Receivables Proceeds Distribution Agreement definition
Examples of Receivables Proceeds Distribution Agreement in a sentence
Certain Transaction Documents to which the Issuer is a party, such as the Issuer Account Agreement and the Swap Agreement and the Receivables Proceeds Distribution Agreement, provide for minimum required credit ratings of the counterparties to such Transaction Documents.
Upon receipt of such amounts, the Collection Foundation will distribute to the Issuer or, after the delivery of an Enforcement Notice, to the Security Trustee any and all amounts relating to the Mortgage Receivables received by it on the Collection Foundation Accounts, in accordance with the relevant provisions of the Receivables Proceeds Distribution Agreement.
The objectives clause included in the articles of association (statuten) of the Collection Foundation is limited to collecting, managing and distributing amounts received on the Collection Foundation Accounts to the persons who are entitled to receive such amounts pursuant to the Receivables Proceeds Distribution Agreement.
On or before the Closing Date, the Issuer will become a party to the Receivables Proceeds Distribution Agreement under which, inter alia, the Collection Foundation undertakes to transfer all amounts received on the Collection Foundation Account in respect of the Mortgage Receivables, to the Issuer Collection Account.
Pursuant to the relevant Receivables Proceeds Distribution Agreement, Intertrust Administrative Services B.V. and after an insolvency event relating to Intertrust Administrative Services B.V., a new administrator appointed for such purpose, respectively, will perform such payment transaction services on behalf of the Collection Foundation (see for a description of the cash collection arrangements Section 5 (Credit Structure) below).
In addition, Intertrust Administrative Services B.V. in its capacity as administrator for the Collection Foundation has undertaken in the Receivables Proceeds Distribution Agreement to disregard any instructions or orders from the Originator to cause the transfer of amounts in respect of the Mortgage Receivables to be made to another account than the Collection Foundation Accounts without prior approval of the Issuer and the Security Trustee.
Under the Receivables Proceeds Distribution Agreement the Originator undertakes to direct all amounts of principal and interest to the Collection Foundation Accounts maintained by the Collection Foundation which is a bankruptcy remote foundation (stichting) and in addition the Seller and the Servicer undertake the same.
Firstly, the Originator has under the Receivables Proceeds Distribution Agreement undertaken towards the Issuer, the Security Trustee and the Collection Foundation not to amend the payment instructions and not to redirect cash flows to the Collection Foundation Accounts in respect of the Mortgage Receivables to another account, without prior approval of the Issuer and the Security Trustee.
Beneficiaries each of the entities listed in Schedule 2 to the Receivables Proceeds Distribution Agreement and any Additional Beneficiaries, as the context may require, excluding any Beneficiary which has ceased to be a party to the Receivables Proceeds Distribution Agreement pursuant to Clause 11 of the Receivables Proceeds Distribution Agreement.
Beneficiary Entitlement has the meaning ascribed to it in the Receivables Proceeds Distribution Agreement.