Common use of Remittances Clause in Contracts

Remittances. On each Remittance Date, the Servicer shall remit to the Owner the sum of (i) all amounts credited to the Collection Account as of the close of business on the related preceding Determination Date, net of charges against or withdrawals from the Collection Account pursuant to Section 3.05 herein, other than Principal Prepayments received after the end of the related Principal Prepayment Period, plus, to the extent not already deposited in the Collection Account, (ii) all P&I Advances, if any, which the Servicer is obligated to remit pursuant to Section 4.03 and (iii) all Compensating Interest payable by the Servicer minus (iv) any amounts attributable to Monthly Payments collected by the Servicer but due on a Due Date or Due Dates subsequent to the last day of the related Due Period, which amounts shall be remitted on the related Remittance Date next succeeding the Due Period for such amounts. With respect to any Mortgage Loan, during the term of this Agreement, in the event such Mortgage Loan prepays in full, the Servicer shall distribute such prepayment to the Owner, together with any related prepayment charge, on the Remittance Date. In connection with the distribution of such prepayment, the Servicer shall provide to the Owner a report containing the mortgage loan number, the name of the Mortgagor and the amount of the distribution. All distributions made to the Owner on each Remittance Date will be made to the Owner of record on the preceding Record Date, and shall be based on the Mortgage Loans owned and held by the Owner. All distributions, including any distribution for prepayments in full, shall be made by wire transfer of immediately available funds to the account of the Owner at a bank or other entity having appropriate facilities therefor as directed in writing by the Owner or by check mailed to the address of the Owner. With respect to any remittance received by the Owner after the Business Day following the Business Day on which such payment was due, the Servicer shall pay to the Owner interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus two (2) percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Collection Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day following such second Business Day and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Event of Default by the Owner.

Remittances. (1) On each Remittance Date, the Servicer shall remit to the Owner the sum of Purchaser (ia) all amounts credited to the Collection Account as of the close of business on the last day of the related preceding Determination DateDue Period (including (1) the amount of any Principal Prepayment, together with interest thereon at the related Remittance Rate to the end of the month in which prepayment of the related Mortgage Loan occurs to the extent deposited pursuant to Section 5.17, and (2) all proceeds of any REO Disposition net of amounts payable to the Servicer pursuant to Section 5.13), net of charges against or withdrawals from the Collection Account pursuant to in accordance with Section 3.05 herein5.05, other than Principal Prepayments received after which charges against or withdrawals from the end Collection Account the Servicer shall make solely on such Remittance Date, plus (b) all Monthly Payments that were delinquent on the last day of the related Principal Prepayment Period, plus, Due Period but received prior to the extent not already deposited in close of business on the Collection Accountrelated Determination Date, plus (iic) all P&I Monthly Advances, if any, which the Servicer is obligated to remit pursuant to Section 4.03 and (iii) all Compensating Interest payable by 6.03; provided that the Servicer minus (iv) shall not be required to remit, until the next following Remittance Date, any amounts attributable to Monthly Payments collected by the Servicer but due on a Due Date or Due Dates subsequent to the last day of the related Due Period, which amounts shall be remitted on the related Remittance Date next succeeding the Due Period for such amounts. With respect to any Mortgage Loan, during the term of this Agreement, in the event such Mortgage Loan prepays in full, the Servicer shall distribute such prepayment to the Owner, together with any related prepayment charge, on the Remittance Date. In connection with the distribution of such prepayment, the Servicer shall provide to the Owner a report containing the mortgage loan number, the name of the Mortgagor and the amount of the distribution. . (2) All distributions remittances made to the Owner Purchaser on each Remittance Date will be made to the Owner of record on the preceding Record Date, and shall be based on the Mortgage Loans owned and held by the Owner. All distributions, including any distribution for prepayments in full, shall be made Purchaser by wire transfer of immediately available funds accordingly to the account of the Owner at a bank or other entity having appropriate facilities therefor as directed in writing instructions that will be provided by the Owner or by check mailed Purchaser to the address of the Owner. Servicer. (3) With respect to any remittance received by the Owner Purchaser after the Business Day following the Business Day on which such payment was due, the Servicer shall pay to the Owner Purchaser interest on any such late payment at an annual rate equal to One-month LIBOR (as published in the Prime Rate, adjusted as of the date of each change, Wall Street Journal) plus two (2) percentage 200 basis points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Collection Account paid by the Servicer to the Purchaser on the date such late payment is made and shall cover the period commencing with the day following such second Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with such late payment. Neither the distribution payable on the next succeeding Remittance Date. The payment by the Servicer nor the acceptance by the Purchaser of any such interest shall not be deemed an extension of time for payment or a waiver by the Purchaser of any Event of Default by the OwnerDefault.

Remittances. (1) On each Remittance Date, the Servicer shall remit to the Owner the sum of Purchaser (ia) all amounts credited to the Collection Account as of the close of business on the related preceding Determination DateDate (including (1) the amount of any Payoff, together with interest thereon at the related Remittance Rate to the date of prepayment of the related Mortgage Loan and (2) all proceeds of any REO Disposition net of amounts payable to the Servicer pursuant to Section 5.13), net of charges against or withdrawals from the Collection Account pursuant to in accordance with Section 3.05 herein5.05, other than Principal Prepayments received after the end of the related Principal Prepayment Period, plus, to the extent not already deposited in which charges against or withdrawals from the Collection AccountAccount the Servicer shall make solely on such Remittance Date, plus (iib) all P&I Monthly Advances, if any, which the Servicer is obligated to remit pursuant to Section 4.03 and (iii) all Compensating Interest payable by 6.03; provided that the Servicer minus (iv) shall not be required to remit, until the next following Remittance Date, any amounts attributable to Monthly Payments collected by the Servicer but due on a Due Date or Due Dates subsequent to the last day of the related Due Period, which amounts shall be remitted on the related Remittance Date next succeeding the Due Period for such amounts. With respect to any Mortgage Loan, during the term of this Agreement, in the event such Mortgage Loan prepays in full, the Servicer shall distribute such prepayment to the Owner, together with any related prepayment charge, on the Remittance preceding Determination Date. In connection with the distribution of such prepayment, the Servicer shall provide to the Owner a report containing the mortgage loan number, the name of the Mortgagor and the amount of the distribution. . (2) All distributions remittances made to the Owner Purchaser on each Remittance Date will be made to the Owner of record on the preceding Record Date, and shall be based on the Mortgage Loans owned and held by the Owner. All distributions, including any distribution for prepayments in full, shall be made Purchaser by wire transfer of immediately available funds accordingly to the account of the Owner at a bank or other entity having appropriate facilities therefor as directed in writing instructions that will be provided by the Owner or by check mailed Purchaser to the address of the Owner. Servicer. (3) With respect to any remittance received by the Owner Purchaser after the Business Day following the Business Day on which such payment was due, the Servicer shall pay to the Owner Purchaser interest on any such late payment at an annual rate equal to the Prime Raterate of interest as is publicly announced from time to time by Citibank, N.A., New York, New York, as its prime lending rate, adjusted as of the date of each change, plus two (2) percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Collection Account paid by the Servicer to the Purchaser on the date such late payment is made and shall cover the period commencing with the day following such second Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with such late payment. Neither the distribution payable on the next succeeding Remittance Date. The payment by the Servicer nor the acceptance by the Purchaser of any such interest shall not be deemed an extension of time for payment or a waiver by the Purchaser of any Event of Default by the OwnerDefault.

Remittances. (a) The Servicer shall collect and remit to the Trustee on a daily basis, for deposit in the Collection Account in accordance with Section 6.12(c) below, the System Restoration Charges plus any Accrued Interest thereon from the date or dates such System Restoration Charges were actually received (the “Daily Remittance”). The Daily Remittance shall be made as soon as reasonably practicable but in no event later than the second Business Day after the Servicer receives those SRC Collections (b) The Servicer agrees and acknowledges that it will hold all SRC Collections and other System Restoration Property collected by it for the benefit of the Issuer and the Trustee and that all amounts will be remitted by the Servicer in accordance with this Agreement without any surcharge, fee, offset, charge or other deduction other than as expressly permitted in the Financing Order and without making any claim to reduce its obligation to remit all SRC Collections and any other proceeds of the System Restoration Property collected by it. (c) On or before each Remittance remittance by the Servicer to the Trustee, the Servicer shall prepare and furnish to the Issuer, the PUCT and the Trustee a statement setting forth the aggregate amount remitted or to be remitted by the Servicer to the Trustee for deposit on such date pursuant to the Indenture. (d) On or before each Payment Date, the Servicer shall remit prepare and furnish to the Owner Issuer and the sum of Trustee a statement setting forth the transfers and payments to be made on that Payment Date and the amounts thereof. (ie) all amounts credited to On or before each Payment Date for the Collection Account as of the close of business on the related preceding Determination Date, net of charges against or withdrawals from the Collection Account pursuant to Section 3.05 herein, other than Principal Prepayments received after the end of the related Principal Prepayment Period, plus, to the extent not already deposited in the Collection Account, (ii) all P&I Advances, if any, which the Servicer is obligated to remit pursuant to Section 4.03 and (iii) all Compensating Interest payable by the Servicer minus (iv) any amounts attributable to Monthly Payments collected by the Servicer but due on a Due Date or Due Dates subsequent to the last day of the related Due Period, which amounts shall be remitted on the related Remittance Date next succeeding the Due Period for such amounts. With respect to any Mortgage Loan, during the term of this Agreement, in the event such Mortgage Loan prepays in fullBonds, the Servicer shall distribute such prepayment prepare and furnish to the Owner, together with any related prepayment charge, on the Remittance Date. In connection with the distribution of such prepaymentIssuer, the Servicer shall provide PUCT and the Trustee a statement setting forth the amounts to be paid to the Owner a report containing the mortgage loan number, the name Holders of the Mortgagor and the amount of the distribution. All distributions made to the Owner on each Remittance Date will be made to the Owner of record on the preceding Record Date, and shall be based on the Mortgage Loans owned and held by the Owner. All distributions, including any distribution for prepayments in full, shall be made by wire transfer of immediately available funds to the account of the Owner at a bank or other entity having appropriate facilities therefor as directed in writing by the Owner or by check mailed to the address of the Owner. With respect to any remittance received by the Owner after the Business Day following the Business Day on which such payment was due, the Servicer shall pay to the Owner interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus two (2) percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Collection Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day following such second Business Day and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Event of Default by the OwnerBonds.

Remittances. On each Remittance Date, Borrower must immediately notify all of its Account Debtors and any other person or party that is liable to it (collectively a “Debtor”) to remit all payments due Borrower to the Servicer shall Lockbox Account. The remit to the Owner the sum of (i) address on all amounts credited documents related to the Collection accounts must be the Lockbox Account. At Lender’s request, all such documents, including invoices, purchase orders, or contracts must be marked by Borrowers to show assignment to Lender, and each Borrower must notify each of its Account as of Debtors by mail, in a form approved by L▇▇▇▇▇, that the close of business Account has been assigned to Lender and that all payments on the related preceding Determination DateAccount must be made payable to such Borrower or Lender, net of charges against or withdrawals from the Collection Account pursuant to Section 3.05 herein, other than Principal Prepayments received after the end of the related Principal Prepayment Period, plusat L▇▇▇▇▇’s discretion, to the extent not already deposited Lockbox Account or such other address provided by L▇▇▇▇▇ in the Collection Accountwriting. Lender may at any time and from time to time, (ii) all P&I Advancesand at its discretion, if any, which the Servicer is obligated notify any Debtor or third-party payee to remit pursuant make payments payable directly to Section 4.03 and (iii) all Compensating Interest payable by the Servicer minus (iv) any amounts attributable Lender or to Monthly Payments collected by the Servicer but due on a Due Date or Due Dates subsequent to the last day notify Debtor of the related Due Periodassignment to Lender. All of Lender’s expenses for notifications will be paid by Borrowers. If a Borrower receives any funds from a Debtor, which amounts or if a Borrower receives any proceeds of insurance, tax refunds or any and all other funds of any kind, such Borrower shall be remitted on the related Remittance Date next succeeding the Due Period hold such funds in trust for Lender, shall not mix such amounts. With respect to any Mortgage Loan, during the term of this Agreement, in the event such Mortgage Loan prepays in full, the Servicer shall distribute such prepayment to the Owner, together funds received with any related prepayment charge, on the Remittance Date. In connection with the distribution of such prepayment, the Servicer shall provide to the Owner a report containing the mortgage loan number, the name of the Mortgagor and the amount of the distribution. All distributions made to the Owner on each Remittance Date will be made to the Owner of record on the preceding Record Dateother funds, and shall be based on immediately deposit such funds in the Mortgage Loans owned Lockbox Account in the form received. Lender will have sole ownership, possession and held by control over the OwnerLockbox Account and all deposits in the Lockbox Account. No Borrower has any right to the Lockbox Account or any deposits in the Lockbox Account. L▇▇▇▇▇ has no duty as to collection or protection of funds in the Lockbox Account as long as it is not grossly negligent or commits actual fraud. All distributions, including expenses plus any distribution for prepayments in full, shall be made by wire transfer of immediately available funds to the account applicable administration and servicing fees of the Owner at a bank or other entity having appropriate facilities therefor as directed in writing Lockbox Account will be paid by the Owner or by check mailed to the address of the Owner. With respect to any remittance received by the Owner after the Business Day following the Business Day on which such payment was due, the Servicer shall pay to the Owner interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus two (2) percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Collection Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day following such second Business Day and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Event of Default by the OwnerBorrowers.

Remittances. On each Remittance Distribution Date, the Servicer shall remit to the Owner the sum of Purchaser (i) all amounts credited to the Collection Account as of the close of business on the related preceding Determination Date, except Principal Prepayments received on or after the first day of the calendar month in which the Distribution Date occurs shall be remitted to the Purchaser on the next following Distribution Date, net of charges against or withdrawals from the Collection Account pursuant to Section 3.05 herein, other than Principal Prepayments received after the end of the related Principal Prepayment Period5.5, plus, to the extent not already deposited in the Collection Account, the sum of (ii) all P&I Monthly Advances, if any, which the Servicer is obligated to remit distribute pursuant to Section 4.03 6.3 and (iii) all Compensating Prepayment Interest payable by Shortfalls that the Servicer is required to make up pursuant to Section 5.5 minus (iv) any amounts attributable to Monthly Payments collected by the Servicer but due on a Due Date or Due Dates subsequent to the last day of the related Due Periodpreceding Determination Date, which amounts shall be remitted on the related Remittance Distribution Date next succeeding the Due Period for such amounts. With It is understood that with respect to any Mortgage Loaneach Closing Date, during the term by operation of this Agreement, in the event such Mortgage Loan prepays in fullSection 5.4, the Servicer shall distribute such prepayment remittance on the first Distribution Date with respect to ▇▇▇▇ purchased pursuant to the Ownerrelated Transfer Supplement is to include principal collected after the related Cut-off Date through the related preceding Determination Date plus interest, together with adjusted to the related Remittance Rate collected through such Determination Date exclusive of any portion thereof allocable to the period prior to the related prepayment chargeCut-off Date, on the Remittance Date. In connection with the distribution of such prepaymentadjustments specified in clauses (ii), the Servicer shall provide to the Owner a report containing the mortgage loan number, the name of the Mortgagor (iii) and the amount of the distribution. All distributions made to the Owner on each Remittance Date will be made to the Owner of record on the preceding Record Date, and shall be based on the Mortgage Loans owned and held by the Owner. All distributions, including any distribution for prepayments in full, shall be made by wire transfer of immediately available funds to the account of the Owner at a bank or other entity having appropriate facilities therefor as directed in writing by the Owner or by check mailed to the address of the Owner(iv) above. With respect to any remittance received by the Owner Purchaser after the Business Day following the Business Day on which such payment was duedue hereunder, the Servicer shall pay to the Owner Purchaser interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus two (2) percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Collection Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day following such second Business Day and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Remittance related Distribution Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Event of Default by the OwnerServicer.

Remittances. On each Remittance Date, the (a) The Servicer shall remit Storm Recovery Charges to the Owner Trustee each Servicer Business Day, but in no event later than two Servicer Business Days following such Servicer Business Day, based on estimated daily collections using a weighted average balance of days outstanding on retail bills and prior year write-off experience (the sum “Daily Remittance”)in all respects as provided in Annex 1 and shall make such adjustments as are set out in Annex 1 to adjust for any estimates of (i) all amounts credited actual Storm Recovery Charges actually remitted to the Collection Account as Trustee. The Servicer will remit those Storm Recovery Charges for any Servicer Business Day no later than the second Servicer Business Day after that Servicer Business Day. Cleco Power will not be required to credit Customers or the Issuer with any earnings accruing to Cleco Power on transferred and untransferred daily collections of Storm Recovery Charges. (a) Prior to (or concurrently with each remittance to the close General Subaccount of business on the related preceding Determination Date, net of charges against or withdrawals from the Collection Account pursuant to this Section 3.05 herein, other than Principal Prepayments received after the end of the related Principal Prepayment Period, plus, to the extent not already deposited in the Collection Account, (ii) all P&I Advances, if any, which the Servicer is obligated to remit pursuant to Section 4.03 and (iii) all Compensating Interest payable by the Servicer minus (iv) any amounts attributable to Monthly Payments collected by the Servicer but due on a Due Date or Due Dates subsequent to the last day of the related Due Period, which amounts shall be remitted on the related Remittance Date next succeeding the Due Period for such amounts. With respect to any Mortgage Loan, during the term of this Agreement, in the event such Mortgage Loan prepays in full, the Servicer shall distribute such prepayment to the Owner, together with any related prepayment charge, on the Remittance Date. In connection with the distribution of such prepayment6.12, the Servicer shall provide written notice (which may be via electronic means, including electronic mail) to the Owner a report containing Trustee and, upon request, to the mortgage loan numberIssuer of each such remittance (including the exact dollar amount to be remitted). The Servicer shall also, promptly upon receipt, remit to the name Collection Account any other proceeds of the Mortgagor Trust Estate that it may receive from time to time. Reconciliations of bank statements shall be as set forth in Exhibit A. (b) The Servicer agrees and acknowledges that it holds all Storm Recovery Charge payments collected by it and any other proceeds for the Trust Estate received by it for the benefit of the Trustee and the amount of the distribution. All distributions made to the Owner on each Remittance Date Holders and that all such amounts will be made to the Owner of record on the preceding Record Date, and shall be based on the Mortgage Loans owned and held remitted by the Owner. All distributionsServicer in accordance with this Section 6.12 without any surcharge, including any distribution for prepayments in fullfee, shall be made by wire transfer of immediately available funds to the account of the Owner at a bank offset, charge or other entity having appropriate facilities therefor as deduction. The Servicer further agrees not to make any claim to reduce its obligation to remit all Storm Recovery Charge payments collected by it in accordance with this Agreement. (c) Unless otherwise directed in writing to do so by the Owner or by check mailed to the address of the Owner. With respect to any remittance received by the Owner after the Business Day following the Business Day on which such payment was dueIssuer, the Servicer shall pay to be responsible for selecting Eligible Investments in which the Owner interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus two (2) percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited funds in the Collection Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day following such second Business Day and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with invested pursuant to Section 8.03 of the distribution payable on the next succeeding Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Event of Default by the OwnerIndenture.

Remittances. On each Remittance Date, Borrower must immediately notify all of its Account Debtors and any other person or party that is liable to it (collectively a “Debtor”) to remit all payments due Borrower to the Servicer shall Lockbox Account. The remit to the Owner the sum of (i) address on all amounts credited documents related to the Collection accounts must be the Lockbox Account. At Lender’s request, all such documents, including invoices, purchase orders, or contracts must be marked by Borrowers to show assignment to Lender, and each Borrower must notify each of its Account as of Debtors by mail, in a form approved by L▇▇▇▇▇, that the close of business Account has been assigned to Lender and that all payments on the related preceding Determination DateAccount must be made payable to such Borrower or Lender, net of charges against or withdrawals from the Collection Account pursuant to Section 3.05 herein, other than Principal Prepayments received after the end of the related Principal Prepayment Period, plusat L▇▇▇▇▇’s discretion, to the extent not already deposited Lockbox Account or such other address provided by L▇▇▇▇▇ in the Collection Accountwriting. Lender may at any time and from time to time, (ii) all P&I Advancesand at its discretion, if any, which the Servicer is obligated notify any Debtor or third-party payee to remit pursuant make payments payable directly to Section 4.03 and (iii) all Compensating Interest payable by the Servicer minus (iv) any amounts attributable Lender or to Monthly Payments collected by the Servicer but due on a Due Date or Due Dates subsequent to the last day notify Debtor of the related Due Periodassignment to Lender. All of L▇▇▇▇▇’s expenses for notifications will be paid by Borrowers. If a Borrower receives any funds from a Debtor, which amounts or if a Borrower receives any proceeds of insurance, tax refunds or any and all other funds of any kind, such Borrower shall be remitted on the related Remittance Date next succeeding the Due Period hold such funds in trust for Lender, shall not mix such amounts. With respect to any Mortgage Loan, during the term of this Agreement, in the event such Mortgage Loan prepays in full, the Servicer shall distribute such prepayment to the Owner, together funds received with any related prepayment charge, on the Remittance Date. In connection with the distribution of such prepayment, the Servicer shall provide to the Owner a report containing the mortgage loan number, the name of the Mortgagor and the amount of the distribution. All distributions made to the Owner on each Remittance Date will be made to the Owner of record on the preceding Record Dateother funds, and shall be based on immediately deposit such funds in the Mortgage Loans owned Lockbox Account in the form received. Lender will have sole ownership, possession and held by control over the OwnerLockbox Account and all deposits in the Lockbox Account. No Borrower has any right to the Lockbox Account or any deposits in the Lockbox Account. L▇▇▇▇▇ has no duty as to collection or protection of funds in the Lockbox Account as long as it is not grossly negligent or commits actual fraud. All distributions, including expenses plus any distribution for prepayments in full, shall be made by wire transfer of immediately available funds to the account applicable administration and servicing fees of the Owner at a bank or other entity having appropriate facilities therefor as directed in writing Lockbox Account will be paid by the Owner or by check mailed to the address of the Owner. With respect to any remittance received by the Owner after the Business Day following the Business Day on which such payment was due, the Servicer shall pay to the Owner interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus two (2) percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Collection Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day following such second Business Day and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Event of Default by the OwnerBorrowers.

Remittances. (1) On each Remittance Date, the Servicer shall remit to the Owner Securities Administrator on behalf of the sum Trustee as assignee of the Purchaser (ia) all amounts credited to the Collection Account as of the close of business on the last day of the related preceding Determination DateDue Period (including (1) the amount of any Principal Prepayment, together with interest thereon at the related Remittance Rate to the end of the month in which prepayment of the related Mortgage Loan occurs except when such Principal Prepayment is received on the last day of the related Due Period in which case interest calculated at the related Remittance Rate to the end of the month in which prepayment of the related Mortgage Loan occurs shall not be remitted and (2) all proceeds of any REO Disposition net of amounts payable to the Servicer pursuant to Section 5.14), net of charges against or withdrawals from the Collection Account pursuant to in accordance with Section 3.05 herein5.05, other than Principal Prepayments received after the end of the related Principal Prepayment Period, plus, to the extent not already deposited in which charges against or withdrawals from the Collection AccountAccount the Servicer shall make solely on such Remittance Date, plus (iib) all P&I Monthly Advances, if any, which the Servicer is obligated to remit pursuant to Section 4.03 and (iii) all Compensating Interest payable by 6.03; provided that the Servicer minus (iv) shall not be required to remit, until the next following Remittance Date, any amounts attributable to Monthly Payments collected by the Servicer but due on a Due Date or Due Dates subsequent to the last day of the related Due Period, which amounts shall be remitted on the related Remittance Date next succeeding the Due Period for such amounts. With respect to any Mortgage Loan, during the term of this Agreement, in the event such Mortgage Loan prepays in full, the Servicer shall distribute such prepayment to the Owner, together with any related prepayment charge, on the Remittance Date. In connection with the distribution of such prepayment, the Servicer shall provide to the Owner a report containing the mortgage loan number, the name of the Mortgagor and the amount of the distribution. . (2) All distributions remittances made to the Owner Master Servicer on behalf of the trustee as assignee of the Purchaser on each Remittance Date will be made to the Owner of record on the preceding Record Date, and shall be based on the Mortgage Loans owned and held by the Owner. All distributions, including any distribution for prepayments in full, shall be made Purchaser by wire transfer of immediately available funds to in accordance with the account of the Owner at a bank or other entity having appropriate facilities therefor as directed in writing by the Owner or by check mailed to the address of the Ownerfollowing wire transfer instructions: ACE SECURITIES CORP. BANK: ▇▇▇▇▇ FARGO BANK, N.A. ABA: ▇▇▇▇▇▇▇▇▇ ACCT #: 39770771416 ACCT NAME: SAS Clearing FFC: PHH 2007-3, #53158600 (3) With respect to any remittance received by the Owner Securities Administrator on behalf of the Trustee as assignee of the Purchaser after the Business Day following the Business Day on which such payment was due, the Servicer shall pay to the Owner Securities Administrator on behalf of the Trustee as assignee of the Purchaser interest on any such late payment at an annual rate equal to One-month LIBOR (as published in the Prime Rate, adjusted as of the date of each change, Wall Street Journal) plus two (2) percentage 200 basis points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Collection Account paid by the Servicer to the Securities Administrator on behalf of the Trustee as assignee of the Purchaser on the date such late payment is made and shall cover the period commencing with the day following such second Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with such late payment. Neither the distribution payable on the next succeeding Remittance Date. The payment by the Servicer nor the acceptance by the Purchaser of any such interest shall not be deemed an extension of time for payment or a waiver by the Purchaser or the Trustee as assignee of the Purchaser of any Event of Default by the OwnerDefault.