Withdrawals from the Equalization Account Clause Samples
The 'Withdrawals from the Equalization Account' clause defines the rules and procedures for taking funds out of an equalization account, which is typically used to balance financial contributions or distributions among parties. This clause outlines who is authorized to make withdrawals, under what circumstances withdrawals can occur, and any limitations or conditions that must be met before funds are released. For example, it may specify that withdrawals are only permitted after certain financial thresholds are met or require approval from designated parties. The core function of this clause is to ensure transparent and equitable management of shared funds, preventing disputes and maintaining financial fairness among stakeholders.
Withdrawals from the Equalization Account. On any Business Day during the Revolving Period on which no Early Amortization Event or Unmatured Early Amortization Event exists, Servicer may instruct Trustee in writing to withdraw funds from the Equalization Account and apply such funds as Daily Series Collections, so long as the Net Invested Amount would not exceed the Base Amount after giving effect to such transfer and application. On the first day of the Amortization Period or an Early Amortization Period, Servicer shall instruct Trustee to transfer the entire balance in the Equalization Account to the Principal Funding Account.
Withdrawals from the Equalization Account. On any Business Day during the Revolving Period on which Servicer delivers a Daily Report to the Trustee and the Agent and no Early Amortization Event or Unmatured Early Amortization Event exists, Servicer may instruct Trustee in writing to withdraw funds from the Equalization Account and apply such funds as Daily Series Collections, so long as the Net Invested Amount would not exceed the Base Amount after giving effect to such transfer and application. On the first day of the Amortization Period or an Early Amortization Period, Servicer shall instruct Trustee to transfer the entire balance in the Equalization Account to the Principal Funding Account.
Withdrawals from the Equalization Account. (a) On any Business Day during the Revolving Period on which no Early Amortization Event (or Unmatured Early Amortization Event) exists, Servicer may instruct Trustee in writing to withdraw (and upon receipt of such instruction Trustee shall withdraw) funds from the Equalization Account with respect to Series 1998-4 and apply such funds as Daily Series Collections, so long as the Net Invested Amount would not exceed the Base Amount after giving effect to such transfer and application.
(b) On any Business Day falling on or after the delivery of a notice pursuant to Section 3.1 of the Certificate Purchase Agreement (and before the next Distribution Date), Servicer may instruct Trustee to transfer, and upon receipt of such instruction Trustee shall transfer, the entire balance of the Equalization Account to the Principal Funding Account.
(c) On the first day of the Amortization Period Servicer shall instruct Trustee to transfer, and upon receipt of such instruction Trustee shall transfer, the entire balance of the Equalization Account to the Principal Funding Account.
Withdrawals from the Equalization Account. (a) On any Business Day during the Revolving Period on which no Early Amortization Event (or Unmatured Early Amortization Event) exists, Servicer may instruct Trustee in writing to withdraw (and upon receipt of such instruction Trustee shall withdraw) funds from the Equalization Account with respect to Series 1998-3 and apply such funds as Daily Series Collections, so long as the Net Invested Amount would not exceed the Base Amount after giving effect to such transfer and application.
(b) On the first day of the Amortization Period, Servicer shall instruct Trustee to transfer (and Trustee shall transfer) the entire balance in the Equalization Account to the Principal Funding Account.