Common use of Permitted Withdrawals from the Collection Account Clause in Contracts

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.

Appears in 2 contracts

Sources: Trust Agreement (Farmer Mac Mortgage Securities Corp), Trust Agreement (Farmer Mac Mortgage Securities Corp)

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 or before 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 are in the nature of Amounts held Held for Future Distribution; (iv) to pay to Farmer Mac on ▇ ▇▇▇▇y ▇▇ Mac on a daily basis any amounts held in the Collection Account which are allocable to a Certificate Distribution Amount and which were delinquent as of the related 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.

Appears in 1 contract

Sources: Trust Agreement (Farmer Mac Mortgage Securities Corp)