DECLARATION OFFERING PREVIOUSLY INJECTED GAS AS COLLATERAL Sample Clauses

DECLARATION OFFERING PREVIOUSLY INJECTED GAS AS COLLATERAL. RELATING TO GAS LOAN CONTRACT We, the undersigned (name, position) and (name, position), representing (name, address, trade registry No.) hereby declare the following. ..................................... (name, address, trade registry No.) (hereinafter referred to as Borrower) and Hungarian Gas Storage Ltd (hereinafter referred to as MFGT) concluded a contract on Lending and Borrowing Natural Gas on ................20... To guarantee its contractual obligations, Borrower declares that it offers kWh of the natural gas energy quantity it injected into MFGT’s underground natural gas storage facilities to cover its obligation to return the loan under the Gas Loan Contract. By signing this declaration, Xxxxxxxx represents to keep a gas energy quantity injected as collateral in MFGT’s unified natural gas storage the whole or part of which covers the Natural Gas Energy Quantity Lent (in kWh). Borrower further represents that the energy quantity of the injected gas offered as collateral may not fall below the Natural Gas Energy Quantity Lent during the term of the contract. Borrower undertakes that if based on its nomination, it is clear in advance that the energy quantity of the injected gas offered as collateral will no more cover the Natural Gas Energy Quantity Lent, Borrower shall replenish the collateral with offered gas up to the extent of the Natural Gas Energy Quantity Lent. Unless this is implemented, Borrower understands that MFGT shall be entitled to refuse the Borrower’s withdrawal nomination. Xxxxxxxx explicitly understands and by signing this declaration authorizes MFGT to re-transfer to its own name in the Gas Balance and thus have disposal over the gas injected and offered as collateral by the Borrower in order to ensure that the Natural Gas Lent is returned - following it becomes aware of even the slightest deviation from the schedule of returning the Natural Gas Lent, or a material breach of contract by the Borrower. Budapest, 20.. Borrower: ………………………………………….. ………………………………………….. Name / Position Name / Position (Borrower company) (Borrower company) I accept the declaration: ………………………………………….. ………………………………………….. Name / Position Name / Position
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Related to DECLARATION OFFERING PREVIOUSLY INJECTED GAS AS COLLATERAL

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In the event that the Trust Fund acquires any REO Property in connection with a default or imminent default on a Transferred Mortgage Loan, the Special Servicer shall dispose of such REO Property not later than the end of the third taxable year after the year of its acquisition by the Trust Fund unless the Special Servicer has applied for and received a grant of extension from the Internal Revenue Service (and provide a copy of the same to the Master Servicer and the Trustee) to the effect that, under the REMIC Provisions and any relevant proposed legislation and under applicable state law, the applicable Trust REMIC may hold REO Property for a longer period without adversely affecting the REMIC status of such REMIC or causing the imposition of a federal or state tax upon such REMIC and has notified the Master Servicer and the Trustee of such extension by providing a copy of the application and the grant of such extension to the Trustee and the Master Servicer. 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The Special Servicer shall make advances of all funds necessary for the proper operation, management and maintenance of the REO Property, including the cost of maintaining any hazard insurance pursuant to Section 3.10, such advances to be reimbursed from the disposition or liquidation proceeds of the REO Property. The Special Servicer shall make monthly distributions on each Remittance Date to the Master Servicer of the net cash flow from the REO Property (which shall equal the revenues from such REO Property net of the expenses described in this Section 3.17 and of any reserves reasonably required from time to time to be maintained to satisfy anticipated liabilities for such expenses).

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