INVENTORY PURCHASE ACCOUNT Sample Clauses

INVENTORY PURCHASE ACCOUNT. The Servicer shall deposit into the Inventory Purchase Account all amounts required to be transferred therein under SECTION 3.2 of this Agreement. On each Business Day, prior to the occurrence of an Amortization Date with respect to any Note, the Servicer, on behalf of LTV Steel Products, may withdraw from the Inventory Purchase Account any or all of the funds remaining in the Inventory Purchase Account by submitting a request to such effect (which may be in the form of a standing instruction) to the Collateral Agent, for application to the purchase of additional Purchased Inventory, payment of the Servicing Fee or such other purposes as LTV Steel Products may direct. On each Business Day following the occurrence of the Amortization Date with respect to any Note, the Servicer shall remit to the Collateral Agent such amount, if any, as may be necessary to cause the Collateral Agent to receive the amount required to be transferred under Section 3.2(d) of this Agreement. If, following the occurrence of the Amortization Date with respect to any Note, the applicable Amortization Amount has been paid in full and there are other Outstanding Notes as to which the Amortization Date has not occurred, the Servicer, on behalf of LTV Steel Products, may continue to withdraw funds from the Inventory Purchase Account in accordance with the second sentence of this Section 3.3 as if such Amortization Date had not occurred, until the Amortization Date with respect to any or all of such other Outstanding Notes shall have occurred. Upon the occurrence of a Trust Agreement Event of Default, the Servicer shall remit to the Collateral Agent the remaining balance in the Inventory Purchase Account.
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Related to INVENTORY PURCHASE ACCOUNT

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