Draw Account Clause Samples

Draw Account. (i) The Servicer, for the benefit of the VBC Holders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the "Draw Account"), which shall be identified as the "Draw Account for Gottschalks Credit Card Master Trust, Series 2000-1." The Draw Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the VBC Holders. The Trustee will notify the Servicer of deposits made by VBC Holders into the Draw Account in satisfaction of their respective obligations to fund Increases on the related Draw Dates. Unless otherwise instructed by the Servicer pursuant to Section 6.1(d)(ii), on the day received, the Trustee will release the amounts deposited into the Draw Account by the VBC Holders (A) first, to the Certificate Administrator, the related Drawing Fee and (B) second, to the Depositor, remaining amounts in the Draw Account for application in accordance with the Receivables Purchase Agreement in the same manner that the Trustee releases to the Depositor amounts held in the Collection Account and distributable to the Depositor pursuant to Article IV. The Draw Account shall be maintained until all amounts on deposit therein have been applied in accordance with this Section 6.1(d) and the Revolving Period has terminated. (ii) At the written direction of the Servicer delivered to the trustee no later than the day preceding the related Draw Date, funds deposited into the Draw Account (excluding those amounts distributed to the Certificate Administrator) on such Draw Date may be retained therein for a period specified in such direction up to ten Business Days pending release to the Depositor for application in accordance with the Receivables Purchase Agreement. Amounts so retained in the Draw Account will invested by the Trustee in Eligible Investments specified by the Servicer in such written direction that will mature no later than the date on which the Servicer has instructed the Trustee to release such amounts to the Depositor for application in accordance with the Receivables Purchase Agreement. All such Eligible Investments shall be held by the Trustee for the benefit of the VBC Holders. All interest and other investment earnings (net of losses and investment expenses) with respect to funds on deposit in the Draw Account shall be deposited into the Collection Account and shall be treated by the Servicer as Investor Finance Charge Collections. If at any ti...
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Draw Account. The Purchaser shall establish and maintain the Draw Account and cause funds equal to the Gross Acquisition Costs to be deposited therein prior to the Escrow Date.
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Draw Account. The Company and Catwalk Capital, LLC shall use their best efforts to close on the Draw Investment within no more than 120 days of the Company Closing Date. Upon reasonable written notice from the Company, the Intermediary shall open and style a cash account in the name of the Company (the "Draw Account"), from which cash will be managed by the terms and conditions of a new Account Management Agreement to be executed by the Intermediary, the Company, Viridis and the as-yet-unidentified Draw Investors. The Draw Account will be opened FIVE (5) days prior to closing of the sale by the Company of certain convertible debentures to one or more investors (the “Draw Investors”) in the aggregate amount of a minimum of $5,000,000 (the “Draw Investment”), and following receipt of the Customer Agreement and proper account opening documentation and ancillary supporting documentation necessary to meet all necessary Know Your Client (KYC) and Anti-Money Laundering formalities of the Intermediary and that Intermediary has received the initial opening Fee of $1,500.00 from the Company. The use of the cash proceeds in the Draw Account and the repayment of the Draw Investment by the Company shall be governed by Section 2.2.3.2
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Related to Draw Account

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Disbursement Account 12.1 The Lender is obligated to keep the bank account information provided on the Platform up to date. The account shall be managed by a bank within the Single Euro Payment Area (hereinafter “SEPA”). 12.2 Any transfers by the Borrower to an account held by the Lender within SEPA shall not be subject to any fees.

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

  • Reserve Account (i) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders. (ii) The Seller may, from time to time after the date hereof, request each Rating Agency to approve a formula for determining the Specified Reserve Balance that is different from the formula set forth herein, which may result in a decrease in the amount of the Specified Reserve Balance or change the manner by which the Reserve Account is funded. Notwithstanding any other provision of this Agreement, if each Rating Agency then rating the Notes notifies the Seller (who shall send such notification to the Trust Collateral Agent) in writing that the use of any such new formula, and any decrease in the amount of the Specified Reserve Balance or change in the manner by which the Reserve Account is funded, will not result in the qualification, reduction or withdrawal of its then current rating of the Notes then the Specified Reserve Balance will be determined in accordance with such new formula and this Agreement will be amended to reflect such new formula without the consent of any Noteholder. (iii) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) (A) if the amount on deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than the Specified Reserve Balance, in which case the Trust Collateral Agent shall, after payment of any amounts required to be distributed pursuant to clauses (i) through (xviii) of Section 5.7(a) deposit in the Reserve Account the Reserve Account Deposit Amount pursuant to Section 5.7(a)(xix), and (B) if the amount on deposit in the Reserve Account, after giving effect to all other deposits thereto and withdrawals therefrom to be made on such Distribution Date is greater than the Specified Reserve Balance, in which case the Trust Collateral Agent shall distribute the amount of such excess as part of Available Funds on such Distribution Date. (b) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) to withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Collection Account to be included as Total Available Funds for that Distribution Date. (c) Amounts properly transferred to the Certificate Distribution Account for payment to the Certificateholder pursuant to this Agreement shall not be available to the Trust Collateral Agent or the Trust for the purpose of making deposits to the Reserve Account, or making payments to the Noteholders, nor shall the Certificateholder be required to refund any amount properly received by them.

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.