Establishment of Series 2024-2 Distribution Account Sample Clauses

Establishment of Series 2024-2 Distribution Account. ABRCF shall establish and maintain in the name of the Trustee for the benefit of the Series 2024-2 Noteholders, or cause to be established and maintained, an account (the “Series 2024-2 Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2024-2 Noteholders. The Series 2024-2 Distribution Account shall be maintained (i) with a Qualified Institution, or (ii) as a segregated trust account with the corporate trust department of a depository institution or trust company having corporate trust powers and acting as trustee for funds deposited in the Series 2024-2 Distribution Account; provided, however, that if at any time such Qualified Institution is no longer a Qualified Institution or the credit rating of any securities issued by such depositary institution or trust company shall be reduced to below “Baa3” by Xxxxx’x or “BBB-” by Fitch, then ABRCF shall, within thirty (30) days of such reduction, establish a new Series 2024-2 Distribution Account with a new Qualified Institution. If the Series 2024-2 Distribution Account is not maintained in accordance with the previous sentence, ABRCF shall establish a new Series 2024-2 Distribution Account, within ten (10) Business Days after obtaining knowledge of such fact, which complies with such sentence, and shall instruct the Series 2024-2 Agent in writing to transfer all cash and investments from the non-qualifying Series 2024-2 Distribution Account into the new Series 2024-2 Distribution Account. Initially, the Series 2024-2 Distribution Account will be established with The Bank of New York Mellon Trust Company, N.A.
Sample 1
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Related to Establishment of Series 2024-2 Distribution Account

  • Definitions For purposes of this Agreement:

  • Term The term of this Agreement will be ten (10) years from the Effective Date (as such term may be extended pursuant to Section 4.2, the “Term”).

  • Termination This Agreement may be terminated at any time prior to the Closing:

  • Miscellaneous The Vendor acknowledges and agrees that continued participation in TIPS is subject to TIPS sole discretion and that any Vendor may be removed from the participation in the Program at any time with or without cause. Nothing in the Agreement or in any other communication between TIPS and the Vendor may be construed as a guarantee that TIPS or TIPS Members will submit any orders at any time. TIPS reserves the right to request additional proposals for items or services already on Agreement at any time.

  • WHEREAS the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

  • Amendment This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

  • Representations and Warranties Borrower represents and warrants as follows:

  • Expenses All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense.

  • Headings The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

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