Consolidation Account Sample Clauses

Consolidation Account. Cliq shall establish and maintain an account ("Consolidation Account") for deposit of Collected Funds and payment of returned Items and service fees, and other charges ("Other Fees") incurred by Xxxx, Sponsor Bank and the Federal Reserve hereunder. CLIENT understands and agrees that: (i) Xxxx shall deposit all Collected Funds to the Consolidation Account. (ii) Cliq shall hold One Hundred Percent (100%) of Collected Funds ("Hold Amount") in the Consolidation Account for a period of FIVE (5) Banking Days, or such other time period that may be established by Cliq pursuant to its underwriting of CLIENT ("Hold Period"), 3). Cliq shall, at the expiration of the Hold Period, transfer the Collected Funds, less a reserve amount of 10% of the Collected Funds ("Reserve Amount") or such other amount established for CLIENT pursuant to Xxxx’s underwriting of CLIENT, by EFT to the Settlement Account. Such transfer shall be in such form and at such times and in accordance with the Specifications as published from time to time by Xxxx. CLIENT further understands and agrees that Xxxx shall hold any Reserve Amount for a period of One Hundred Eighty (180) days from the date of collection ("Reserve Period"). Cliq shall release the Reserve amount to the credit of the Consolidation Account at the expiration of the Reserve Period unless CLIENT has unpaid amounts due Company. CLIENT understands and agrees that the Hold Amount, Hold Period, Reserve Amount and Reserve Period may be adjusted by Xxxx, at the sole discretion of Cliq, to insure availability and sufficiency of funds to cover fees and returns.
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Consolidation Account. Cliq shall establish and maintain an account ("Consolidation Account") for deposit of Collected Funds and payment of returned Items and service fees, and other charges ("Other Fees") incurred by Xxxx, Sponsor Bank and the Federal Reserve hereunder. CLIENT understands and agrees that: (i) Xxxx shall deposit all Collected Funds to the Consolidation Account. (ii) Cliq shall hold One Hundred Percent (100%) of Collected Funds ("Hold Amount") in the Consolidation Account for a period of FIVE
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Related to Consolidation Account

  • Permitted Withdrawals from the Collection Account The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes:

  • Permitted Withdrawals and Transfers from the Master Servicer Collection Account (a) The Master Servicer will, from time to time on demand of the Master Servicer, the Trustee or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account as the Master Servicer has designated for such transfer or withdrawal pursuant to the Servicing Agreements. The Master Servicer may clear and terminate the Master Servicer Collection Account pursuant to Section 10.01 and remove amounts from time to time deposited in error.

  • Liquidation Account The Agent has established and will maintain in existence the Liquidation Account. The Liquidation Account shall be used to receive Collections from the Deposit Accounts pursuant to Section 1.4(b) and to hold amounts set aside for the Purchasers, the Backup Servicer and (if the Servicer is not AFC or an Affiliate of AFC) the Servicer out of the Collections of Pool Receivables prior to the applicable Settlement Dates and for such other purposes described in the Transaction Documents. No funds other than those transferred in accordance with Section 1.4 shall be intentionally transferred into the Liquidation Account.

  • Withdrawals from the Collection Account and Distribution Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

  • Collection Account and Distribution Account (a) On behalf of the Trust Fund, the Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (each such account or accounts, a “Collection Account”), held in trust for the benefit of the Trustee and the Certificateholders. On behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited in the related clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer’s receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the deposit of good funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal or interest on the Mortgage Loans due on or before the related Cut-off Date, or payments (other than Principal Prepayments) received by it on or prior to the related Cut-off Date but allocable to a Due Period subsequent thereto):

  • Permitted Withdrawals from the Certificate Account and the Distribution Account (a) The Master Servicer may (and, in the case of clause (ix) below, shall) from time to time make withdrawals from the Certificate Account for the following purposes but only to the extent of amounts related to the Combined Mortgage Loans or the Group 5 Mortgage Loans, as applicable to the particular withdrawal:

  • Permitted Withdrawals and Transfers from the Distribution Account (a) The Securities Administrator shall, from time to time on demand of the Master Servicer make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to the Servicing Agreements for the following purposes, not in any order of priority:

  • Withdrawals from the Collection Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.01:

  • Permitted Withdrawals From Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

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