Withdrawals from Reserve Account. (a) The Servicer shall notify (with a copy to the Agent) the Securities Intermediary of the amount of, and the Securities Intermediary shall make, the withdrawals from the Reserve Account required pursuant to Sections 1.4(b) and 2.1(b)(ii). On each Settlement Date, to the extent that the funds in the Reserve Account exceed the Specified Reserve Account Balance and so long as no Servicer Default shall have occurred and be continuing, the Servicer may notify (with a copy to the Agent) the Securities Intermediary of the amount of, and the Securities Intermediary shall withdraw the amount of, such excess from the Reserve Account and distribute the same to the Seller. Upon the occurrence of a Servicer Default, the Servicer shall notify (with a copy to the Agent) the Securities Intermediary of the amount of, and the Securities Intermediary shall withdraw, all amounts on deposit in the Reserve Account for application in accordance with Section 2.1(c). To the extent that any funds remain in the Reserve Account after the Aggregate Unpaids have been indefeasibly reduced to zero, such funds shall be withdrawn and distributed to, or as directed by, the Seller. Each Monthly Report shall specify the amount, if any, which is scheduled to be withdrawn from the Reserve Account and distributed to the Seller on the next succeeding Settlement Date.
Withdrawals from Reserve Account. On each Settlement Date, the Paying Agent shall withdraw from the Reserve Account (including the Origination Fee Subaccount) the amounts on deposit therein and treat such amounts as Collections and apply them as set forth in Section 3.03(b) to the extent such withdrawal is necessary to pay the amounts set forth in Section 3.03(b).
Withdrawals from Reserve Account. If (i) any installment on a Purchase Contract becomes due and remains unpaid for more than sixty (60) days; (ii) if a Customer becomes insolvent or makes an assignment for the benefit of creditors, or (iii) if a petition for a receiver or a bankruptcy is filed by or against any Customer (each, a "Defaulted Contract" and collectively, the "Defaulted Contracts"), then in any of such events MFS shall be entitled to deduct an amount equal to the Repurchase Price applicable to each such Defaulted Contract from the Reserve Account.
Withdrawals from Reserve Account. 28 Section 6.03 Release of Funds From Reserve Account..................28 Section 6.04 Investment of Funds in Reserve Account.................28 Section 6.05 Filing of Claims Under Default Insurance Policy........29
Withdrawals from Reserve Account. On each Payment Date, the Lender shall withdraw the Reserve Account Distribution Amount from the Reserve Account and shall retain for its own account such amount pursuant to subparagraph (f) of Article VII.
Withdrawals from Reserve Account. To the extent that on ----------------------------------- any Settlement Date, there are insufficient funds to distribute in full the amounts set forth in clauses first through seventh of Section 4.2, Servicer ------- ------------- shall withdraw the lesser of (1) the amount of such deficiency and (ii) the amounts on deposit in such Reserve Account from the Reserve Account and distribute it pursuant to such Section 4.2. If on any Settlement Date, after ----------- giving effect to the distributions on such date pursuant to Section 4.2 and any ----------- Purchase on such date, the funds in the Reserve Account (including net investment earnings thereon) exceed the Required Reserve Amount, such excess shall be withdrawn and distributed to Seller.
Withdrawals from Reserve Account. Moneys in the Reserve Account shall, on each Payment Date, be transferred to the Warehouse SUBI Collection Account as and to the extent required in Section 2.04(b). Upon the appointment of the Back-Up Servicer as successor servicer pursuant to Section 4.2 of the Warehouse SUBI Servicing Agreement, the Successor Servicer Engagement Fee shall be withdrawn from the Reserve Account and distributed to the Back-Up Servicer, if TFL has complied with the obligation to deposit such amount into the Reserve Account in accordance with the Warehouse SUBI Servicing Agreement. On each Payment Date, to the extent that the funds in the Reserve Account exceed the Required Reserve Account Balance, the Servicer may, subject to Section 2.04(b), cause the amount of such excess Certain identified information has been omitted from this document because it is not material and would be competitively harmful if publicly disclosed, and has been marked with “[***]” to indicate where omissions have been made. to be withdrawn from the Reserve Account and distributed to the Borrower; provided, however, that if the Successor Servicer Engagement Fee is deposited into the Reserve Account and until such fee amount is withdrawn therefrom, any such excess amount distributable to the Borrower shall be net of the Successor Servicer Engagement Fee. On the first Payment Date occurring on or after the Termination Date, all funds in the Reserve Account shall be withdrawn and transferred to the Warehouse SUBI Collection Account. To the extent that any funds remain in the Reserve Account after the Secured Obligations have been reduced to zero after the Termination Date, such funds shall be withdrawn and distributed to, or as directed by, the Borrower. Each Settlement Statement shall specify the amount, if any, which is scheduled to be withdrawn from the Reserve Account and distributed to the Borrower on the next succeeding Payment Date.
Withdrawals from Reserve Account. (a) If, on the last day of any Tranche Period, the amount of Collections on deposit in the Collection Account allocable to interest or Prepayment Surplus is insufficient to pay the amount of accrued and unpaid Discount on such day, the Servicer shall instruct the Funding Agent to, and the Funding Agent shall, withdraw from the Reserve Account and deposit into the Collection Account the lesser of the amount on deposit therein and the amount of such insufficiency. The Servicer shall instruct the Funding Agent to make, and the Funding Agent shall make, the withdrawals from the Reserve Account required pursuant to Section 2.6(b). On each Settlement Date, to the extent that the funds in the Reserve Account exceed the Specified Reserve Account Balance and so long as no Termination Event shall have occurred and be continuing, the Servicer may, by instructing the Funding Agent, withdraw the amount of such excess from the Reserve Account and distribute the same to the Transferor. Upon the occurrence of a Termination Event, the Servicer shall instruct the Funding Agent to withdraw, and the Funding Agent shall withdraw, all amounts on deposit in the Reserve Account for application in accordance with Section 2.6(c). To the extent that any funds remain in the Reserve Account after the Aggregate Unpaids have been reduced to zero, such funds shall be withdrawn and distributed to, or as directed by, the Transferor. Each Settlement Report shall specify the amount, if any, which is scheduled to be withdrawn from the Reserve Account and distributed to the Transferor on the next succeeding Settlement Date.
Withdrawals from Reserve Account. If, on any Settlement Date, the Servicer shall have insufficient Collections to pay the amounts required under Sections 2.5(c)(i)-(viii), the Servicer shall be required to direct the Funding Agent to make a withdrawal from the Reserve Account in an amount sufficient to pay any remaining amounts owing thereunder. If, on any Settlement Date, after giving effect to the transactions occurring on such Settlement Date, funds on deposit in the Reserve Account are in excess of the greater of (x) the Minimum Reserve Account Balance and (y) 6% of the Pool Balance at such time, the Servicer may withdraw and apply such excess as Collections in accordance with Section 2.5(c); PROVIDED, HOWEVER that on each Settlement Date occurring after the Termination Date, such excess shall be treated as Principal Collections and applied in accordance with Section 2.5(c)(x). After any Optional Sale which has fully satisfied the requirements of Section 3.3, and provided that no Termination Event has occurred and is continuing, the Servicer may withdraw and remit to the Seller funds from the Reserve Account in an amount equal to the product of (i) the amount in the Reserve Account immediately prior to such Optional Sale and (ii) a fraction, the numerator of which is the Outstanding Balance of Eligible Receivables sold and assigned pursuant to such Optional Sale, and the denominator of which is the Net Pool Balance before giving effect to the Optional Sale; PROVIDED, HOWEVER that after such withdrawal, the amount in the Reserve Account shall not be less than the Minimum Reserve Account Balance. On the Business Day succeeding the Final Collection Date, the Servicer shall withdraw from the Reserve Account all amounts on deposit therein for remittance to the Seller. The Funding Agent hereby grants to the Servicer the authority to make the withdrawals from the Reserve Account described in this Section 2.13(c).
Withdrawals from Reserve Account. 6 Section 2.3 Payment Rescission 6 Section 2.4 Clean Up Call 7 Section 2.5 Monthly Report 7 Section 2.6 Deposits Net of Total Servicing Fee 7 Section 2.7 Investment Policy and Procedure 7 Section 2.8 Default Fees. 10 Section 2.9 Distributions by Agent. 10
