Common use of Withdrawals from Spread Account Clause in Contracts

Withdrawals from Spread Account. (a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the Total Distribution Amount with respect to such Determination Date is insufficient (taking into account the application of the Total Distribution Amount to the payment required to be made on the related Payment Date pursuant to Section 5.7(b)(vi)) to make the payments required to be made on the related Payment Date pursuant to Section 5.7(b)(i), (ii), (iii), (iv), (v), (vii) and (viii) (such deficiency being a "Deficiency Claim Amount"), then on the fourth Business Day immediately preceding the related Payment Date, the Trustee shall deliver to the Collateral Agent, the Owner Trustee, the Note Insurer, and the Servicer, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Payment Date. 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 Spread Account Agreement) to the Trustee for deposit in the Collection Account and distribution pursuant to Sections 5.7(b)(i), (ii), (iii), (iv), (v), (vii) and (viii), as applicable.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc), Sale and Servicing Agreement (Consumer Portfolio Services Inc)

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Withdrawals from Spread Account. (a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the Total Distribution Amount amount of the Available Funds with respect to such Determination Date is insufficient (taking into account less than the application sum of the Total Distribution Amount to the payment required to be made amounts payable on the related Payment Distribution Date pursuant to Section 5.7(b)(vi)clauses (i) to make the payments required to be made on the related Payment Date pursuant to Section 5.7(b)(i), (ii), (iii), (iv), through (v), (vii) and (viiiof Subsection 14.06(b) (such deficiency being a "Deficiency Claim Amount"), ) then on the fourth Business Day Deficiency Claim Date immediately preceding the related Payment such Distribution Date, the Trustee shall deliver to the Collateral Agent, the Owner Trustee, the Note Insurer, Certificate Insurer and the Servicer, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Payment Distribution Date. 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 in the Spread Account AgreementAccount) to the Trustee for deposit in the Collection Account on the related Distribution Date, and distribution pursuant the Collateral Agent, following receipt of such Deficiency Notice, shall so remit such Deficiency Claim Amount (to Sections 5.7(b)(i), (ii), (iii), (iv), (v), (viithe extent of the funds available in the Spread Account) and (viii), as applicableon such Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (FCC Receivables Corp)

Withdrawals from Spread Account. (a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the Total Distribution Amount with respect to such Determination Date is insufficient (taking into account the application of the Total Distribution Amount to the payment required to be made on the related Payment Date pursuant to Section 5.7(b)(vi)) to make the payments required to be made on the related Payment Date pursuant to Section 5.7(b)(i), (ii), (iii), (iv), (v), (vii) and or (viii) (such deficiency being a "Deficiency Claim Amount"), then on the fourth Business Day immediately preceding the related Payment Date, the Trustee shall deliver to the Collateral Agent, the Owner Trustee, the Note Insurer, and the Servicer, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Payment Date. 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 Spread Account Agreement) to the Trustee for deposit in the Collection Account and distribution pursuant to Sections 5.7(b)(i), (ii), (iii), (iv), (v), (vii) and and/or (viii), as applicable.

Appears in 1 contract

Samples: Servicing Agreement (Consumer Portfolio Services Inc)

Withdrawals from Spread Account. (a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the Total Distribution Amount with respect to such Determination Date is insufficient (taking into account the application of the Total Distribution Amount to the payment required to be made on the related Payment Date pursuant to Section 5.7(b)(vi)) to make the payments required to be made on the related Payment Date pursuant to Section 5.7(b)(i), (ii), (iii), (iv), (v), (vii) and or (viii) (such deficiency being a "Deficiency Claim Amount"), then on the fourth Business Day immediately preceding the related Payment Date, the Trustee shall deliver to the Collateral Agent, the Owner Trustee, the Note InsurerCredit Enhancer, and the Servicer, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Payment Date. 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 Spread Account Agreement) to the Trustee for deposit in the Collection Account and distribution pursuant to Sections 5.7(b)(i), (ii), (iii), (iv), (v), (vii) and and/or (viii), as applicable.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc)

Withdrawals from Spread Account. (a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the Total Distribution Amount with respect to such Determination Date is insufficient (taking into account the application of the Total Distribution Amount to the payment required to be made on the related Payment Distribution Date pursuant to Section 5.7(b)(vi4.6(c)(vi)) to make the payments required to be made on the related Payment Distribution Date pursuant to Section 5.7(b)(i4.6(c)(i), (ii), (iii), (iv), (v), (vii) and or (viii) (such deficiency being a "Deficiency Claim Amount"), then on the fourth Business Day immediately preceding the related Payment Distribution Date, the Trustee shall deliver to the Collateral Agent, the Owner Trustee, the Note Certificate Insurer, and the Servicer, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Payment Distribution Date. 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 Spread Account Agreement) to the Trustee for deposit in the Collection Account and distribution pursuant to Sections 5.7(b)(i4.6(c)(i), (ii), (iii), (iv), (v), (vii) and and/or (viii), as applicable.

Appears in 1 contract

Samples: Servicing Agreement (Consumer Portfolio Services Inc)

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Withdrawals from Spread Account. (a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the Total Distribution Amount with respect to such Determination Date is insufficient (taking into account the application of the Total Distribution Amount to the payment required to be made on the related Payment Distribution Date pursuant to Section 5.7(b)(vi4.6(c)(vi)) to make the payments required to be made on the related Payment Distribution Date pursuant to Section 5.7(b)(i4.6(c)(i), (ii), (iii), (iv), (v), (vii) and or (viii) (such deficiency being a "Deficiency Claim Amount"), then on the fourth Business Day immediately preceding the related Payment Distribution Date, the Trustee shall deliver to the Collateral Agent, the Owner TrusteeCertificate Insurer, the Note Insurer, Depositor and the Servicer, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Payment Distribution Date. 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 Spread Account Agreement) to the Trustee for deposit in the Collection Account and distribution pursuant to Sections 5.7(b)(i4.6(c)(i), (ii), (iii), (iv), (v), (vii) and and/or (viii), as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp)

Withdrawals from Spread Account. (a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the Total Distribution Amount amount of the Available Funds with respect to such Determination Date is insufficient (taking into account are less than the application sum of the Total Distribution Amount to the payment required to be made amounts payable on the related Payment Date pursuant to Section 5.7(b)(vi)clauses (i) to make the payments required to be made on the related Payment Date pursuant to Section 5.7(b)(i), (ii), (iii), through (iv), ) and subclause first of clause (v), (vii) and (viiiof Section 5.6(c) (such deficiency being a "Deficiency Claim Amount"), ) then on the fourth Business Day Deficiency Claim Date immediately preceding the related such Payment Date, the Trustee Servicer shall deliver to the Collateral Agent, the Owner Trustee[______________], the Note Insurer, and the ServicerFiscal Agent (as such term is defined in the Insurance Agreement), if any, by hand delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Payment Date. 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 Spread Account Agreement) to the Trustee Servicer for deposit in the Collection Account and distribution Account. Any Deficiency Notice shall be delivered by 10:00 a.m., New York City time, on the related Deficiency Claim Date. The amounts distributed by [______________] to the Servicer pursuant to Sections 5.7(b)(i), (ii), (iii), (iv), (v), (vii) and (viii), as applicablea Deficiency Notice shall be deposited by the Servicer into the Collection Account pursuant to Section 5.5.]

Appears in 1 contract

Samples: Sale and Servicing Agreement (Triad Financial Corp)

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