Examples of Note Collection Account in a sentence
The Issuer shall remit to the Global Agent for deposit in the Note Collection Account the amount of any losses incurred in respect of any such investments out of its own funds, without any right of reimbursement therefor, immediately as realized.
To the extent that the Issuer requests in writing that funds in the Note Collection Account be invested in Permitted Investments for the period from each remittance date to the related Payment Date, the Global Agent shall invest such amounts in Permitted Investments selected by the Issuer, which shall mature not later than the related Payment Date.
Funds in the Note Collection Account shall not initially be invested in Permitted Investments.
All income and gain realized from any Permitted Investment in the Note Collection Account shall be remitted to the Issuer on each Payment Date.
To the extent that amounts in the Note Collection Account are invested in Permitted Investments, the Global Agent shall report the income gain or loss to the Issuer in writing within three (3) Business Days of the date on which the gain or loss accrues on the account and send the amount of any such gain to the account designated in a written instruction by Xxxxxxx Mac (which instruction may be a standing instruction).
To the extent that amounts in the Note Collection Account are invested in Permitted Investments, the Global Agent shall report the income gain or loss to the Issuer in writing within three (3) Business Days of the date on which the gain or loss accrues on the account and send the amount of any such gain to the account designated in a written instruction by Freddie Mac (which instruction may be a standing instruction).
Absent written direction from the Issuer, the Global Agent shall hold all funds on deposit in the Note Collection Account uninvested.
The Global Agent shall invest funds in the Note Collection Account in Permitted Investments in accordance with the written direction of the Issuer for the period from each Remittance Date to the related Payment Date, which investments shall mature not later than the related Payment Date.
The Note Collection Account for U.S. federal income tax reporting and withholding purposes will be owned by the Issuer.
Freddie Mac shall wire to the Note Collection Account by 12 P.M. New York City time one (1) Business Day before the Payment Date pursuant to the wiring instructions set forth in Exhibit K hereto, the principal and interest payments due on the Notes for such Payment Date.