The Payment Account Sample Clauses
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 Custodian one (1) segregated trust account, which shall be designated as the “Payment Account”, which shall be maintained by the Borrower with the Custodian 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 Securities Administrator shall segregate and hold all funds collected and received pursuant to this Agreement separate and apart from any of its own funds and general assets, and shall establish and maintain a Payment Account, in the form of time deposit or demand accounts, titled “Payment Account of JPMorgan Chase Bank, National Association, as Securities Administrator, for the benefit of First NLC Trust 2005-1.” The Payment Account shall be established as an Eligible Account. Any funds deposited in the Payment Account shall at all times be insured to the fullest extent allowed by applicable law.
(b) If an existing Payment Account ceases to be an Eligible Account, the Securities Administrator shall establish a new Payment Account that is an Eligible Account within ten days and transfer all funds and investment property on deposit in such existing Payment Account into such new Payment Account.
(c) The Securities Administrator shall give to the Master Servicer and the Indenture Trustee prior written notice of the name and address of the depository institution at which the Payment Account is maintained and the account number of such Payment Account. The Securities Administrator shall take such actions as are necessary to cause the depository institution holding the Payment Account to hold such account in the name of the Indenture Trustee.
(d) The Securities Administrator shall deposit or cause to be deposited into the Payment Account all amounts remitted to it by the Master Servicer pursuant to Section 7.6 and the Cap Payments, if any, on or before the Business Day prior to the Payment Date. On each Payment Date, the entire amount on deposit in the Payment Account (subject to permitted withdrawals) shall be applied to make the required payment of principal and/or interest on each class of Notes and to make any required distribution to the Ownership Certificate.
(e) The Securities Administrator shall make withdrawals from the Payment Account only for the purposes set forth in Section 7.7 and for the following purposes:
(i) to withdraw amounts deposited in the Payment Account in error;
(ii) to make payments pursuant to this Article VII and the terms of the Indenture and the Owner Trust Agreement; and
(iii) to clear and terminate the Payment Account pursuant to Article IX.
(f) Five Business Days prior to each Payment Date, the Master Servicer shall make available a Master Servicer Report (in a mutually agreeable format) to the Securities Administrator a...
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. In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the A&R Effective Date, establish at the Securities Intermediary one (1) segregated account, which shall be designated as the “Payment Account”, DOCPROPERTY "DocID" \* MERGEFORMAT USActive 60781347.5 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.
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.