) remit such funds into the Collection Account. No Subservicer The Seller will not permit the funds of any Affiliate to be deposited into the Collection Account. If such funds are nevertheless deposited into the Collection Account, such Subservicer the Seller will promptly identify such funds for segregation. The Subservicers Seller will not, and will not permit the Seller any Servicer or other Person to, thereafter commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Subservicers Seller shall not close the Collection Account Account, without the prior written consent of the Agent.

Payments on Receivables, Accounts. Subject to Section 1.8(a)On the Closing Date, the Servicers will give written directions to shall inform each Included Employer and each Origination Home Closing Agent, no later than February 15, 2005 Agent that an undivided interest in the Receivables and Related Assets have been assigned to the Agent on behalf of the Purchasers. On or prior to the Closing Date (or, if later, the date on which such Person becomes obligated an Included Employer or otherwise becomes obligated) to remit any amounts in respect of the Receivables), the Servicers shall have given written directions to each then Included Employer and each Origination Home Closing Agent, to remit all amounts due in respect of the Receivables to the Agent Collection Account; provided that if the Seller or a Servicer shall receive any Collections, it shall remit such Collections to the Agent Collection Account within three Business Days of such receipt. No Subservicer will make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by a Subservicer or an incorrect account, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within three Business Days after receipt) remit such funds into the Collection Account. No Subservicer will permit the funds of any Affiliate to be deposited into the Collection Account. If such funds are nevertheless deposited into the Collection Account, such Subservicer will promptly identify such funds for segregation. The Subservicers will not, and will not permit the Seller or other Person (other than Xxxxx Fargo Bank) to, thereafter commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Subservicers shall not close the LaSalle Collection Account without the prior written consent of the Agent.

Payments on Receivables, Accounts. Subject to Section 1.8(a)On the Closing Date, the Master Servicer shall inform each Included Employer and each Origination Home Closing Agent that an undivided interest in the Receivables and Related Assets have been assigned to the Agent on behalf of the Purchasers. The Servicers will give shall have given written directions to each Included Employer and each Origination Home Closing Agent, no later than February 15, 2005 Agent on or prior to the Closing Date (or, if later, the date on which such Person becomes obligated to remit any amounts in respect of the Receivables), ) to remit all amounts due in respect of the Receivables (including out of a sale of an Origination Home) directly to the Agent Collection Account; provided that if the Seller or a . The Master Servicer shall receive any Collections, it shall remit such Collections to the Collection Account within three Business Days of such receipt. No Subservicer will not make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by a Subservicer the Master Servicer or an incorrect account, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within three Business Days after receipt) remit such funds into the Agent Collection Account. No Subservicer will permit the funds of any Affiliate to be deposited into the Collection Account. If such funds are nevertheless deposited into the Collection Account, such Subservicer will promptly identify such funds for segregation. The Subservicers Master Servicer will not, and will not permit the Seller or other Person (other than Xxxxx Fargo Bank) to, thereafter commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Subservicers Master Servicer shall not close the LaSalle Collection Account without the prior written consent of the Agent. The Master Servicer shall cause all Lock Boxes and Lock-Box Accounts to be subject to the control of the Agent pursuant to Lock-Box Agreements.

Payments on Receivables, Accounts. Subject The Seller will at all times instruct all Obligors to Section 1.8(a), the Servicers will give written directions to each Included Employer and each Origination Home Closing Agent, no later than February 15, 2005 (or, if later, the date deliver payments on which such Person becomes obligated to remit any amounts in respect of the Receivables), to remit all amounts due in respect of the Receivables to the Collection Account; provided that if the Seller or a Servicer shall receive any CollectionsLock-Box, it shall remit such Collections to the Collection Account within three Business Days of such receiptor to a Designated Payee (listed on Annex B to Exhibit G). No Subservicer The Seller will make any change in its payment instructions also instruct each Designated Payee to any Obligor without prior notice pay all Collections it receives to the Agenta Collection Account. If any such payments or other Collections are received by a Subservicer or an incorrect accountthe Seller, it shall hold such payments in trust for the benefit of the Agent and the Purchasers Purchaser and promptly (but in any event within three two Business Days after receipt) remit such funds into at the Collection Account. No Subservicer will permit direction of the funds of any Affiliate to be deposited into the Collection Account. If such funds are nevertheless deposited into the Collection Account, such Subservicer will promptly identify such funds for segregationAgent. The Subservicers Seller will use commercially reasonable efforts to cause each Collection Bank to comply with the terms of each applicable Collection Letter. Upon the occurrence and during the continuation of a Termination Event, the Seller will not, and will not permit the Seller any Collection Agent or other Person to, thereafter commingle Collections or other funds to which the Agent or any the Purchaser is entitled with any other funds. The Subservicers Seller shall not close only add a Collection Bank or Lock-Box to those listed on Exhibit F if the Agent has received notice of such addition, a copy of any new Lock-Box Agreement, as applicable, and an executed and acknowledged copy of a Collection Letter substantially in the form of Exhibit G (with such changes as are acceptable to the Agent) from any new Collection Bank. The Seller shall only terminate a Collection Bank or Lock-Box upon 30 days advance notice to the Agent. If the long term unsecured indebtedness of the Originator is less than BBB- by S&P or Baa3 by Xxxxx'x (or either S&P or Xxxxx'x has withdrawn or suspended such rating), the Seller agrees that the Agent may, in its sole discretion, deliver the Agent's Notice (as defined in Annex A to Exhibit G) to the Collection Account without the prior written consent of the AgentBank.

Payments on Receivables, Accounts. Subject The Seller will, and will cause each Originator to, at all times instruct all Obligors to deliver payments on the Pool Receivables to a Collection Account (subject to the proviso to Section 1.8(a4.3(a) of this Agreement with respect to Pool Receivables the Originator thereof is Avantor, Inc. or NuSil Technology LLC), the Servicers will give written directions to each Included Employer and each Origination Home Closing Agent, no later than February 15, 2005 (or, if later, the date on which such Person becomes obligated to remit any amounts in respect of the Receivables), to remit all amounts due in respect of the Receivables to the Collection Account; provided that if the Seller or a Servicer shall receive any Collections, it shall remit such Collections to the Collection Account within three Business Days of such receipt. No Subservicer will make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by a Subservicer the Seller or an incorrect accountOriginator, it shall hold such payments in trust for the benefit of the Agent Administrator and the Purchasers and promptly (but in any event within three two (2) Business Days after receipt) remit such funds into the a Collection Account. No Subservicer The Seller will cause each Collection Account Bank to comply with the terms of each applicable Account Control Agreement (subject to the proviso to Section 4.3(a) of this Agreement regarding the delivery of an executed Account Control Agreement for the Collection Accounts that receive Collections for Pool Receivables the Originator of which is Avantor, Inc. or NuSil Technology LLC). The Seller will not permit the funds of any Affiliate other than Collections on Pool Receivables and other Pool Assets to be deposited into the any Collection Account. If such funds are nevertheless deposited into the any Collection Account, such Subservicer the Seller will promptly identify such funds for segregation. The Subservicers Seller will not, and will not permit the Seller Servicer, any Originator or other Person to, thereafter commingle Collections or other funds to which the Administrator, any Purchaser Agent or any Purchaser is entitled with any other funds. The Subservicers Seller shall not close the only add or replace, and shall only permit an Originator to add or replace, a Collection Account without Bank (or the related lock-box or post office box) or Collection Account to those listed on Schedule II to this Agreement if the Administrator has received notice of such addition or replacement, a copy of any new Account Control Agreement and an executed and acknowledged copy of an Account Control Agreement in form and substance acceptable to the Administrator from any such new Collection Account Bank. The Seller shall only terminate a Collection Account Bank or close a Collection Account (or the related lock-box or post office box), upon thirty (30) days’ prior notice to and with the prior written consent of the AgentAdministrator.

Payments on Receivables, Accounts. Subject The Servicer will at all times instruct all Obligors (or cause such Obligor to Section 1.8(a)authorize the Servicer or the applicable Originator or Sub-Originator to debit such Obligor’s account and remit on such Obligor’s behalf) to deliver payments on the Pool Receivables billed or invoiced after December 14, the Servicers will give written directions 2014 to each Included Employer and each Origination Home Closing Agent, no later than February 15, 2005 (or, if later, the date on which such Person becomes obligated to remit any amounts in respect of the Receivables), to remit all amounts due in respect of the Receivables to the a Collection Account; provided that if the Seller or a Servicer shall receive any Collections, it shall remit such Collections to the Collection Account within three Business Days of such receipt. No Subservicer will make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by a Subservicer or an incorrect accountthe Servicer, it shall hold such payments in trust for the benefit of the Agent Administrator and the Purchasers and promptly (but in any event within three two Business Days after receipt) remit such funds into the an Eligible Collection Account. No Subservicer The Servicer will cause each Collection Account Bank to comply with the terms of each applicable Collection Account Agreement. The Servicer will not permit the funds of any Affiliate other than (i) Collections on Pool Receivables and other Pool Assets, (ii) Chevron Collections and (iii) FEMA Collections to be deposited into the any Collection Account. If such funds are nevertheless deposited into the any Collection Account, such Subservicer the Servicer will promptly identify such funds for segregation. The Subservicers will not, and Servicer will not permit the Seller or other Person to, thereafter commingle Collections or other funds to which the Administrator, any Purchaser Agent or any Purchaser is entitled with any other fundsfunds (other than Chevron Collections and FEMA Collections). The Subservicers Servicer shall not close the only add a Collection Account without Bank (or the prior written consent related Lock-Box) or Collection Account to those listed on Schedule II to this Agreement, if the Administrator has received notice of such addition, a copy of any new Collection Account Agreement and an executed and acknowledged copy of a Collection Account Agreement in form and substance acceptable to the Agent.Administrator from any such new Collection Account Bank. The Servicer shall only terminate a Collection Account Bank or close a Collection Account (or the related Lock-Box), upon 30 days’ advance notice to the