The Payment Account. In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish at the Bank one (1) segregated trust account, which shall be designated as the “Payment Account”, which shall be maintained by the Borrower with the Bank in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent. The only permitted deposits to or withdrawals from the Payment Account shall be in accordance with the provisions of this Agreement. All funds on deposit in the Payment Account will remain in un-invested.
The Payment Account. (a) The Indenture Trustee shall establish and maintain in the name of the Securities Intermediary a separate, non-interest bearing trust account (the “Payment Account”) entitled “Payment Account, Deutsche Bank National Trust Company, as Indenture Trustee, in trust for the benefit of the Holders of GreenPoint Mortgage Funding Trust 2005-HE4, Asset-Backed Notes, Series 2005-HE4.” The Payment Account shall be an Eligible Account. If the existing Payment Account ceases to be an Eligible Account, the Indenture Trustee shall establish a new Payment Account that is an Eligible Account within 10 Business Days and transfer all funds and investment property on deposit in such existing Payment Account into such new Payment Account. The Payment Account shall relate solely to the Notes issued hereunder and funds in the Payment Account shall be held separate and apart from and shall not be commingled with any other monies including, without limitation, other monies of the Indenture Trustee held under this Agreement. The Indenture Trustee shall make withdrawals from the Payment Account only for the following purposes:
(i) to pay such amounts required to paid pursuant to Section 5.03 of this Agreement;
(ii) to withdraw amounts deposited in the Payment Account in error; and
(iii) to clear and terminate the Payment Account pursuant to Article VIII.
(b) The Indenture Trustee may (but is not obligated to) invest, or cause to be invested, funds held in the Payment Account in Eligible Investments (which may be obligations of the Indenture Trustee). All such investments must be payable on demand or mature no later than three Business Days prior to the next Payment Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Indenture Trustee (in its capacity as such) or its nominee. The amount of any losses incurred in respect of any such investments shall be paid by the Indenture Trustee for deposit in the Payment Account out of its own funds, without any right of reimbursement therefor, immediately as realized. All income and gain realized from any such investment shall be compensation to the Indenture Trustee and shall be subject to its withdrawal on order from time to time.
(c) The Indenture Trustee or its Affiliates are permitted to receive additional compensation that could be deemed to be in the Trustee’s economic self interest for (i) serving as an investment advisor, administrator, shareholder servicin...
The Payment Account. The Indenture Trustee, for the benefit of the Secured Parties, shall establish and maintain in the State of New York or in the city in which the Corporate Trust Office is located, with a Qualified Institution, in the name of the Issuer for the benefit of the Indenture Trustee on behalf of the Secured Parties, a non-interest bearing segregated trust account (the “Payment Account”) bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Secured Parties. The Indenture Trustee shall be the entitlement holder of the Payment Account, and shall possess all right, title and interest in all moneys, instruments, securities and other property on deposit from time to time in the Payment Account and the proceeds thereof for the benefit of the Secured Parties. The Payment Account will be established with the Securities Intermediary. Funds on deposit in the Payment Account that are not both deposited and to be withdrawn within two Business Days shall be invested in Permitted Investments, in accordance with a direction from the Issuer pursuant to Section 5.3(e)
The Payment Account. As soon as practicable, the Paying Agent shall open with the Payment Account Bank, one Payment Account for the CPs. The Payment Account shall be operated solely and exclusively by the Paying Agent in accordance with this Agreement and payment of principal on the relevant Maturity Date shall be made from such Payment Account. All transactions on the Payment Account shall be signed by the duly designated authorized signatories of the Paying Agent. All costs for opening, maintaining and operating the Payment Account shall be for the account of the Issuer.
4.2.1 The Issuer shall provide the necessary funds to cover the initial deposit and shall provide the minimum maintaining balance required by the Payment Account Bank, if so required.
4.2.2 The Payment Account shall be opened in the following names, “PDTC as Paying Agent of SL Agritech Corporation Due 18 June 2021 for Series M and 17 December 2021 for Series N, FAO CP Holders”. All the disbursements for principal payments to be effected out of the said Payment Account shall be signed by the duly designated authorized signatories of the Paying Agent.
4.2.3 The Issuer shall maintain the Payment Account while the CPs are Outstanding, and until six (6) months past the Maturity Date. Then, the Payment Account shall be closed by the Paying Agent and any balance remaining in such account shall be turned over to the Issuer which shall nevertheless continue to hold such balance in trust and for the irrevocable benefit of the CP Holders with unclaimed principal payments. The Paying Agent’s responsibility to effect payments to CP Holders as provided for in this Agreement shall cease upon transfer of the funds to the Cash Settlement Banks nominated by the CP Holders or the return of the balance to the Issuer upon closure of the Payment Account.
The Payment Account. In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish at the Securities Intermediary one (1) segregated account, which shall be designated as the “Payment Account”, which shall be maintained by the Borrower with the Securities Intermediary in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent. The only permitted deposits to or withdrawals from the Payment Account shall be in accordance with the provisions of this Agreement. All funds on deposit in the Payment Account shall be investable at the direction of the Borrower. The Borrower hereby directs that all funds on deposit in the Payment Account will remain in uninvested.
