CBC TRANSACTION ACCOUNTS Sample Clauses

CBC TRANSACTION ACCOUNTS. The Administrator hereby confirms to the CBC and to the Security Trustee that the CBC Transaction Accounts have been established and are operative and that mandates substantially in the Agreed Form have been delivered by the CBC (or the Administrator on behalf of the CBC) to the CBC Account Bank before execution of this Agreement. If, at any time, the short-term unsecured, unsubordinated and unguaranteed debt obligations of the CBC Account Bank are assigned a rating of less than the Requisite Credit Ratings or any such rating is withdrawn and, in accordance with the provisions of the CBC Account Agreement, a replacement CBC account bank is to be appointed or in the event that the CBC Account Agreement is terminated for any other reason, the Administrator will on behalf of the CBC give notice thereof to the Rating Agencies and the Security Trustee and, unless another proposal is approved by the Security Trustee, will take all reasonable steps required by the CBC and the Security Trustee in connection with any proposed transfer, including assisting the CBC and the Security Trustee in identifying and appointing a new CBC account bank. Upon the transfer of the CBC Transaction Accounts to another bank the Administrator will take all reasonable steps to procure that (i) the new account(s) is/are pledged to the Security Trustee in the same manner as the CBC Transaction Accounts are pledged to the Security Trustee pursuant to the Security Trustee Rights Pledge Agreement on the Programme Date; (ii) the provisions of this Clause shall apply to such new bank account; (iii) the provisions of the Security Trustee Rights Pledge Agreement relating to payments from the CBC Transaction Accounts shall apply to such new bank account; and (iv) the arrangements for operation of such bank account shall have the same terms as the CBC Account Agreement, all to the satisfaction of the Security Trustee. In case of termination of the CBC Account Agreement, other than as described in Clause 5.2 above, the Administrator shall use its best endeavours, to find an alternative CBC account bank having the Requisite Credit Ratings and acceptable to the Security Trustee and the Rating Agencies.
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CBC TRANSACTION ACCOUNTS. 2.1 The CBC Account Bank hereby confirms that, on the instructions of the CBC, the cbc account with IBAN XX00 XXXX 0 000000000 (the ''CBC Account''), the reserve account with IBAN XX00 XXXX 0 000000000 (the ''Reserve Account''), the construction account with IBAN XX00 XXXX 0 000000000 (the ''Construction Account'') and the swap cash collateral account with IBAN XX00 XXXX 0 000000000 (the ''Swap Cash Collateral Account'') (together the ''CBC Transaction Accounts'') have been opened in its books in the name of the CBC. 2.2 The CBC Account Bank acknowledges that it has received from the CBC a duly completed account mandate relating to the CBC Transaction Accounts substantially in the form set out in Schedule 1 hereto. 2.3 In the event the CBC is obliged to open any other accounts than the CBC Transaction Accounts, the CBC Account Bank will, on the instructions of the CBC, open such new accounts under the terms of this Agreement in the name of the CBC (each an "Other CBC Account") and such accounts shall carry a rate of interest as to be agreed between the parties hereto at such time.
Sample 1
CBC TRANSACTION ACCOUNTS. The CBC Account Bank hereby confirms that, on the instructions of the CBC, the CBC Transaction Accounts have been opened in its books in the name of the CBC.
Sample 1
CBC TRANSACTION ACCOUNTS. ‌ 2.1 The CBC Account Bank hereby confirms that, on the instructions of the CBC, the CBC Transaction Accounts have been opened in its books in the name of the CBC. 2.2 The CBC Account Bank acknowledges that it has received from the CBC a duly completed account mandate relating to the CBC Transaction Accounts substantially in the form set out in Schedule 1 hereto. 2.3 In the event the CBC is obliged to open any other accounts than the CBC Transaction Accounts, the CBC Account Bank will, on the instructions of the CBC, open such new accounts under the terms of this CBC Account Agreement in the name of the CBC (each an "Other CBC Account").
Sample 1

Related to CBC TRANSACTION ACCOUNTS

  • Collection Account (a) On behalf of the Trustee, the Servicer shall establish and maintain, or cause to be established and maintained, one or more segregated Eligible Accounts (such account or accounts, the “Collection Account”), held in trust for the benefit of the Trustee. On behalf of the Trustee, the Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer’s receipt thereof, and shall thereafter deposit into the Collection Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the related Mortgage Loans due on or before the Cut-off Date), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a Due Period subsequent thereto: (i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans; (ii) all payments on account of interest (net of the related Servicing Fee) on each Mortgage Loan; (iii) all Insurance Proceeds and Condemnation Proceeds to the extent such Insurance Proceeds and Condemnation Proceeds are not to be applied to the restoration of the related Mortgaged Property or released to the related Mortgagor in accordance with the express requirements of law or in accordance with Accepted Servicing Practices, Liquidation Proceeds and Subsequent Recoveries; (iv) any amounts required to be deposited pursuant to Section 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the Collection Account; (v) any amounts required to be deposited by the Servicer pursuant to the second paragraph of Section 3.13(a) in respect of any blanket policy deductibles; (vi) all proceeds of any Mortgage Loan repurchased or purchased in accordance with this Agreement; and (vii) all Prepayment Charges collected by the Servicer. The foregoing requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, NSF fees, reconveyance fees, assumption fees and other similar fees and charges need not be deposited by the Servicer in the Collection Account and shall, upon collection, belong to the Servicer as additional compensation for its servicing activities. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. (b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.12. The Servicer shall give notice to the Securities Administrator, the Master Servicer, the Trustee and the Depositor of the location of the Collection Account maintained by it when established and prior to any change thereof.

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