SERVICER REMITTANCES Clause Samples
The Servicer Remittances clause defines the obligation of the servicer to collect and transfer payments received from borrowers to the appropriate parties, such as investors or trustees, according to a specified schedule. Typically, this involves the servicer aggregating loan payments and remitting them on a monthly or quarterly basis, often after deducting any servicing fees or expenses. This clause ensures that funds flow efficiently and transparently from borrowers to stakeholders, minimizing the risk of misallocation or delay in payment distribution.
SERVICER REMITTANCES. Remittances for mortgage payments and payoffs received from servicers shall be deposited into the applicable certificate account within one business day of receipt.
SERVICER REMITTANCES. On each Servicer Remittance Date the Servicer, in accordance with Section 7.2, shall remit by wire transfer of immediately available funds to the Master Servicer the sum of the following (the “Servicer Remittance Amount”):
(a) all amounts deposited in the Custodial Accounts as of the close of business on the Determination Date (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.6), plus
(b) all amounts, if any, which the Servicer is obligated to advance pursuant to Section 7.3, minus
(c) any amounts attributable to Principal Prepayments received after the applicable Prepayment Period which amounts shall be remitted on the following Servicer Remittance Date, together with any additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 4.4; and minus
(d) any amounts attributable to Scheduled Monthly Payments collected but due on a Due Date or Dates subsequent to the first day of the month of the Servicer Remittance Date, which amounts shall be remitted on the Servicer Remittance Date next succeeding the Due Period for such amounts. On each Servicer Remittance Date, no later than 1:00 p.m. New York City time, the Servicer shall remit the Servicer Remittance Amount by wire transfer of immediately available funds to the Master Servicer. All remittances required to be made to the Master Servicer shall be made to the following wire account or to such other account as may be specified by the Master Servicer from time to time: [ ] [ ] ABA#: [ ] Account Name: [ ] Account Number: [ ] For further credit to: [ ] With respect to any remittance received by the Master Servicer after the Servicer Remittance Date on which such payment was due, the Servicer shall pay to the Purchase interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Custodial Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest...
SERVICER REMITTANCES. A. Remittances for mortgage payments and payoffs received from servicers shall be deposited into the applicable certificate account within one business day of receipt.
B. Remittances from servicers shall be reconciled to applicable loan records maintained by WFBNA during the appropriate accounting cycle.
C. Reconciliations shall be performed monthly for each servicer remittance. These reconciliations shall:
1) Be mathematically accurate.
2) Be prepared within thirty (30) calendar days after the cutoff date.
SERVICER REMITTANCES. (a) The Servicer, as agent of the Issuer, shall remit to the Indenture Trustee for deposit in the Collection Account (or as otherwise provided in the Indenture) by 12:00 noon (Central time) on the first Business Day of each week, the amounts described below that have been collected by the Servicer through 4:00 p.m. (Central time) on the preceding Business Day so long as such amounts in the aggregate exceed $1,000; PROVIDED that if such amounts in the aggregate are less than $1,000, the Servicer shall hold all such amounts in trust until they reach an aggregate amount of $1,000, at which time the Servicer shall remit such amounts to the Indenture Trustee in accordance with the provisions of this Section 3.03:
(i) all payments made under the Contracts by or on behalf of the Customers relating to the Receivables, including, without limitation, Scheduled Payments, Servicing Charges, prepayments and periodic payments made under the terms of any Contract following the Final Due Date of such Contract , but excluding taxes received by the Servicer and paid by the Servicer directly to the applicable taxing authority prior to the applicable date of deposit for such funds;
(ii) all Residual Proceeds and Recoveries;
(iii) the Purchase Price of any Contract purchased by the Company or the Issuer, to the extent received by the Servicer;
(iv) all Guaranty Amounts; and
(v) all Insurance Proceeds.
(b) The Servicer (i) shall cause amounts on deposit in the ACH Account that represent ACH debits relating to the Receivables to be transferred to the Operating Account at least weekly and (ii) within 30 days of the Delivery Date, shall cause the ACH Bank to enter into a Blocked Account Agreement with the Indenture Trustee. The Servicer shall hold in trust for the benefit of the Holders of the Notes and the Note Insurer any amounts it receives relating to items (i) through (v) above until such time as the Servicer transfers any such amounts to the Indenture Trustee for application in accordance with the Indenture.
(c) Notwithstanding the foregoing, upon termination of the initial Servicer pursuant to Section 6.01(b) hereof, the Indenture Trustee shall (i) establish a lockbox account, (ii) promptly instruct the Customers to send all payments relating to Receivables directly to such lockbox account and (iii) deliver written notice in accordance with the Blocked Account Agreement to the ACH Bank thereunder instructing the ACH Bank to direct all ACH debits relating to Receivables dire...
SERVICER REMITTANCES. 9 Section 3.04
SERVICER REMITTANCES. (a) The Servicer, as agent of the Issuer, shall remit to the Indenture Trustee for deposit in the Collection Account by 12:00 noon, Minneapolis time, on each Tuesday and Thursday that is a Business Day, or if such day is not a Business Day, on the next Business Day thereafter, the amounts described below that have been collected through 4:00 p.m., Minneapolis time, on the preceding Business Day, so long as such amounts exceed $1,000:
(i) all payments made under the Lease Contract relating to the Lease Receivables, including prepayments but excluding taxes, received directly by the Servicer;
(ii) all Residual Proceeds and Recoveries;
(iii) the Purchase Price of any Lease Contract purchased by the Company, any of the Sellers or the Issuer, to the extent received by the Servicer;
(iv) all Guaranty Amounts;
(v) all Servicing Charges; and
SERVICER REMITTANCES. A. Remittances for mortgage payments and payoffs received from servicers shall be deposited into the applicable certificate account within one business day of receipt.
B. Remittances from servicers shall be reconciled to applicable loan records maintained by CMMC during the appropriate accounting cycle.
C. Reconciliations shall be performed monthly for each servicer remittance. These reconciliations shall:
1) Be mathematically accurate.
2) Be prepared within thirty (30) calendar days after the cutoff date.
SERVICER REMITTANCES. The Servicer shall, to the extent feasible, notify each Obligor to remit all Policy Proceeds to the Indenture Trustee at such address provided in writing by the Indenture Trustee to the Servicer. If any Policy Proceeds are inadvertently remitted to the Servicer, the Servicer shall forward such Policy Proceeds, including any Recoveries, in the same form in which received (which may be by check, properly endorsed as required for the Indenture Trustee to collect them) to the Indenture Trustee within one Business Day of receipt thereof for deposit in the Collection Account (if by check, when such check clears, and which shall be deemed to have cleared no later than the second Business Day after receipt by the Indenture Trustee). Prior to or simultaneous with such remittance, the Servicer shall telecopy notice to the Indenture Trustee describing such deposit. Until so forwarded to the Indenture Trustee, any Policy Proceeds held by the Servicer shall be held in trust for the benefit of the Holders of the Notes. Nothing contained herein shall be interpreted to require the Indenture Trustee to advance funds for deposit of Policy Proceeds in the Collection Account.
SERVICER REMITTANCES. (a) The Servicer, as agent of the Transferor, shall remit to the Trustee for deposit in the Collection Account by 12:00 noon, Minneapolis time, on each Tuesday and Thursday that is a Business Day, or if such day is not a Business Day, on the next Business Day thereafter, the amounts described below that have been collected through 4:00 p.m., Minneapolis time, on the preceding Business Day, so long as such amounts exceed $1,000:
(i) all payments made under the Lease Contract relating to the Lease Receivables, including prepayments but excluding taxes, received directly by the Servicer;
(ii) all Residual Proceeds and Recoveries;
(iii) the Purchase Price of any Lease Contract purchased by the Company, any of the Contributors or the Transferor, to the extent received by the Servicer;
(iv) all Guaranty Amounts;
(v) all Servicing Charges; and
(vi) all Insurance Proceeds.
(b) On each Business Day, the Servicer, under authority given to it hereby by the Trustee, will collect from a post office box in the name of Norwest Bank Minnesota, National Association, as Trustee (the "Lock Box"), amounts representing payments sent by Customers and deposit such amounts in an account (the "Local Bank Account") in a local bank (the "Local Bank"). The Servicer will cause the Local Bank to deposit amounts in the Local Bank Account in to the Collection Account in accordance with Section 3.03(a). The authority given to the Servicer by the Trustee to collect checks from the Lock Box may be revoked at any time by the Trustee, the Back-up Servicer or the Bond Insurer and shall be revoked in the event that a Trigger Event has occurred and is continuing.
SERVICER REMITTANCES. 7 Section 3.04