Common use of Withdrawals and Remittances Clause in Contracts

Withdrawals and Remittances. (a) On each Business Day, the Seller shall withdraw from the Secondary Portfolio Spread Custodial Account the cash on deposit therein and pay such cash in the following amounts and order of priority, in each case subject to funds remaining available after giving effect to each payment having a higher priority: (i) first, from amounts in the Secondary Portfolio Spread Custodial Account attributable to Secondary Portfolio Termination Payments, pro rata, (A) the Secondary Portfolio Excess Spread Percentage of such Secondary Portfolio Termination Payments to the Purchaser, and (B) the Retained Excess Spread Percentage of such Secondary Portfolio Termination Payments to the Seller; (ii) second, on any Business Day from and including the first Business Day of a calendar month to but excluding the Transaction Remittance Date in such calendar month, at the option of the Seller, the Base Servicing Fee payable with respect to a prior Collection Period for the Secondary Portfolio Mortgage Loans to the Seller; (iii) third, on each Transaction Remittance Date, to the extent not previously paid to the Seller in accordance with clause (ii), any accrued and unpaid Base Servicing Fee in respect of the Secondary Portfolio Mortgage Loans to the Seller; (iv) fourth, on each Transaction Remittance Date, pro rata, (A) to the Purchaser, any Secondary Portfolio Excess Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Portfolio Termination Payments paid pursuant to the foregoing clauses); and (B) to the Seller, any Secondary Portfolio Retained Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Portfolio Termination Payments paid pursuant to the foregoing clauses)); provided, however, that prior to the distribution to the Seller of any Primary Portfolio Retained Spread pursuant to clause (B), the Primary Portfolio Retained Spread shall be applied to the payment of any indemnity payments then due and payable by the Seller to the Purchaser or its related indemnified persons under Section 8.03; (v) fifth, on each Transaction Remittance Date, to the Seller, any other amounts remaining on deposit in the Secondary Portfolio Spread Custodial Account. (b) All payments to the Purchaser shall be made by wire transfer of immediately available funds to an account designated by the Purchaser.

Withdrawals and Remittances. (a) On each Business Day, the Seller shall withdraw from the Secondary Portfolio Primary Spread Custodial Account the cash on deposit therein and pay such cash in the following amounts and order of priority, in each case subject to funds remaining available after giving effect to each payment having a higher priority: (i) first, from amounts in the Secondary Portfolio Primary Spread Custodial Account attributable to Secondary Primary Portfolio Termination Payments, pro rata, (A) the Secondary Portfolio Transaction Excess Spread Percentage of such Secondary Primary Portfolio Termination Payments to the Purchaser, and (B) the Transaction Retained Excess Spread Percentage of such Secondary Primary Portfolio Termination Payments to the Seller; (ii) second, on any Business Day from and including the first Business Day of a calendar month to but excluding the Transaction Remittance Date in such calendar month, at the option of the Seller, the Base Servicing Fee payable with respect to a prior Collection Period for the Secondary Primary Portfolio Mortgage Loans to the Seller; (iii) third, on each Transaction Remittance Date, to the extent not previously paid to the Seller in accordance with clause (ii), any accrued and unpaid Base Servicing Fee in respect of the Secondary Primary Portfolio Mortgage Loans to the Seller; (iv) fourth, on each Transaction Remittance Date, pro rata, (A) to the Purchaser, any Secondary Primary Portfolio Excess Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Primary Portfolio Termination Payments paid pursuant to the foregoing clauses); and (B) to the Seller, any Secondary Primary Portfolio Retained Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Primary Portfolio Termination Payments paid pursuant to the foregoing clauses)); provided, however, that prior to the distribution to the Seller of any Primary Portfolio Retained Spread pursuant to clause (B), the Primary Portfolio Retained Spread shall be applied to the payment of any indemnity payments then due and payable by the Seller to the Purchaser or its related indemnified persons under Section 8.03;; and (v) fifth, on each Transaction Remittance Date, to the Seller, any other amounts remaining on deposit in the Secondary Portfolio Primary Spread Custodial Account. (b) All payments to the Purchaser shall be made by wire transfer of immediately available funds to an account designated by the Purchaser.

Withdrawals and Remittances. (a) On each Business Day, during the term of the Loan and Security Agreement, the Seller shall deposit all funds received on account of the Participation Certificates into the Dedicated Account; provided that upon termination of the Loan and Security Agreement, the Seller shall withdraw from the Secondary Portfolio Spread Custodial Account the cash on deposit therein and pay such cash in the following amounts and order of priority, in each case subject to funds remaining available after giving effect to each payment having a higher priority: (i) first, from amounts in the Secondary Portfolio Spread Custodial Account attributable to Secondary Portfolio Termination Payments, pro rata, (A) the Secondary Portfolio Excess Spread Percentage of such Secondary Portfolio Termination Payments to the Purchaser, and (B) the Retained Excess Spread Percentage of such Secondary Portfolio Termination Payments to the Seller; (ii) second, on any Business Day from and including the first last Business Day of a each calendar month to but excluding the Transaction Remittance Date in such calendar monthweek, at the option of the Seller, the any accrued and unpaid Base Servicing Fee payable with in respect to a prior Collection Period for of the Secondary Portfolio Mortgage Loans to the Seller; (iii) third, on each Transaction Remittance Date, to the extent not previously paid to the Seller in accordance with clause (iiSection 6.03(a)(ii), any accrued and unpaid Base Servicing Fee in respect of the Secondary Portfolio Mortgage Loans to the Seller; (iv) fourth, on each Transaction Remittance Date, pro rata, (A) to the Purchaser, any Secondary Portfolio Excess Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Portfolio Termination Payments paid pursuant to the foregoing clauses); and (B) to the Seller, any Secondary Portfolio Retained Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Portfolio Termination Payments paid pursuant to the foregoing clauses)); provided, however, that prior to the distribution to the Seller of any Primary Portfolio Retained Spread pursuant to clause (B), the Primary Portfolio Retained Spread shall be applied to the payment of any indemnity payments then due and payable by the Seller to the Purchaser or its related indemnified persons under Section 8.03; (v) fifth, on each Transaction Remittance Date, to the Seller, any other amounts remaining on deposit in the Secondary Portfolio Spread Custodial Account. (b) All payments to the Purchaser shall be made by wire transfer of immediately available funds to an account designated by the Purchaser.

Withdrawals and Remittances. (a) On each Business Day, the Seller shall withdraw from the Secondary Primary Portfolio Spread Custodial Account the cash on deposit therein and pay such cash in the following amounts and order of priority, in each case subject to funds remaining available after giving effect to each payment having a higher priority: (i) first, from amounts in the Secondary Primary Portfolio Spread Custodial Account attributable to Secondary Primary Portfolio Termination Payments, pro rata, (A) the Secondary Portfolio Transaction Excess Spread Percentage of such Secondary Primary Portfolio Termination Payments to the Purchaser, and (B) the Transaction Retained Excess Spread Percentage of such Secondary Primary Portfolio Termination Payments to the Seller; (ii) second, on any Business Day from and including the first last Business Day of a each calendar month to but excluding the Transaction Remittance Date in such calendar monthweek, at the option of the Seller, the any accrued and unpaid Base Servicing Fee payable with in respect to a prior Collection Period for of the Secondary Primary Portfolio Mortgage Loans to the Seller; (iii) third, on each Transaction Remittance Date, to the extent not previously paid to the Seller in accordance with clause (iiSection 5.03(a)(ii), any accrued and unpaid Base Servicing Fee in respect of the Secondary Primary Portfolio Mortgage Loans to the Seller; (iv) fourth, on each Transaction Remittance Date, pro rata, (A) to the Purchaser, any Secondary Primary Portfolio Excess Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Primary Portfolio Termination Payments paid pursuant to the foregoing clauses); and (B) to the Seller, any Secondary Primary Portfolio Retained Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Primary Portfolio Termination Payments paid pursuant to the foregoing clauses)); provided, however, that prior to the distribution to the Seller of any Primary Portfolio Retained Spread pursuant to clause (B), the Primary Portfolio Retained Spread shall be applied to the payment of any indemnity payments then due and payable by the Seller to the Purchaser or its related indemnified persons under Section 8.03;; and (v) fifth, on each Transaction Remittance Date, to the Seller, any other amounts remaining on deposit in the Secondary Primary Portfolio Spread Custodial Account. (b) All payments to the Purchaser shall be made by wire transfer of immediately available funds to an account designated by the Purchaser.

Withdrawals and Remittances. (a) On each Business Day, during the term of the Loan and Security Agreement, the Seller shall deposit all funds received on account of the Participation Certificates into the Dedicated Account; provided that upon the termination of the Loan and Security Agreement, the Seller shall withdraw from the Secondary Primary Portfolio Spread Custodial Account the cash on deposit therein and pay such cash in the following amounts and order of priority, in each case subject to funds remaining available after giving effect to each payment having a higher priority: (i) first, from amounts in the Secondary Primary Portfolio Spread Custodial Account attributable to Secondary Primary Portfolio Termination Payments, pro rata, (A) the Secondary Portfolio Transaction Excess Spread Percentage of such Secondary Primary Portfolio Termination Payments to the Purchaser, and (B) the Transaction Retained Excess Spread Percentage of such Secondary Primary Portfolio Termination Payments to the Seller; (ii) second, on any Business Day from and including the first last Business Day of a each calendar month to but excluding the Transaction Remittance Date in such calendar monthweek, at the option of the Seller, the any accrued and unpaid Base Servicing Fee payable with in respect to a prior Collection Period for of the Secondary Primary Portfolio Mortgage Loans to the Seller; (iii) third, on each Transaction Remittance Date, to the extent not previously paid to the Seller in accordance with clause (iiSection 5.03(a)(ii), any accrued and unpaid Base Servicing Fee in respect of the Secondary Primary Portfolio Mortgage Loans to the Seller; (iv) fourth, on each Transaction Remittance Date, pro rata, (A) to the Purchaser, any Secondary Primary Portfolio Excess Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Primary Portfolio Termination Payments paid pursuant to the foregoing clauses); and (B) to the Seller, any Secondary Primary Portfolio Retained Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Primary Portfolio Termination Payments paid pursuant to the foregoing clauses)); provided, however, that prior to the distribution to the Seller of any Primary Portfolio Retained Spread pursuant to clause (B), the Primary Portfolio Retained Spread shall be applied to the payment of any indemnity payments then due and payable by the Seller to the Purchaser or its related indemnified persons under Section 8.03;; and (v) fifth, on each Transaction Remittance Date, to the Seller, any other amounts remaining on deposit in the Secondary Primary Portfolio Spread Custodial Account. (b) All payments to the Purchaser shall be made by wire transfer of immediately available funds to an account designated by the Purchaser.

Withdrawals and Remittances. (a) On each Business Day, the Seller shall withdraw from the Secondary Portfolio Spread Custodial Account the cash on deposit therein and pay such cash in the following amounts and order of priority, in each case subject to funds remaining available after giving effect to each payment having a higher priority: (i) first, from amounts in the Secondary Portfolio Spread Custodial Account attributable to Secondary Portfolio Termination Payments, pro rata, (A) the Secondary Portfolio Excess Spread Percentage of such Secondary Portfolio Termination Payments to the Purchaser, and (B) the Retained Excess Spread Percentage of such Secondary Portfolio Termination Payments to the Seller; (ii) second, on any Business Day from and including the first last Business Day of a each calendar month to but excluding the Transaction Remittance Date in such calendar monthweek, at the option of the Seller, the any accrued and unpaid Base Servicing Fee payable with in respect to a prior Collection Period for of the Secondary Portfolio Mortgage Loans to the Seller; (iii) third, on each Transaction Remittance Date, to the extent not previously paid to the Seller in accordance with clause (iiSection 6.03(a)(ii), any accrued and unpaid Base Servicing Fee in respect of the Secondary Portfolio Mortgage Loans to the Seller; (iv) fourth, on each Transaction Remittance Date, pro rata, (A) to the Purchaser, any Secondary Portfolio Excess Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Portfolio Termination Payments paid pursuant to the foregoing clauses); and (B) to the Seller, any Secondary Portfolio Retained Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Portfolio Termination Payments paid pursuant to the foregoing clauses)); provided, however, that prior to the distribution to the Seller of any Primary Portfolio Retained Spread pursuant to clause (B), the Primary Portfolio Retained Spread shall be applied to the payment of any indemnity payments then due and payable by the Seller to the Purchaser or its related indemnified persons under Section 8.03; (v) fifth, on each Transaction Remittance Date, to the Seller, any other amounts remaining on deposit in the Secondary Portfolio Spread Custodial Account. (b) All payments to the Purchaser shall be made by wire transfer of immediately available funds to an account designated by the Purchaser.

Withdrawals and Remittances. (a) On each Business DayTransaction Remittance Date (so long as an Event of Default has not occurred), the Seller shall withdraw from the Secondary Portfolio Spread Custodial Account the cash on deposit therein with respect to the Primary Portfolio Collections and pay such cash in the following amounts and order of priority, in each case subject to funds remaining available after giving effect to each payment having a higher priority: (i) first, any accrued and unpaid Base Servicing Fee in respect of the Primary Portfolio Mortgage Loans to the Seller; (ii) second, from amounts in the Secondary Portfolio Spread Custodial Account attributable to Secondary Primary Portfolio Termination Payments, pro rata, (A) the Secondary Portfolio Transaction Excess Spread Percentage of such Secondary Primary Portfolio Termination Payments to the Purchaserholder of the Participation Certificate, and (B) the Transaction Retained Excess Spread Percentage of such Secondary Primary Portfolio Termination Payments to the Seller; (ii) second, on any Business Day from and including the first Business Day of a calendar month to but excluding the Transaction Remittance Date in such calendar month, at the option of the Seller, the Base Servicing Fee payable with respect to a prior Collection Period for the Secondary Portfolio Mortgage Loans to the Seller; (iii) third, pro rata, (A) to the holder of the Participation Certificate, any Primary Portfolio Excess Spread for the prior Collection Period (other than the portion thereof consisting of Primary Portfolio Termination Payments paid pursuant to clause (i) above); and (B) to the Seller, any Primary Portfolio Retained Spread for the prior Collection Period (other than the portion thereof consisting of Primary Portfolio Termination Payments paid pursuant to clause (i) above); provided, however, that prior to the distribution to the Seller of any Primary Portfolio Retained Spread pursuant to clause (B), the Primary Portfolio Retained Spread shall be applied to the payment of any indemnity payments then due and payable by the Seller to the Purchaser or its related indemnified persons under Section 8.03; and (iv) fourth, to the Seller, any other amounts remaining on deposit in the Portfolio Spread Custodial Account with respect to the Primary Portfolio Collections. (b) On each Transaction Remittance DateDate (so long as an Event of Default has not occurred), the Seller shall withdraw from the Portfolio Spread Custodial Account the cash on deposit therein with respect to the extent not previously paid Secondary Portfolio Collections and pay such cash in the following amounts and order of priority, in each case subject to the Seller in accordance with clause funds remaining available after giving effect to each payment having a higher priority: (ii)i) first, any accrued and unpaid Base Servicing Fee in respect of the Secondary Portfolio Mortgage Loans to the Seller; (ivii) fourthsecond, on each from amounts in the Portfolio Spread Custodial Account attributable to Secondary Portfolio Termination Payments, pro rata, (A) the Transaction Remittance DateExcess Spread Percentage of such Secondary Portfolio Termination Payments to the holder of the Participation Certificate, and (B) the Transaction Retained Excess Spread Percentage of such Secondary Portfolio Termination Payments to the Seller; (iii) third, pro rata, (A) to the Purchaserholder of the Participation Certificate, any Secondary Portfolio Excess Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Portfolio Termination Payments paid pursuant to the foregoing clausesclause (i) above); and (B) to the Seller, any Secondary Portfolio Retained Spread for the prior Collection Period (other than the portion thereof consisting of Secondary Portfolio Termination Payments paid pursuant to the foregoing clauses)clause (i) above); provided, however, that prior to the distribution to the Seller of any Primary Portfolio Retained Spread pursuant to clause (B), the Primary Portfolio Retained Spread shall be applied to the payment of any indemnity payments then due and payable by the Seller to the Purchaser or its related indemnified persons under Section 8.03; (viv) fifth, on each Transaction Remittance Datefourth, to the Seller, any other amounts remaining on deposit in the Secondary Portfolio Spread Custodial Account. (bc) All After the termination of the PMH Repurchase Agreement and payment of all related obligations under the PC Repurchase Agreement, all payments to the Purchaser holder of the Participation Certificate shall be deposited into the PMH Custodial Account and made by wire transfer of immediately available funds to an account designated by the Purchaserholder of the Participation Certificate.