Defeasance Account Sample Clauses

Defeasance Account. On the Closing Date, the Manager shall cause the Company to establish the Defeasance Account with the Paying Agent in accordance with the Custodial and Paying Agency Agreement. The Defeasance Account (and all funds therein) shall be subject to the security interest granted under the Reimbursement, Security and Guaranty Agreement.
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Defeasance Account. The Issuer shall establish with the Trustee and the Trustee shall maintain a segregated trust account (the “Defeasance Account”), which shall be in the name of the Trustee “as trustee on behalf of the Holders of the IP Holdings LLC Asset-Backed Notes,” and which shall be in an Eligible Financial Institution, for the deposit of Defeasance Securities and the receipt of funds therefrom. All payments relating Defeasance Securities shall be deposited by the Issuer into the Defeasance Account. If the bank with which the Defeasance Account is held ceases to be an Eligible Financial Institution, the Trustee shall within five (5) days of obtaining actual knowledge of such cessation and the identity of the replacement Eligible Financial Institution selected by the Issuer, transfer the Defeasance Account to an account maintained with a replacement Eligible Financial Institution selected by the Issuer (unless an Event of Default shall have occurred and not been waived, in which case, such Eligible Financial Institution shall be selected by the Trustee). The Issuer shall promptly (within two (2) Business Days) notify the Trustee of any such selection. Funds in the Defeasance Account shall not be commingled with any other monies. All payments to be made from time to time by the Trustee to the Noteholders out of funds in the Defeasance Account pursuant to this Indenture shall be made by the Trustee as Paying Agent. Funds on deposit in the Defeasance Account shall be invested in Eligible Investments at the written direction of the Issuer. On the day preceding each Payment Date, any payments of interest and principal received in respect of Defeasance Securities shall be transferred and credited to the Collection Account. All monies deposited from time to time in the Defeasance Account pursuant to this Indenture shall be held by the Trustee as part of the Collateral for the exclusive benefit of the Holders as herein provided. All monies deposited from to time in the Defeasance Account shall be subject to withdrawal pursuant to Section 13.7 of this Indenture.
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Defeasance Account. (a) On July 2, 2010, the Company established the Defeasance Account with the Paying Agent. The Paying Agent shall transfer funds to the Defeasance Account pursuant to the Priority of Payments. (b) The Purchase Money Notes Guarantor, in accordance with Section 17.1 of the Purchase Money Notes Guaranty, shall deposit any amounts payable under the Purchase Money Notes Guaranty in respect of the Guaranteed Obligations (as defined in the Purchase Money Notes Guaranty) in the Defeasance Account by 12:00 p.m. New York time on the date that is one Business Day prior to any Distribution Date on which an acceleration payment with respect to any Class of Purchase Money Notes is due and payable or, in connection with the final payment of a Class of Purchase Money Notes on the applicable Maturity Date, by 12:00 p.m. New York time on the date that is one (1) Business Day prior to such Maturity Date, in each case, for further distribution by the Paying Agent to the applicable Holders; provided that the Purchase Money Notes Guarantor has received written demand therefor from the applicable Holders or from the Paying Agent on such Holders’ behalf pursuant to Section 17(a) of the Purchase Money Notes Guaranty no later than 5:00 p.m. New York time on the date that is four
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Defeasance Account. (a) On each Reporting Date, the Indenture Trustee shall, to the extent directed in the related Quarterly Servicer Report, withdraw all cash on deposit in the Defeasance Account and deposit such cash into the Collection Account. (b) On the Payment Date on which all of the Class B Bonds are paid in full, the Indenture Trustee shall, to the extent directed in the related Quarterly Servicer Report, withdraw any balance of cash or securities remaining on deposit in the Defeasance Account after any withdrawal necessary to pay the Class B Bonds and pay or distribute such cash or securities to the Issuer.
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Defeasance Account. (a) On the date hereof, the Company shall establish the ''Defeasance Account" \Vith the Paying Agent (the "Defeasance Account"). The Paying Agent shall transfer funds to the Defeasance Account pursuant to the Priority of Payments.
Sample 1
Defeasance Account. Section 3.4. [Intentionally Omitted] Section 3.5. [Intentionally Omitted]. Section 3.6. Working Capital R-eserve Account. Section 3.7. Excess Working Capital Advances Section 3.8. Discretionary Funding Advances Section 3.9.
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Defeasance Account. (a) On the date hereof, the Company shall establish the ''Defeasance Account" \Vith the Paying Agent (the "Defeasance Account"). The Paying Agent shall transfer funds to the Defeasance Account pursuant to the Priority of Payments.
Sample 1
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Related to Defeasance Account

  • Reserve Account (i) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders. (ii) The Seller may, from time to time after the date hereof, request each Rating Agency to approve a formula for determining the Specified Reserve Balance that is different from the formula set forth herein, which may result in a decrease in the amount of the Specified Reserve Balance or change the manner by which the Reserve Account is funded. Notwithstanding any other provision of this Agreement, if each Rating Agency then rating the Notes notifies the Seller (who shall send such notification to the Trust Collateral Agent) in writing that the use of any such new formula, and any decrease in the amount of the Specified Reserve Balance or change in the manner by which the Reserve Account is funded, will not result in the qualification, reduction or withdrawal of its then current rating of the Notes then the Specified Reserve Balance will be determined in accordance with such new formula and this Agreement will be amended to reflect such new formula without the consent of any Noteholder. (iii) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) (A) if the amount on deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than the Specified Reserve Balance, in which case the Trust Collateral Agent shall, after payment of any amounts required to be distributed pursuant to clauses (i) through (xviii) of Section 5.7(a) deposit in the Reserve Account the Reserve Account Deposit Amount pursuant to Section 5.7(a)(xix), and (B) if the amount on deposit in the Reserve Account, after giving effect to all other deposits thereto and withdrawals therefrom to be made on such Distribution Date is greater than the Specified Reserve Balance, in which case the Trust Collateral Agent shall distribute the amount of such excess as part of Available Funds on such Distribution Date. (b) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) to withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Collection Account to be included as Total Available Funds for that Distribution Date. (c) Amounts properly transferred to the Certificate Distribution Account for payment to the Certificateholder pursuant to this Agreement shall not be available to the Trust Collateral Agent or the Trust for the purpose of making deposits to the Reserve Account, or making payments to the Noteholders, nor shall the Certificateholder be required to refund any amount properly received by them.

  • Custodial Accounts The Master Servicer shall cause to be established and maintained by each Servicer under the Master Servicer's supervision the Custodial Account for P&I, Buydown Fund Accounts (if any) and special Custodial Account for Reserves and shall deposit or cause to be deposited therein daily the amounts related to the Mortgage Loans required by the Selling and Servicing Contracts to be so deposited. Proceeds received with respect to individual Mortgage Loans from any title, hazard, or FHA insurance policy, VA guaranty, Primary Insurance Policy or other insurance policy (other than any Special Primary Insurance Policy) covering such Mortgage Loans shall be deposited first in the Custodial Account for Reserves if required for the restoration or repair of the related Mortgaged Property. Otherwise, Insurance Proceeds (other than proceeds from any Special Primary Insurance Policy) shall be deposited in the Custodial Account for P&I, and shall be applied to the balances of the related Mortgage Loans as payments of interest and principal. The Master Servicer is hereby authorized to make withdrawals from and to issue drafts against the Custodial Accounts for P&I and the Custodial Accounts for Reserves for the purposes required or permitted by this Agreement. Each Custodial Account for P&I and each Custodial Account for Reserves shall bear a designation clearly showing the respective interests of the applicable Servicer, as trustee, and of the Master Servicer, in substantially one of the following forms: (a) With respect to the Custodial Account for P&I: (i) [Servicer's Name], as agent, trustee and/or bailee of principal and interest custodial account for PNC Mortgage Securities Corp., its successors and assigns, for various owners of interests in PNC Mortgage Securities Corp. mortgage-backed pools or (ii) [Servicer's Name] in trust for PNC Mortgage Securities Corp.; (b) With respect to the Custodial Account for Reserves: (i) [Servicer's Name], as agent, trustee and/or bailee of taxes and insurance custodial account for PNC Mortgage Securities Corp., its successors and assigns for various mortgagors and/or various owners of interests in PNC Mortgage Securities Corp. mortgage-backed pools or (ii) [Servicer's Name] in trust for PNC Mortgage Securities Corp. and various Mortgagors. The Master Servicer hereby undertakes to assure remittance to the Certificate Account of all amounts relating to the Mortgage Loans that have been collected by any Servicer and are due to the Certificate Account pursuant to Section 4.01 of this Agreement.

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