Common use of Daily and Weekly Clause in Contracts

Daily and Weekly. Upon the closing of each Applicable Underlying Loan, Borrower shall direct in writing and cause the Applicable Underlying Borrower and Applicable Underlying Guarantor, if any, except as provided in the following sentence, to pay Lockbox Agent all interest, principal, Release Fees, prepayments (both voluntary and mandatory), and other amounts of any and every description payable to Borrower by or on behalf of such Applicable Underlying Borrower or Applicable Underlying Guarantor, if any, pursuant to the applicable Pledged Note Receivable or any other Applicable Underlying Loan Documents (hereinafter collectively referred to as the "Aggregate Lockbox Collections"). The Aggregate Lockbox Collections shall be deposited by Lockbox Agent into the lockbox account established and maintained by Lockbox Agent in accordance with the provisions of the Lockbox Agreement (the "Lockbox Account"). Following any advance by Borrower of an Applicable Underlying Loan or any receivables loan from Borrower to the Applicable Underlying Borrower from which any Release Fees and/or other amounts due Borrower from the Applicable Underlying Borrower under the Applicable Underlying Loan Documents have been subtracted, Borrower shall pay all such subtracted amounts, together with any additional amounts paid to or otherwise received from time to time by Borrower in connection with an Applicable Underlying Loan, including but not limited to any amounts received by Borrower upon its realization upon any Applicable Underlying Loan Collateral, directly to Lender (rather than to Lockbox Agent) in the form so received, properly endorsed to Lender. On each Business Day, Lockbox Agent shall deposit into an account in the name of Lender and into which only proceeds of the Pledged Notes Receivable are deposited ("Collection Account") the Aggregate Lockbox Collections then deposited in the Lockbox Account. On the last Business Day of each week, Lockbox Agent shall remit, via wire transfer, all amounts then deposited in the Collection Account directly to Lender in accordance with the terms of the Lockbox Agreement. Notwithstanding the foregoing provisions of this Section 2.5(a) to the contrary, unless a Default exists, Borrower may direct Lockbox Agent to remit to Lender only that portion of the Aggregate Lockbox Collections which represents principal payments on the Pledged Notes Receivable and to remit the balance to Borrower.

Daily and Weekly. Upon the closing of each Applicable Underlying LoanTransaction, Borrower shall direct in writing and cause the Applicable Underlying Borrower Developer and Applicable Underlying Guarantor, if any, except as provided : (i) to direct or otherwise cause the Purchasers and makers of all Pledged Consumer Notes Receivables and Purchased Consumer Notes Receivable to pay all monies due thereunder to the Lockbox Agent in accordance with the following sentence, terms of the Applicable Underlying Transaction Documents; and (ii) to pay Lockbox Agent all interest, principal, Release Fees, if any, prepayments (both voluntary and mandatory), and other amounts of any and every description payable to Borrower by or on behalf of such Applicable Underlying Borrower Developer or Applicable Underlying Guarantor, if any, pursuant to the applicable Pledged Note Receivable Receivable, the Applicable Pledged Put and Reserve Agreement or any other Applicable Underlying Loan Transaction Documents (hereinafter collectively referred to as the "Aggregate Lockbox Collections"). The Aggregate Lockbox Collections shall be deposited by Lockbox Agent into the lockbox account established and maintained by Lockbox Agent in accordance with the provisions of the Lockbox Agreement (the "Lockbox Account"). Following any advance or payment by Borrower of under an Applicable Underlying Loan or any receivables loan from Borrower Transaction to the Applicable Underlying Borrower Developer from which any Release Fees and/or other amounts due Borrower from the Applicable Underlying Borrower Developer under the Applicable Underlying Loan Transaction Documents have been subtracted, Borrower shall pay all such subtracted amounts, together with any additional amounts paid to or otherwise received from time to time by Borrower in connection with an Applicable Underlying LoanTransaction, including but not limited to any amounts received by Borrower upon its realization upon any Applicable Underlying Loan Transaction Collateral, directly to Lender (rather than to Lockbox Agent) in the form so received, properly endorsed to Lender, if appropriate). On each Business Day, Lockbox Agent shall deposit into an account in the name of Lender and into which only proceeds of the Pledged Notes Receivable, the Pledged Put and Reserve Agreements and the Purchased Consumer Notes Receivable and the other Applicable Underlying Purchase Property are deposited ("Collection Account") the Aggregate Lockbox Collections then deposited in the Lockbox Account. On the last Business Day of each week, Lockbox Agent shall remit, via wire transfer, all amounts then deposited in the Collection Account directly to Lender in accordance with the terms of the Lockbox Agreement. Notwithstanding the foregoing provisions of this Section 2.5(a) to the contrary, unless a Default exists, Borrower may direct Lockbox Agent to remit to Lender only that portion of the Aggregate Lockbox Collections which represents principal payments on the Pledged Notes Receivable and to remit the balance to Borrower.