Common use of WITHDRAWAL FROM RESERVE FUND TO COVER A SHORTFALL Clause in Contracts

WITHDRAWAL FROM RESERVE FUND TO COVER A SHORTFALL. The Trustee shall determine no later than 10:00 a.m., Chicago, Illinois time, on the Payment Date (but after making, and taking into account, the determination, demand and transfer of funds contemplated in Section 8.03(b) above) whether there exists a Shortfall with respect to the upcoming Payment Date. In the event that the Trustee determines that there exists a Shortfall, the Trustee shall furnish to the Reserve Agent no later than 12:00 noon, Chicago, Illinois time, on such Payment Date a written notice specifying the Shortfall for such Payment Date and directing the Reserve Agent to remit monies in respect of such Shortfall (to the extent of funds available to be so distributed pursuant to the Reserve Fund Agreement) to the Trustee for deposit in the Collection Account. Upon receipt of any such funds the Trustee shall deposit such amounts into the Collection Account.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Eaglemark Inc), Pooling and Servicing Agreement (Harley Davidson Customer Funding Corp)

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WITHDRAWAL FROM RESERVE FUND TO COVER A SHORTFALL. The Trustee shall determine no later than 10:00 a.m., Chicago, Illinois time, on the Payment Date (but after making, and taking into account, the determination, demand and transfer of funds contemplated in Section 8.03(b) above) whether there exists a Shortfall with respect to the upcoming Payment Date. In the event that the Trustee determines that there exists a Shortfall, the Trustee shall furnish to the Reserve Agent no later than 12:00 noon, Chicago, Illinois time, on such Payment Date a written notice specifying the Shortfall for such Payment Date and directing the Reserve Agent to remit monies in respect of such Shortfall (to the extent of funds available to be so distributed pursuant to the Reserve Fund Agreement) to the Trustee for deposit in the Collection Account. Upon receipt of any such funds the Trustee shall deposit such amounts into the Collection Account.Collection

Appears in 1 contract

Samples: Agreement (Eaglemark Inc)

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WITHDRAWAL FROM RESERVE FUND TO COVER A SHORTFALL. The Trustee shall determine no later than 10:00 a.m., Chicago, Illinois time, on the Payment Date (but after -45- making, and taking into account, the determination, demand and transfer of funds contemplated in Section 8.03(b) above) whether there exists a Shortfall with respect to the upcoming Payment Date. In the event that the Trustee determines that there exists a Shortfall, the Trustee shall furnish to the Reserve Agent no later than 12:00 noon, Chicago, Illinois time, on such Payment Date a written notice specifying the Shortfall for such Payment Date and directing the Reserve Agent to remit monies in respect of such Shortfall (to the extent of funds available to be so distributed pursuant to the Reserve Fund Agreement) to the Trustee for deposit in the Collection Account. Upon receipt of any such funds the Trustee shall deposit such amounts into the Collection Account.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Eaglemark Inc)

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