Common use of Permitted Withdrawals Clause in Contracts

Permitted Withdrawals. The Indenture Trustee may, from time to time as provided herein, make withdrawals from the Collection Account of amounts deposited in said account that are attributable to the Contracts only for the following purposes: (a) to make payments in the amounts and in the manner provided for in Section 6.06; (b) to pay to the Company with respect to each Contract or property acquired in respect thereof that has been repurchased pursuant to Section 3.05, all amounts received thereon and not required to be distributed to Noteholders or Certificateholders as of the date on which the related Scheduled Principal Balance or Repurchase Price is determined; (c) to reimburse the Servicer out of Liquidation Proceeds for Liquidation Expenses incurred by it, to the extent such reimbursement is permitted pursuant to Section 5.08; (d) to withdraw any amount deposited in the Collection Account that was not required to be deposited therein; or (e) to make any rebates or adjustments deemed necessary by the Servicer pursuant to Section 5.06(d). Since, in connection with withdrawals pursuant to clauses (a) and (b), the Company's or the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain a separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such clauses.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Green Tree Financial Corp)

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Permitted Withdrawals. The Indenture Trustee may, from time to time as provided herein, make withdrawals from the Collection Account of amounts deposited in said account that are attributable to the Contracts Loans only for the following purposes: (a) to make payments in the amounts and in the manner provided for in Section 6.06; (b) to pay to the Company Originator with respect to each Contract Loan or property acquired in respect thereof that has been repurchased pursuant to Section 3.05, all amounts received thereon and not required to be distributed to Noteholders or Certificateholders as of the date on which the related Scheduled Principal Balance or Repurchase Price is determined; (c) to reimburse the Servicer out of Liquidation Proceeds for Liquidation Expenses incurred by it, to the extent such reimbursement is permitted pursuant to Section 5.08; (d) to withdraw any amount deposited in the Collection Account that was not required to be deposited therein; or (e) to make any rebates or adjustments deemed necessary by the Servicer pursuant to Section 5.06(d5.06(e). Since, in connection with withdrawals pursuant to clauses (a) and (b), the CompanyOriginator's or the Servicer's entitlement thereto is limited to collections or other recoveries on the related ContractLoan, the Servicer shall keep and maintain a separate accounting, on a Contract Loan by Contract Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such clauses.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Conseco Finance Securitizations Corp)

Permitted Withdrawals. The Indenture Trustee may, from time to time as provided herein, make withdrawals from the Collection Account of amounts deposited in said account that are attributable to the Contracts only for the following purposes: (a) to make payments in the amounts and in the manner provided for in Section 6.06; (b) to pay to the Company Originator with respect to each Contract or property acquired in respect thereof that has been repurchased pursuant to Section 3.05, all amounts received thereon and not required to be distributed to Noteholders or Certificateholders as of the date on which the related Scheduled Principal Balance or Repurchase Price is determined; (c) to reimburse the Servicer out of Liquidation Proceeds for Liquidation Expenses incurred by it, to the extent such reimbursement is permitted pursuant to Section 5.08; (d) to withdraw any amount deposited in the Collection Account that was not required to be deposited therein; or (e) to make any rebates or adjustments deemed necessary by the Servicer pursuant to Section 5.06(d). Since, in connection with withdrawals pursuant to clauses (a) and (b), the CompanyOriginator's or the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain a separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such clauses.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Conseco Finance Securitizations Corp)

Permitted Withdrawals. The Indenture Trustee may, from time to time as provided herein, make withdrawals from the Collection Account of amounts deposited in said account that are attributable to the Contracts only for the following purposes: (a) to make payments in the amounts and in the manner provided for in Section 6.06; (b) to pay to the Company with respect to each Contract or property acquired in respect thereof that has been repurchased pursuant to Section 3.05, all amounts received thereon and not required to be distributed to Noteholders or Certificateholders as of the date on which the related Scheduled Principal Balance or Repurchase Price is determined; (c) to reimburse the Servicer out of Liquidation Proceeds for Liquidation Expenses incurred by it, to the extent such reimbursement is permitted pursuant to Section 5.08; (d) to withdraw any amount deposited in the Collection Account that was not required to be deposited therein; or (e) to make any rebates or adjustments deemed necessary by the Servicer pursuant to Section 5.06(d5.06(e). Since, in connection with withdrawals pursuant to clauses (a) and (b), the Company's or the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain a separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such clauses.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Green Tree Financial Corp)

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Permitted Withdrawals. The Indenture Trustee may, from time to time as provided herein, make withdrawals from the Collection Account of amounts deposited in said account that are attributable to the Contracts only for the following purposes: (a) to make payments in the amounts and in the manner provided for in Section 6.066.04; (b) to pay to the Company Originator with respect to each Contract or property acquired in respect thereof that has been repurchased pursuant to Section 3.05, all amounts received thereon and not required to be distributed to Noteholders or Certificateholders as of the date on which the related Scheduled Principal Balance or Repurchase Price is determined; (c) to reimburse the Servicer out of Liquidation Proceeds for Liquidation Expenses incurred by it, to the extent such reimbursement is permitted pursuant to Section 5.08; (d) to withdraw any amount deposited in the Collection Account that was not required to be deposited therein; or (e) to make any rebates or adjustments deemed necessary by the Servicer pursuant to Section 5.06(d). Since, in connection with withdrawals pursuant to clauses (ab) and (bc), the CompanyOriginator's or the Servicer's entitlement thereto is limited to collections or other recoveries on the related Contract, the Servicer shall keep and maintain a separate accounting, on a Contract by Contract basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such clauses.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Conseco Finance Corp)

Permitted Withdrawals. The Indenture Trustee may, from time to time as provided herein, make withdrawals from the Collection Account of amounts deposited in said account that are attributable to the Contracts Loans only for the following purposes: (a) to make payments in the amounts and in the manner provided for in Section 6.06; (b) to pay to the Company with respect to each Contract Loan or property acquired in respect thereof that has been repurchased pursuant to Section 3.05, all amounts received thereon and not required to be distributed to Noteholders or Certificateholders as of the date on which the related Scheduled Principal Balance or Repurchase Price is determined; (c) to reimburse the Servicer out of Liquidation Proceeds for Liquidation Expenses incurred by it, to the extent such reimbursement is permitted pursuant to Section 5.08; (d) to withdraw any amount deposited in the Collection Account that was not required to be deposited therein; or (e) to make any rebates or adjustments deemed necessary by the Servicer pursuant to Section 5.06(d5.06(e). Since, in connection with withdrawals pursuant to clauses (a) and (b), the Company's or the Servicer's entitlement thereto is limited to collections or other recoveries on the related ContractLoan, the Servicer shall keep and maintain a separate accounting, on a Contract Loan by Contract Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such clauses.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Green Tree Financial Corp)

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