Commercial Paper Account. The Company shall maintain with the Depositary a special account for the sole purpose of reimbursing LOC Payments and paying Loans (the "Commercial Paper Account"). All proceeds from the sale of Commercial Paper Notes and the proceeds of all Loans made pursuant to Article IV hereof shall be deposited in the Commercial Paper Account, the operation of which shall be governed by the Depositary Agreement. The Company may also instruct the Collateral Agent to make transfers from the Collateral Account to the Commercial Paper Account for the purpose of reimbursing LOC Payments or paying Loans. If on any Business Day deposits made to the Commercial Paper Account exceed the amount required to reimburse LOC Payments with respect to matured and concurrently maturing Commercial Paper Notes (whether or not presented for payment) and to pay principal, interest and cost reimbursement, if any, pursuant to Section 4.03(d) then due and payable (at maturity, by notice of intention to prepay or otherwise) with respect to Loans, the Bank shall instruct the Depositary to withdraw such excess amount and transfer the same to the Collateral Account.
Commercial Paper Account. (i) The Depositary, as agent for the Administrative Agent and the Lenders, has established at its corporate trust office in New York, New York a special purpose non-interest bearing trust account (for the benefit of the Administrative Agent and the Lenders) identified as the NATC California Commercial Paper Account (the “Commercial Paper Account”). The Administrative Agent has exclusive control and the sole right of withdrawal over the Commercial Paper Account. Except for the Administrative Agent, the Lenders and the Depositary, as agent for the Administrative Agent, no Person (including the Borrower) has or shall have any legal or beneficial interest in the Commercial Paper Account or any funds on deposit in the Commercial Paper Account.
(ii) All proceeds from the sale of CP Notes shall initially be paid into the Commercial Paper Account.
(iii) Subject to Section 3.3(b), the Administrative Agent may, in each case, without demand or prior notice of any kind (but with concurrent notice sent to the Borrower), at any time and from time to time, cause the Depositary to debit the Commercial Paper Account and apply the debited amount first to the amount of any unreimbursed L/C Payments and accrued and unpaid interest thereon and second to any amount in respect of other Obligations due and unpaid hereunder by the Borrower (if there be sufficient funds therein) and to wire transfer such debit amount to the Administrative Agent. Upon the occurrence of an Event of Default, the Administrative Agent shall, in each case, without demand or prior notice of any kind, cause the Depositary to debit the Commercial Paper Account for any amount in respect of fees, expenses or any other amounts due and unpaid hereunder and to wire transfer such debit amount to the Administrative Agent.
(b) Subject to the provisions of Section 8.2, (i) the Administrative Agent will not accept any payment from the Commercial Paper Account in respect of any Obligation then owing to the Administrative Agent and the Lenders prior to 1:30 p.m., New York City time, on the date such Obligation becomes due and payable, and (ii) the Administrative Agent will not request the Depositary to debit the Commercial Paper Account for any payment in respect of any Obligation then owing to the Administrative Agent and the Lenders prior to 1:30 p.m., New York City time, on the date such Obligation becomes due and payable.
(c) The Borrower agrees that it will maintain, on each CP Maturity Date, in the Commercial Pap...
Commercial Paper Account. Payment of Commercial ----------------------------------------------- Paper Notes.
(a) Contemporaneously with the execution and delivery by ----------- Xxxxx of the Depositary Agreement, and for the purposes of this Agreement and the Depositary Agreement, Xxxxx shall cause the Depositary to establish at its office at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx, 00000, a segregated trust account in its corporate trust department for the exclusive benefit of the Holders (the "Commercial Paper Account"), over which the Depositary shall have exclusive control and sole right of withdrawal.
(b) Proceeds of the sale of Commercial Paper Notes shall be deposited in the Commercial Paper Account only to the extent necessary to pay matured and concurrently maturing Commercial Paper Notes, whether or not presented to the Depositary for payment; otherwise proceeds of the sale of Commercial Paper Notes shall be applied according to the terms of the Collateral Agreement.
Commercial Paper Account. At the times and in the manner provided in the Series 1 Depositary Agreement, all funds in the Series 1 Commercial Paper Account shall be transferred therefrom as follows: (i) first, to the Series 1 Letter of Credit Account, in payment of all outstanding Tranche E Reimbursement Obligations and other amounts owing to the Tranche E Issuing Bank under this Article VI, and (ii) second, so long as the Tranche E Beneficiary has not received notice from the Administrative Agent or the Tranche E Issuing Bank that an Event of Default or Unmatured Event of Default has occurred and is continuing, to the Company.
Commercial Paper Account. The Administrative Agent shall have received a certificate of an authorized officer of the Depositary to the effect that the Commercial Paper Account of HSFC has been established.
Commercial Paper Account. (a) Contemporaneously with the execution and delivery by the SPC of the Issuing and Paying Agreement, and for the purposes of this Backup Facility Agreement and the Issuing and Paying Agreement, the Depositary shall establish the Commercial Paper Account in accordance with Section 3(a) of the Issuing and Paying Agreement.
(b) The proceeds of the sale of Commercial Paper on any date shall be applied in the following order:
(i) deposited in the Commercial Paper Account only to the extent necessary to pay on such day the amount of matured and concurrently maturing Commercial Paper, whether or not presented to the Depositary for payment;
(ii) to repay any amounts then due and owing in respect of the Facility Loans (whether due to maturity or acceleration) on such date;
(iii) deposited in the Funding Account up to the amount necessary to make an SPC Loan by the SPC to the Lessor in accordance with the SPC Loan Agreement;
(iv) at the option of the SPC, to prepay any outstanding Facility Loans; and
(v) any remainder shall be deposited into the Funding Account.
(c) [Reserved].
(d) Following the payment in full of all Commercial Paper pursuant to the Issuing and Paying Agreement, any amounts on deposit in the Commercial Paper Account shall be transferred to the Funding Account for disposition in accordance with Section 13 of the Participation Agreement. Any instructions given herein by the Agent Bank shall be in writing.
Commercial Paper Account. It is further understood and agreed by ------------------------ Xxxxx, Leasco and the Secured Parties that there shall be deposited in the Commercial Paper Account the following moneys, instruments, cash and proceeds received by the Agent or Xxxxx at any time and from time to time: (i) from any Liquidity Lender pursuant to Section 3.06(a), 3.06(b)(i) or 3.06(b)(iii) of the Liquidity Agreement and (ii) any and all moneys at any time and from time to time received on behalf of Xxxxx, and required by the terms of this Agreement, the Liquidity Agreement or any other Related Document to be deposited in the Commercial Paper Account.
Commercial Paper Account. The Administrative Agent shall have received satisfactory evidence that the Commercial Paper Account has been established.
Commercial Paper Account. (i) The Depositary, as agent for the Issuing Bank, has established at its Corporate Trust offices in New York, New York a special purpose non-interest bearing account (for the benefit of the Issuing Bank) identified as Standard Chartered Bank (TFM, S.A. de C.V. CP Program) Commercial Paper Account (the "Commercial Paper Account"), over which the Issuing Bank has exclusive control and the sole right of withdrawal. The Borrower hereby acknowledges that except for the Issuing Bank and the Depositary, as agent for the Issuing Bank and as provided in Section 2.4(c), no Person (including the Borrower) shall have any legal or beneficial interest in the Commercial Paper Account.
(ii) All proceeds from the sale of CP Notes will initially be paid into the Commercial Paper Account. Pursuant to Section 1(b) of the Depositary Agreement, the Issuing Bank has issued standing instructions to the Depositary in writing, in the form of Exhibit E to the Depositary Agreement, that, subject to the conditions that there shall not have occurred and be continuing any Default or Event of Default, and that the funds in the Commercial Paper Account are not subject to any investigation, writ, order, judgment, warrant of attachment, execution or similar process or to any stay or other similar legal restraint and that, after giving effect to any transfer from the Commercial Paper Account in accordance with the terms hereof, the Outstanding Extensions of Credit would not exceed the Commitments then in effect, the Issuing Bank shall be deemed to have authorized and directed the Depositary to transfer to other accounts or Persons specified to the Depositary in writing (or by telephone or facsimile transmission, and in the case of telephonic notice, promptly confirmed in writing) by the Borrower (with a copy of all written communications to be sent contemporaneously to the Issuing Bank), funds on deposit in the Commercial Paper Account in excess of the aggregate amount payable (including interest, to the extent provided for herein) or that would be payable on the day of such transfer by the Borrower in respect of any LOC Advances relating to matured CP Notes and any Loans outstanding which are subject to mandatory prepayment pursuant to Section 3.5(b); provided that the Issuing Bank shall not be liable to any Person for any such transfer of funds made pursuant to the Borrower's written request.
(iii) The Issuing Bank may, and at the direction of the Administrative Agent shall, in each case,...
Commercial Paper Account. The Borrower hereby appoints the Issuing Bank the true and lawful attorney of the Borrower, with full power of substitution, for the purpose of directing the Depositary to make any such withdrawal or order any such transfer of Deposited Funds from the Commercial Paper Account pursuant to this Section 2.4 and Section 1(b) of the Depositary Agreement, which appointment is coupled with an interest and is irrevocable.
