Common use of Failure to Remit Principal Payment Clause in Contracts

Failure to Remit Principal Payment. Seller fails to remit (or cause to be remitted) to Buyer any Principal Payment received with respect to a Purchased Asset for application to the payment of the Repurchase Price for such Purchased Asset in accordance with Article 5(e), that Seller shall have one (1) Business Day to cure any failure to remit Principal Payment resulting from an error or omission of an administrative or operational nature.

Failure to Remit Principal Payment. Seller fails to remit (or cause to be remitted) to Buyer Purchaser any Principal Payment received with respect to a Purchased Asset for application to the payment of the Repurchase Purchase Price for such Purchased Asset in accordance with Article 5(e); provided, that however, no more than one (1) time during any twelve (12) month period Seller shall have may cure such failure within one (1) Business Day to cure any if such failure to remit Principal Payment resulting from arose solely by reason of an error or omission of an administrative or operational naturenature and funds were available to Seller to enable it to make such payment when due.

Failure to Remit Principal Payment. Seller fails to remit (or cause to be remitted) to Buyer Purchaser any Principal Payment received with respect to a Purchased Asset for application to the payment of the Repurchase Price for such Purchased Asset in accordance with Article 5(e5(f) or 5(g); provided that if the failure to pay is due to an Account Bank or Servicer administrative error that is curable, that Seller shall have one three (13) Business Day Days to cure any or caused to be cured such failure to remit Principal Payment resulting from an error or omission of an administrative or operational naturepay.

Failure to Remit Principal Payment. Seller fails to remit (or cause to be remitted) to Buyer any Principal Payment received with respect to a Purchased Asset for application to the payment of the Repurchase Price for such Purchased Asset in accordance with Article 5(e); provided, that such failure shall not be an Event of Default if sufficient Income is on deposit in the applicable Collection Account to make such payment and the Account Bank fails to remit such funds to Buyer at the time such payment is due, so long as Seller shall have causes such funds to be remitted to Buyer within one (1) Business Day to cure any failure to remit Principal Payment resulting from an error or omission of an administrative or operational naturesuch failure.