Retained Duty definition
Retained Duty means any role or duty under a Corporate Trust Contract with respect to any Appointment as account bank, depositary / depository, depository agent, eligible lender trustee, master servicer, backup advancing agent, trustee (or other similar role), buyer, financial institution or lender, in each case:
Retained Duty means any role or duty under a Corporate Trust Contract with respect to any Appointment as account bank, depositary / depository, depository agent, eligible lender trustee, master servicer, backup advancing agent, trustee (or other similar role), buyer, financial institution or lender, in each case: (a) to the extent that the applicable Corporate Trust Contract requires such role to be performed by a deposit taking institution and to the extent that no Purchaser is eligible to serve in such role (it being understood that, Purchasers and their Affiliates will not be required to accept and hold deposits from a third party unaffiliated with the Purchasers); or (b) to the extent that the Purchasers or their Affiliates would be required to fund or originate loans or other extensions of credit (provided that neither this clause (b) nor clause (c) below shall limit Purchasers’ obligations to satisfy advancing obligations or backup advancing obligations with respect to servicing, master servicing, trustee, bond administration or backup advancing agent roles (or other similar roles) in accordance with the terms of any applicable Corporate Trust Contract); or (c) to the extent that the applicable rating agency counterparty criteria are not satisfied so as to allow a Purchaser that is otherwise eligible to serve in such role to assume such role without causing a rating agency in connection with such transaction to downgrade (or place on watch for downgrade) the rating assigned to the Securities issued pursuant to such Corporate Trust Contract (provided, that (i) this clause (c) shall not require the Sellers to retain any obligation other than backup advancing or retain any role to the extent not directly related to backup advancing; (ii) notwithstanding anything to the contrary in this Agreement or the Purchase Agreement, the retention by Sellers of any backup advancing obligations pursuant to this provision shall not be the basis, in and of itself, for treating an Appointment as a Restricted Appointment (rather than as a Transferred Asset); (iii) if at any time the applicable rating agency counterparty criteria are satisfied so as to allow a Purchaser that is otherwise eligible to serve in such role to assume such role without causing a rating agency in connection with such transaction to downgrade (or place on watch for downgrade) the rating assigned to the Securities issued pursuant to such Corporate Trust Contract, the backup advancing function will automatically...
Examples of Retained Duty in a sentence
Any reference to On Call Duty System should be regarded as Retained Duty System as outlined in the Scheme of Conditions of Service (sixth edition, 2004 as amended) of the National Joint Council for Local Authority Fire and Rescue Services (Grey Book) Section 4 — conditions of service framework Part A – Hours of duty and Duty systems -Paragraph 15.
Since the dizpute ztarted zome two yearz ago, our memberz will have received three pay increazez, which average ı6% for “firefighter” memberz; ı9.7% for Emergency Fire Control memberz and 23% for memberz working the Retained Duty Syztem.
Full pay parity haz been achieved for firefighterz working the Retained Duty Syztem.