Permitted Withdrawals Sample Clauses
The Permitted Withdrawals clause defines the specific circumstances and conditions under which funds may be withdrawn from an account or financial arrangement. Typically, this clause outlines who is authorized to make withdrawals, the types of expenses or purposes for which withdrawals are allowed, and any limits or procedures that must be followed. For example, it may permit withdrawals only for operating expenses or require prior written approval for certain transactions. The core function of this clause is to control and monitor the movement of funds, thereby preventing unauthorized or inappropriate use and ensuring compliance with the agreement’s financial terms.
Permitted Withdrawals from the Certificate Account and ---------------------------------------------------------------------- Distribution Account. ---------------------
(a) The Servicer may from time to time make withdrawals from the Certificate Account for the following purposes:
(i) to pay to the Servicer (to the extent not previously retained by the Servicer) the servicing compensation to which it is entitled pursuant to Section 3.13, and, subject to Section 3.05(d), to pay to the Servicer, as additional servicing compensation, earnings on or investment income with respect to funds in or credited to the Certificate Account;
(ii) to reimburse the Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Loan(s) in respect of which any such Advance was made, excluding any Purchase Price proceeds received from the Servicer pursuant to Section 3.11 and subject to Section 9.01;
(iii) to reimburse the Servicer for any Nonrecoverable Advance previously made, except that the Servicer shall no longer be entitled to reimbursement for any Nonrecoverable Advance on a Loan as of the date the Servicer purchases such Loan from the Trust Fund pursuant to Section 3.11 or Section 9.01;
(iv) to reimburse the Servicer for Insured Expenses from the related Insurance Proceeds;
(v) to reimburse the Servicer for (a) unreimbursed Servicing Advances, the Servicer's right to reimbursement pursuant to this clause (a) with respect to any Loan being limited to amounts received on such Loan(s) which represent late recoveries of the payments for which such Servicing Advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.11 hereof;
(vi) to pay to the purchaser, with respect to each Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02, 2.03 or 3.11, all amounts received thereon after the date of such purchase;
(vii) to (A) reimburse the Sellers, the Servicer or the Depositor for expenses incurred by any of them that are reimbursable pursuant to Section 6.03 hereof or (B) to pay to the Trustee any Trustee Permitted Withdrawal Amounts;
(viii) to withdraw any amount deposited in the Certificate Account and not required to be deposited therein;
(ix) on or prior to the Distribution Account Deposit Date, to withdraw an amount equal to the Available Funds for such Distribution Date and remit such amounts to the Trustee for...
Permitted Withdrawals. Provided that the balance of your Account is greater than the Margin Requirement, you may withdraw from your Account any amount up to the total amount of your Account in excess of the Margin Requirement. Except as otherwise permitted by OANDA in its sole discretion, amounts withdrawn from your Account will be paid to your bank account from which the funds were originally received and in the manner in which the funds were originally received. If you have sent funds to OANDA from more than one bank account, OANDA at its discretion, will pay any amounts withdrawn from your Account to one of the bank accounts from which such funds were received. OANDA reserves the right to require you to provide additional information, including but not limited to additional personal identification or bank confirmations, should you wish to change bank accounts or when the bank account from which the funds were originally received no longer exists.
Permitted Withdrawals. The Company may withdraw assets from the Security Trust at any time and from time to time, notwithstanding any other provisions of the Asset Purchase Agreement, this Agreement or any other Ancillary Agreement, and such assets may be utilized and applied by the Company, or any successor by operation of law of the Company, including, without limitation, any liquidator, rehabilitator, receiver or conservator of the Company, without diminution because of insolvency on the part of the Company or Reinsurer; provided, however, that the Company may only withdraw such assets for one or more of the following purposes:
(A) to reimburse the Company for any Reinsured Liabilities under the Secured Policies paid by the Company to the extent not paid by the Reinsurer when due;
(B) to make payment to the Reinsurer of any amounts that exceed the Required Balance;
(C) to pay all or any portion of any Recapture Fee due in connection with the recapture of the Secured Policies; or
(D) to pay any other amounts that are due to the Company under this Agreement, the Asset Purchase Agreement or any of the Ancillary Agreements to the extent not paid directly to Company by Reinsurer when due.
Permitted Withdrawals. 8 Section 3.07. Enforcement.................................................................................... 9 Section 3.08. Indenture Trustee to Cooperate................................................................. 10 Section 3.09.
Permitted Withdrawals. The Indenture Trustee may, from time to time as provided herein, make withdrawals from the Collection Account of amounts deposited in said account that are attributable to the Loans only for the following purposes:
(a) to make payments in the amounts and in the manner provided for in Section 6.06;
(b) to pay to the Company with respect to each Loan or property acquired in respect thereof that has been repurchased pursuant to Section 3.05, all amounts received thereon and not required to be distributed to Noteholders or Certificateholders as of the date on which the related Scheduled Principal Balance or Repurchase Price is determined;
(c) to reimburse the Servicer out of Liquidation Proceeds for Liquidation Expenses incurred by it, to the extent such reimbursement is permitted pursuant to Section 5.08;
(d) to withdraw any amount deposited in the Collection Account that was not required to be deposited therein; or
(e) to make any rebates or adjustments deemed necessary by the Servicer pursuant to Section 5.06(e). Since, in connection with withdrawals pursuant to clauses (a) and (b), the Company's or the Servicer's entitlement thereto is limited to collections or other recoveries on the related Loan, the Servicer shall keep and maintain a separate accounting, on a Loan by Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such clauses.
Permitted Withdrawals. Funds may be withdrawn from time to time from the Collection Account no more than once per Business Day at the request of the Borrower to the Administrative Agent, in the form attached hereto as Exhibit A-2 (each, a “Notice of Withdrawal”), on any Business Day during the Reinvestment Period (each such date, a “Withdrawal Date”); provided, that the withdrawal and transfer of such funds is subject to the satisfaction or waiver of the following conditions precedent as of the Withdrawal Date:
(a) after giving effect to such withdrawal, the amount on deposit in the Collection Account is not less than the Collection Account Required Amount;
(b) the Administrative Agent shall have received a Notice of Withdrawal with respect to such withdrawal prior to or on the Withdrawal Date (including the Maximum Advance Rate Test Calculation Statement attached thereto, all duly completed);
(c) together with delivery of the Notice of Withdrawal, the Administrative Agent shall have received a Maximum Advance Rate Test Calculation Statement, demonstrating that immediately after giving effect to such withdrawal and the acquisition of any Eligible Receivables on such Withdrawal Date (if any), each applicable Maximum Advance Rate Test shall be satisfied, as of such Withdrawal Date;
(d) each of the representations and warranties of the Borrower contained in this Agreement shall be true and correct in all material respects (except for representations and warranties already qualified by materiality or Material Adverse Effect, which shall be true and correct) as of such Withdrawal Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date as if made on such date); and
(e) (i) no Unmatured Event of Default or Event of Default shall have occurred and be continuing at the time of such withdrawal or shall result upon such withdrawal and
Permitted Withdrawals. No withdrawal, commutation or surrender of money, in whole or in part, held under this Fund is permitted and will be void, except in the following circumstances:
Permitted Withdrawals. No withdrawal, commutation or surrender of money, in whole or in part, held under this Account is permitted and will be void, except in the following circumstances:
Permitted Withdrawals. Except as provided in Part VI of the Act, no withdrawal, commutation or surrender of money, in whole or in part, held under this Account is permitted and will be void, except in the following circumstances:
Permitted Withdrawals. All commutation, withdrawal and surrender of asset in the Account in whole or in part, will be void except as permitted by section 49 or 67 of the Act, section 22.2 of the Regulation or this Agreement. For instance, the Trustee is authorized to make a payment or a transfer from the Account when the Annuitant’s application meets the following requirements:
a) Withdrawal of Small Amount at 55: Upon application in accordance with section 6 Schedule 3 of the Regulation, the Annuitant may withdraw all of the money in the Account or transfer the assets to an RRSP or RRIF if the following conditions are met when he signs the application:
i) the Annuitant is at least 55 years of age;
ii) the value of all assets in all LIFs, LRIFs and LIRAs owned by the Annuitant, shall be determined in accordance with the most recent statement about each Account or account given to the Annuitant (each such statement must be dated within one year of the execution of the application by the Annuitant) is less than 40% of the Year’s Maximum Pensionable Earnings for the calendar year in which the application is made; and