Alternative Accounts Sample Clauses
Alternative Accounts. If, after the Initial Closing Date, the Mortgages Trustee and the Beneficiaries agree that any Monthly Payments, other interest received under and in respect of the Loans and any costs or other amounts received under the Loans (including in any such case amounts recovered on enforcement of rights against any Borrower, the Property or the Borrower’s other property or assets) may be paid directly into an account other than the Mortgages Trustee GIC Account (an "Alternative Account"), then such agreement will be subject to the following terms:
(a) the Alternative Account is maintained in the name of the Mortgages Trustee;
(b) the Alternative Account is maintained with a bank (i) whose unguaranteed and unsubordinated obligations are rated at least A-1 short-term and A long-term (or, if such entity has no short-term rating from S&P, at least A+ long-term) by S&P, (ii) whose short term, unguaranteed and unsubordinated obligations are rated at least P-1 by ▇▇▇▇▇'▇ and
Alternative Accounts. If, after the Initial Closing Date, the Mortgages Trustee and the Beneficiaries agree that any Monthly Payments, other interest received under and in respect of the Loans and any costs or other amounts received under the Loans (including in any such case amounts recovered on enforcement of rights against any Borrower, the Property or the Borrower’s other property or assets) may be paid directly into an account other than the Mortgages Trustee GIC Account (an "Alternative Account"), then such agreement will be subject to the following terms:
(a) the Alternative Account is maintained in the name of the Mortgages Trustee;
(b) the Alternative Account is maintained with a bank the short-term, unguaranteed and unsubordianted obligations of which are rated A-1+ by Standard & Poors, P-1 by ▇▇▇▇▇'▇ and F-1+ by Fitch Ratings;
(c) amounts standing to the credit of the Alternative Account are transferred by the Cash Manager to the Mortgages Trustee GIC Account not later than one London Business Day after the date that they are deposited in the Alternative Account;
(d) written notice is given to the bank at which the Alternative Account is maintained that the sums standing to the credit thereof are held on trust by the Mortgages Trustee for the Beneficiaries pursuant to the terms of the Mortgages Trust Deed and such bank acknowledges that trust in writing; and
(e) the bank at which the Alternative Account is held enters into such agreements with the Security Trustee, Funding and/or the Mortgages Trustee as the Rating Agencies shall shall reasonable require for the purpose of protecting monies standing to the credit of the Alternative Accounts.
Alternative Accounts. If, as an account holder, you have deposit accounts with us under the name of two or more persons, payable to any one of such depositors (e.g. ▇▇▇▇ ▇▇▇ or ▇▇▇▇ ▇▇▇), you are jointly and severally liable under this agreement. Each of you have the ability to access your accounts with us using a separate password and may perform transactions such as funds transfers, obtain information, or even terminate this agreement. Be advised, that with regards to such deposits, we are not required to obtain the consent of, or notify the other one of you about the actions of the other. Both of you release us from any liability for honoring and allowing any transactions or actions initiated by either one of you. Each of you indemnifies and holds ▇▇▇▇▇▇ Bank harmless from any and all liability resulting from transactions either one of you initiate.