Credits to Custodial Account or Interest Reserve Account. The Custodian may, as a matter of bookkeeping convenience or by separate agreement with the Borrower, credit the Custodial Account or the Interest Reserve Account with the proceeds from the sale, redemption or other disposition of Account Property or interest, dividends or other distributions payable on Account Property prior to its actual receipt of final payment therefor. All such credits shall be conditional until the Custodian’s actual receipt of final payment and may be reversed by the Custodian to the extent that final payment is not received. Payment with respect to a transaction will not be “final” until the Custodian shall have received immediately available funds which under Requirements of Law are irrevocable and not subject to any security interest, levy or other encumbrance, and which are specifically applicable to such transaction.
Appears in 6 contracts
Samples: Guarantee and Security Agreement, Guarantee and Security Agreement, Custodial Agreement (Nuveen Mortgage Opportunity Term Fund 2)
