Establishment and Administration of Reserve Account Sample Clauses

Establishment and Administration of Reserve Account. (a) On the Closing Date, the Indenture Trustee shall establish a segregated non-interest bearing trust account (the “Reserve Account”) for the benefit of the Noteholders. All of the proceeds of a drawing on any Letter of Credit shall, pursuant to the terms hereof and thereof, be deposited in the Reserve Account when, as and if a drawing is made on any such Letter of Credit pursuant to Section 5.1(a) below and the terms thereof. The Issuer agrees that the Reserve Account shall be maintained in the name of the Indenture Trustee and under its sole dominion and control (acting on behalf of the Noteholders) and used solely to make payments of principal, interest and other amounts from time to time due and owing on, or with respect to, the Notes, and the Issuer hereby acknowledges and agrees that it shall have no right, title, or interest in, to or under the Reserve Account or any amounts or Permitted Investments on deposit therein and any proceeds therefrom. No funds contained in the Reserve Account shall be used for any other purpose or in any manner not expressly provided for herein nor shall the Issuer or any other Person have any right of withdrawal or any other interest therein or in any Permitted Investments purchased pursuant to Section 3.2(b) or any proceeds thereof. The Issuer shall cause to be maintained in the Reserve Account an amount, which, together with the amount available under any Letters of Credit, is equal to the Required Amount.
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Establishment and Administration of Reserve Account. (a) On the Closing Date, the Trustee shall establish a segregated non-interest bearing trust account (the "Reserve Account") with The Bank of New York for the benefit of the Noteholders. All of the proceeds of a drawing on any Letter of Credit shall, pursuant to the terms hereof and thereof, be required to be deposited in the Reserve Account when, as and if a drawing is made on any such Letter of Credit pursuant to Section 5.3(a) hereof and the terms thereof. The Issuer agrees that, pending any deposits therein as provided for herein, the Reserve Account shall be maintained in the name of the Trustee and under its sole dominion and control (acting on behalf of the Noteholders) and used solely to make payments of principal, interest and other amounts from time to time due and owing on, or with respect to, the Notes. No funds contained in the Reserve Account shall be used for any other purpose or in any manner not expressly provided for herein nor shall the Issuer or any other Person have any right of withdrawal or any other interest therein or in any Permitted Investments purchased pursuant to Section 5.2(b) or any proceeds thereof. The Issuer shall be required to maintain in the Reserve Account an amount which, together with the amount available under any Letters of Credit, is equal to the Required Amount.
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Establishment and Administration of Reserve Account. (a) On the Closing Date, the Trustee shall establish a segregated trust account (the “Reserve Account”) with The Bank of New York for the benefit of the Noteholders (account no. GLA/111-565 and sub-account no. 367564). All of the proceeds of a drawing on any Letter of Credit shall, pursuant to the terms hereof and thereof, be required to be deposited in the Reserve Account when, as and if a drawing is made on any such Letter of Credit pursuant to Section 5.2(a) hereof and the terms thereof. Unibanco agrees that, pending any deposits in the Reserve Account as provided for herein, the Reserve Account shall be maintained in the name of the Trustee and under its sole dominion and control (acting on behalf of the Noteholders) and used solely to make payments of principal, interest and other amounts from time to time due and owing on, or with respect to, the Notes, but only to the extent provided or contemplated in paragraphs (e) and (f) of this Section 5.1. No funds contained in the Reserve Account shall be used for any other purpose or in any manner not expressly provided for herein nor shall Unibanco or any other Person have any right of withdrawal or any other interest therein or in any Permitted Investments purchased pursuant to Section 5.1(b) or any proceeds thereof except that the Trustee shall, so long as no Event of Default shall have occurred and be continuing, transfer, on the tenth calendar day of each month (or if such day is not a Business Day, the next succeeding Business Day following such calendar day), the interest earned on the Permitted Investments purchased pursuant to Section 5.1(b) or any proceeds thereof deposited in the Reserve Account to an account specified in writing by Unibanco. If the Trustee shall not have received any direction in writing from Unibanco with respect to the account where such interest or proceeds shall be transferred, such interest or proceeds shall be maintained in the Reserve Account. Notwithstanding anything herein to the contrary, Unibanco shall be required at all times to maintain in the Reserve Account an amount which, together with the amount available under any Letters of Credit, is equal to, or greater than, the Required Amount.
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Establishment and Administration of Reserve Account. (a) On the Closing Date, and until the Notes and all amounts due in respect thereof have been paid in full to the Trustee, the Trustee shall establish and maintain a special purpose, segregated trust account which shall to the extent permitted by law and/or regulations and available be an interest bearing account (the "Reserve Account") with The Bank of New York Trust Company (Cayman) Limited for the benefit of the Noteholders. The Reserve Account shall initially be funded (i) by the Insurer in an amount equal to U.S.$21,875,000 (the "Advance Payment"), which shall be the Initial Refundable Premium, and shall be equal to the sum of six months of interest on the Notes at the Note Rate payable in accordance with the provisions of the Insurance Policy, and (ii) by the Issuer in an amount equal to U.S.$22,500, which is equal to 18 months of the Trustee’s fees and certain expenses hereunder. The funds so deposited in the Reserve Account shall be deemed to satisfy the Insurer's obligation under the Insurance Policy to cover the Insurer's payment obligation under the Insurance Policy in an amount equal to the Advance Payment.
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Related to Establishment and Administration of Reserve Account

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that:

  • Establishment of Segregated Account Upon receipt of Proper Instructions, the Custodian shall establish and maintain on its books a segregated account or accounts for and on behalf of a Portfolio, into which account or accounts may be transferred cash and/or securities or other assets of such Portfolio, including securities maintained by the Custodian in a Securities System pursuant to Section 2.22(a) hereof or an Eligible Securities Depository pursuant to Section 2.22(b) hereof, said account or accounts to be maintained: (a) for the purposes set forth in Sections 2.09, 2.10 and 2.11 hereof; (b) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the SEC or SEC rules or regulations relating to the maintenance of segregated accounts by registered investment companies; or (c) for such other purposes as set forth, from time to time, in Special Instructions.

  • Establishment of Collection Account (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty days.

  • Establishment of Collateral Accounts The Custodian hereby confirms and agrees that:

  • Establishment of and Deposits to Custodial Account The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):

  • Administration of Deposit Accounts Schedule 8.5 sets forth all Deposit Accounts maintained by Obligors, including all Dominion Accounts. Each Obligor shall take all actions necessary to establish Agent’s control over each such Deposit Account (other than Excluded Deposit Accounts). Each Obligor shall be the sole account holder of each Deposit Account and shall not allow any Person (other than Agent) to have control over a Deposit Account or any Property deposited therein. Each Obligor shall promptly notify Agent of any opening or closing of a Deposit Account and, with the consent of Agent, will amend Schedule 8.5 to reflect same.

  • General Account All assets of SBL other than those allocated to the Separate Account or any other separate account of SBL. GUARANTEE PERIOD Current Interest, if declared, is fixed for rolling periods of one or more years, referred to as Guarantee Periods. SBL may offer Guarantee Periods of different durations. The Guarantee Period that applies to any Fixed Account Contract Value:

  • Establishment of Trust Account The Owner Trustee, for the benefit of the Certificateholders, shall establish and maintain in the name of the Trust an Eligible Deposit Account (the "Certificate Distribution Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Owner Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.

  • Establishment of and Deposits to Escrow Account The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "National City Mortgage Corp., in trust for the Purchaser of Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-1 and various Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Company in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:

  • Establishment of Custodial Account; Deposits in Custodial Account The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, the “Custodial Account”), titled “PrimeLending, in trust for Redwood Residential Acquisition Corporation as Purchaser of Mortgage Loans and various Mortgagors.” Such Custodial Account shall be an Eligible Account established with a commercial bank, a savings bank or a savings and loan association (which may be a depository affiliate of the Seller) which meets the guidelines set forth by the FHFA, Fxxxxx Mxx or Fxxxxxx Mac as an eligible depository institution for custodial accounts. The Custodial Account shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld. In any case, the Custodial Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date):

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