Use of Reserve Account. Bank or Company may, without notice to Merchant, apply deposits in the Reserve Account against any outstanding amounts Merchant owes under this Agreement or any other agreement between Merchant and Bank or Company. Further, Bank or Company may exercise its rights under this Agreement against the Reserve Account to collect any amounts due to Bank or Company including, without limitation, rights of set-off and recoupment. Bank and Company’s rights to outstanding amounts owed it by Merchant pursuant to this Agreement shall in no way be limited to the balance or existence of the Reserve Account. Rights granted to Bank and Company with respect to the Reserve Account, as well as the security interest under this Agreement, shall survive the termination of this Agreement
Use of Reserve Account. All monies transferred to the Reserve Account in accordance with Clause 12.2(iii) shall during the Security Period remain credited to the Reserve Account unless withdrawn pursuant to Clause 12.4 in accordance with and subject to the Reserve Account Charge. If at the time the amount for the time being credited to the Management Account is insufficient to discharge the Monthly Outgoings and/or payments to the Agents and the Lenders in accordance with Clause 12.2(i) and/or 12.2 (ii), then subject to no Event of Default and no Potential Event of Default having occurred, the Facility Agent shall apply any amounts credited to the Reserve Account in or towards the Monthly Outgoings and/or payments to the Agents and the Lenders and the provisions of Clause 12.2(i) and (ii) shall (MUTATIS MUTANDIS) apply.
Use of Reserve Account. ISO may without notice to Merchant, apply deposits in the Reserve Account against any outstanding amounts Merchant owes under this Agreement or any other agreement between Merchant and ISO. Further, ISO may exercise its right under this Agreement against the Reserve Account to collect any amounts due to ISO including, without limitation, rights of set-off and recoupment. ISO’s right to outstanding amounts owed it by Merchant pursuant to this Agreement shall in no way be limited to the balance or existence of the Reserve Account. Rights granted to ISO with respect to the Reserve Account, as well as the Security Interest under this Agreement, shall survive the termination of this Agreement
Use of Reserve Account. At any time and from time to time during the term of this Agreement, CFI shall have the right to immediately withdraw funds from the Reserve Account to reimburse itself for any amounts advanced and costs incurred by CFI in connection with CFCD Obligations. The Cash Collateral Agreement shall provide that on the first business day of each week during the term hereof, the Deposit Bank shall deliver written notice to CFI and CFCD by telecopy setting forth the balance of the Reserve Account as of the close of business on the preceding business day. In the event that the balance disclosed in such notice is less than the Minimum Balance, then CFCD shall deposit such shortfall into the Reserve Account within three (3) business days following its receipt of notice from the Deposit Bank.
Use of Reserve Account. If on any date sufficient Finance Charge Collections are not available in the Collection Account for application to payment of the amounts described in Section 3.02(b) clause first through sixth on the dates specified therein, the Servicer shall withdraw from the Reserve Account an amount equal to the lesser of (i) such amounts and (ii) the amount on deposit in the Reserve Account, and shall apply the funds so withdrawn to the payment of such amounts in the order of priority set forth in Section 3.02(b). In addition, during the Liquidation Period on the date that a Receivable becomes a Defaulted Receivable, the Servicer shall withdraw from the Reserve Account an amount equal to the aggregate Unpaid Balance of such Defaulted Receivable and apply it pursuant to Section 3.02(a)(ii) as a Principal Collection. To the extent the amount on deposit in the Reserve Account exceeds the Reserve Account Required Amount (after giving effect to all payments to be made therefrom and all deposits thereto on any date of distribution pursuant to this Section 3.03(d)), so long as no Liquidation Event or Unmatured Liquidation Event shall have occurred or be continuing, the Servicer shall transfer such excess amount to the Seller. On the date after the Commitment Termination Date when the Aggregate Undivided Interest shall have been reduced to zero and all Obligations of Seller shall have been fully and finally paid and performed, the Servicer shall pay to Seller any funds remaining in the Reserve Account.
