Common use of Withdrawals from the Reserve Account Clause in Contracts

Withdrawals from the Reserve Account. (a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the amount of Available Funds with respect to such Determination Date is less than the sum of the amounts payable on the related Distribution Date pursuant to clauses (i) through (vii) of Section 4.6, then on the Draw Date immediately preceding such Distribution Date, the Indenture Trustee, in accordance with written instructions, shall (i) withdraw amounts on deposit in the Reserve Account, other than any funds in the Class A-1 Holdback Subaccount (up to the amount by which the amounts payable on the related Distribution Date pursuant to clauses (i) through (vii) of Section 4.6 exceed the amount of Available Funds with respect to such Determination Date) and (ii) deposit the amounts so withdrawn from the Reserve Account into the Collection Account. On each Distribution Date, any funds on deposit in the Reserve Account (other than funds on deposit in the Class A-1 Holdback Subaccount) in excess of the Requisite Reserve Amount (after giving effect to any withdrawals on the immediately preceding Draw Date as described above) shall be paid to the Depositor.

Appears in 5 contracts

Samples: Sale and Servicing Agreement (Arcadia Receivables Finance Corp), Sale and Servicing Agreement (Arcadia Receivables Finance Corp), Sale and Servicing Agreement (Arcadia Receivables Finance Corp)

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Withdrawals from the Reserve Account. (a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the amount of Available Funds with respect to such Determination Date is less than the sum of the amounts payable on the related Distribution Date pursuant to clauses (i) through (viiviii) of Section 4.6, then on the Draw Date immediately preceding such Distribution Date, the Indenture Trustee, in accordance with written instructions, shall (i) withdraw amounts on deposit in the Reserve Account, other than any funds in the Class A-1 Holdback Subaccount (up to the amount by which the amounts payable on the related Distribution Date pursuant to clauses (i) through (viiviii) of Section 4.6 exceed the amount of Available Funds with respect to such Determination Date) and (ii) deposit the amounts so withdrawn from the Reserve Account into the Collection Account. On each Distribution Date, any funds on deposit in the Reserve Account (other than funds on deposit in the Class A-1 Holdback Subaccount) in excess of the Requisite Reserve Amount (after giving effect to any withdrawals on the immediately preceding Draw Date as described above) shall be paid to the Depositor.

Appears in 3 contracts

Samples: Sale and Servicing Agreement (Olympic Receivables Finance Corp), Sale and Servicing Agreement (Olympic Receivables Finance Corp), Sale and Servicing Agreement (Arcadia Receivables Finance Corp)

Withdrawals from the Reserve Account. (a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the amount of Available Funds with respect to such Determination Date is less than the sum of the amounts payable on the related Distribution Date pursuant to clauses (i) through (viiviii) of Section 4.6, then on the Draw Date immediately preceding such Distribution Date, the Indenture Trustee, in accordance with written instructions, Trustee shall (i) withdraw amounts on deposit in the Reserve Account, other than any funds in the Class A-1 Holdback Subaccount (up to the amount by which the amounts payable on the related Distribution Date pursuant to clauses (i) through (viiviii) of Section 4.6 exceed the amount of Available Funds with respect to such Determination Date) and (ii) deposit the amounts so withdrawn from the Reserve Account into the Collection Account. On each Distribution Date, any funds on deposit in the Reserve Account (other than funds on deposit in the Class A-1 Holdback Subaccount) in excess of the Requisite Reserve Amount (after giving effect to any withdrawals on the immediately preceding Draw Date as described above) shall be paid to the DepositorGeneral Partners.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Olympic Receivables Finance Corp), Sale and Servicing Agreement (Olympic Receivables Finance Corp)

Withdrawals from the Reserve Account. (a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the amount of Available Funds with respect to such Determination Date is less than the sum of the amounts payable on the related Distribution Date pursuant to clauses (i) through (viivi) of Section 4.6, then on the Draw Date immediately preceding such Distribution Date, the Indenture Trustee, in accordance with written instructions, shall (i) withdraw amounts on deposit in the Reserve Account, other than any funds in the Class A-1 Holdback Subaccount (up to the amount by which the amounts payable on the related Distribution Date pursuant to clauses (i) through (viivi) of Section 4.6 exceed the amount of Available Funds with respect to such Determination Date) and (ii) deposit the amounts so withdrawn from the Reserve Account into the Collection Account. On each Distribution Date, any funds on deposit in the Reserve Account (other than funds on deposit in the Class A-1 Holdback Subaccount) in excess of the Requisite Reserve Amount (after giving effect to any withdrawals on the immediately preceding Draw Date as described above) shall be paid to the Depositor.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Arcadia Receivables Finance Corp)

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Withdrawals from the Reserve Account. (a) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the amount of Available Funds with respect to such Determination Date is less than the sum of the amounts payable on the related Distribution Date pursuant to clauses (i) through (viiviii) of Section 4.6, then on the Draw Date immediately preceding such Distribution Date, the Indenture Trustee, in accordance with written instructions, shall (i) withdraw amounts on deposit in the Reserve Account, other than any funds in the Class A-1 Holdback Subaccount (up to the amount by which the amounts payable on the related Distribution Date pursuant to clauses (i) through (viiviii) of Section 4.6 exceed the amount of Available Funds with respect to such Determination Date) and (ii) deposit the amounts so withdrawn from the Reserve Account into the Collection Account. On each Distribution Date, any funds on deposit in the Reserve Account (other than funds on deposit in the Class A-1 ClassA-1 Holdback Subaccount) in excess of the Requisite Reserve Amount (after giving effect to any withdrawals on the immediately preceding Draw Date as described above) shall be paid to the Depositor.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Arcadia Receivables Finance Corp)

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