Overnight Investments. To the extent that, as of 12:00 noon, New York time on any Business Day, there are credit balances expected to remain after settlement of all pending transactions in any of the Collateral Accounts, unless otherwise instructed by Secured Party, Securities Intermediary shall apply the expected credit balances to acquire Overnight Investments. Any Overnight Investments shall be held for the credit of the Collateral Accounts from which the proceeds for acquisition was derived. If for any reason Securities Intermediary fails to invest credit balances in Overnight Investments as provided in this Section, Securities Intermediary shall credit the Mortgage Construction Guaranty Account with daily interest on the uninvested free credit balance in accordance with its usual practice.
Appears in 2 contracts
Samples: Completion Guaranty Third Party Account Agreement (Grand Canal Shops Mall Construction LLC), Completion Guaranty Collateral Account Agreement (Grand Canal Shops Mall Construction LLC)
Overnight Investments. To the extent that, as of 12:00 noon, New York time on any Business Day, there are credit balances expected to remain after settlement of all pending transactions in any of the Collateral Accounts, unless otherwise instructed by Secured Party, Securities Intermediary shall apply the expected credit balances to acquire Overnight Investments. Any Overnight Investments shall be held for the credit of the Collateral Accounts from which the proceeds for acquisition was derived. If for any reason Securities Intermediary fails to invest credit balances in Overnight Investments as provided in this Section, Securities Intermediary shall credit the Mortgage Construction Guaranty Notes Proceeds Account with daily interest on the uninvested free credit balance in accordance with its usual practice.
Appears in 1 contract
Samples: Mortgage Notes Proceeds Third Party Account Agreement (Grand Canal Shops Mall Construction LLC)
Overnight Investments. To the extent that, as of 12:00 noon, New York time on any Business Day, there are credit balances expected to remain after settlement of all pending transactions in any of the Collateral Accounts, unless otherwise instructed by Secured Party, Securities Intermediary shall apply the expected credit balances to acquire Overnight Investments. Any Overnight Investments shall be held for the credit of the Collateral Accounts from which the proceeds for acquisition was derived. If for any reason Securities Intermediary fails to invest credit balances in Overnight Investments as provided in this Section, Securities Intermediary shall credit the Mortgage Construction Guaranty Notes Proceeds Account with daily interest on the uninvested free credit balance in accordance with its usual practice.. ANNEX A-7
Appears in 1 contract
Samples: Mortgage Notes Proceeds Collateral Account Agreement (Grand Canal Shops Mall Construction LLC)
