Remittance of Collections. Company represents and warrants that each remittance of Collections by it hereunder to any Agent or any Lender hereunder will have been (a) in payment of a debt incurred by Company in the ordinary course of business or financial affairs of Company and (b) made in the ordinary course of business or financial affairs.
Remittance of Collections. Each payment from Account Debtor to Seller in respect of the Receivable is referred to herein as a “Collections Payment” and the aggregate Collections Payments in respect of the Receivable are referred to as the “Collections.” Servicer shall provide Purchaser written notice of its determination that the Final Collections Payment has been received, together with reasonable supporting documentation.
Remittance of Collections. (i) The Nominee shall segregate all amounts collected on account of such Underlying Mortgage Loans and Underlying REO Properties, and shall remit such collections (collectively, the “Funds”) no later than two (2) Business Days following receipt to the Collection Account in accordance with the below instructions. Each Seller Party hereby notifies and instructs the Nominee and the Nominee is hereby authorized and instructed to remit any and all Funds which would be otherwise payable to Seller Parties with respect to the Underlying Mortgage Loans and/or Underlying REO Property to the Collection Account which instructions are irrevocable without the prior written consent of Buyer.
(ii) To the extent any of HUD, VA or USDA deducts, from amounts otherwise due on account of Underlying Mortgage Loans or Underlying REO Property subject to this Agreement, any amounts owing by Nominee to HUD, VA or USDA, Nominee shall deposit, within two (2) Business Days following notice or knowledge of such deduction by HUD, VA or USDA, such deducted amounts into the Collection Account.
Remittance of Collections. (a) The Servicer shall segregate all amounts collected on account of such Mortgage Loans and REO Properties in the Inbound Account in accordance with the terms and provisions of the Servicing Agreement. Following receipt by Servicer of written notice of the occurrence of an Event of Default, each of the Seller Parties hereby notifies and instructs the Servicer and the Servicer is hereby authorized and instructed to remit any and all amounts which would be otherwise payable to Seller Parties with respect to the Mortgage Loans and/or REO Property to the following account which instructions are irrevocable without the prior written consent of Administrative Agent:
(b) To the extent any of HUD or VA deducts, from amounts otherwise due on account of Mortgage Loans or REO Property subject to this Servicer Notice, any amounts owing by Servicer to HUD or VA, Servicer shall give prompt written notice thereof to Seller and Administrative Agent and shall deposit, within two (2) Business Days following notice or knowledge of such deduction by HUD or VA, such deducted amounts into the Inbound Account.
Remittance of Collections. Each remittance of collections by the Transferor hereunder to the Issuer will have been (i) in payment of a debt incurred by the Transferor in the ordinary course of business or financial affairs of the Transferor and (ii) made in the ordinary course of business or financial affairs of the Transferor.
Remittance of Collections. If the Borrower receives any Collections, the Borrower will remit such Collections to the Collection Account within one (1) Business Days of the Borrower’s receipt thereof.
Remittance of Collections. The Servicer shall deposit or cause to be deposited all Collections to the Collection Account no later than the second (2nd) Business Day following the date of receipt of such Collections, whether such Collections were received centrally, at a local branch or otherwise.
Remittance of Collections. 2.1 Bank will make a daily closure of the amount at 23:59 hours for amount received through Debit/Credit Cards/Aggregator Service. The amount so collected will be credited to the TDB Account on the next working day under any circumstance. The amount collected digitally will be transmitted to respective accounts of devaswom accounts officer maintained for a particular devaswom group. The amounts received after the aforementioned cut off times will be treated as receipts on the next working days and credited to TDB account of accredited bank branch accordingly. In any case the amount will be remitted on T+1 basis to the accredited bank branch, “T” being the date of transaction by the end user. The accredited branch will be settling with partner bank of TDB by T+1, “T” being the credit to accredited bank branch.
2.2 Bank will be liable to pay penalty at Bank Rate for delayed settlements as per Payment and Settlement Act 2007 of RBI.
2.3 The rate of exchange from US$ to INR shall be the rate of exchange prevailing on the transaction date.
2.4 In case of customer/end user dispute, TDB would facilitate the resolution by providing necessary documents/ information.
Remittance of Collections. 76 ARTICLE XVII MISCELLANEOUS
Remittance of Collections. (i) On or before the second to last Business Day of each month (the "Remittance Date"), and subject to the provisions of paragraph 10 hereunder, the Collection Agent shall deposit to the Agent's account for the benefit of the Purchaser, as described in paragraph 9(i), the amount of such Collections deposited in the Segregated Account since the immediately preceding Remittance Date; provided, that, any Collections received by the Collection Agent with respect to any Scheduled Payment included in the calculation of the Purchase Price of a Purchased Lease Receivable on or prior to the Purchase Date therefor, shall be remitted to the Purchaser on such Purchase Date.
(ii) On or before each Remittance Date, the Seller will remit to the Collection Agent the past-due monthly Scheduled Payments ("Seller Remittances") on behalf of each Obligor of a Purchased Lease Receivable unless the Seller in good faith believes that the Obligor of such Purchased Lease Receivable has failed to make such Scheduled Payment as a result of an inability to pay for credit reasons. Any Seller Remittances shall be deemed Collections hereunder. If an Obligor pays any past-due Scheduled Payment with respect to which the Seller has made Seller Remittances, such Scheduled Payment(s) shall be for the Seller's account and shall not be considered "Collections" hereunder. In the event the Seller and the Purchaser determine that an Obligor of a Purchased Lease Receivable has failed to make any Scheduled Payment as a result of an inability to pay for credit reasons, and upon the request of the Seller, the Purchaser shall, or shall direct the Collection Agent to, return to the Seller any Seller Remittances made on behalf of such Obligor; provided that the Purchaser shall not be obligated to return any such Seller Remittances with respect to any Obligor that the Seller has not undertaken the proper procedures for Obligors in accordance with the Credit and Collection Policy.
