Establishment of Gain on Sale Account Sample Clauses
The 'Establishment of Gain on Sale Account' clause defines the requirement to create a specific account to record profits realized from the sale of assets. In practice, this clause mandates that any gains resulting from asset sales are segregated into a dedicated account, ensuring clear tracking and reporting of such financial outcomes. By establishing this account, the clause promotes transparency and accurate financial management, preventing the commingling of sale proceeds with other funds and facilitating proper allocation or distribution of gains as required by the agreement.
Establishment of Gain on Sale Account. The Indenture Trustee shall establish and maintain in the name of the Indenture Trustee, for the benefit of the Noteholders, an Eligible Deposit Account bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Noteholders (the "Gain on Sale Account"). If at any time the Indenture Trustee obtains knowledge that the Gain on Sale Account is no longer an Eligible Deposit Account, the Indenture Trustee shall, within 30 days of obtaining such knowledge, establish a new Gain on Sale Account that is an Eligible Deposit Account and transfer into the new Gain on Sale Account all cash and investments from the non-qualifying Gain on Sale Account. Initially, the Gain on Sale Account will be established with Chase. The Indenture Trustee shall possess all right, title and interest in all moneys, instruments, securities and other property on deposit from time to time in the Gain on Sale Account and the proceeds thereof for the benefit of the Noteholders. The Gain on Sale Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders.
Establishment of Gain on Sale Account. On or prior to the date hereof, the Issuer, the Gain on Sale Account Securities Intermediary and the Indenture Trustee shall have entered into the Gain on Sale Account Control Agreement pursuant to which the Gain on Sale Account shall be established and maintained for the benefit of the Investor Noteholders. If at any time a Responsible Officer of the Indenture Trustee obtains knowledge that the Gain on Sale Account is no longer an Eligible Deposit Account, the Indenture Trustee shall, within 30 days of obtaining such knowledge, cause the Gain on Sale Account to be moved to a Qualified Trust Institution or Qualified Institution and cause the depositary maintaining the new Gain on Sale Account to assume the obligations of the existing Gain on Sale Account Securities Intermediary under the Gain on Sale Account Control Agreement.