Application of Funds on Deposit Sample Clauses

The "Application of Funds on Deposit" clause defines how funds held in a deposit account are to be used or allocated by the parties involved. Typically, this clause specifies the order of priority for applying deposited funds, such as first covering outstanding fees, then principal amounts, or other obligations under the agreement. By clearly outlining the permitted uses and sequence of application, this clause ensures transparency and prevents disputes over how deposited monies are managed or disbursed.
Application of Funds on Deposit in the Collection Account --------------------------------------------------------- for the Certificates. -------------------- (a) On each Business Day, the Servicer shall deliver to the Trustee a Daily Report in which it shall instruct the Trustee to withdraw, and the Trustee, acting in accordance with such instructions, shall withdraw, to the extent of the amount of the Floating Allocation Percentage of Interest Collections available in the Collection Account and net investment earnings on amounts in the Pre-Funding Account (the "Series Available Interest Collections"), the amounts required to be withdrawn from the Collection Account pursuant to subsections 4.9(a)(i) through 4.9(a)(xiv).
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Application of Funds on Deposit in the Collection Account for the Certificates. (a) On each Distribution Date, the Servicer shall instruct the Trustee to withdraw, and the Trustee, acting in accordance with such instructions set forth in the Monthly Report, substantially in the form of Exhibit B, shall withdraw from the Collection Account, or retain therein, as applicable, to the extent of the sum of (w) the Floating Allocation Percentage of Collections of Finance Charge Receivables collected during the preceding Monthly Period plus (x) any Principal Funding Investment Proceeds deposited in the Collection Account pursuant to subsection 4.11(c) and any investment earnings on amounts on deposit in the Reserve Account deposited in the Collection Account pursuant to subsection 4.13(b) plus (y) the Reserve Draw Amount, if any, deposited into the Collection Account pursuant to subsection 4.13(d) plus (z) the amount of Excess Transferor Finance Charge Collections applied to cover Principal Funding Investment Shortfalls, if any (such sum, the "Available Series 2003-__Finance Charge Collections"[; provided that, with respect to the first Distribution Date, the amount deposited by the Transferor into the Collection Account pursuant to subsection 4.2(a) shall also constitute Available Series 2003-__ Finance Charge Collections]), the following amounts, and apply such amounts as follows and in the following priority: (i) Class A Monthly Interest. An amount equal to the lesser of (x) the Available Series 2003-__ Finance Charge Collections for such date and (y) the sum of Class A Monthly Interest and Class A Carryover Interest shall be paid to the Class A Certificateholders in accordance with Section 5.1.
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Application of Funds on Deposit. On November 1, 2002 New Visual will transfer to each of B▇▇▇▇▇▇ and S▇▇▇▇▇▇▇ on Starburst's behalf $46,875 (for an aggregate of $93,750) out of the $105,500 remaining of funds previously deposited by Starburst with New Visual. On December 15, 2002 New Visual will transfer to each of B▇▇▇▇▇▇ and S▇▇▇▇▇▇▇ on Starburst's behalf $ 5,875 (for an aggregate of $11,750) which will equal the balance of the original funds deposited by Starburst with New Visual. In accordance with Starburst's acquisition of certain of New Visual's rights under the Settlement Agreement, the parties acknowledge that such funds will purchase for Starburst an additional 140,667 of the Settlement Shares from B▇▇▇▇▇▇ and S▇▇▇▇▇▇▇.
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Application of Funds on Deposit in the Collection Account for the Certificates. (a) On each Business Day, the Servicer shall deliver to the Trustee a Daily Report in which it shall instruct the Trustee to withdraw, and the Trustee, acting in accordance with such instructions, shall withdraw from the Collection Account, to the extent of the sum of (w) the Floating Allocation Percentage of Imputed Yield Collections available in the Collection Account, (x) Investment Earnings on deposit in the Collection Account and (y) amounts on deposit in the Payment Reserve Account, if any, if and to the extent so designated by the Transferor (the "Available Series 1997-1 Imputed Yield Collections") the amounts set forth in subsections 4.9(a)(i) through 4.9(a)(x) of the Agreement.
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Application of Funds on Deposit in the Collection ------------------------------------------------- Account for the Series 1996-1
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Application of Funds on Deposit in the Collection Account for the Certificates. (a) On each Business Day, the Servicer shall deliver to the Trustee and the Insurer a Daily Report in which it shall instruct the Trustee to, and the Trustee, acting in accordance with such instructions shall, withdraw the Available Series 1999-1 Finance Charge Collections from the Collection Account and apply the same as follows, in each case to the extent of such funds available after giving effect to all of the prior applications: (i) Class A Carrying Costs. Deposit into the Interest Funding Account for distribution on the related Distribution Date to the Class A Certificateholders an amount equal to the excess of (A) the Class A Carrying Cost Target for the related Distribution Date, over (B) any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. If the actual Class A Carrying Costs for the related Distribution Date can be determined with certainty by the Servicer, and the aggregate amount of funds so deposited in any Monthly Period exceeds the actual Class A Carrying Costs for the related Distribution Date, then the excess funds shall be withdrawn from the Interest Funding Account and applied to the items specified below in this Section 4.8(a) with respect to the related Monthly Period or Interest Accrual Period. (ii) Class B Carrying Costs. Deposit into the Interest Funding Account for distribution on the related Distribution Date to the Class B Certificateholders an amount equal to the excess of (A) the Class B Carrying Cost Target for the related Distribution Date, over (B) any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. If the actual Class B Carrying Costs for the related Distribution Date can be determined with certainty by the Servicer, and the aggregate amount of funds so deposited in any Monthly Period exceeds the actual Class B Carrying Costs for the related Distribution Date, then the excess funds shall be withdrawn from the Interest Funding Account and applied to the items specified below in this Section 4.8(a) with respect to the related Monthly Period or Interest Accrual Period. (iii) Investor Servicing Fee. On each Business Day on which SRI or an Affiliate of SRI is not the Servicer, distribute to the Servicer an amount equal to the excess of (A) the Servicing Fee for such Monthly Period, plus any unpaid Servicin...
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Application of Funds on Deposit in the Series 2025-1 Prefunding Account During the Series 2025-1
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Related to Application of Funds on Deposit

  • Application of Funds After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations, subject to the provisions of Sections 2.13 and 2.14, shall be applied by the Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans and L/C Borrowings, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third held by them; Fourth, to (a) payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings and (b) Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them; and Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required by Law. Subject to Section 2.03(c) and Section 2.13, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.

  • Collection of Funds Except as permitted under this Indenture, the Indenture Trustee may demand payment or delivery of, and will receive and collect, directly the funds and other property payable to or to be received by the Indenture Trustee under this Indenture and the Sale and Servicing Agreement. The Indenture Trustee will apply the funds and other property received by it, and will make deposits to, and distributions from, the Bank Accounts, under this Indenture and the Sale and Servicing Agreement.

  • Application of Funds in the Collection Account The Master Servicer may, from time to time, make, or cause to be made, withdrawals from the Collection Account for the following purposes: (i) to reimburse itself or any Servicer for Advances made by it or by such Servicer pursuant to Section 5.04 or the applicable Servicing Agreement; provided, however, that the Master Servicer’s right to reimburse itself pursuant to this subclause is limited to amounts received on or in respect of particular Mortgage Loans (including, for this purpose, Liquidation Proceeds and amounts representing Insurance Proceeds with respect to the property subject to the related Mortgage) which represent late recoveries (net of the applicable Servicing Fee and the Master Servicing Fee) of payments of principal or interest respecting which any such Advance was made; provided, further, that following the final liquidation of a Mortgage Loan, the Master Servicer may reimburse itself for previously unreimbursed Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loans from any funds in the Collection Account, it being understood, in the case of any such reimbursement, that the Master Servicer’s or Servicer’s right thereto shall be prior to the rights of the Certificateholders; (ii) to reimburse itself or any Servicer for any Servicing Advances made by it or by such Servicer that it or such Servicer determines in good faith will not be recoverable from amounts representing late recoveries of payments of principal or interest respecting the particular Mortgage Loan as to which such Servicing Advance was made or from Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan, it being understood, in the case of any such reimbursement, that such Master Servicer’s or Servicer’s right thereto shall be prior to the rights of the Certificateholders; (iii) to reimburse itself or any Servicer from Liquidation Proceeds for Liquidation Expenses and for amounts expended by it pursuant to Sections 9.20 and 9.22(a) or the applicable Servicing Agreement in good faith in connection with the restoration of damaged property and, to the extent that Liquidation Proceeds after such reimbursement exceed the unpaid principal balance of the related Mortgage Loan, together with accrued and unpaid interest thereon at the applicable Mortgage Rate less the applicable Servicing Fee and the Master Servicing Fee for such Mortgage Loan to the Due Date next succeeding the date of its receipt of such Liquidation Proceeds, to pay to itself out of such excess the amount of any unpaid assumption fees, late payment charges or other Mortgagor charges on the related Mortgage Loan and to retain any excess remaining thereafter as additional servicing compensation, it being understood, in the case of any such reimbursement or payment, that such Master Servicer’s or Servicer’s right thereto shall be prior to the rights of the Certificateholders; (iv) to reimburse itself or any Servicer for expenses incurred by and recoverable by or reimbursable to it or such Servicer pursuant to Section 9.04, 9.05, 9.06, 9.16 or 9.22(a) or pursuant to the applicable Servicing Agreement, and to reimburse itself for any expenses reimbursable to it pursuant to Section 10.01(c); (v) to pay to the applicable Person, with respect to each Mortgage Loan or REO Property acquired in respect thereof that has been repurchased by such Person pursuant to this Agreement, all amounts received thereon and not distributed on the date on which the related repurchase was effected; (vi) subject to Section 5.05, to pay to itself income earned on the investment of funds deposited in the Collection Account; (vii) to make payments to the Trustee for deposit into the Certificate Account in the amounts and in the manner provided for in Section 4.01(c); (viii) to make distributions of any Retained Interest to the Retained Interest Holder on each Distribution Date (other than any Retained Interest not deposited into the Collection Account in accordance with Section 4.01(d)(iii)); (ix) to make payment to itself, the Trustee and others pursuant to any provision of this Agreement; (x) to withdraw funds deposited in error in the Collection Account; (xi) to clear and terminate the Collection Account pursuant to Section 7.02; (xii) to reimburse a successor Master Servicer (solely in its capacity as successor Master Servicer), for any fee or advance occasioned by a termination of the Master Servicer, and the assumption of such duties by the Trustee or a successor Master Servicer appointed by the Trustee pursuant to Section 6.14, in each case to the extent not reimbursed by the terminated Master Servicer, it being understood, in the case of any such reimbursement or payment, that the right of the Master Servicer or the Trustee thereto shall be prior to the rights of the Certificateholders; and (xiii) to reimburse any Servicer for such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to such Servicer to the extent provided in such Servicing Agreement. If provided in the related Servicing Agreement, each Servicer shall be entitled to retain as additional servicing compensation any Prepayment Interest Excess (to the extent not offset by Prepayment Interest Shortfalls). In the event that the Master Servicer fails on any Deposit Date to remit to the Trustee any amounts required to be so remitted to the Trustee pursuant to subclause (vii) by 12 noon (New York time) on such date, the Master Servicer shall pay the Trustee, for the account of the Trustee, interest calculated at the “prime rate” (as published in the “Money Rates” section of The Wall Street Journal) on such amounts not timely remitted for the period from and including that Deposit Date to but not including the related Distribution Date. In connection with withdrawals pursuant to subclauses (i), (iii), (iv) and (vi) above, the Master Servicer’s or Servicer’s entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, except as provided herein. The Master Servicer shall therefore keep and maintain a separate accounting for each Mortgage Loan it master services for the purpose of justifying any withdrawal from the Collection Account it maintains pursuant to subclauses (i), (iii), (iv) and (vi) above.

  • Deposit of Funds Before 11:00 A.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date or Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose.

  • Allocation of Funds A. The Faculty Development Committee shall approve all applications for reassignment of duties that do not require additional funding and have been endorsed by the applicant’s Division. B. The Faculty Development Committee shall follow the guidelines established in consultation between the parties in deciding which applications for faculty development funding will be approved.