Requests for Withdrawals Clause Samples
The "Requests for Withdrawals" clause defines the procedures and requirements for parties to request the removal or transfer of funds or assets from an account or arrangement. Typically, this clause outlines the necessary steps, such as submitting a written request, providing identification, or adhering to specific notice periods before a withdrawal is processed. It may also specify any limitations on the frequency or amount of withdrawals allowed. The core function of this clause is to ensure orderly and secure processing of withdrawal requests, thereby protecting both parties from unauthorized or improper transactions.
Requests for Withdrawals. All withdrawal requests must be submitted by the Responsible Individual in good order on a form designated by the Custodian. If the Sponsor permits withdrawal requests by telephone, the telephone conversation with the Responsible Individual will be recorded, and the Responsible Individual must specify the reason for the withdrawal request.
Requests for Withdrawals. The Borrower may deliver to the Administrative Agent a Withdrawal Notice no later than 12:00 noon (New York time) on Wednesday of each week or at such other time as may be agreed to by the Administrative Agent in its reasonable discretion. If such Withdrawal Notice is delivered prior to the delivery to the Administrative Agent and the Lenders of the Clipper Project Budget in accordance with the terms of this Agreement and is made to fund Clipper Project expenditures, then such Withdrawal Notice shall include a reasonably detailed list of all Clipper Project expenditures intended to be funded with the proceeds of such withdrawal (a “Clipper Withdrawal Notice”). Upon receipt of a Clipper Withdrawal Notice, the Administrative Agent shall promptly post such Clipper Withdrawal Notice for review and, with respect to Clipper Project expenditures in excess of $100,000, approval by the Required Lenders. Upon receipt by Administrative Agent of approvals of Lenders constituting Required Lenders, such Clipper Withdrawal Notice shall be deemed approved and the amounts requested thereunder shall (subject to the other provisions of this clause (d)), be disbursed to the Borrower. Upon the receipt of a Withdrawal Notice (and any necessary approvals for Clipper Withdrawal Notices), the Administrative Agent shall transfer Loans in an aggregate principal amount equal to the amount specified in such Withdrawal Notice to the account of the Borrower specified in such Withdrawal Notice (i) to fund expenses of the following week in accordance with the DIP Budget and to fund Clipper Project expenditures approved in the applicable Clipper Withdrawal Notice, (ii) following delivery to the Administrative Agent and the Lenders of the Clipper Project Budget in accordance with the terms of this Agreement, to fund expenditures included in the Clipper Project Budget for the following week and (iii) following the ▇▇▇▇▇ #9 Project Availability Date, to fund expenditures included in the ▇▇▇▇▇ #9 Project Budget for the following week; provided that: (x) after giving effect to each withdrawal, the aggregate Cash Collateral held by the Borrower will not exceed the amount necessary to fund all applicable expenditures for the following week, (y) immediately prior to making such withdrawal, no Event of Default shall have occurred and be continuing at such time or would result from such withdrawal and (z) funds withdrawn shall be used solely to pay expenses in accordance with the DIP Budget or appli...
Requests for Withdrawals from the Replacement Reserve ----------------------------------------------------- Sub-Account. In the event that, after the date hereof, Borrower shall be ----------- required to make monthly payments into the Replacement Reserve Sub-Account pursuant to Section 6.5 of the Loan Agreement, then from and after such date Agent shall disburse funds on deposit in the Replacement Reserve Sub-Account to reimburse Borrower (or Lessee) for Approved Capital Expenditures promptly after written request made from time to time (but not more often than once per calendar month) by Borrower in accordance with the terms and conditions of Section 6.5 of the Loan Agreement.
Requests for Withdrawals. Then the Borrower desires to withdraw any amount from the Loan Account, the Borrower shall deliver to the Bank a Written application in such form, und containing such statements, documonte and other background materials as the Bank may reasonubly require, including such documentation as is hereinafter provided for in this Article. The application and accompanying documentation shall show, to the entire satisfaction of the Bank, that the Borrower is entitled to receive the amount requested and that such amount has been or will be used exclusively for the purposes of this ▇▇▇▇ Agreement.