Standby Trust Sample Clauses

Standby Trust. This trust shall remain dormant until funded with the proceeds from the financial mechanism listed on Attachment “A”. The Trustee shall have no duties or responsibilities beyond safekeeping this Document. Upon funding this trust shall become active and be administered pursuant to the terms of this instrument.
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Standby Trust. This Trust shall remain dormant until funded with the proceeds from the [insert “Surety Bond” or “Certificate of Deposit”] as listed on Schedule B. The Trustee shall have no duties or responsibilities beyond safekeeping this Document. Upon funding, this Trust shall become active and be administered pursuant to the terms of this instrument.
Standby Trust. If Purchaser seeks to establish financial assurance by using a surety bond or letter of credit, Purchaser shall at the same time establish and thereafter maintain a standby trust fund, which must meet the requirements specified in Paragraph 95.c., and into which payments from the other financial assurance mechanism can be deposited if the financial assurance provider is directed to do so by the Agencies pursuant to Paragraph 99 (Access to Financial Assurance). An originally signed duplicate of the standby trust agreement must be submitted, with the other financial mechanism, to the Agencies in accordance with Paragraph 99. Until the standby trust fund is funded pursuant to Paragraph 99 (Access to Financial Assurance), neither payments into the standby trust fund nor annual valuations are required. Within 10 days after the Effective Date of this Settlement, Purchaser shall submit to the Agencies proposed financial assurance mechanisms in draft form in accordance with Paragraph 95 for the Agencies’ review. Within 30 days after the Effective Date, or 30 days after the Agencies’ approval of the form and substance of Purchaser’s financial assurance, whichever is later, Purchaser shall secure all executed and/or otherwise finalized mechanisms or other documents consistent with the Agencies-approved form of financial assurance and shall submit such mechanisms and documents to the RPM. Purchaser shall diligently monitor the adequacy of the financial assurance. If Purchaser becomes aware of any information indicating that the financial assurance provided under this Section is inadequate or otherwise no longer satisfies the requirements of this Section, Purchaser shall notify the Agencies of such information within 30 days. If the Agencies determines that the financial assurance provided under this Section is inadequate or otherwise no longer satisfies the requirements of this Section, the Agencies will notify Purchaser of such determination. Purchaser shall, within 30 days after notifying the Agencies or receiving notice from the Agencies under this Paragraph, secure and submit to the Agencies for approval a proposal for a revised or alternative financial assurance mechanism that satisfies the requirements of this Section. Purchaser shall follow the procedures of Paragraph 97 in seeking approval of, and submitting documentation for, the revised or alternative financial assurance mechanism. Purchaser’s inability to secure and submit to the Agencies financial assuran...

Related to Standby Trust

  • the Academy Trust (1) agrees that before making an application pursuant to the Religious Character of Schools (Designation Procedure) (Independent Schools) (England) Regulations 2003 for the Academy to be designated as a school with religious character it shall seek the prior written consent of the Secretary of State;

  • DEUTSCHE TRUSTEE COMPANY LIMITED, as trustee (the “Trustee”);

  • Anti-Trust The MA Dual SNP hereby certifies to HHSC that neither the MA Dual SNP, nor the person represented by the MA Dual SNP, nor any person acting for the represented person, has been found by a judgment of a court of law to have violated the anti-trust laws codified by Chapter 15, Texas Business and Commerce Code, or the federal anti-trust laws.

  • Transfer Agent and Registrar The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

  • The Owner Trustee It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Wilmington Trust, National Association on behalf of the Trust not individually or personally but solely as owner trustee of the Trust under the Trust Agreement of the Trust dated the date hereof in the exercise of the powers and authority conferred upon and vested in Wilmington Trust, National Association as owner trustee of the Trust under such Trust Agreement, (ii) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as the personal representation, undertaking or agreement of Wilmington Trust, National Association, but is made and intended for the purpose of binding only the Trust and (iii) nothing herein contained shall be construed as creating any liability on the part of Wilmington Trust, National Association, individually or personally, to perform any covenant or obligation of the Trust, either expressed or implied, contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto.

  • The Trust World Omni acknowledges and agrees that (a) WOAR will, pursuant to the Sale and Servicing Agreement, sell the Receivables to the Trust and assign its rights under this Agreement to the Trust and (b) the Trust will, pursuant to the Indenture, grant the Receivables and its rights under this Agreement and the Sale and Servicing Agreement to the Indenture Trustee on behalf of the Noteholders. World Omni hereby consents to all such sales and assignments and agrees that the Trust or, if pursuant to the Indenture, the Indenture Trustee, may exercise the rights of WOAR and enforce the obligations of World Omni hereunder directly and without the consent of WOAR.

  • Paying Agent to Hold Money in Trust The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or Liquidated Damages, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes.

  • Transfer of Mortgage Securities Xxxxxx Mae, acting in its corporate capacity, does hereby transfer, assign, set over and otherwise convey to Xxxxxx Xxx, acting in its capacity as Trustee for the Lower Tier REMIC established hereby, all of Xxxxxx Mae’s right, title and interest in and to the Mortgage Securities identified in Exhibit A hereto, including all payments of principal and interest thereon received after the month of the Issue Date.

  • Trust This Certificate represents ownership of a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined in Sections 860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue date of this Certificate is August 26, 2005. Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any Certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. The Class 1-A-7 Certificates will provide credit support to another Class of Certificates, as described in the Pooling Agreement. WMALT Series 2005-7 Portion of the Class 1-A-7 Principal Balance as of the Cut-Off Date Evidenced by this Certificate: $1,000,000.00 Class 1-A-7 Certificate Interest Rate: 5.500% Cut-Off Date: August 1, 2005 First Distribution Date: September 26, 2005 Last Scheduled Distribution Date: September 25, 2035 Class 1-A-7 Principal Balance as of the Cut-Off Date: $1,000,000.00 Cede & Co. Registered Owner Exhibit A CUSIP 93934F BK7 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE Class 1-A-8 Evidencing a beneficial interest in a pool of assets consisting of beneficial interests in another pool of assets consisting of beneficial interests in another pool of assets consisting of, among other things, conventional one- to four-family mortgage loans formed by WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

  • Execution, Authentication, Availability and Dating of the Residual Certificates The Residual Certificates shall be executed on behalf of Xxxxxx Mae by an Authorized Officer of Xxxxxx Xxx under the corporate seal of Xxxxxx Mae, which may be in facsimile form and be imprinted or otherwise reproduced thereon, and shall be attested by the Secretary, Assistant Secretary, or a second Authorized Officer of Xxxxxx Xxx. The signature of any of these Persons on the Residual Certificates may be manual or facsimile. A Residual Certificate bearing the manual or facsimile signature of individuals who were at any time officers of Xxxxxx Mae shall bind Xxxxxx Xxx, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Certificate or did not hold such offices at the date of such Certificate. At any time and from time to time after the execution and delivery of this Trust Agreement, Xxxxxx Mae may deliver Residual Certificates executed by Xxxxxx Xxx to the Certificate Registrar for authentication and the Certificate Registrar shall authenticate and make available such Certificates as provided in this Trust Agreement and not otherwise. No Residual Certificate shall be entitled to any benefit under this Trust Agreement or be valid for any purpose, unless there appears on such Residual Certificate a certificate of authentication substantially in the form provided for herein, executed by the Certificate Registrar by the manual or facsimile signature of one of its authorized signatories, and such certificate upon any Residual Certificate shall be conclusive evidence, and the only evidence, that such Residual Certificate has been duly authenticated and made available hereunder. Each Residual Certificate shall be dated the date of its authentication.

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