Withdrawals from Reserve Account. Withdrawals from the Reserve Account will be made only by the Trustee and only on the terms of this Section 5.06.
a. On each Payment Date the Trustee shall withdraw from the Reserve Account (to the extent of funds on deposit), and shall deposit in the Certificate Account, any amount by which the amount available for distribution under Section 5.03(b) is less than the sum of the Formula Distribution Amount for the Certificates and the servicing fees payable under Sections 5.03(b)(1) and (3).
b. On each Payment Date after the Originator certifies to the Trustee, under Section 5.07(b), that all REO has been sold and aggregate Net REO Proceeds are less than $625,000, the Trustee shall withdraw from the Reserve Account and pay to the Depositor (to the extent of funds on deposit following any withdrawal under Section 5.06(a) on such Payment Date), the excess of $625,000 over aggregate Net REO Proceeds less amounts paid to the Depositor on prior Payment Dates under this Section 5.06(b); provided that if any Rating Agency has rated the Certificates Caaa, CCC+ or lower, or has withdrawn its rating on the Certificates, the aggregate amount paid to the Depositor under this Section shall not exceed $425,000.
c. If on any Payment Date the amount in the Reserve Account exceeds the Reserve Account Required Amount following withdrawals under Sections 5.06(a) and 5.06(b) on such Payment Date, the Trustee shall withdraw the excess from the Reserve Account and pay it to the Depositor.
d. Upon the payment in full of the Certificates, the Trustee will pay to the Depositor any amount remaining in the Reserve Account and will release from the lien of this Agreement, and deliver to the Depositor, all Reserve Account Loans, Collateral Security and Loan Files not previously released. On the first Payment Date on which (x) the amount in the Reserve Account exceeds the Reserve Account Required Amount following any withdrawal on that Payment Date under Sections 5.06(a) and 5.06(b), and (y) the Depositor has and will have no further entitlement to payment under Section 5.06(b), the Trustee shall release from the lien of this Agreement, and deliver to the Depositor, all Reserve Account Loans, Collateral Security and Loan Files.
e. The Trustee may withdraw any amount deposited in the Reserve Account that was not required to be deposited therein and to make rebates or adjustments deemed necessary by the Servicer pursuant to Section 8.06(d).
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 Collection Account to cover any such shortfall. Such payment shall be deemed to have been made by the Servicer 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 Indenture Trustee shall withdraw from the Reserve Account 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. 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. 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. 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. If the Servicer's Certificate with respect to any Determination Date shall state that the amount of the Net Available Funds with respect to such Determination Date is less than the sum of the amounts payable on the related Payment Date pursuant to clauses first through ninth of Section 4.4 (such deficiency being a "Reserve Account Draw Amount"), then the Servicer's Certificate also shall specify the Reserve Account Draw Amount, and the Trustee shall withdraw from the Reserve Account funds in the amount of such Reserve Account Draw Amount (to the extent of the funds available therein) on or prior to the related Payment Date in accordance with the Servicer's Certificate. The amounts withdrawn by the Trustee from the Reserve Account pursuant to this Section 5.2 shall be deposited by the Trustee into the Collection Account pursuant to Section 4.3. Notwithstanding the foregoing, if a Payout Trigger has occurred, all amounts remaining on deposit in the Reserve Account after giving effect to the application of amounts on deposit in the Reserve Account to pay any such deficiency of amounts payable pursuant to clauses first through fifth shall be deposited in the Note Payment Account and distributed to the Class A-1 Noteholders and the Class A-2 Noteholders pro rata (based on the Class A-1 Note Balance and the Class A-2 Note Balance) and at the same priority level.
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).
