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 Deficiency Claim Amount (as defined below) with respect to the related Distribution Date is greater than zero, then the Indenture Trustee shall, on the Deposit Date, withdraw from the Spread Account an amount equal to the lesser of (x) the Deficiency Claim Amount and (y) the amount on deposit in the Spread Account, and deposit such amount into the Collection Account. The "Deficiency Claim Amount" with respect to any Distribution Date shall equal the excess, if any, of

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Arcadia Financial LTD), Sale and Servicing Agreement (Olympic Financial LTD)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!