Establishment and Administration of Reserve Account Sample Clauses

Establishment and Administration of Reserve Account. (a) On the Closing Date, the Indenture Trustee shall establish a segregated non-interest bearing trust account (the “Reserve Account”) for the benefit of the Noteholders. All of the proceeds of a drawing on any Letter of Credit shall, pursuant to the terms hereof and thereof, be deposited in the Reserve Account when, as and if a drawing is made on any such Letter of Credit pursuant to Section 5.1(a) below and the terms thereof. The Issuer agrees that the Reserve Account shall be maintained in the name of the Indenture Trustee and under its sole dominion and control (acting on behalf of the Noteholders) and used solely to make payments of principal, interest and other amounts from time to time due and owing on, or with respect to, the Notes, and the Issuer hereby acknowledges and agrees that it shall have no right, title, or interest in, to or under the Reserve Account or any amounts or Permitted Investments on deposit therein and any proceeds therefrom. No funds contained in the Reserve Account shall be used for any other purpose or in any manner not expressly provided for herein nor shall the Issuer or any other Person have any right of withdrawal or any other interest therein or in any Permitted Investments purchased pursuant to Section 3.2(b) or any proceeds thereof. The Issuer shall cause to be maintained in the Reserve Account an amount, which, together with the amount available under any Letters of Credit, is equal to the Required Amount.
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Establishment and Administration of Reserve Account. (a) On the Closing Date, the Trustee shall establish a segregated trust account (the “Reserve Account”) with The Bank of New York for the benefit of the Noteholders (account no. GLA/111-565 and sub-account no. 367564). All of the proceeds of a drawing on any Letter of Credit shall, pursuant to the terms hereof and thereof, be required to be deposited in the Reserve Account when, as and if a drawing is made on any such Letter of Credit pursuant to Section 5.2(a) hereof and the terms thereof. Unibanco agrees that, pending any deposits in the Reserve Account as provided for herein, the Reserve Account shall be maintained in the name of the Trustee and under its sole dominion and control (acting on behalf of the Noteholders) and used solely to make payments of principal, interest and other amounts from time to time due and owing on, or with respect to, the Notes, but only to the extent provided or contemplated in paragraphs (e) and (f) of this Section 5.1. No funds contained in the Reserve Account shall be used for any other purpose or in any manner not expressly provided for herein nor shall Unibanco or any other Person have any right of withdrawal or any other interest therein or in any Permitted Investments purchased pursuant to Section 5.1(b) or any proceeds thereof except that the Trustee shall, so long as no Event of Default shall have occurred and be continuing, transfer, on the tenth calendar day of each month (or if such day is not a Business Day, the next succeeding Business Day following such calendar day), the interest earned on the Permitted Investments purchased pursuant to Section 5.1(b) or any proceeds thereof deposited in the Reserve Account to an account specified in writing by Unibanco. If the Trustee shall not have received any direction in writing from Unibanco with respect to the account where such interest or proceeds shall be transferred, such interest or proceeds shall be maintained in the Reserve Account. Notwithstanding anything herein to the contrary, Unibanco shall be required at all times to maintain in the Reserve Account an amount which, together with the amount available under any Letters of Credit, is equal to, or greater than, the Required Amount.
Sample 1
Establishment and Administration of Reserve Account. (a) On the Closing Date, the Trustee shall establish a segregated non-interest bearing trust account (the "Reserve Account") with The Bank of New York for the benefit of the Noteholders. All of the proceeds of a drawing on any Letter of Credit shall, pursuant to the terms hereof and thereof, be required to be deposited in the Reserve Account when, as and if a drawing is made on any such Letter of Credit pursuant to Section 5.3(a) hereof and the terms thereof. The Issuer agrees that, pending any deposits therein as provided for herein, the Reserve Account shall be maintained in the name of the Trustee and under its sole dominion and control (acting on behalf of the Noteholders) and used solely to make payments of principal, interest and other amounts from time to time due and owing on, or with respect to, the Notes. No funds contained in the Reserve Account shall be used for any other purpose or in any manner not expressly provided for herein nor shall the Issuer or any other Person have any right of withdrawal or any other interest therein or in any Permitted Investments purchased pursuant to Section 5.2(b) or any proceeds thereof. The Issuer shall be required to maintain in the Reserve Account an amount which, together with the amount available under any Letters of Credit, is equal to the Required Amount.
Sample 1
Establishment and Administration of Reserve Account. (a) On the Closing Date, and until the Notes and all amounts due in respect thereof have been paid in full to the Trustee, the Trustee shall establish and maintain a special purpose, segregated trust account which shall to the extent permitted by law and/or regulations and available be an interest bearing account (the "Reserve Account") with The Bank of New York Trust Company (Cayman) Limited for the benefit of the Noteholders. The Reserve Account shall initially be funded (i) by the Insurer in an amount equal to U.S.$21,875,000 (the "Advance Payment"), which shall be the Initial Refundable Premium, and shall be equal to the sum of six months of interest on the Notes at the Note Rate payable in accordance with the provisions of the Insurance Policy, and (ii) by the Issuer in an amount equal to U.S.$22,500, which is equal to 18 months of the Trustee’s fees and certain expenses hereunder. The funds so deposited in the Reserve Account shall be deemed to satisfy the Insurer's obligation under the Insurance Policy to cover the Insurer's payment obligation under the Insurance Policy in an amount equal to the Advance Payment.
Sample 1

Related to Establishment and Administration of Reserve Account

  • Establishment of Reserve Account Pledgor and Secured Party hereby authorize and direct Securities Intermediary to establish and maintain in its corporate trust department, a segregated trust account that is an Eligible Deposit Account and that is a “securities account” as that term is defined in Section 8-501(a) of the UCC in the name of Secured Party and under the sole dominion and control of Secured Party, designated as “Toyota Auto Receivables 20[__]-[_] Owner Trust Reserve Account.” Securities Intermediary hereby undertakes to treat Secured Party as the person entitled to exercise the rights that comprise any Financial Asset credited to the Reserve Account. Secured Party and Pledgor agree that this account shall be the Reserve Account.

  • RECONCILIATION OF RESERVE ACCOUNT Beginning Reserve Account Balance Reserve Account Deposits Made Reserve Account Draw Amount Ending Reserve Account Balance Change in Reserve Account Balance Specified Reserve Balance

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that:

  • Establishment of Segregated Account Upon receipt of Proper Instructions, the Custodian shall establish and maintain on its books a segregated account or accounts for and on behalf of a Portfolio, into which account or accounts may be transferred cash and/or securities or other assets of such Portfolio, including securities maintained by the Custodian in a Securities System pursuant to Section 2.22(a) hereof or an Eligible Securities Depository pursuant to Section 2.22(b) hereof, said account or accounts to be maintained: (a) for the purposes set forth in Sections 2.09, 2.10 and 2.11 hereof; (b) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the SEC or SEC rules or regulations relating to the maintenance of segregated accounts by registered investment companies; or (c) for such other purposes as set forth, from time to time, in Special Instructions.

  • Establishment of Collection Account (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty days.

  • Establishment of Collateral Accounts The Custodian hereby confirms and agrees that:

  • Establishment of and Deposits to Custodial Account The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):

  • Administration of Deposit Accounts Schedule 8.5 sets forth all Deposit Accounts maintained by Obligors, including all Dominion Accounts. Each Obligor shall take all actions necessary to establish Agent’s control over each such Deposit Account (other than Excluded Deposit Accounts). Each Obligor shall be the sole account holder of each Deposit Account and shall not allow any Person (other than Agent) to have control over a Deposit Account or any Property deposited therein. Each Obligor shall promptly notify Agent of any opening or closing of a Deposit Account and, with the consent of Agent, will amend Schedule 8.5 to reflect same.

  • Administration of the Collection Account Funds on deposit in the Collection Account that are not both deposited and to be withdrawn on the same date shall be invested in Permitted Investments. Any such investment shall mature and such funds shall be available for withdrawal on or prior to the Series Transfer Date related to the Monthly Period in which such funds were received or deposited, or if so specified in the related Series Supplement, immediately preceding a Payment Date. Wilmington Trust, National Association is hereby appointed as the initial securities intermediary hereunder (the “Securities Intermediary”) and accepts such appointment. The Securities Intermediary represents, warrants, and covenants, and the parties hereto agree, that at all times prior to the termination of this Indenture: (i) the Securities Intermediary shall be a bank that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity hereunder; (ii) the Collection Account shall be an account maintained with the Securities Intermediary to which financial assets may be credited and the Securities Intermediary shall treat the Trustee as entitled to exercise the rights that comprise such financial assets; (iii) each item of property credited to the Collection Account shall be treated as a financial asset; (iv) the Securities Intermediary shall comply with entitlement orders originated by the Trustee without further consent by the Issuer or any other Person; (v) the Securities Intermediary waives any Lien on any property credited to the Collection Account, and (vi) the Securities Intermediary agrees that its jurisdiction for purposes of Section 8-110 and Section 9-305(a)(3) of the UCC shall be New York. The Securities Intermediary shall maintain for the benefit of the Secured Parties, possession or control of each other Permitted Investment (including any negotiable instruments, if any, evidencing such Permitted Investments) not credited to or deposited in a Trust Account (other than such as are described in clause (b) of the definition thereof); provided that no Permitted Investment shall be disposed of prior to its maturity date if such disposition would result in a loss. Nothing herein shall impose upon the Securities Intermediary any duties or obligations other than those expressly set forth herein and those applicable to a securities intermediary under the UCC. The Securities Intermediary shall be entitled to all of the protections available to a securities intermediary under the UCC. At the end of each month, all interest and earnings (net of losses and investment expenses) on funds on deposit in the Collection Account shall be treated as Investment Earnings. If at the end of a month losses and investment expenses on funds on deposit in the Collection Account exceed interest and earnings on such funds during such month, losses and expenses to the extent of such excess will be allocated, with respect to any Series, among the Noteholders of such Series and the Issuer as provided in the related Series Supplement. Subject to the restrictions set forth above, the Issuer, or a Person designated in writing by the Issuer, of which the Trustee shall have received written notification thereof, shall have the authority to instruct the Trustee with respect to the investment of funds on deposit in the Collection Account.

  • General Account All assets of SBL other than those allocated to the Separate Account or any other separate account of SBL. GUARANTEE PERIOD Current Interest, if declared, is fixed for rolling periods of one or more years, referred to as Guarantee Periods. SBL may offer Guarantee Periods of different durations. The Guarantee Period that applies to any Fixed Account Contract Value:

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