Examples of Private Owner Pledged Account in a sentence
The Company will be responsible for payment to the successor Custodian and Paying Agent of all fees and expenses of the successor Custodian and Paying Agent and any fees and expenses for transferring Custodial Documents and funds deposited in the Accounts to the successor Custodian and Paying Agent except with respect to the Private Owner Pledged Account, the fees and expenses with respect to which are to be paid by the Private Owner.
The Paying Agent is to invest the amounts on deposit in the Private Owner Pledged Account in Permitted Investments in accordance with investment directions from the Private Owner but with maturities that allow for their transfer in accordance with this Section 3.9.
If the Company, the PMN Agent or the Private Owner, as applicable, does not provide the Paying Agent with investment directions pursuant to Sections 3.1, 3.6, 3.9, 4.1 or 5.1(c), the balance standing to the credit of the Collection Account, the Working Capital Reserve Account, the Distribution Account or the Private Owner Pledged Account, as applicable, will, except as otherwise expressly provided herein, remain uninvested with no liability for interest thereon.
The Private Owner Pledged Account (and all funds and Permitted Investments therein or allocated thereto) are to be held by the Paying Agent in a segregated account subject to the security interest granted for the benefit of the Initial Member pursuant to the LLC Operating Agreement, this Agreement and the Private Owner Pledged Account Control Agreement in substantially the form attached to this Agreement as Exhibit Q.
The Paying Agent will have no duties other than those specifically set forth or provided for in this Agreement, each Debt Agreement to which it is a party and the Private Owner Pledged Account Control Agreement, and no implied covenants or obligations of the Paying Agent are to be read into this Agreement, the Private Owner Pledged Account Control Agreement or any Debt Agreement to which the Paying Agent is a party, or into any related agreement to which the Paying Agent is a party.
The Paying Agent is to permit the Company, each Purchase Money Notes Guarantor, the PMN Agent and the Initial Member to examine all such accounts, books and records and is to permit the Private Owner to examine such accounts, books and records that relate to the Private Owner Pledged Account; provided, however, that any such examination will occur upon reasonable prior notice and during normal business hours.
In no event will the Private Owner have any right or authority to withdraw any funds from the Private Owner Pledged Account except as expressly provided in Section 3.9(b).
The Company shall pay such fees and expenses other than any fees and expenses in connection with the Private Owner Pledged Account, which such fees and expenses will be the responsibility of the Private Owner.
An executed original counterpart of the Private Owner Pledged Account Control Agreement, or a copy thereof, has been delivered to the Paying Agent, and the Paying Agent acknowledges receipt thereof.