Common use of Remittance Procedures Clause in Contracts

Remittance Procedures. The Servicer shall instruct the Account Bank by delivery of the Servicing Report to the Account Bank and the Collateral Agent and, if the Servicer fails to do so, the Collateral Agent may instruct the Account Bank, to apply funds on deposit in the Controlled Accounts as described in this Section 2.04; provided that, at any time after delivery of a Notice of Exclusive Control that has not been rescinded by the Collateral Agent, the Collateral Agent shall instruct the Account Bank to apply funds on deposit in the Controlled Accounts as described in this Section 2.04. Any transfers or payments made pursuant to this Agreement shall be made by wire transfer in immediately available funds as directed in writing by the Servicer or the Collateral Agent, as applicable, to the Account Bank and in no event shall the Account Bank be required to disburse any funds via check; provided, that the Account Bank may require certain information for verification purposes prior to processing any such wire transfer.

Remittance Procedures. The Servicer shall instruct the Account Bank Collateral Agent by delivery of the Servicing Report to the Account Bank and the Collateral Agent and, if the Servicer fails to do so, the Collateral Administrative Agent may instruct the Account BankCollateral Agent, to apply funds on deposit in the Controlled Accounts as described in this Section 2.042.04 and subject to the Pari Passu Provisions; provided that, at any time after delivery of a Notice of Exclusive Control that has not been rescinded by the Collateral Agent(and prior to any rescission of such Notice of Exclusive Control), the Collateral Administrative Agent shall instruct the Account Bank Collateral Agent to apply funds on deposit in the Controlled Accounts as described in this Section 2.04. Any transfers or payments made pursuant to this Agreement shall be made by wire transfer in immediately available funds as directed in writing by the Servicer or the Collateral Agent, as applicable, to the Account Bank and in no event shall the Account Bank Collateral Agent be required to disburse any funds via check; provided, provided that the Account Bank Collateral Agent may require certain information for verification purposes prior to processing any such wire transfer.

Remittance Procedures. The Servicer shall instruct the Account Bank Collateral Agent by delivery of the Servicing Report to the Account Bank and the Collateral Agent and, if the Servicer fails to do so, the Collateral Administrative Agent may instruct the Account BankCollateral Agent in writing, to apply funds on deposit in the Controlled Accounts as described in this Section 2.04; provided that, at any time after delivery of a Notice of Exclusive Control that has not been rescinded by the Collateral Agent(and prior to any rescission of such Notice of Exclusive Control), the Collateral Administrative Agent shall instruct the Account Bank Collateral Agent in writing to apply funds on deposit in the Controlled Accounts as described in this Section 2.04. Any transfers or payments made pursuant to this Agreement shall be made by wire transfer in immediately available funds as directed in writing by the Servicer or the Collateral Agent, as applicable, to the Account Bank and in no event shall the Account Bank Collateral Agent be required to disburse any funds via check; provided, provided that the Account Bank Collateral Agent may require certain information for verification purposes prior to processing any such wire transfer.