Withdrawals from the Escrow Account Sample Clauses

Withdrawals from the Escrow Account. All amounts standing to the credit in the Escrow Account shall be utilized in accordance with the priority and instructions set out in the Escrow Agreement. Further, the Authority shall be entitled to recover any Damages payable by the Concessionaire to the Authority under this Agreement from the Escrow Account in accordance with the Escrow Agreement to the extent such Damages remain unpaid by the Concessionaire or are not recovered from the Bid Security, Construction Performance Security or the Operation Performance Security, as the case may be.
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Withdrawals from the Escrow Account. (a) The Escrow Agent shall from time to time, upon the written request of the Assignor, release funds to the Assignor from the Escrow Account to enable the Assignor to fulfill the tax obligations of the Assignor arising in connection with the sale of ▇▇▇▇▇▇▇ Shares as they become due and payable so long as at the time or prior to any such release the Assignor has delivered to the Escrow Agent a certificate executed by an Authorized Officer of the Assignor certifying (and providing documentation supporting such certification) as to the actual amount of such tax liability and that 100% of the amounts released from the Escrow Account shall be promptly (and in any event within two Business Days) used to pay such tax obligations. It is understood and agreed that so long as the requirements of the immediately preceding sentence have been satisfied, the Assignor shall be entitled to withdraw funds from the Escrow Account solely for the purposes described in such sentence regardless of whether any Default or any Event of Default shall exist at the time of any such withdrawal. (b) If on June 30, 2001 any funds remain on deposit in the Escrow Account, then on such date the Escrow Agent shall apply all such amounts to repay outstanding Loans, to cash collateralize outstanding Letters of Credit and to reduce the Total Commitment in accordance with Sections 4.02(g) and (h) of the Credit Agreement. (c) The Escrow Agent shall from time to time, upon the written request of the Assignor, release funds from the Escrow Account and deliver same directly to the Administrative Agent under the Credit Agreement so long as 100% of such funds are immediately applied to (i) repay outstanding Loans under the Credit Agreement in accordance with Section 4.01 of the Credit Agreement and (ii) also to permanently reduce the Total Commitment in a like amount in accordance with Section 3.02 of the Credit Agreement.
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Withdrawals from the Escrow Account. At any time after the Commencement Date and from time to time, when there is no New Borrowing Base Deficiency and no Significant Default or Event of Default has occurred and is continuing, Borrowing shall have the right to withdraw funds on deposit in the Escrow Account in accordance with the procedures set forth in the Escrow Agreement between Lender, Borrower and the bank at which the Escrow Account is then being maintained, which procedures shall be substantially similar to those set forth in the form of Escrow Agreement attached as Exhibit C to the Extension Agreement, provided, however, that no withdrawal shall be made to the extent that after giving effect thereto there would exist a New Borrowing Base Deficiency.
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Withdrawals from the Escrow Account. 4.2.1 The Bank hereby accords upfront irrevocable instructions to the Escrow Agent to transfer, on a daily basis, the Receivables available in the Escrow Account, to the account of the Bank being Account no. held with Bank, branch. The Bank shall utilize the Receivables in the following manner and priority (and the Bank shall issue appropriate instructions to the Escrow Agent in this regard): (i) Firstly, in the event that any EMI or any other payment is due (scheduled in respect of the Loan, for meeting the said payments); (ii) Secondly, towards repayment of balance principal amounts if requested by the borrower in respect of the Loan; (iii) Thirdly, the balance after the above payments shall be transferred to Borrower’s designated account no_ maintained with Bank having IFSC Code on following conditions namely a) provided the Loan account is not in default
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Withdrawals from the Escrow Account. 3.2.1 The Company agrees and undertakes that the balances in the Escrow Account, at no time, be lower than the Outstanding Balances. The Company shall on a quarterly basis submit a certificate as per the format specified in Annexure VI signed by the CA/auditor, certifying that Company is maintaining adequate balance in the Escrow Account to cover the Outstanding Balances. The certificates shall be submitted within a fortnight from the end of the quarter to which it pertains. The Company agrees and undertakes to make available on demand of the Bank, adequate records indicating the daily position of the value of Instruments outstanding vis-à-vis balances in the Escrow Account and any information or documents that it may have in its possession in relation to receipts, payments, Core Portion and Outstanding Balances that the Bank may require for scrutiny in connection with maintenance and operation of the Escrow Account. 3.2.2 The Company shall submit to the Escrow Bank as per the format specified in Annexure I, the list of Merchants along with their bank account details with whom Company has valid and on-going contract for on-boarding (“Registered Merchants”), the Company shall also ensure that the list of Merchants is updated from time to time i.e. any addition / deletion/ change in details of the Merchant in the list is communicated to Escrow Bank from time to time. All transactions/payments/settlements shall be made with & in respect of the Registered Merchants only and any transactions initiated to non-registered Merchants shall be rejected on account of incorrect or mismatch of data and/or being in non-compliance to the RBI Guidelines and PA&PG Circular. 3.2.3 The Company may instruct Escrow Bank to make the following payments - a) Payments to the Merchant towards reimbursement of claims received by the Company. On receipt of such instruction as per format specified in Annexure II, Escrow Bank shall transfer such amount from the Escrow Account only to the Registered Merchants and through electronic mode only. b) Payment to any other account on specific directions from the merchant. c) Transfer/payments representing refunds for failed / disputed transactions; d) Payment of commission to the intermediaries at pre-determined rates / frequency; e) Payment of amount received under promotional activities, incentives, cash-backs, etc. The Escrow Bank shall not make any direct payments to the Company other than the instruction received as per Annexure III from t...
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Related to Withdrawals from the Escrow Account

  • Withdrawals From Escrow Account Withdrawals from the Escrow Account shall be made by the Seller only (a) to effect timely payments of ground rents, taxes, assessments, premiums for Primary Mortgage Insurance Policies, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse the Seller for any Servicing Advance made by Seller pursuant to Subsection 11.08 hereof with respect to a related Mortgage Loan, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) for transfer to the Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (e) for application to restore or repair of the Mortgaged Property, (f) to pay to the Mortgagor, to the extent required by law, any interest paid on the funds deposited in the Escrow Account, (g) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (h) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (i) to withdraw suspense payments that are deposited into the Escrow Account, (j) to withdraw any amounts inadvertently deposited in the Escrow Account or (k) to clear and terminate the Escrow Account upon the termination of this Agreement.

  • Disbursements from the Escrow Account a. At such time as Escrow Agent has collected and deposited instruments of payment in the total amount of the Advance and has received such Common Stock via D.W.A.C from the Company which are to be issued to the Investor pursuant to the Standby Equity Distribution Agreement, the Escrow Agent shall notify the Company and the Investor. The Escrow Agent will continue to hold such funds until the Investor and Company execute and deliver a Joint Written Direction directing the Escrow Agent to disburse the Escrow Funds pursuant to Joint Written Direction at which time the Escrow Agent shall wire the Escrow Funds to the Company. In disbursing such funds, Escrow Agent is authorized to rely upon such Joint Written Direction from Company and may accept any signatory from the Company listed on the signature page to this Agreement and any signature from the Investor that Escrow Agent already has on file. Simultaneous with delivery of the executed Joint Written Direction to the Escrow Agent the Investor and Company shall execute and deliver a Common Stock Joint Written Direction to the Escrow Agent directing the Escrow Agent to release via D.W.A.C to the Investor the shares of the Company's Common Stock. In releasing such shares of Common Stock the Escrow Agent is authorized to rely upon such Common Stock Joint Written Direction from Company and may accept any signatory from the Company listed on the signature page to this Agreement and any signature from the Escrow Agent has on file. In the event the Escrow Agent does not receive the amount of the Advance from the Investor or the shares of Common Stock to be purchased by the Investor from the Company, the Escrow Agent shall notify the Company and the Investor.

  • Withdrawals From the Custodial Account The Seller shall, from time to time during the Interim Servicing Period, withdraw funds from the Custodial Account for the following purposes: (a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15; (b) [reserved]; (c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (c) 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 Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03; (e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01; (f) [reserved]; (g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments; (h) to withdraw any amounts inadvertently deposited in the Custodial Account; and (i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.

  • Withdrawals from the Collection Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account maintained by it for any of the following purposes or as described in Section 4.01: (i) on or prior to each Remittance Date, to remit to the Master Servicer (A) the Master Servicing Fee with respect to such Distribution Date and (B) all Available Funds in respect of the related Distribution Date together with all amounts representing Prepayment Charges (payable to the Class P Certificateholders) from the Mortgage Loans received during the related Prepayment Period; (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Scheduled Payments on Mortgage Loans with respect to which such P&I Advances were made by the Servicer in accordance with the provisions of Section 4.01 and (B) any ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances to the extent of funds held in the Collection Account for a future Distribution Date that were not included in Available Funds for the preceding Distribution Date; (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan (or the related REO Property); (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on each Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Mortgage Loan Seller, with respect to each Mortgage Loan that has previously been repurchased or replaced pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for (A) any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Late Collections or other amounts received with respect to the related Mortgage Loan under Section 3.11(a)(iii); (vii) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to reimburse the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee for expenses incurred by or reimbursable to the Master Servicer, the Servicer, the Depositor, the Securities Administrator or the Trustee, as the case may be, pursuant to Section 6.03, Section 7.02, Section 8.05, Section 9.13 or Section 10.02; (ix) to reimburse the Master Servicer, the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the repurchase obligation of the Mortgage Loan Seller or the Sponsor under this Agreement that were included in the Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (x) to withdraw any amounts deposited in the Collection Account in error; and (xi) to clear and terminate the Collection Account upon termination of this Agreement. (b) The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (a)(ii), (iii), (v), (vi), (vii), (viii) and (ix) above. The Servicer shall provide written notification (as set forth in Section 4.01(d)) to the Master Servicer, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (a)(vi) above.

  • Permitted Withdrawals From Escrow Account Withdrawals from the Escrow Account or Accounts may be made by the Company only: (i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage; (ii) to reimburse the Company for any Servicing Advances made by the Company pursuant to Section 4.08 with respect to a related Mortgage Loan, but only from amounts received on the related Mortgage Loan which represent late collections of Escrow Payments thereunder; (iii) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan; (iv) for transfer to the Custodial Account and application to reduce the principal balance of the Mortgage Loan in accordance with the terms of the related Mortgage and Mortgage Note; (v) for application to restoration or repair of the Mortgaged Property in accordance with the procedures outlined in Section 4.14; (vi) to pay to the Company, or any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account; (vii) to clear and terminate the Escrow Account on the termination of this Agreement; and (viii) to withdraw funds deposited in error.