Withdrawals from Reserve Account. (a) The Servicer shall notify (with a copy to the Agent) the Securities Intermediary of the amount of, and the Securities Intermediary shall make, the withdrawals from the Reserve Account required pursuant to Sections 1.4(b) and 2.1(b)(ii). On each Settlement Date, to the extent that the ------------------------------ funds in the Reserve Account exceed the Specified Reserve Account Balance and so long as no Servicer Default shall have occurred and be continuing, the Servicer may notify (with a copy to the Agent) the Securities Intermediary of the amount of, and the Securities Intermediary shall withdraw the amount of, such excess from the Reserve Account and distribute the same to the Seller. Upon the occurrence of a Servicer Default, the Servicer shall notify (with a copy to the Agent) the Securities Intermediary of the amount of, and the Securities Intermediary shall withdraw, all amounts on deposit in the Reserve Account for application in accordance with Section 2.1(c). To the extent that any funds -------------- remain in the Reserve Account after the Aggregate Unpaids have been indefeasibly reduced to zero, such funds shall be withdrawn and distributed to, or as directed by, the Seller. Each Monthly Report shall specify the amount, if any, which is scheduled to be withdrawn from the Reserve Account and distributed to the Seller on the next succeeding Settlement Date.
(b) If the Servicer, pursuant to Section 6.7, determines on ----------- any Settlement Date that it is required to make a Monthly Advance and does not do so from its own funds, the Servicer shall notify (with a copy to the Agent) the Securities Intermediary of the amount of such shortfall, and the Securities Intermediary shall withdraw, funds from the Reserve Account up to the amount of such shortfall and deposit them in the pursuant to Section 2.1 for ----------- purposes of making distributions pursuant to this Agreement, but shall not otherwise satisfy the Servicer's obligation to deliver the amount of the Monthly Advances to the Collection Account, and the Servicer shall within two Business Days replace any funds in the Reserve Account so used. The Servicer shall not be entitled to reimbursement for any such deemed Monthly Advances unless and until the Servicer shall have replaced such funds in the Reserve Account.
Withdrawals from Reserve Account. (a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the Available Funds for the related Collection Period are less than the sum of the Scheduled Payments (as defined in the Note Policy) plus the amounts payable on the related Payment Date pursuant to clauses (i), (ii) and (v) of SECTION 4.6(b), (such deficiency being a "Deficiency Claim Amount") then on the Deficiency Claim Date (as defined below) immediately preceding the related Payment Date, the Indenture Trustee shall deliver to the Collateral Agent, the Owner Trustee, the Insurer and the Servicer, by hand delivery or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Payment Date, if any. Such Deficiency Notice shall direct the Collateral Agent to remit such Deficiency Claim Amount (to the extent of the funds available to be distributed pursuant to the Reserve Account Agreement) to the Indenture Trustee for deposit in the Collection Account on the related Payment Date. Any Deficiency Notice shall be delivered by 5:00 p.m., Eastern time, on the fourth Business Day preceding such Payment Date (the "Deficiency Claim Date").
(b) The amounts distributed by the Collateral Agent to the Indenture Trustee pursuant to a Deficiency Notice shall be deposited by the Indenture Trustee into the Collection Account pursuant to SECTION 4.5.
Withdrawals from Reserve Account. On each Settlement Date, the Paying Agent shall withdraw from the Reserve Account (including the Origination Fee Subaccount) the amounts on deposit therein and treat such amounts as Collections and apply them as set forth in Section 3.03(b) to the extent such withdrawal is necessary to pay the amounts set forth in Section 3.03(b).
Withdrawals from Reserve Account. If (i) any installment on a Purchase Contract becomes due and remains unpaid for more than sixty (60) days; (ii) if a Customer becomes insolvent or makes an assignment for the benefit of creditors, or (iii) if a petition for a receiver or a bankruptcy is filed by or against any Customer (each, a "Defaulted Contract" and collectively, the "Defaulted Contracts"), then in any of such events MFS shall be entitled to deduct an amount equal to the Repurchase Price applicable to each such Defaulted Contract from the Reserve Account.
Withdrawals from Reserve Account. In the event that the Monthly Servicer's Report with respect to any Determination Date shall state that the Reserve Account Draw Amount on such Determination Date exceeds zero, then on the Deficiency Claim Date (as defined in the Master Reserve Account Agreement) immediately preceding such Payment Date, the Trustee shall deliver to the Note Insurer, the Fiscal Agent (as such term is defined in the Insurance Agreement), if any, the Servicer, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Reserve Account Draw Amount for such Payment Date. Such Deficiency Notice shall direct the Collateral Agent to remit such Reserve Account Draw Amount (to the extent of the funds available to be distributed pursuant to the Master Reserve Account Agreement) to the Trustee for deposit in the Distribution Account. Any Deficiency Notice shall be delivered by 10:00 a.m., New York City time, on the related Deficiency Claim Date or within one (1) Business Day after receiving the Monthly Servicer's Report. The amounts distributed by the Collateral Agent to the Trustee pursuant to a Deficiency Notice shall be deposited by the Trustee into the Distribution Account as Available Funds for distribution in accordance with Section 12.02(d).
Withdrawals from Reserve Account. 28 Section 6.03 Release of Funds From Reserve Account..................28 Section 6.04 Investment of Funds in Reserve Account.................28 Section 6.05 Filing of Claims Under Default Insurance Policy........29
Withdrawals from Reserve Account. To the extent that on any Settlement Date, there are insufficient funds to distribute in full the amounts set forth in clauses first through seventh of Section 4.2, Servicer shall withdraw the lesser of (1) the amount of such deficiency and (ii) the amounts on deposit in such Reserve Account from the Reserve Account and distribute it pursuant to such Section 4.2. If on any Settlement Date, after giving effect to the distributions on such date pursuant to Section 4.2 and any Purchase on such date, the funds in the Reserve Account (including net investment earnings thereon) exceed the Required Reserve Amount, such excess shall be withdrawn and distributed to Seller.
Withdrawals from Reserve Account. On each Payment Date, the Lender shall withdraw the Reserve Account Distribution Amount from the Reserve Account and shall retain for its own account such amount pursuant to subparagraph (f) of Article VII.
Withdrawals from Reserve Account. $ Amounts Available for Deposit to Reserve Account....................
Withdrawals from Reserve Account. If, on any Settlement Date, the Servicer shall have insufficient Collections to pay the amounts required under Sections 2.5(c)(i)-(viii), the Servicer shall be required to direct the Funding Agent to make a withdrawal from the Reserve Account in an amount sufficient to pay any remaining amounts owing thereunder. If, on any Settlement Date, after giving effect to the transactions occurring on such Settlement Date, funds on deposit in the Reserve Account are in excess of the greater of (x) the Minimum Reserve Account Balance and (y) 6% of the Pool Balance at such time, the Servicer may withdraw and apply such excess as Collections in accordance with Section 2.5(c); PROVIDED, HOWEVER that on each Settlement Date occurring after the Termination Date, such excess shall be treated as Principal Collections and applied in accordance with Section 2.5(c)(x). After any Optional Sale which has fully satisfied the requirements of Section 3.3, and provided that no Termination Event has occurred and is continuing, the Servicer may withdraw and remit to the Seller funds from the Reserve Account in an amount equal to the product of (i) the amount in the Reserve Account immediately prior to such Optional Sale and (ii) a fraction, the numerator of which is the Outstanding Balance of Eligible Receivables sold and assigned pursuant to such Optional Sale, and the denominator of which is the Net Pool Balance before giving effect to the Optional Sale; PROVIDED, HOWEVER that after such withdrawal, the amount in the Reserve Account shall not be less than the Minimum Reserve Account Balance. On the Business Day succeeding the Final Collection Date, the Servicer shall withdraw from the Reserve Account all amounts on deposit therein for remittance to the Seller. The Funding Agent hereby grants to the Servicer the authority to make the withdrawals from the Reserve Account described in this Section 2.13(c).
