Permitted Withdrawals from the Collection Account Clause Samples
The 'Permitted Withdrawals From the Collection Account' clause defines the specific circumstances and purposes for which funds can be withdrawn from a designated collection account. Typically, this clause outlines authorized uses such as making payments to lenders, covering administrative expenses, or transferring funds to other agreed accounts. By clearly specifying allowable withdrawals, the clause ensures that the account is managed transparently and that funds are used only for intended purposes, thereby protecting the interests of all parties and reducing the risk of unauthorized or improper disbursements.
Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes:
(i) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans;
(ii) to pay itself the Servicing Fee;
(iii) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards;
(iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16;
(v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances;
(vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account;
(vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein;
(viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and
(ix) to withdraw amounts deposited in error.
Permitted Withdrawals from the Collection Account the Distribution Account, the Interest Reserve Account and the Excess Liquidation Proceeds Account.
Permitted Withdrawals from the Collection Account. The Servicer may, from time to time in accordance with the provisions hereof, withdraw amounts from the Collection Account for the following purposes (without duplication):
(1) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances (other than with respect to REO Properties) that are approved by the Purchaser as being non-recoverable in accordance with SECTION 6.04;
(2) to make payments to the Purchaser in the amounts, at the times and in the manner provided for in SECTION 6.01; to reimburse itself for Monthly Advances, the Servicer's right to reimburse itself pursuant to this SUBSECTION 3 being limited to amounts received on the related Mortgage Loan which represent late payments of principal and/or interest with respect to which any such Monthly Advance was made, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase a Mortgage Loan pursuant to SECTIONS 2.04, 3.04 and/or 7.02 the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price pursuant to such section and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(3) to reimburse itself for unreimbursed Servicing Advances (other than with respect to REO Properties) and for unreimbursed Monthly Advances, the Servicer's right to reimburse itself pursuant to this SUBSECTION 4 with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where a Seller or the Servicer is required to repurchase a Mortgage Loan pursuant to SECTIONS 2.04, 3.04 and/or 7.02, the Servicer's right to such reimbursement shall be subsequent and subordinate to the payment to the Purchaser of the applicable Repurchase Price and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(4) to pay to itself, solely out of the interest portion of the Monthly Payment actually received with respect to a Mortgage Loan during the period ending on the most recent Determination Date, the...
Permitted Withdrawals from the Collection Account. The Master Servicer may make withdrawals from the Collection Account (and the Grantor Trust Collection Account, with respect to Contingent Interest) only as described below (the order set forth below not constituting an order of priority for such withdrawals):
(i) to remit to the Trustee, for deposit in the Distribution Account and the Grantor Trust Distribution Account, the amounts required to be deposited in the Distribution Account and the Grantor Trust Distribution Account pursuant to Sections 4.5 and 3.5(d), respectively;
(ii) to pay or reimburse the Master Servicer, the Trustee or the Fiscal Agent for Advances; provided, however, the right of the Master Servicer, the Trustee or the Fiscal Agent to reimburse itself pursuant to this clause (ii) being limited to either (x) any collections on or in respect of the particular Mortgage Loan or REO Property respecting which each such Advance was made, or (y) any other amounts in the Collection Account in the event that such Advances have been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Mortgage Loan or REO Property after a Final Recovery Determination;
(iii) to pay to the Master Servicer, the Trustee or the Fiscal Agent the Advance Interest Amount first out of Default Interest and late payment charges actually collected in respect of the related Mortgage Loan and, to the extent such amounts are insufficient, in connection with or at any time following the reimbursement of such Advance from any other amounts in the Collection Account;
(iv) to pay on or before each Remittance Date to the Master Servicer, Special Servicer and Trustee, as applicable, as compensation, the unpaid Master Servicing Fee, Special Servicing Fee, and Trustee Fee, respectively (in the case of the Master Servicer, reduced up to the amount of any Prepayment Interest Shortfalls with respect to such Distribution Date, in accordance with Section 3.25), to be paid, in the case of the Master Servicing Fee, from interest received or advanced on the related Mortgage Loans, and to pay to the Master Servicer or the Special Servicer, as applicable, any other amounts constituting Servicing Compensation;
(v) to pay on or before each Distribution Date to the Depositor, the applicable Seller or the purchaser of any Specially Serviced Mortgage Loan or REO Property, as the case may be, with respect to each Mortgage Loan, Deleted Mortgage Loan or REO Property that has previously been repurchased, repl...
Permitted Withdrawals from the Collection Account. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section 5.04. The Master Servicer may from time to time, and with respect to clause (i) below shall, withdraw funds from the Collection Account or the Investment Account for the following purposes:
(i) to pay to the Master Servicer (to the extent not previously retained) the servicing compensation to which it is entitled pursuant to Section 5.08;
(ii) to reimburse the Master Servicer for unreimbursed Servicing Advances made by it in connection with the Qualified Loans, only from amounts received with respect to the Qualified Loans in respect of which any such Servicing Advance was made;
(iii) to withdraw any amount deposited in the Collection Account or the Investment Account and not required to be deposited therein;
(iv) to reimburse the Master Servicer for costs and expenses incurred by it and reimbursable pursuant hereto; and
(v) to remit all remaining amounts to the Purchaser on each Distribution Date.
Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes:
(i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 2.4(e);
(ii) to pay itself any unpaid Servicing Fees, unpaid REO Management Fees and other servicing compensation in accordance with Section 4.3;
(iii) to reimburse itself for any unreimbursed Servicing Advance or Monthly Advances made with respect to any Mortgage Loan; provided that the Servicer's right to reimburse itself pursuant to this clause (ii) is limited to any amounts collected or received by the Servicer with respect to such Mortgage Loan;
(iv) to pay to itself any interest earned on funds deposited in the Collection Account;
(v) to make any payment or reimburse itself for any amount pursuant to Sections 2.12(c), 2.12(e), 5.1(b) or 5.3;
(vi) to reimburse itself for any Servicing Advance or Monthly Advance previously made that it has determined to be a Nonrecoverable Advance;
(vii) if there shall be amounts deposited in error or there shall be amounts deposited in the Collection Account not required to be deposited therein, including the Servicing Fee and other servicing compensation, to withdraw such amount from the Collection Account any provision herein to the contrary notwithstanding;
(viii) to transfer funds to another Qualified Depository in accordance with Section 2.9; and
(ix) to clear and terminate the Collection Account upon the termination of this Agreement in accordance with Article 7.
Permitted Withdrawals from the Collection Account. If at any time funds on deposit in the Holding Account are insufficient to satisfy the Servicer withdrawal requests referred to in Section 2.07(c) hereof, and so long as no Event of Default or Trigger Event shall have occurred and be continuing, the Servicer may request withdrawal of such deficiency from the Collection Account, and upon receipt of such written request, the Trustee shall withdraw the amount of such deficiency from the Collection Account and make the requested payments to the Servicer, provided that such payments shall not be made within six Business Days of a Payment Date.
Permitted Withdrawals from the Collection Account. The Central Servicer may, from time to time as provided herein, make withdrawals from the Collection Account for the following purposes:
(i) to reimburse itself for previously unreimbursed Advances, the Central Servicer's right to withdraw amounts pursuant to this clause (i) being limited to amounts received on particular Qualified Loans which represent late recoveries of Installment Payments respecting which any such Advance was made;
(ii) to reimburse itself for any Nonrecoverable Advance, and to pay to itself or to any other person or entity designated in the related Servicing Contract any income from Eligible Investments in the Collection Account;
(iii) to pay to Farmer Mac on ▇▇ ▇efore each Certificate Account Deposit Date for deposit in the Certificate Account all amounts at the time held in the Collection Account other than amounts held therein which consist of Amounts held for Future Distribution;
(iv) to pay to Farmer Mac on ▇ ▇▇▇▇y basis any amounts held in the Collection Account which are allocable to a Certificate Distribution Amount and which were delinquent as of the Certificate Account Deposit Date next preceding the related Distribution Date and were not represented by any related Advance; and
(v) to withdraw such other amounts for such other purposes as shall be specified in the related Issue Supplement, Servicing Contract or Loan Sale Agreement.
Permitted Withdrawals from the Collection Account. The Servicer may, from time to time, make withdrawals from the Collection Account for the following purposes:
i. to make payments to the Owner in the amounts and in the manner provided for in Section 6.02;
ii. to pay itself for unreimbursed Servicing Advances, fees, and expenses prior to making payments to the Owner in the amounts and in the manner provided for in Section 6.02;
iii. to pay to itself for unreimbursed Servicing Fees and any interest earned on funds in the Collection Account;
iv. to pay itself, after liquidation of a Mortgage Loan, any accrued and unpaid Servicing Fees and Servicing Advances with respect to such liquidated Mortgage Loan;
v. to reimburse the Advance Reserve Account for the payment of Servicing Fees upon a payment received for Performing Loans or upon the passing of the scheduled Mortgage Loan Due Date for non-performing loans.
vi. to pay itself Ancillary Income;
vii. to reimburse itself for any Non-recoverable Advance;
viii. to remove funds inadvertently placed in the Collection Account in error by the Servicer or for which amounts previously deposited are returned unpaid due to a "not sufficient funds" or other denial by the obligor's banking institution; and
ix. to clear and terminate the Collection Account upon the termination of this Agreement.
Permitted Withdrawals from the Collection Account. The Master Servicer may, from time to time, make withdrawals from the Collection Account for any of the following purposes (the order set forth below not constituting an order of priority for such withdrawals):