Deposits of Collections Sample Clauses

The 'Deposits of Collections' clause outlines the requirements and procedures for depositing funds that are collected, typically by an agent or intermediary, on behalf of another party. This clause specifies where, when, and how collected monies must be deposited, such as into a designated trust or escrow account, and may set deadlines or conditions for these deposits. Its core practical function is to ensure that collected funds are handled securely and transparently, reducing the risk of misappropriation and providing assurance to all parties that monies are properly managed.
Deposits of Collections. (a) The Servicer has established, and shall maintain, one or more deposit accounts in the name of the Servicer (such account, together with any replacement account, the “Servicer Account”), as described in a written notice from the Servicer to the Subservicer from time to time. The Subservicer shall have no right to receive or commingle Program Collections and shall direct Obligors to deposit all Program Collections (including the Ancillary Fees) directly into the Servicer Account. The Subservicer shall have no right to any monies on deposit in the Servicer Account, and shall have no right to retain or receive any Ancillary Fees. (b) In the event the Subservicer deposits any funds into the Servicer Account that were not required to be deposited therein or were deposited therein in error, the Subservicer shall give prompt written notice to the Servicer thereof, which notice shall include reasonable detail regarding such funds deposited in error and requesting the return of such deposited amount. The Servicer shall return any such amounts to the Subservicer within five (5) Business Days after receipt of such notice.
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Deposits of Collections. Failure of Sellers to cause each Subservicer to comply with the deposit requirements set forth in Section 7.a hereof, if (i) such failure is not cured within two (2) Business Days after notice thereof from Buyer or (ii) the related Seller fails to replace such Subservicer within the applicable time period provided in Section 12.e, with a Subservicer expressly approved in writing by Buyer, which approval shall not be unreasonably withheld or delayed.
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Deposits of Collections. Failure of Seller to cause each Servicer to comply with the deposit requirements set forth in ▇▇▇▇▇▇▇ ▇.▇, ▇▇▇▇▇▇▇ ▇▇.▇ and Section 12.c hereof, if such failure is not cured within two (2) days.
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Deposits of Collections. The Seller will instruct or cause the Collection Agent to instruct all Obligors to remit all their payments in respect of Receivables to a Lock-Box Account. The Seller will instruct or cause the Collection Agent to instruct the appropriate responsible employees at each DTC Store to remit all payments in respect of Receivables which, notwithstanding the aforementioned instructions given to the Obligors, are received at such DTC Store on any Business Day to a Store Account at the end of such Business Day or by 12:00 noon on the next Business Day. If the Seller shall receive any Collections directly (rather than at a DTC Store), it shall immediately (and in any event within two Business Days) deposit the same to a Lock-Box Account or the Collection Account. The Seller will not deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Lock-Box Account cash or cash proceeds other than Collections of Receivables. The Seller will instruct or otherwise cause, or cause the Collection Agent to instruct or otherwise cause, each bank holding a Store Account to remit, on each Business Day from and after the date of this Agreement, by wire transfer, ACH debit or other electronic method, all funds deposited and collected in each Store Account to the Collection Account.
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Deposits of Collections. Failure of a Seller Party to cause each Servicer to comply with the deposit requirements set forth in Section 7.a hereof, if (i) such failure is not cured within two (2) Business Days after notice thereof from Buyer or (ii) a Seller Party fails to replace such Servicer within the applicable time period provided in Section 12.e, with a Servicer expressly approved in writing by Buyer, which approval shall not be unreasonably withheld or delayed.
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Related to Deposits of Collections

  • Rights of Collection Exercise on behalf of the Lenders all of its other rights and remedies under this Agreement, the other Loan Documents and Applicable Law, in order to satisfy all of the Borrower's Obligations.

  • Allocations of Collections 35 SECTION 10. Payments..................................................................................................47 SECTION 11.

  • Costs of Collection In the event that after an Event of Default and during the continuance thereof: (a) the Note or any of the Loan Documents is placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding; (b) an attorney is retained to represent Lender in any bankruptcy, reorganization, receivership, or other proceedings affecting creditors’ rights and involving a claim under the Note or any of the Loan Documents or (c) an attorney is retained to protect or enforce the lien or any of the terms of this Agreement, the Pledge Agreement or any of the Loan Documents, then, in any such instance, Borrower shall pay to Lender all reasonable attorneys’ fees, costs and expenses actually incurred in connection therewith, including costs of appeal, together with interest on any judgment obtained by Lender at the Default Rate.

  • Deposit of Collections The Borrower shall promptly (but in no event later than two Business Days after receipt) deposit or cause to be deposited into the Collection Account any and all Available Collections received by the Borrower, the Servicer or any of their Affiliates.

  • Allocations of Finance Charge Collections The Servicer shall allocate to the Series 1997-1 Certificateholders and retain in the Collection Account for application as provided herein an amount equal to the product of (A) the Floating Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Finance Charge Receivables deposited in the Collection Account on such Deposit Date.