Establishment of Funds Withheld Account Sample Clauses

Establishment of Funds Withheld Account. As of the Canadian Closing Date, the Retrocedant shall establish on its books and records for its own account a “funds withheld account” (“FW Canadian Account”) as a separate, segregated, account in the amount equal to the Principal Amount and shall make adjustments from time to time to reflect the current Canadian Funds Withheld Balance as provided herein. The account balance represents the initial FW Canadian Account Balance for the Subject Business of this Agreement as of the Canadian Closing Date. To the extent required for reinsurance credit, the FW Canadian Account will be maintained as part of the assets held pursuant to the Canadian Trust Agreement. The Retrocedant shall undertake that (x) as of the Canadian Closing Date, the assets in the FW Canadian Account shall not include any collateralized debt obligations (CDOs) or private equity investments (“Excluded Investments”) and (y) it shall contribute or cause to be contributed the cash in the amount of (i) such Excluded Investments plus interest thereon at a rate of 3% from January 1,2006 until such time as the relevant assets are substituted with assets other than Excluded Investments, minus (ii) any coupon or dividends received in respect of such Excluded Investments between January 1, 2006 and the date of such substitution, in the case to the FW Canadian Account. For purposes of the preceding sentence, the value of such Excluded Investments as of January 1, 2006 shall be calculated as follows: (x) in the case of securities which are listed on a securities exchange or for which a quotation from a securities quotation system is available, such listed or quoted value at January 1, 2006, and (y) in the case of other securities, a valuation mutually agreed between the parties consistent with the basis reflected for investment valuations in the Pro Forma Statements (as defined in the Purchase Agreement).
Sample 1
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Establishment of Funds Withheld Account. As of the First Closing Date, the Retrocedant shall establish on its books and records for its own account a “funds withheld account” as a separate, segregated, account in the amount equal to the sum of the Principal Amount for each of the FW Subaccounts and shall make adjustments from time to time to reflect the current Funds Withheld Balance as provided herein. The Retrocedant shall, within the “funds withheld account” establish separate subaccounts (each a “FW Subaccount”) for Subject Business denominated in XXX, XXX, XXX, XXX, XXX and SGD, and shall credit, as of the First Closing Date, to each such subaccount the Principal Amount that corresponds to each such currency subaccount. Each such separate subaccount balance represents the initial FW Subaccount Balance for each of the currencies of the Subject Business of this Agreement as of the First Closing Date. The Retrocedant shall undertake that (x) as of the First Closing Date, the assets in the FW Subaccounts shall not include any collateralized debt obligations (CDOs) or private equity investments (“Excluded Investments”), and (y) it shall contribute or cause to be contributed the cash in the amount of (i) such Excluded Investments plus interest thereon at a rate of 3% from January 1, 2006 until such time as the relevant assets are substituted with assets other than Excluded Investments, minus (ii) any coupon or dividends received in respect of such Excluded Investments between January 1, 2006 and the date of such substitution, in each case to the relevant FW Subaccount. For purposes of the preceding sentence, the value of such Excluded Investments as of January 1, 2006 shall be calculated as follows: (x) in the case of securities which are listed on a securities exchange or for which a quotation from a securities quotation system is available, such listed or quoted value at January 1, 2006, and (y) in the case of other securities, a valuation mutually agreed between the parties consistent with the basis reflected for investment valuations in the Pro Forma Statements (as defined in the Purchase Agreement).
Sample 1

Related to Establishment of Funds Withheld Account

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

  • 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.

  • 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):

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

  • Establishment of Deposit Account The Financial Institution hereby confirms and agrees that:

  • Establishment of a Lockbox Account, Dominion Account All proceeds of Collateral shall be deposited by Borrower into either (i) a lockbox account, dominion account or such other “blocked account” (“Blocked Accounts”) established at a bank or banks (each such bank, a “Blocked Account Bank”) pursuant to an arrangement with such Blocked Account Bank as may be selected by Borrower and be acceptable to Agent or (ii) depository accounts (“Depository Accounts”) established at Agent for the deposit of such proceeds. Borrower, Agent and each Blocked Account Bank shall enter into a deposit account control agreement in form and substance satisfactory to Agent directing such Blocked Account Bank, upon notice from Agent, to transfer such funds so deposited to Agent, either to any account maintained by Agent at said Blocked Account Bank or by wire transfer to appropriate account(s) of Agent. All funds deposited in such Blocked Accounts shall immediately become the property of Agent and Borrower shall obtain the agreement by such Blocked Account Bank to waive any offset rights against the funds so deposited. Neither Agent nor any Lender assumes any responsibility for such blocked account arrangement, including any claim of accord and satisfaction or release with respect to deposits accepted by any Blocked Account Bank thereunder. All deposit accounts and investment accounts of Borrower are set forth on Schedule 4.15(g). Notwithstanding anything to the contrary set forth in this Section 4.15(g), Borrower shall be permitted to deposit checks or other payments received at Borrower’s locations in the Ordinary Course of Business in deposit accounts which may not be subject to a blocked account or similar agreements; provided that, at no time shall Borrower have more than $50,000 in the aggregate in all such accounts which are not Blocked Accounts or Depository Accounts.

  • 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 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):

  • Establishment of and Deposits to Escrow Account The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "National City Mortgage Corp., in trust for the Purchaser of Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-1 and various Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Company in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:

  • 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.

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