Common use of Remittance of Collections Clause in Contracts

Remittance of Collections. (i) On or before the second to last Business Day of each month (the "Remittance Date"), and subject to the provisions of paragraph 10 hereunder, the Collection Agent shall deposit to the Agent's account for the benefit of the Purchaser, as described in paragraph 9(i), the amount of such Collections deposited in the Segregated Account since the immediately preceding Remittance Date; provided, that, any Collections received by the Collection Agent with respect to any Scheduled Payment included in the calculation of the Purchase Price of a Purchased Lease Receivable on or prior to the Purchase Date therefor, shall be remitted to the Purchaser on such Purchase Date. (ii) On or before each Remittance Date, the Seller will remit to the Collection Agent the past-due monthly Scheduled Payments ("Seller Remittances") on behalf of each Obligor of a Purchased Lease Receivable unless the Seller in good faith believes that the Obligor of such Purchased Lease Receivable has failed to make such Scheduled Payment as a result of an inability to pay for credit reasons. Any Seller Remittances shall be deemed Collections hereunder. If an Obligor pays any past-due Scheduled Payment with respect to which the Seller has made Seller Remittances, such Scheduled Payment(s) shall be for the Seller's account and shall not be considered "Collections" hereunder. In the event the Seller and the Purchaser determine that an Obligor of a Purchased Lease Receivable has failed to make any Scheduled Payment as a result of an inability to pay for credit reasons, and upon the request of the Seller, the Purchaser shall, or shall direct the Collection Agent to, return to the Seller any Seller Remittances made on behalf of such Obligor; provided that the Purchaser shall not be obligated to return any such Seller Remittances with respect to any Obligor that the Seller has not undertaken the proper procedures for Obligors in accordance with the Credit and Collection Policy.

Remittance of Collections. (ia) On or before Upon the second transfer of PACE Charge Liens to last Business Day the Trust pursuant to Section 2.01 hereof, the Servicers will, in accordance with the servicing standard set forth in Section 2.01(a) of each month (the "Remittance Date")applicable Servicing Agreement, enforce and subject secure Collections on liens held by the Trust with respect to a Subject Property including any PACE Charge Liens, which Collections, pursuant to the Paying Agent and Custody Agreement, shall be received and deposited by the Paying Agent and Custodian into the appropriate account pursuant to the provisions of paragraph 10 hereunderthe Trust Agreement and Paying Agent and Custody Agreement, as may be amended from time to time. With respect to a Subject Property, such Collections shall be applied as follows: (i) First, in the Collection Agent shall deposit to the Agent's account for the benefit event of a foreclosure judgment and sale of the PurchaserSubject Property, as described in paragraph 9(i), the amount of to all court and legal fees and charges related to such Collections deposited in the Segregated Account since the immediately preceding Remittance Date; provided, that, any Collections received by the Collection Agent with respect to any Scheduled Payment included in the calculation of the Purchase Price of a Purchased Lease Receivable on or prior to the Purchase Date therefor, shall be remitted to the Purchaser on such Purchase Date.foreclosure and sale; (ii) On or before each Remittance DateSecond, pro rata based on the Seller will remit aggregate principal balance of the tax liens and the aggregate PACE Charge Lien Principal Balance of the PACE Charge Liens on such Subject Property, to all such fees and charges payable to the Collection Trust, Trustee (as such or in its individual capacity), Servicers and Paying Agent and such other fees, administrative and otherwise, payable pursuant to the past-Trust Agreement, Paying Agent and Custody Agreement and Servicing Agreements; (iii) Third, to (x) all due monthly Scheduled Payments and payable delinquent property taxes, other City related property charges and any interest or penalties thereon; and ("Seller Remittances"y) on behalf of each Obligor of a Purchased Lease Receivable unless all due and payable delinquent water and sewer charges and fees and any interest and penalties thereon due and payable to the Seller in good faith believes that New York City Water Board; provided, however, if the Obligor of such Purchased Lease Receivable has failed to make such Scheduled Payment as a result of an inability remaining Collections are insufficient to pay for credit reasons. Any Seller Remittances the amounts cited in (x) and (y) in this subsection, such Collections shall be deemed Collections hereunder. If an Obligor pays applied on a pro rata basis to such charges and interest; (iv) Fourth, to (x) the payment of all property tax liens and other City related property liens held by the Trust and any past-due Scheduled Payment with respect to which the Seller has made Seller Remittances, such Scheduled Payment(s) shall be for the Seller's account and shall not be considered "Collections" hereunder. In the event the Seller and the Purchaser determine that an Obligor of a Purchased Lease Receivable has failed to make any Scheduled Payment as a result of an inability to pay for credit reasons, and upon the request of the Seller, the Purchaser shall, interest or shall direct the Collection Agent to, return to the Seller any Seller Remittances made on behalf of such Obligorpenalties thereon; provided that the Purchaser shall not be obligated to return any such Seller Remittances with respect to any Obligor that the Seller has not undertaken the proper procedures for Obligors in accordance with the Credit and Collection Policy.and