Establishment of Reserve Account and 2019 Reserve Subaccount Sample Clauses

Establishment of Reserve Account and 2019 Reserve Subaccount. There is hereby established in the Debt Service Fund a separate account known as the “Reserve Account,” and a “2019 Reserve Subaccount” therein for the 2019 Bonds. The 2019 Reserve Subaccount shall serve solely as security for payments payable by the Successor Agency with respect to the 2019 Bonds. The Reserve Requirement for the 2019 Bonds shall be determined on a combined basis and satisfied by the delivery of the 2019 Reserve Policy by the 2019 Insurer to the Trustee on the Closing Date. On the Closing Date, the Trustee shall credit the 2019 Reserve Policy to the 2019 Reserve Subaccount to satisfy the Reserve Requirement with respect to the 2019 Bonds calculated on a combined basis as of such date. The Trustee shall draw on the 2019 Reserve Policy and shall transfer such amounts to the Interest Account, the Principal Account, and the Sinking Account, in such order, to the extent required to make the deposits then required to be made pursuant to this Section 4.03 to pay debt service on the 2019 Bonds. Notwithstanding anything herein to the contrary, the Successor Agency will have no obligation to replace the 2019 Reserve Policy or to fund the 2019 Reserve Subaccount with cash if, at any time that the 2019 Bonds are Outstanding, (i) any rating assigned to 2019 Insurer is downgraded, suspended or withdrawn, or (ii) amounts are not available for any reason under the 2019 Reserve Policy, other than in connection with the replenishment of a draw on the 2019 Reserve Policy. The amounts available under the 2019 Reserve Policy shall be used and withdrawn by the Trustee solely for the purpose of making transfers to the Interest Account, the Principal Account and the Sinking Account, in such order of priority, in the event of any deficiency at any time in any of such accounts with respect to the payment of debt service on the 2019 Bonds. Amounts on deposit in the 2019 Reserve Subaccount shall not be available to pay debt service on any Bonds other than the 2019 Bonds, or any Parity Debt. The Trustee shall comply with all documentation relating to the 2019 Reserve Policy as shall be required to maintain the 2019 Reserve Policy in full force and effect and as shall be required to receive payments thereunder in the event and to the extent required to make any payment when and as required under this subsection (d). The deposit of a Qualified Reserve Account Credit Instrument other than the 2019 Reserve Policy into the 2019 Reserve Subaccount shall be subject to the pr...
Sample 1
AutoNDA by SimpleDocs

Related to Establishment of Reserve Account and 2019 Reserve Subaccount

  • 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.

  • 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.

  • Investment of Account Assets a. All contributions to the custodial account shall be invested in the shares of the Provident Trust Mutual Funds, Inc. or, if available, any other series of Provident Trust Mutual Funds, Inc. or other regulated investment companies for which Provident Trust Company serves as Investment Advisor or designates as being eligible for investment. Shares of stock of an Investment Company shall be referred to as “Investment Company Shares”. To the extent that two or more funds are available for investment, contributions shall be invested in accordance with the depositor’s investment election.

  • Withdrawals from Accounts Amounts credited to the Certificate Account and the Trust Account on any Distribution Date shall be withdrawn by Xxxxxx Xxx for application towards the distributions required hereby. In the event that amounts shall remain in the Certificate Account in any month following distribution of the Lower Tier Distribution Amount for such month, such amounts may be withdrawn by Xxxxxx Mae as compensation for its administrative and guaranty obligations or as reimbursement to Xxxxxx Xxx for any advance by it pursuant to such guaranty obligations under Sections 2.04 and 3.07 hereof. Any amount so withdrawn shall no longer be a part of the Lower Tier REMIC.

  • Reserve Funds Section 7.1.

  • PJM E-Accounts Buyer and Seller shall work with PJM to establish any PJM E-Accounts necessary for Seller to provide Full Requirements Service. In a timely manner, Xxxxx shall establish PJM E-Account contract(s) for the entire duration of the Transaction(s) and Seller shall confirm the PJM E-Account contract(s) for the entire duration of the Transaction(s).

  • Special Account 1. For the purposes of this Schedule:

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • CUSTODIAL ACCOUNTS It is agreed that all accounts opened under the Uniform Gift to Minors Act (UGMA), the Uniform Transfers to Minors Act (UTMA), or similar state statutes will be properly created and that all property so transferred will be done in compliance with such applicable statutes. There will be good faith reliance upon the instructions given, representations made and actions taken by a transferor or custodian. Further, the custodian represents and warrants that the assets in the account belong to the minor and that all such assets, whether or not transferred out of the UGMA or UTMA account, will only be used for the benefit of the minor.

  • Interest Bearing Account If the Province provides Funds before the Recipient’s immediate need for the Funds, the Recipient will place the Funds in an interest bearing account in the name of the Recipient at a Canadian financial institution.

Time is Money Join Law Insider Premium to draft better contracts faster.