Transfers from the Lockbox Account Sample Clauses

Transfers from the Lockbox Account. Access shall cause collected funds in the Lockbox Account to be disbursed to Strategic only in accordance with the procedures described in this paragraph. All requests by Strategic for disbursements of collected funds to Strategic from the Lockbox Account shall be made by Strategic to Access in writing, and Access shall either notify Strategic that such disbursement request is being rejected or shall authorize disbursement of such amounts as requested by Strategic. Notwithstanding the foregoing, Access shall authorize disbursement requests made by Strategic for the payment of accrued income and sales taxes, accrued withholding taxes, accrued payroll (including accrued commissions and accrued amounts payable under Strategic’s variable compensation plans), accrued employee benefits and insurance premiums (the “Obligatory Payments”); provided, however, Access shall have the right during the continuance of a Default to refuse to authorize disbursement requests to pay Obligatory Payments but only after notifying Strategic during a month in which Obligatory Payments are accruing that Access will no longer authorize disbursements to pay Obligatory Payments accruing after such month. Such authorization for disbursement shall be made or rejected by Access within 48 hours of a written request by Strategic to Access, provided, that if such 48 hour period would end on a non-Business Day, then such period shall be extended until such same time on the next Business Day. In the event that Access fails to approve or reject any such request within such 48 hour period, the request shall be deemed rejected. If a Default shall not have occurred and be continuing, collected funds in the Lockbox Account that are not disbursed to Strategic shall be retained in the Lockbox Account pending a written request for disbursement from Strategic. If a Default shall have occurred and be continuing, Collected funds in the Lockbox Account that are not disbursed to Strategic may be applied by Access as payments of the Indebtedness described in Section 5 of this Agreement, which payments may be applied in such order as Access shall elect in its discretion. For the avoidance of doubt, it is understood and agreed that amounts that may be applied by Access in accordance with the immediately preceding sentence shall not include Obligatory Payments accruing in or prior to a month in which Access has notified Strategic that Access will no longer authorize disbursements to pay Obligatory Payments. S...
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs
Transfers from the Lockbox Account. The Lockbox Agreement shall provide that, so long as no Triggering Event Period is then continuing, on the last Business Day of each week on which available funds are on deposit in the Lockbox Account, Lockbox Bank shall transfer all such available funds (less a peg amount of $1,000 required by Lockbox Bank) to the Operating Account. Upon the occurrence of a Triggering Event and during the continuance of any Triggering Event Period, the Lockbox Agreement shall provide that all transfers from the Lockbox Account to the Operating Account shall immediately cease and the Lockbox Bank shall, on each Business Day on which available funds are on deposit in the Lockbox Account, transfer all such available funds (less a peg amount of $1,000 required by Lockbox Bank) to the Cash Management Account. Upon the occurrence of a Triggering Event Termination, Lender shall notify Lockbox Bank of same.
Sample 1

Related to Transfers from the Lockbox Account

  • Withdrawals From the Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

  • Permitted Withdrawals and Transfers from the Master Servicer Collection Account (a) The Master Servicer will, from time to time on demand of a Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the Master Servicer Collection Account pursuant to Section 10.01 and remove amounts from time to time deposited in error.

  • Withdrawals from the Collection Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.01:

  • Permitted Withdrawals from the Custodial Account (a) The Master Servicer may, from time to time as provided herein, make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.07 that are attributable to the Mortgage Loans for the following purposes:

  • Withdrawals from the Collection Account and Distribution Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:

  • Permitted Withdrawals from the Certificate Account and the Distribution Account (a) The Master Servicer may (and, in the case of clause (ix) below, shall) from time to time make withdrawals from the Certificate Account for the following purposes but only to the extent of amounts related to the Combined Mortgage Loans or the Group 5 Mortgage Loans, as applicable to the particular withdrawal:

  • Permitted Withdrawals and Transfers from the Distribution Account (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Servicing Agreements or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement):

  • Lockbox Account Each Obligor has been, or will be, directed to make all payments on their related Receivable to the Lockbox Processor for deposit into the Lockbox Account.

  • Permitted Withdrawals from the Collection Account The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes:

  • Establishment of Custodial Account; Deposits in Custodial Account The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, the “Custodial Account”), titled “PrimeLending, in trust for Redwood Residential Acquisition Corporation as Purchaser of Mortgage Loans and various Mortgagors.” Such Custodial Account shall be an Eligible Account established with a commercial bank, a savings bank or a savings and loan association (which may be a depository affiliate of the Seller) which meets the guidelines set forth by the FHFA, Fxxxxx Mxx or Fxxxxxx Mac as an eligible depository institution for custodial accounts. The Custodial Account shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld. In any case, the Custodial Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date):

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!