Monthly Remittance Condition definition

Monthly Remittance Condition has the meaning set forth in Section 4.2 of the Sale and Servicing Agreement.

Monthly Remittance Condition. Each of the following conditions:

Monthly Remittance Condition shall have the meaning assigned to such term in Section 5.02.

Examples of Monthly Remittance Condition in a sentence

• The Servicer shall deposit an amount equal to all Collections into the Collection Account within two Business Days after identification; provided, however, that if the Monthly Remittance Condition is satisfied, then the Servicer shall not be required to deposit into the Collection Account an amount equal to the Collections received during any Collection Period until noon, New York City time, on the Business Day prior to the related Payment Date.

• If the Monthly Remittance Condition is satisfied, the Servicer shall be permitted to deposit into the Collection Account by noon, New York City time, on the Business Day prior to the related Payment Date only the net amount distributable to Persons other than the Servicer and its Affiliates on such Payment Date.

• All amounts received upon liquidation of a Financed Vehicle shall be remitted directly by the Servicer to the Collection Account without deposit into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof (or, if the Monthly Remittance Condition is satisfied, by no later than noon, New York City time, on the Business Day prior to the Distribution Date immediately following receipt thereof).

• If the Monthly Remittance Condition is satisfied, the Servicer shall be permitted to deposit into the Collection Account only the net amount distributable to Persons other than the Servicer and its Affiliates on the Payment Date.

• If a Monthly Remittance Condition is not satisfied, commencing with the first day of the first Monthly Period that begins at least two (2) Business Days after the day on which any Monthly Remittance Condition ceases to be satisfied, the Servicer shall remit to the Collection Account all payments by or on behalf of the Obligors on the Receivables and all Liquidation Proceeds within two (2) Business Days after receipt thereof.

More Definitions of Monthly Remittance Condition

Monthly Remittance Condition means, as of any date, that (i) GM Financial is the Servicer, (ii) GM Financial (or General Motors Financial Company, Inc., for so long as it is an Affiliate of GM Financial) has a short-term unsecured debt rating of at least “F1” by Fitch and at least “A-1” by Standard & Poor’s and (iii) no Servicer Termination Event or Event of Default has occurred and is continuing.

Monthly Remittance Condition has the meaning set forth in Section 8.03(c) of the 20[•]-[•] Servicing Supplement.

Monthly Remittance Condition means that (i) MBFS USA is the Servicer and is a direct or indirect wholly owned subsidiary of Daimler AG, (ii) there exists no Servicer Event of Default and (iii) Daimler AG’s and MBFS USA’s short-term unsecured debt is rated in the highest short-term rating category (excluding any “+” signs associated with such rating) by each Rating Agency.

Monthly Remittance Condition means each of the following conditions has been satisfied: (i) World Omni is the Servicer, (ii) no Servicer Default shall have occurred and is continuing, and (iii) (a) World Omni’s long-term unsecured debt obligations rating by S&P is BBB or better and (b) World Omni’s unsecured debt obligations rating by any other Rating Agency is acceptable to such other Rating Agency.

Monthly Remittance Condition means either (a) the Servicer obtains a short-term certificate of deposit rating of the Servicer from Standard & Poor's and Moody's of A-1+ and P-1, respectively, or (b) the Servicer provides the Indenture Trustee with a letter from each Rating Agency to the effect that the current ratings assigned to the Securities by such Rating Agency will not be adversely affected by the remittance of Collections on a monthly, rather than a daily, basis.

Monthly Remittance Condition means, as of any date, that (i) AmeriCredit is the Servicer, (ii) AmeriCredit has a short-term unsecured debt rating of at least “F1” by Fitch and at least “P-1” by Moody’s and (iii) no Servicer Termination Event or Event of Default has occurred and is continuing.

Monthly Remittance Condition has the meaning set forth in Section 13.3 of the Exchange Note Servicing Supplement.