Establishment and Pledge of Reserve Account Sample Clauses

Establishment and Pledge of Reserve Account. On the date of this Agreement, Borrower and Guarantor shall create and pledge a deposit account at the Bank in an amount not less than $24,000.00 (the “Reserve Account”), as security for the payment of the Loan. Failure to maintain such Reserve Account in accordance with the terms of the Pledge Agreement shall be an immediate Event of Default under this Agreement, without any demand or notice by the Bank. The Reserve Account and pledge thereof shall be in form and content satisfactory to Bank and its counsel.
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Establishment and Pledge of Reserve Account a. Establishment of Reserve Account. On or prior to the Closing -------------------------------- Date, the Pledgor shall establish with the Collateral Agent three segregated trust accounts referred to collectively herein as the "Reserve Account." The Reserve Account shall be maintained in the name of the Collateral Agent and designated "U.S. Bank National Association, as Collateral Agent on behalf of First Trust National Association, as Trustee for the benefit of Certificates issued by Green Tree Recreational Equipment & Consumer Trust 1997-C (Reserve Account, Green Tree RECS II Guaranty Corporation, Pledgor)." The Reserve Account is separate from the Trust and any amount on deposit therein will not constitute a part of the property of the Trust. For all tax purposes, the Reserve Account and all amounts deposited therein and investments thereof are owned by the Pledgor, and all assets transferred to the Reserve Account are taxable to the Pledgor. The Reserve Account shall be maintained by the Collateral Agent at all times separate and apart from any other account of the Pledgor or the Trust, at an Eligible Institution (which may be the Collateral Agent or the Trustee) or in an account otherwise acceptable to Fitch, Xxxxx'x and Standard & Poor's. All amounts paid to the Pledgor under Section 8.03(a)(22)of the Pooling and Servicing Agreement shall be deposited into the Reserve Account as provided in the Pooling and Servicing Agreement. Amounts shall be withdrawn from the Reserve Account only in accordance with the provisions of this Section 3 and Section 8.06 of the Pooling and Servicing Agreement. No passbook, certificate of deposit or other similar instrument evidencing the Reserve Account shall be issued, and all contracts, receipts and other papers governing or evidencing the Reserve Account or any of the Collateral shall be delivered to the Collateral Agent. On termination of this Agreement, as provided in Section 3(f), any amount remaining in the Reserve Account shall be released to the Pledgor.
Sample 1

Related to Establishment and Pledge 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.

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

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

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

  • CONCERNING MARGIN ACCOUNTS, SENIOR SECURITY ACCOUNTS, AND COLLATERAL ACCOUNTS 1. The Custodian shall, from time to time, make such deposits to, or withdrawals from, a Senior Security Account as specified in a Certificate received by the Custodian. Such Certificate shall specify the Series for which such deposit or withdrawal is to be made and the amount of cash and/or the amount and kind of Securities specifically allocated to such Series to be deposited in, or withdrawn from, such Senior Security Account for such Series. In the event that the Fund fails to specify in a Certificate the Series, the name of the issuer, the title and the number of shares or the principal amount of any particular Securities to be deposited by the Custodian into, or withdrawn from, a Senior Securities Account, the Custodian shall be under no obligation to make any such deposit or withdrawal and shall so notify the Fund.

  • Reserve Account (a) 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.

  • Establishment of Custodial Accounts; Deposits in Custodial Accounts The Seller shall segregate and hold all funds collected and received pursuant to each 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. The creation of any Custodial Account shall be evidenced by a Custodial Account Letter Agreement in the form of Exhibit 7. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:

  • 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

  • Collateral Accounts Evidence that the Collateral Accounts have been established;

  • Establishment of Custodial Account; Deposits in Custodial Account The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, the “Custodial Account”), titled “PrimeLending, in trust for Redwood Residential Acquisition Corporation as Purchaser of Mortgage Loans and various Mortgagors.” Such Custodial Account shall be an Eligible Account established with a commercial bank, a savings bank or a savings and loan association (which may be a depository affiliate of the Seller) which meets the guidelines set forth by the FHFA, Fxxxxx Mxx or Fxxxxxx Mac as an eligible depository institution for custodial accounts. The Custodial Account shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld. In any case, the Custodial Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date):

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