Remittance Procedures Sample Clauses
The Remittance Procedures clause defines the process and requirements for transferring payments between parties under the agreement. It typically outlines the methods of payment, such as wire transfer or check, specifies the timing and frequency of remittances, and may include details like required documentation or reference information to accompany each payment. By clearly establishing how and when payments should be made, this clause helps prevent disputes and ensures timely and accurate financial transactions between the parties.
Remittance Procedures. The Servicer shall instruct the Collateral Agent by delivery of the Servicing Report and, if the Servicer fails to do so, the Administrative Agent may instruct the Collateral Agent, to apply funds on deposit in the Controlled Accounts as described in this Section 2.04; provided that, at any time after delivery of a Notice of Exclusive Control, the Administrative Agent shall instruct the Collateral Agent to apply funds on deposit in the Controlled Accounts as described in this Section 2.04.
Remittance Procedures. On each Payment Date, the Servicer, as agent for the Administrative Agent and the Lender Agents, shall instruct the Collateral Agent and, if the Servicer fails to do so, the Administrative Agent may instruct the Collateral Agent, to apply funds on deposit in the Collection Account as described in this Section 2.04; provided that, at any time after delivery of Notice of Exclusive Control, the Administrative Agent shall instruct the Collateral Agent to apply funds on deposit in the Collection Account as described in this Section 2.04.
Remittance Procedures. The Servicer, as agent for the Agent and the Lenders, shall instruct the Trustee and, if the Servicer fails to do so, the Agent may instruct the Trustee, to apply funds on deposit in the Controlled Accounts as described in this Section 2.04; provided that, at any time after delivery of Notice of Exclusive Control (as defined in the Collection Account Agreement), the Agent shall instruct the Trustee to apply funds on deposit in the Controlled Accounts as described in this Section 2.04.
Remittance Procedures. On each Payment Date, the Servicer, as agent for the Administrative Agent and the Lender Agents, shall instruct the Collateral Agent (and the Collateral Agent shall instruct the Account Bank) and, if the Servicer fails to do so, the Administrative Agent may instruct the Collateral Agent (and the Collateral Agent shall instruct the Account Bank), to apply funds on deposit in the Collection Account as described in this Section 2.04; provided that, at any time after delivery of Notice of Exclusive Control, the Administrative Agent shall instruct the Collateral Agent (and the Collateral Agent shall instruct the Account Bank) to apply funds on deposit in the Collection Account as described in this Section 2.04.
Remittance Procedures. By delivery of a Servicing Report on a Reporting Date, the Servicer, as agent for the Administrative Agent and the Lenders, shall, and if the Servicer fails to do so, the Administrative Agent may instruct the Account Bank to, apply funds on deposit in the Controlled Accounts on the related Payment Date as described in this Section 2.04; provided that at any time after delivery of Notice of Exclusive Control that has not been rescinded, the Administrative Agent shall instruct the Collateral Agent (who shall instruct the Account Bank) to apply funds on deposit in the Controlled Accounts as described in this Section 2.04.
Remittance Procedures. Subject to Section 7.03(c)(i)(E) (if then applicable) and the proviso set forth in Section 2.04(a), the Servicer, as agent for the Lenders, with the prior written consent of the Collateral Agent, shall instruct the Lenders’ Bank and, if the Servicer fails to do so, the Collateral Agent shall instruct the Lenders’ Bank, to apply funds on deposit in the Collection Account as described in this Section 2.04.
Remittance Procedures. With respect to Section 2.08(a), on each Payment Date, the Facility Servicer, on behalf of the Borrower, shall instruct the Account Bank to remit funds on deposit in the Collection Account as described in this Section 2.08 and in accordance with the Payment Date Report and shall instruct the Administrative Agent to apply such funds as described in this Section 2.08 and in accordance with the Payment Date Report, such funds to be received by the Administrative Agent no later than 12:00 p.m. on each Payment Date; provided that, at any time after delivery of Notice of Exclusive Control pursuant to the terms of the Account Control Agreement, the Administrative Agent shall instruct the Account Bank to remit funds on deposit in the Collection Account to the Administrative Agent as described in this Section 2.08.
Remittance Procedures. The Servicer shall instruct the Account Bank by delivery of the Servicing Report to the Account Bank and the Collateral Agent and, if the Servicer fails to do so, the Collateral Agent may instruct the Account Bank, to apply funds on deposit in the Controlled Accounts as described in this Section 2.04; provided that, at any time after delivery of a Notice of Exclusive Control that has not been rescinded by the Collateral Agent, the Collateral Agent shall instruct the Account Bank to apply funds on deposit in the Controlled Accounts as described in this Section 2.04.
(a) Interest Payments prior to the end of the Facility Maturity Date or an Event of Default. Prior to the occurrence of an Event of Default (that has not been waived) or the Facility Maturity Date, on each Payment Date the Servicer shall (or, after delivery of a Notice of Exclusive Control, the Collateral Agent shall) transfer Interest Collections held by the Account Bank in the Interest Collection Account to the following Persons in the following amounts, calculated as of the most recent Determination Date, and priority:
(i) to the applicable Governmental Authority, any Tax or withholding for or on account of any Tax which could result in a Lien on any of the Collateral Portfolio; provided that amounts payable with respect to this clause (i) shall not exceed $100,000 for any 12-month period;
(ii) to the Collateral Custodian and the Account Bank, in payment in full of all accrued (A) Collateral Custodian and Account Bank Fees and (B) Collateral Custodian and Account Bank Expenses as set forth in the Collateral Custodian and Account Bank Fee Letter; provided that amounts payable with respect to clause (ii)(B) shall not exceed $125,000 for any 12-month period;
(iii) to the Collateral Agent, in payment in full of all accrued Collateral Agent Fees and Collateral Agent Expenses; provided that amounts payable with respect to Collateral Agent Expenses pursuant to this clause (iii) (and Section 2.04(b)(i) and (c)(iii), if applicable) shall not, collectively, exceed $50,000 for any 12-month period; provided further that if there are any indemnification obligations owed to the Collateral Agent which cause such amounts payable to exceed $50,000 for any 12-month period, then amounts payable pursuant to this clause (iii) (and Section 2.04(b)(i) and (c)(iii), if applicable) shall not, collectively exceed $100,000 for any 12-month period;
(iv) to the Servicer, in payment in full of all accrued and unpaid Servi...
Remittance Procedures. On each Payment Date (including, Inter-Period Payment Dates), the Administrative Agent, on behalf of the Borrower, shall instruct the Account Bank to remit funds on deposit in the Collection Accounts as described in this Section 2.08 in accordance with the Payment Date Report for such Payment Date.
Remittance Procedures. The Servicer shall instruct the Collateral Agent by delivery of the Servicing Report and, if the Servicer fails to do so, the Administrative Agent may instruct the Collateral Agent, to apply funds on deposit in the Controlled Accounts as described in this Section 2.04 and subject to the Pari Passu Provisions; provided that, at any time after delivery of a Notice of Exclusive Control (and prior to any rescission of such Notice of Exclusive Control), the Administrative Agent shall instruct the Collateral Agent to apply funds on deposit in the Controlled Accounts as described in this Section 2.04. Any transfers or payments made pursuant to this Agreement shall be made by wire transfer in immediately available funds and in no event shall the Collateral Agent be required to disburse any funds via check; provided that the Collateral Agent may require certain information for verification purposes prior to processing any such wire transfer.