Examples of HSBC RAL in a sentence
If BFC receives any payment for any HSBC RAL, BFC shall deliver such payment to the Servicer for deposit into the applicable Deposit Account as provided in Section 3.2 of the Servicing Agreement.
If BFC receives any payment for any HSBC RAL or HSBC IMA, BFC shall deliver such payment to the Servicer for deposit into the applicable Deposit Account and, where applicable, allocation to the IMA Collection Ledger as provided in Section 3.2 of the Servicing Agreement.
Each such Participation Interest shall be purchased by BFC on the first Business Day following the Business Day on which the Disbursement Check for such HSBC RAL or HSBC IMA has been presented to HSBC Bank or HSBC Trust, as the case may be, for payment or Electronic Disbursement for such HSBC RAL or HSBC IMA, has been made by HSBC Bank or HSBC Trust, as the case may be.
With respect to each HSBC RAL and HSBC RAC, the Servicer shall establish and maintain, as appropriate, one Refund Deposit Account or one General Collection Deposit Account, or both, in compliance, as applicable, with the Internal Revenue Code and other applicable law, the RAL Documents and/or the Program Contracts, for the benefit, as applicable, of the relevant Settlement Product Client, and the owners of, and participants in, the relevant Settlement Product, for the purposes set forth herein.
The Purchase Price for each Participation Interest on each Closing Date shall be equal to the product of (a) the Applicable Percentage on such Closing Date, multiplied by (b) the Principal Amount minus (1) in the case of an HSBC RAL, the RAL Fees and the Refund Account Fees of the HSBC RAL, or (2) in the case of an HSBC IMA, the IMA Fees, in which a Participation Interest is being purchased.
Each such Participation Interest shall be purchased by BFC on the first Business Day following the Business Day on which the Disbursement Check for such HSBC RAL has been presented to HSBC Bank for payment or Electronic Disbursement for such HSBC RAL has been made by HSBC Bank.
For the purposes of this Article VI, no proceeds of a HSBC RAL shall be deemed to be impaired hereunder solely because such proceeds are held by HSBC NA or HSBC Trust for more than the applicable period under Section 9-315(d) of the UCC as in effect in the State of Delaware.
Each such Participation Interest shall be purchased by BFC on the first Business Day following the Business Day on which the Disbursement Check for such HSBC RAL has been presented to HSBC NA or HSBC Trust, as the case may be, for payment or Electronic Disbursement for such HSBC RAL, has been made by HSBC NA or HSBC Trust, as the case may be.
Except as otherwise provided herein, HTMAC shall sell to BFC, and BFC shall purchase from HTMAC, a Participation Interest in each HSBC RAL originated pursuant to any Distribution Agreement.
Each Participated HSBC RAL is an Eligible RAL, and each Participated HSBC IMA is an Eligible IMA.