Liquidation Accounts definition
Examples of Liquidation Accounts in a sentence
Seller shall consult with the Regulators to determine the amount required to be held in the Liquidation Accounts and any required distributions from the Liquidation Accounts.
Holding Company, Seller and ▇▇▇▇▇ agree to cooperate and to take all actions required by the Regulators with respect to the Liquidation Accounts to complete the Transactions in an efficient manner.
If the Liquidation Accounts may be assumed by ▇▇▇▇▇, ▇▇▇▇▇ will assume Seller’s obligations under the Liquidation Accounts.
If Buyer assumes Seller’s obligations under the Liquidation Accounts, Buyer will take all actions necessary and appropriate to evidence its assumption of the Liquidation Accounts if so required, including, without limitation, making any required charter amendments.
On or before each issue of a particular Series of Notes, or within a Series of Notes, of a particular Class of Notes, the Trust will establish or cause to be established and thereafter maintain the Related Distribution Account and the Indenture Trustee will establish and maintain or cause to be established and maintained as an Eligible Deposit Account, the Related Note Liquidation Accounts.
In such case, the Funded Liquidation Accounts shall be deemed an “Excluded Asset” for purposes of this Agreement and Seller shall (a) take all commercially reasonable actions to ensure that the Funded Liquidation Accounts are distributed as soon as practicable following the Closing and (b) appoint the Holding Company as the sole party responsible for communications with any third parties relating to the distribution of the Funded Liquidation Accounts.
Each of the Related Distribution Accounts, Related Note Liquidation Accounts and Related Collateral Accounts shall be maintained, (i) if RBC has the High Rating, at RBC; and (ii) if RBC does not have the High Rating, at a Canadian chartered bank or trust company which has the High Rating, which may include Affiliates of the Issuer Trustee or the Indenture Trustee and the Issuer Trustee or the Indenture Trustee itself, as applicable.
The OBC Banks have established and maintained the Liquidation Accounts in all material respects in accordance with all applicable laws and regulations, and the amount of the Liquidation Accounts as of December 31, 1996 was $803,849.
If the applicable Regulators direct that Seller liquidate and make distributions to depositors from the Liquidation Accounts, Seller shall set aside cash for the purpose of paying to depositors the Liquidation Account Value in designated Bank Accounts (the “Funded Liquidation Accounts”); provided, however, that such amounts will not be deducted from the Purchase Price.
Prior to or on the Closing Date, Seller shall inform Buyer of the contingent liability associated with the Liquidation Accounts as of the most recent practicable date, as estimated by Seller in good faith (the “Liquidation Account Value”).