Common use of Withdrawals from Reserve Account Clause in Contracts

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under this Section 5.06(b); provided that if any Rating Agency has rated the Certificates Caaa, CCC+ or lower, or has withdrawn its rating on the Certificates, the aggregate amount paid to the Depositor under this Section shall not exceed $425,000.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. Withdrawals (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 will be made only by the Trustee required pursuant to Sections 1.4(b) and only on the terms of this Section 5.06. a. 2.1(b)(ii). On each Payment Date the Trustee shall withdraw from the Reserve Account (Settlement Date, to the extent of that the 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 exceed the Specified Reserve Account Required Amount following withdrawals under Sections 5.06(a) Balance and 5.06(b) on such Payment Dateso long as no Servicer Default shall have occurred and be continuing, the Trustee 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 pay it distribute the same to the Depositor. d. Seller. Upon the payment in full occurrence of a Servicer Default, the Servicer shall notify (with a copy to the Agent) the Securities Intermediary of the Certificatesamount of, and the Trustee will pay to the Depositor any amount remaining Securities Intermediary shall withdraw, all amounts on deposit in the Reserve Account and will release from for application in accordance with Section 2.1(c). To 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 extent that any funds remain in the Reserve Account exceeds 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 Required Amount following and distributed to the Seller on the next succeeding Settlement Date. (b) If the Servicer, pursuant to Section 6.7, determines on any withdrawal on Settlement Date that Payment Date under Sections 5.06(ait 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) and 5.06(b)the Securities Intermediary of the amount of such shortfall, and (y) the Depositor has and will have no further entitlement to payment under Section 5.06(b)Securities Intermediary shall withdraw, the Trustee shall release funds 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 up to the amount of such shortfall and deposit them in the Collection Account to cover any such shortfall. Such payment shall be deposited therein and deemed to make rebates or adjustments deemed necessary have been made by the Servicer pursuant to Section 8.06(d)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. Withdrawals 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 will 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 made only by treated as Principal Collections and applied in accordance with Section 2.5(c)(x). After any Optional Sale which has fully satisfied the Trustee requirements of Section 3.3, and only on provided that no Termination Event has occurred and is continuing, the terms of this Section 5.06. a. On each Payment Date Servicer may withdraw and remit to the Trustee shall withdraw Seller funds from the Reserve Account (in an amount equal to the extent product 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 (xi) the amount in the Reserve Account exceeds immediately prior to such Optional Sale and (ii) a fraction, the Reserve Account Required Amount following any withdrawal on that Payment Date under Sections 5.06(a) numerator of which is the Outstanding Balance of Eligible Receivables sold and 5.06(b)assigned pursuant to such Optional Sale, and (y) the Depositor has and will have no further entitlement denominator of which is the Net Pool Balance before giving effect to payment under Section 5.06(b)the Optional Sale; PROVIDED, HOWEVER that after such withdrawal, 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 shall not required 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 be deposited therein and the Seller. The Funding Agent hereby grants to the Servicer the authority to make rebates or adjustments deemed necessary by the Servicer pursuant to withdrawals from the Reserve Account described in this Section 8.06(d2.13(c).

Withdrawals from Reserve Account. Withdrawals (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 will be made only by the Trustee required pursuant to Sections 1.4(b) and only on the terms of this Section 5.06. a. 2.1(b)(ii). On each Payment Date the Trustee shall withdraw from the Reserve Account (Settlement Date, to the extent of that the ------------------------------ 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 exceed the Specified Reserve Account Required Amount following withdrawals under Sections 5.06(a) Balance and 5.06(b) on such Payment Dateso long as no Servicer Default shall have occurred and be continuing, the Trustee 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 pay it distribute the same to the Depositor. d. Seller. Upon the payment in full occurrence of a Servicer Default, the Servicer shall notify (with a copy to the Agent) the Securities Intermediary of the Certificatesamount of, and the Trustee will pay to the Depositor any amount remaining Securities Intermediary shall withdraw, all amounts on deposit in the Reserve Account and will release from for application in accordance with Section 2.1(c). To 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 extent that any funds -------------- remain in the Reserve Account exceeds 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 Required Amount following and distributed to the Seller on the next succeeding Settlement Date. (b) If the Servicer, pursuant to Section 6.7, determines on ----------- any withdrawal on Settlement Date that Payment Date under Sections 5.06(ait 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) and 5.06(b)the Securities Intermediary of the amount of such shortfall, and (y) the Depositor has and will have no further entitlement to payment under Section 5.06(b)Securities Intermediary shall withdraw, the Trustee shall release funds from the lien 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, and but shall not otherwise satisfy the Servicer's obligation to deliver the amount of the Monthly Advances to the DepositorCollection Account, all Reserve Account Loans, Collateral Security and Loan Files. e. The Trustee may withdraw the Servicer shall within two Business Days replace any amount deposited funds in the Reserve Account that was so used. The Servicer shall not required be entitled to be deposited therein reimbursement for any such deemed Monthly Advances unless and to make rebates or adjustments deemed necessary by until the Servicer pursuant to Section 8.06(d)shall have replaced such funds in the Reserve Account.