The Preferred Share Distribution Account. The Preferred Share Paying Agent shall, prior to the Closing Date, establish a single, segregated, non-interest bearing trust account, which shall be designated as the “Preferred Share Distribution Account,” for the benefit of the Issuer (the “Preferred Share Distribution Account”). The Preferred Share Paying Agent shall promptly credit all Available Funds to the Preferred Share Distribution Account. All sums payable by the Preferred Share Paying Agent hereunder shall be paid out of the Preferred Share Distribution Account. For the avoidance of doubt, the Preferred Share Distribution Account (and interest, if any, earned on amounts on deposit therein) shall be owned by the Issuer (or the related REIT so long as the Issuer is a Qualified REIT Subsidiary) for U.S. federal income tax purposes.
Appears in 4 contracts
Samples: Preferred Share Paying Agency Agreement (TPG RE Finance Trust, Inc.), Preferred Share Paying Agency Agreement (TPG RE Finance Trust, Inc.), Preferred Share Paying Agency Agreement (TPG RE Finance Trust, Inc.)
The Preferred Share Distribution Account. The Preferred Share Paying Agent shall, prior to the Closing Date, establish a single, segregated, non-interest bearing trust account, which shall be designated as the “Preferred Share Distribution Account,” for the benefit of the Issuer (the “Preferred Share Distribution Account”). The Preferred Share Paying Agent shall promptly credit all Available Funds to the Preferred Share Distribution Account. All sums payable by the Preferred Share Paying Agent hereunder shall be paid out of the Preferred Share Distribution Account. For the avoidance of doubt, the Preferred Share Distribution Account (and interest, if any, earned on amounts on deposit therein) shall be owned by the Issuer (or the related REIT so long as the Issuer is a Qualified REIT Subsidiary) for U.S. federal income tax purposes.
Appears in 3 contracts
Samples: Preferred Share Paying Agency Agreement (Granite Point Mortgage Trust Inc.), Preferred Share Paying Agency Agreement (Granite Point Mortgage Trust Inc.), Preferred Share Paying Agency Agreement (Granite Point Mortgage Trust Inc.)
