Disbursements from the Collection Account. (a) On each Payment Date, Account Bank shall remit all available funds, if any, on deposit in the Collection Account, after the deduction of any amounts permitted to be deducted pursuant to Sections 4(c) and (d) and Section 7, by wire transfer or other electronic transfer of immediately available funds in accordance with instructions given by Collateral Agent, which instructions shall be provided to Collateral Agent pursuant to Section 2.04 of the Loan and Servicing Agreement. All funds which are to be disbursed to Collateral Agent, Administrative Agent, Lenders, Lender Agents, Borrower, Servicer, Collateral Custodian and other parties in accordance with the Transaction Documents shall be remitted by Account Bank in accordance with the wiring instructions set forth on Exhibit B hereof or as otherwise provided by such other parties in writing to the Account Bank.
Disbursements from the Collection Account. Settlement ---------------------------------------------------- Date Procedures-Revolving Period ---- ---------------------------
Disbursements from the Collection Account. On each Note Payment Date, the Collateral Agent shall withdraw Funds from the Collection Account for application in the following order of priority (such withdrawals to be made not later than 11:00 a.m. (New York time) on such Note Payment Date and only to the extent Funds are available therefor in the Collection Account): FIRST, the Collateral Agent shall make pro rata payments of principal of, interest on, and the Make-Whole Amount, if any, owing in respect of, the Notes and all other Secured Obligations then due and owing; SECOND, if the Reserve Account Balance is less than the Required Reserve Balance as of such Note Payment Date, the Collateral Agent shall transfer to the Reserve Account an amount of Funds equal to such deficiency; and THIRD, if (x) no Default or Event of Default has occurred and is continuing and (y) the Royalty Payment Coverage Ratio is equal to or greater than 1.25 to 1.00 as of the end of the fiscal quarter of the Company ending on or immediately preceding such Note Payment Date (as certified in the applicable Withdrawal Request), the Collateral Agent shall transfer the balance, if any, of Funds held in or credited to the Collection Account to the Company. Not later than two Business Days prior to each Note Payment Date, the Company shall provide the Collateral Agent with a Withdrawal Request specifying the information needed to enable the Collateral Agent to calculate the amount of Funds to be withdrawn from the Collection Account and applied in accordance with this Section 5.1. Notwithstanding anything in this Section 5.1 to the contrary, if the Company fails to deliver a Withdrawal Request for the transfer of funds under this Section 5.1, the Collateral Agent is authorized upon the written instructions of the Required Holders to make withdrawals from the Collection Account for application in accordance with Paragraphs FIRST and SECOND above.
Disbursements from the Collection Account. Provided that no Event of Default has occurred and is continuing, to the extent that funds remain in the Collection Account, on each Monthly Settlement Date, Lender shall disburse from the Collection Account, for the benefit of Borrower, first, an amount equal to the amount of interest, fees and other charges due and payable to the Lender on such date, second, any principal payments required to be paid to maintain the Borrowing Base formula, and third, the excess to an account designated by Borrower.
Disbursements from the Collection Account. On each Note -------------------------------------------- Payment Date, the Collateral Agent shall withdraw Funds from the Collection Account for application in the following order of priority (such withdrawals to be made not later than 11:00 a.m. (New York time) on such Note Payment Date and only to the extent Funds are available therefor in the Collection Account):
