ENTITLEMENT RESERVE UNENCUMBERED Sample Clauses

ENTITLEMENT RESERVE UNENCUMBERED. Subject to section 8.04, but otherwise notwithstanding any other provision hereof, the Band agrees that all Entitlement Land to be set apart as an Entitlement Reserve must be free and clear of all Third Party Interests or, alternatively, arrangements satisfactory to Canada, all affected Third Party Interest Holders and the Band for the surrender of such Third Party Interests and the subsequent recreation thereof under applicable federal legislation must have been agreed to in accordance with sections 8.03, 8.05 and 8.06. 8.02 THIRD PARTY INTERESTS TO BE REMOVED AT THE TIME OF PURCHASE: Prior to the Shortfall Acres Acquisition Date, the Band agrees that appropriate legal arrangements for discharge of the following Third Party Interests must be made at the time of completion of the Purchase of Entitlement Land: (a) registered mortgages, debentures and other similar charges; (b) registered caveats evidencing: (i) mortgage renewals; (ii) mortgage amendments; (iii) mortgage extensions; (iv) equitable mortgages; or (v) any other pledge or charge of any interest in or affecting such Entitlement Land;
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ENTITLEMENT RESERVE UNENCUMBERED. Subject to section 8.04, but otherwise notwithstanding any other provision hereof, the Band agrees that all Entitlement Land to be set apart as an Entitlement Reserve must be free and clear of all Third Party Interests or, alternatively, arrangements satisfactory to Canada, all affected Third Party Interest Holders and the Band for the surrender of such Third Party Interests and the subsequent recreation thereof under applicable federal legislation must have been agreed to in accordance with sections 8.03, 8.05 and 8.06.
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Related to ENTITLEMENT RESERVE UNENCUMBERED

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property. (b) In the event that the Note Distributable Amount exceeds the sum of the amounts deposited into the Note Distribution Account pursuant to Sections 4.06(c)(v) and (vi) on each Payment Date (or, if the Reserve Fund is not maintained by the Indenture Trustee, on the related Deposit Date), the Indenture Trustee (based on information contained in the Servicer’s Certificate delivered on the related Determination Date pursuant to Section 3.10) shall cause an amount equal to the lesser of (A) the amount on deposit in the Reserve Fund and (B) the amount by which the Note Distributable Amount exceeds the sum of the amounts in the Note Distribution Account, to be deposited from the Reserve Account into the Note Distribution Account in immediately available funds in the amounts set forth in the Servicer’s Certificate for such Payment Date; provided that such amount shall be applied first, to the payment of interest due on the Notes to the extent, if any, that the amount deposited pursuant to Section 4.06(c)(v) is not sufficient to cover such payment of interest and, second, to the payment of principal of the Notes. (c) In the event that the Certificate Distributable Amount exceeds the sum of the amounts deposited into the Certificate Distribution Account pursuant to Sections 4.06(c)(vii) and (viii) on each Payment Date (or, if the Reserve Fund is not maintained by the Indenture Trustee, on the related Deposit Date), the Indenture Trustee shall cause an amount equal to the lesser of (A) the amount on deposit in the Reserve Fund and (B) the amount by which the Certificate Distributable Amount exceeds the sum of the amounts in the Certificate Distribution Account, to be deposited into the Certificate Distribution Account in immediately available funds in the amounts set forth in the Servicer’s Certificate for such Payment Date; provided that such amount shall be applied first, to the payment of interest due on the Certificates to the extent, if any, that the amount deposited pursuant to Section 4.06(c)(vii) is not sufficient to cover such payment of interest and, second, to the payment of principal of the Certificates. (d) On each Payment Date (or, if the Reserve Fund is not maintained by the Indenture Trustee, on the related Deposit Date), all interest and other income (net of losses and investment expenses) on funds on deposit in the Reserve Fund shall upon the written direction of the Servicer, be paid to the Seller to the extent that the funds therein exceed the Specified Reserve Fund Balance. Upon any distribution to the Seller of amounts in excess of the Specified Reserve Fund Balance, the Noteholders will not have any rights in, or claims to, such amounts.

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