Examples of Authority Account in a sentence
All amounts held in the Authority Account by the applicable Depositary Bank shall, until disbursed in accordance with the terms of this Agreement, constitute the property of the Authority, subject to the provisions of Article III hereof and the Sale Documents.
It is acknowledged by the Parties hereto that all interest and other investment income earned on amounts on deposit in both the Authority Account and the Trust Account for Federal, state and local income tax purposes shall be attributed to the Authority.
It is acknowledged by the Parties hereto that all interest and other investment income earned on amounts on deposit in the Authority Account for Federal, state and local income tax purposes shall be attributed to the Authority.
Prior to the receipt by any Depositary Bank of written notice of a Default or an Event of Default, any amounts held by any Depositary Bank in the Authority Account shall be invested from time to time, at the risk and expense of the Authority, solely as instructed in writing on Schedule I by the Authority or its respective designated representative in a specific money market or bank deposit investment vehicle listed on Schedule I.
Any interest, investment income or gain realized as a result of any investments pursuant to Section 5.1 held in the Authority Account (net of the expenses incurred in connection with making such investments) shall be deposited, as soon as practicable (and reinvested as provided herein), shall be retained in the Authority Account on which such amount was realized.
Cash and securities on deposit from time to time in the Authority Account shall be valued at the face amount thereof.
The Authority, or its respective designated representative, as the case may be, shall select investments having such maturities as shall cause the Authority Account to have a sufficient cash balance as of any day to cover the transfers necessary to be made from such Authority Account on such day in accordance with this Agreement.
In the event that a money market fund is designated herein as an initial investment for the Authority Account, the party or parties designating the investment acknowledge receipt of the prospectus for such fund at the time of execution of this Agreement.
In the absence of investment instructions in the form of an executed Schedule I, amounts held in the Authority Account shall be held as Cash.
Except as otherwise provided in this Agreement, the Operator initially shall pay and discharge all costs and expenses incurred for the Authority Account.