Common use of Permitted Withdrawal Clause in Contracts

Permitted Withdrawal. So long as no Termination Event or Unmatured Termination Event has occurred and is continuing, upon one Business Day’s prior written notice to the Collateral Custodian, the Servicer may withdraw on any Business Day during the Revolving Period amounts held in the Special Funding Account for the sole purpose of a Qualified Utilization. Such written notice shall be delivered by 1:00 p.m. (New York City, New York time) and shall include a written certification from the Servicer and the Seller stating that (i) all funds withdrawn pursuant to the attached notice shall be utilized solely for a Qualified Utilization, and (ii) all conditions precedent set forth in Section 3.2(b) for an Advance shall have been satisfied in full as of such proposed date of withdrawal. Following the withdrawal of all amounts held in the Special Funding Account, the parties hereto hereby direct the Collateral Custodian to close the Special Funding Account.