Permitted Withdrawals from the Collection Account The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: A transfer is a tax-free direct movement of cash and/or property from one Traditional IRA to another or from one Xxxx XXX to another. Transfer Due to Divorce If all or any part of your IRA is awarded to your spouse or former spouse in a divorce or legal separation proceeding, the amount so awarded will be treated as the spouse’s IRA (and may be transferred pursuant to a court-approved divorce decree or written legal separation agreement to another IRA of your spouse), and will not be considered a taxable distribution to you. Are There Different Types of IRAs or Other Tax Deferred Accounts?.Permitted Withdrawals From Custodial Account.Allocation of Payments After Event of Default.
Permitted Withdrawals and Transfers from the Master Servicer Collection Account.Permitted Withdrawals from the Collection Accounts and Certificate Account.Refund for Withdrawal Due to Non-Delivery of Course.Permitted Withdrawals From Escrow Account.Permitted Withdrawals from the Collection Account.Such reports and other detail regarding the debits and credits to the Due to/Due from Account will be made available upon the reasonable request of any member of the Executive Committee or the Finance Committee. Manager will generate and maintain monthly reports detailing all debits and credits to the Due to/Due from Account, including a calculation of any interest charges. Nothing herein shall require that a segregated bank account be maintained for the Partnership, provided that Manager’s system of accounting for receipts and disbursements is reasonably satisfactory to the Executive Committee. Manager shall immediately notify the Partners any time a draw is made on the Revolver. In the event that the Partnership has a surplus balance of Five Million Dollars ($5,000,000) or more, Manager’s Treasurer shall cause a payment in the amount of such surplus balance to be applied to a reduction of outstanding Partnership indebtedness. In the event that the Partnership has a deficit balance of Five Million Dollars ($5,000,000) or more, Manager’s Treasurer may draw on the Revolver to eliminate the deficit balance. So long as the Due to/Due from Account has a net deficit or net surplus balance less than Five Million Dollars ($5,000,000), Manager’s Treasurer, at her/his discretion, may (i) in the event of a deficit balance, draw on the Partnership revolving line of credit described in Section 6.01(e) hereof (“ Revolver”) or (ii) in the event of a surplus balance, cause a payment to be made and applied to a reduction of the outstanding Partnership indebtedness, in each case in an amount up to the amount of such account balance. Interest shall accrue at the Composite Rate on a monthly basis on the average of (i) the net balance of such Account on the last day of the prior fiscal month and (ii) the net balance of such Account on the last day of the subject fiscal month. All disbursements made by Manager on behalf of the Partnership shall be credited to the Due to/Due from Account. Following the Closing Date, Manager shall collect Partnership receipts in various bank accounts and debit such amounts to a due to/due from account (the “Due to/Due from Account”).
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