Examples of Contingency Bank in a sentence
Promptly following receipt of that notice and confirmation of the payment from the Reallocation Banks, the OF shall cancel such original outstanding physical Plan CO and shall reissue replacement physical Plan COs with the principal amounts representing the respective Pro Rata Shares of the Reallocation Banks that have paid for their purchase of the Plan CO, along with a Plan CO representing the balance of the principal amount of the original Plan CO that is retained by the Contingency Bank.
Each Bank hereby authorizes the OF, and the OF hereby agrees, to hold any Plan COs issued as agent for each such Bank when it acts as a Contingency Bank.
In the event there are multiple Plan COs issued on a particular date, Reallocation Banks shall not favor any Contingency Bank over any other Contingency Bank, and shall purchase its Pro Rata Shares of such Plan COs on a proportional basis.
The wire shall be sent to the account identified by the Contingency Bank for that purpose, and time is of the essence with respect to the wire.
Each Contingency Bank shall promptly notify the OF of its receipt of payment of the Pro Rata Share amounts from the Reallocation Banks.
Each such reissued Plan CO remains a “Plan CO” for purposes of this Agreement and the Procedures, but a Reallocation Bank will not be treated as the Contingency Bank with respect thereto.
Each Bank agrees that if a Bank is a Delinquent Bank, with respect to each Plan CO issued to a Contingency Bank on behalf of a Delinquent Bank, each Bank that is a “Reallocation Bank” (as defined below) shall immediately have the obligation to purchase that Reallocation Bank’s “Pro Rata Share” (as defined below) of such Plan CO from that Contingency Bank, with such obligation to purchase being effective immediately upon the issuance of the Plan CO , subject to the proviso in the following paragraph.
Each Bank agrees that if a Bank is a Delinquent Bank, with respect to each Plan CO issued to a Contingency Bank on behalf of a Delinquent Bank, each Bank that is a “Reallocation Bank” (as defined below) shall immediately have the obligation to purchase that Reallocation Bank’s “Pro Rata Share” (as defined below) of such Plan CO from that Contingency Bank, with such obligation to purchase being effective immediately upon the issuance of the Plan CO, subject to the proviso in the following paragraph.
Following 2027, the Primary Contingency Bank rotation will begin again at the top of the table with the row for 2017 being applicable for 2028, 2018 being applicable for 2029 and 2019 being applicable for 2030, and so on.
The primary Contingency Bank will be responsible for funding any Delinquent Bank’(s) P&I obligations during the month for which it is the designated Contingency Bank, and on the first day of the following month the order and priority will rotate, so that the then current primary Contingency Bank will move to the last position, the current secondary Contingency Bank will move to the primary position, the current tertiary Contingency Bank will move to the secondary position, etc.