Collection of Payments on Underlying Securities Sample Clauses

Collection of Payments on Underlying Securities. Collection Account. (a) The Indenture Trustee shall establish and maintain ------------------ a segregated trust account (the "Collection Account") which shall be held in trust in the name of the Indenture Trustee for the benefit of the Noteholders (and the Swap Counterparty), into which the Indenture Trustee shall, subject to the terms of this paragraph, deposit, on the same day as it is received, each distribution received by the Indenture Trustee with respect to the Underlying Securities, the Reinvested Collateral or any Eligible Investments (and each payment received by the Indenture Trustee pursuant to the Swap Agreement). The Indenture Trustee shall make all payments of principal of, and interest on, the Notes, as provided in Section 3.05 herein, (and all payments to the Swap Counterparty pursuant to the Swap Agreement), and all payments to the Administrator of principal of and interest on the Certifi- xxxxx as provided in Section 5.02 of the Trust Agreement, from moneys on deposit in the Collection Account in accordance with the Priority of Payments. If the Indenture Trustee shall not have received a distribution with respect to the Underlying Securities by the fifth Business Day after the date on which such distribution was due and payable pursuant to the terms of such Underlying Securities, the Indenture Trustee shall, notwithstanding Section 316(a)(1) of the TIA (which provisions of the TIA are hereby expressly excluded) and subject to the penultimate sentence of this paragraph, take such action (as it deems appropriate) as may be directed by (the Swap Counterparty) (Noteholders) including taking such legal action as (it) (the Swap Counterparty) shall deem appropriate under the circumstances, and prosecuting any claims in connection therewith. In the event that the Indenture Trustee reasonably believes that there may not be sufficient funds available to reimburse it for its projected legal fees and expenses in accordance with the Priority of Payments, the Indenture Trustee shall notify the Noteholders (and the Swap Counterparty) that it is not obligated to pursue any such available remedies unless indemnity satisfactory to the Indenture Trustee for its legal fees and expenses is provided or procured by Noteholders (or the Swap Counterparty). In the event any such indemnity is provided to the Indenture Trustee, the Indenture Trustee shall take such action as shall be appropriate, (or, notwithstanding Section 316(a)(1) of the TIA (which provisions ...
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Collection of Payments on Underlying Securities. Collection Account. (a) The Trust shall cause the Indenture Trustee ------------------ pursuant to Section 3.01 of the Indenture to establish and maintain with the Indenture Trustee a segregated trust account (the "Collection Account") in which the Indenture Trustee shall, subject to the terms of this paragraph, deposit on the same day that it receives each distribution received by the Indenture Trustee with respect to the Underlying Securities (and amounts, if any, received pursuant to the Swap Agreement). Until the Notes have been paid in full (and all amounts due from the Trust to the Swap Counterparty under the Swap Agreement have been paid), the Indenture Trustee will take all reasonable actions to collect any distributions due on the Underlying Securities (and any amounts due under the Swap Agreement) or to exercise remedies pursuant to Section 3.01 of the Indenture. (b) The amounts on deposit in the Collection Account shall be invested by the Indenture Trustee in Eligible Investments (as directed by the Swap Counterparty).
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Related to Collection of Payments on Underlying Securities

  • Collection of Payments Borrower authorizes Bank to collect all principal, interest and fees due under each credit created by the Loan Documents by charging Borrower’s deposit account number 4121261853 with Bank, or any other deposit account maintained by Borrower with Bank, for the full amount thereof. Should there be insufficient funds in any such deposit account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by Borrower.

  • Application of Payments and Collections All items of payment received by Agent by 12:00 noon, Chicago, Illinois, time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Chicago, Illinois, time, on any Business Day shall be deemed received on the following Business Day. Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent or any Lender upon any of its books and records. Amounts received by the Agent shall be for further credit to the accounts of Lenders pursuant to the settlement procedures contained in subsection 3.1.3 of this Agreement. Notwithstanding the foregoing, payments and collections shall not be applied to Obligations consisting of Derivative Obligations or Product Obligations at any time that any other Obligations are then due and payable. If as the result of collections of Accounts as authorized by subsection 6.2.4 hereof or otherwise, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be disbursed to Borrower or otherwise at Borrower's direction in the manner set forth in subsection 3.1.2, upon Borrower's request at any time, so long as no Default or Event of Default then exists. Agent may at its option, offset such credit balance against any of the Obligations upon and during the continuance of an Event of Default.

  • Guaranty of Payment and Not of Collection This Guaranty is a guaranty of payment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, the Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy the Guarantied Parties may have against the Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, any other Loan Party or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Loan Party or any other Person; or (c) to make demand of the Borrower, any other Loan Party or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Guarantied Parties which may secure any of the Guarantied Obligations.

  • Payments; Application of Payments; Debit of Accounts (a) All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. (b) Bank has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied. Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement. (c) Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off.

  • Payments on Notes 37 Section 14.1. Place of Payment................................................................................ 37 Section 14.2. Home Office Payment........................................................................ 37 SECTION 15.

  • Netting of Payments Subparagraph (ii) of Section 2(c) of this Agreement will apply to Transactions entered into under this Agreement unless otherwise specified in a Confirmation.

  • Application of Payments to Principal and Interest All payments in respect of the principal amount of any Loan shall include payment of accrued interest on the principal amount being repaid or prepaid, and all such payments shall be applied to the payment of interest before application to principal.

  • Application of Payments and Proceeds Upon Default If an Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor.

  • Calculation of Payments The State shall use the fee schedule set forth in Attachment E to the contract (Fee Schedule) in determining the value of the work performed up to the time of termination. In the case of partially completed engineering services, eligible costs will be calculated as set forth in Attachment E, Fee Schedule. The sum of the provisional overhead percentage rate for payroll additives and for general and administrative overhead costs during the years in which work was performed shall be used to calculate partial payments. Any portion of the fixed fee not previously paid in the partial payments shall not be included in the final payment.

  • Confirmation of Payment The Administrative Agent and the Lenders will, upon request after payment of the Credit Party Obligations which are the subject of this Guaranty and termination of the Commitments relating thereto, confirm to the Borrower, the Guarantors or any other Person that such indebtedness and obligations have been paid and the Commitments relating thereto terminated, subject to the provisions of Section 10.2.

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