Common use of Remittance of HNB GAP Amounts Clause in Contracts

Remittance of HNB GAP Amounts. (a) The Seller shall handle all claims of Obligors in connection with HNB GAP for any Receivable. Notwithstanding any other provision of this Agreement, if Seller determines that all or some portion of the Principal Balance of a Receivable is required to be cancelled pursuant to HNB GAP in effect for such Receivable, Seller shall so notify Servicer, and Servicer shall take the appropriate steps to reduce the Principal Balance of such Receivable by the GAP Amount, and such reduction shall not be a violation of any other provision of this Agreement. On the day on which the Seller determines that all or some portion of the Principal Balance of a Receivable is required to be cancelled pursuant to HNB GAP in effect for such Receivable, the Seller shall remit to Servicer an amount equal to the GAP Amount to be applied to such Receivable and the Servicer shall hold such amount in accordance with Section 4.03, and shall remit such amount to Purchaser on such Remittance Date, or as otherwise required by Section 4.03. (b) The Purchaser agrees that it shall have no right to collect from any Obligor the amount of any GAP Amount determined by Seller to be applicable to any Receivable, and that Purchaser shall not, on its own or through any agent, attempt to collect any GAP Amount from any Obligor. Seller agrees that the indemnification provisions of Article X of this Agreement shall apply to any claim by any Obligor against Purchaser, or its successors or assigns, with respect to HNB GAP.

Remittance of HNB GAP Amounts. (a) The Seller shall has agreed under the Purchase Agreement to handle all claims of Obligors in connection with HNB GAP for any Receivable. Notwithstanding any other provision of this Agreement or the Purchase Agreement, if the Servicer has been notified by the Seller determines pursuant to the Purchase Agreement that the Seller has determined that all or some portion of the Principal Balance of a Receivable is required to be cancelled pursuant to HNB GAP in effect for such Receivable, Seller shall so notify Servicer, and the Servicer shall take the appropriate steps to reduce the Principal Balance of such Receivable by the GAP Amount, and such reduction shall not be a violation of any other provision of this Agreement. On the day on which the Seller determines that all or some portion of the Principal Balance of a Receivable is required to be cancelled pursuant to HNB GAP in effect for such Receivable, the Seller shall remit to Servicer an amount equal to the GAP Amount to be applied to such Receivable and the The Servicer shall hold such amount all amounts remitted by the Seller in respect of GAP Amounts in accordance with Section 4.03, and shall remit such amount to Purchaser the Issuer or the Master Servicer on such the immediately following Remittance Date, or as otherwise required by Section 4.03. (b) The Purchaser Master Servicer agrees that it shall have no right to collect from any the Obligor the amount of any GAP Amount that the Seller has determined by Seller pursuant to the Purchase Agreement to be applicable to any ReceivableReceivable as described in the preceding paragraph, and that Purchaser Master Servicer shall not, on its own or through any agent, attempt to collect any GAP Amount from any Obligor. Seller agrees that the indemnification provisions of Article X of this Agreement shall apply to any claim by any Obligor against Purchaser, or its successors or assigns, with respect to HNB GAP.