Common use of Transferor’s or Servicer’s Failure to Make a Deposit or Payment Clause in Contracts

Transferor’s or Servicer’s Failure to Make a Deposit or Payment. If the Servicer or the Transferor fails to make, or give instructions to make, any payment or deposit (other than as required by subsections 2.4(d) and (e) and 12.2(a) or Sections 10.2 and 12.1) required to be made or given by the Servicer or Transferor, respectively, at the time specified in the Agreement (including applicable grace periods), the Trustee or the Paying Agent shall make such payment or deposit from the applicable Investor Account without instruction from the Servicer or Transferor. The Trustee or the Paying Agent shall be required to make any such payment, deposit or withdrawal hereunder only to the extent that the Trustee or the Paying Agent has sufficient information to allow it to determine the amount thereof; provided, however, that the Trustee or the Paying Agent shall in all cases be deemed to have sufficient information to determine the Class A Note Interest Requirement, the Class B Note Interest Requirement, the Class C Interest Requirement, the Net Class C Interest Requirement and the amount of the Principal Payment on each Distribution Date. The Servicer shall, upon request of the Trustee or the Paying Agent, promptly provide the Trustee or the Paying Agent, as applicable with all information necessary to allow the Trustee or the Paying Agent to make such payment, deposit or withdrawal. Such funds or the proceeds of such withdrawal shall be applied by the Trustee or the Paying Agent in the manner in which such payment or deposit should have been made by the Transferor or the Servicer, as the case may be.

Transferor’s or Servicer’s Failure to Make a Deposit or Payment. If the Servicer or the Transferor fails to make, or give instructions to make, any payment or deposit (other than as required by subsections Section 2.4(d) and (e) and 12.2(a) or Sections Section 10.2 and 12.1) required to be made or given by the Servicer or the Transferor, respectively, at the time specified in the Agreement or this Series Supplement (including applicable grace periods), the Trustee or the Paying Agent shall make such payment or deposit from the applicable Investor Account without instruction from the Servicer or the Transferor. The Trustee or the Paying Agent shall be required to make any such payment, deposit deposit, or withdrawal hereunder only to the extent that the Trustee or the Paying Agent has sufficient information to allow it to determine the amount amounts thereof; provided, however, that absent appropriate instructions from the Servicer or the Transferor, as applicable, the Trustee or the Paying Agent shall in all cases only be deemed to have sufficient information to determine the Class A Note Interest Requirementamount thereof. The Trustee shall, promptly following failure by either the Class B Note Interest RequirementServicer or the Transferor to provide any such instructions within the time specified pursuant to the Agreement or this Series Supplement (including applicable grace periods), use its reasonable efforts to contact the Class C Interest RequirementServicer or the Transferor, the Net Class C Interest Requirement and the amount as applicable, to request receipt of the Principal Payment on each Distribution Dateany such instructions. The Servicer shall, upon request of the Trustee or the Paying AgentTrustee, promptly provide the Trustee or the Paying Agent, as applicable with all information necessary to allow the Trustee or the Paying Agent to make such payment, deposit or withdrawal. Such funds or the proceeds of such withdrawal shall be applied by the Trustee or the Paying Agent in the manner in which such payment or deposit should have been made by the Transferor or the Servicer, as the case may be.

Transferor’s or Servicer’s Failure to Make a Deposit or Payment. (a) If the Servicer or the Transferor fails to make, or give instructions to make, any payment or deposit (other than as required by subsections 2.4(d) and (e) and 12.2(aSection 2.04(d) or Sections 10.2 and 12.1the last paragraph of Section 3.03) required to be made or given by the Servicer or Transferor, respectively, at the time specified in the Agreement (including applicable grace periods), the Trustee or the Paying Agent shall make such payment or deposit from the applicable Investor Series Account or the Excess Funding Account without instruction from the Servicer or Transferor. The Trustee or the Paying Agent shall be required to make any such payment, payment or deposit or withdrawal hereunder only to the extent that the Trustee or the Paying Agent has sufficient information in a Settlement Statement or other writing furnished by the Servicer or the Majority Certificateholders of the Series affected to allow it the Trustee to determine the amount thereof; providedPROVIDED, howeverHOWEVER, that, to the extent that the Trustee or has actual knowledge of the Paying Agent principal balance of the Series 1997-1 Investor Certificates as of the close of business on the last day of the preceding Settlement Period, the Trustee shall in all cases be deemed to have sufficient information to determine the Class A Note Interest Requirement, the Class B Note Interest Requirement, the Class C Interest Requirement, the Net Class C Interest Requirement and the amount of Monthly Interest payable to the Principal Series 1997-1 Investor Certificateholders on such Payment on each Distribution Date. The Servicer shall, upon request of the Trustee or the Paying AgentTrustee, promptly provide the Trustee or the Paying Agent, as applicable with all information necessary to allow the Trustee or the Paying Agent to make such payment, deposit payment or withdrawaldeposit. Such funds or the proceeds of such withdrawal shall be applied by the Trustee or the Paying Agent in the manner in which such payment or deposit should have been made by the Transferor or the Servicer, as the case may be.

Transferor’s or Servicer’s Failure to Make a Deposit or Payment. If the Servicer or the Transferor fails to make, or give instructions to make, any payment or deposit (other than as required by subsections subsection 2.4(d) and (e) and 12.2(a) or Sections Section 10.2 and 12.1) required to be made or given by the Servicer or the Transferor, respectively, at the time specified in the Agreement or this Series Supplement (including applicable grace periods), the Trustee or the Paying Agent shall make such payment or deposit from the applicable Investor Account without instruction from the Servicer or the Transferor. The Trustee or the Paying Agent shall be required to make any such payment, deposit deposit, or withdrawal hereunder only to the extent that the Trustee or the Paying Agent has sufficient information to allow it to determine the amount amounts thereof; provided, however, that that, absent appropriate instructions from the Servicer or the Transferor, as applicable, the Trustee or the Paying Agent shall in all cases only be deemed to have sufficient information to determine the Class A Note Interest Requirement, the Class B Note Interest Requirement, the Class C Interest Requirement, the Net Class C Interest Requirement and the amount of interest payable to the Principal Payment Series 2002-1 Holders on each Distribution Date. The Trustee shall promptly following failure by either the Servicer or the Transferor to provide any such instructions within the time specified pursuant to the Agreement or this Series Supplement (including applicable grace periods), use its reasonable efforts to contact the Servicer or the Transferor, as applicable to request receipt of any such instructions. The Servicer shall, upon request of the Trustee or the Paying AgentTrustee, promptly provide the Trustee or the Paying Agent, as applicable with all information necessary to allow the Trustee or the Paying Agent to make such payment, deposit or withdrawal. Such funds or the proceeds of such withdrawal shall be applied by the Trustee or the Paying Agent in the manner in which such payment or deposit should have been made by the Transferor or the Servicer, as the case may be.