Common use of Treatment of Early Payments Clause in Contracts

Treatment of Early Payments. Early Payments received by the Servicer shall be retained in the Certificate Account and transferred to the Distribution Account when and as if such Early Payments had otherwise been received by the Servicer as scheduled payments under the Assets. However, Early Payments on any Assets for a Series on deposit in the Certificate Account that are not yet due to be passed through to Certificateholders on any Distribution Date may be remitted to the Distribution Account to offset delinquencies on other Assets for the same Series. If Early Payments on any Asset are used to offset delinquencies on other Assets, subsequent late recoveries of such delinquent amounts on such other Assets shall be treated by the Servicer as a restoration of the Early Payments used to offset such delinquent amounts and shall be deposited into the Certificate Account in accordance with Section 3.06(a) hereof. The Servicer shall maintain records with respect to its application of Early Payments.

Treatment of Early Payments. Early Payments received by the Master Servicer shall be retained in the Certificate Account and transferred to the Distribution Account when and as if such Early Payments had otherwise been received by the Master Servicer as scheduled payments under the Assets. However, Early Payments on any Assets for a Series on deposit in the Certificate Account that are not yet due to be passed through to Certificateholders on any Distribution Date may be remitted to the Distribution Account to offset delinquencies on other Assets for the same Series. If Early Payments on any Asset are used to offset delinquencies on other Assets, subsequent late recoveries of such delinquent amounts on such other Assets shall be treated by the Master Servicer as a restoration of the Early Payments used to offset such delinquent amounts and shall be deposited into the Certificate Account in accordance with Section 3.06(a) hereof. The Master Servicer shall maintain records with respect to its application of Early Payments.

Treatment of Early Payments. Early Payments received by the Master Servicer shall be retained in the Certificate Account and transferred to the Distribution Account when and as if such Early Payments had otherwise been received by the Master Servicer as scheduled payments under the Assets. However, Early Payments on any Assets for a Series on deposit in the Certificate Account that are not yet due to be passed through to Certificateholders on any Distribution Date may be remitted to the Distribution Account to offset delinquencies on other Assets for the same Series. If Early Payments on any Asset are used to offset delinquencies on other Assets, subsequent late recoveries of such delinquent amounts on such other Assets shall be treated by the Master Servicer as a restoration of the Early Payments used to offset such delinquent amounts and shall be deposited into the Certificate Account in accordance with Section 3.06(a) hereof. To the extent that subsequent late recoveries in respect of such delinquent amounts on other Assets are insufficient to offset the amount of Early Payment used, then the Master Servicer shall deposit the amount of such insufficiency into the Certificate Amount. The Master Servicer shall maintain records with respect to its application of Early Payments.