Establishment of the Debt Service Reserve Account Sample Clauses

Establishment of the Debt Service Reserve Account. The Securities Intermediary hereby agrees and confirms that (A) the Securities Intermediary has established the Debt Service Reserve Account, (B) the Debt Service Reserve Account is and will be maintained as a "securities account" (within the meaning of Section 8-501 of the UCC), (C) the Trustee is the "entitlement holder" (within the meaning of Section 8-102(a)(7) of the UCC) in respect of the "financial assets" (within the meaning of Section 8-102(a)(9) of the UCC) credited to the Debt Service Reserve Account, (D) all property delivered to the Securities Intermediary for deposit to the Debt Service Reserve Account will be held by the Securities Intermediary and promptly credited to the Debt Service Reserve Account by an appropriate entry in its records in accordance with this Indenture, (E) all "financial assets" (within the meaning of Section 8-102(a)(9) of the UCC) in registered form or payable to or to the order and credited to the Debt Service Reserve Account shall be registered in the name of, payable to or to the order of, or indorsed to, the Securities Intermediary or in blank, or credited to another securities account maintained in the name of the Securities Intermediary, and in no case will any financial asset credited to the Debt Service Reserve Account be registered in the name of, payable to or to the order of, or indorsed to, the Issuer or any Guarantor except to the extent the foregoing have been subsequently indorsed by the Issuer or such Guarantor to the Securities Intermediary or in blank, and (vi) the Securities Intermediary shall not change the name or account number of the Debt Service Reserve Account without the prior written consent of the Trustee.
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Establishment of the Debt Service Reserve Account. The Depositary Agent has established the following separate account (inclusive of any sub-account (which may include a separate internal ledger)), which shall be maintained at all times upon the date hereof in accordance with the terms of this Agreement until the Discharge Date as further set forth in Section 3.7: an account in the name of the Borrower entitled “Xxxxxx Xxxxxxx Senior Funding Inc. –LNG HOLDINGS (FLORIDA) LLC DEBT SERVICE RESERVE ACCT” with account number 876-021263 (the “Debt Service Reserve Account”); The Depositary Agent shall not change the name or account number of the Debt Service Reserve Account without the prior written consent of the Administrative Agent and at least ten (10) Business Days’ prior notice to the Borrower. The Borrower shall at all times maintain, or cause to be maintained, the Debt Service Reserve Account with the Depositary Agent until the Discharge Date as further set forth in Section 3.6. All amounts from time to time held in the Debt Service Reserve Account shall be disbursed solely in accordance with the terms hereof, shall constitute the property of the Borrower, and shall be (a) subject to the Lien of the Administrative Agent (for the benefit of the Secured Parties) and (b) held in the sole custody and “control” (within the meaning of Section 8-106(d) or Section 9-104(a), as applicable, of the UCC) of the Administrative Agent for the purposes and on the terms set forth in this Agreement and all such amounts shall constitute a part of the Account Collateral and shall not constitute payment of any Obligations until applied as hereinafter provided. The Administrative Agent hereby acknowledges that it has control of the Debt Service Reserve Account on behalf of the other Secured Parties.
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Related to Establishment of the Debt Service Reserve Account

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

  • Establishment of Reserve Account Pledgor and Secured Party hereby authorize and direct Securities Intermediary to establish and maintain in its corporate trust department, a segregated trust account that is an Eligible Deposit Account and that is a “securities account” as that term is defined in Section 8-501(a) of the UCC in the name of Secured Party and under the sole dominion and control of Secured Party, designated as “Toyota Auto Receivables 20[__]-[_] Owner Trust Reserve Account.” Securities Intermediary hereby undertakes to treat Secured Party as the person entitled to exercise the rights that comprise any Financial Asset credited to the Reserve Account. Secured Party and Pledgor agree that this account shall be the Reserve Account.

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

  • Debt Service Reserve Reserved.

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

  • 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 the Collection Account The Borrower or the Manager on its behalf shall cause to be established, on or before the Closing Date, and maintained in the name of the Borrower but subject to the Lien of the Administrative Agent on behalf of the Secured Parties, with an office or branch of a depository institution or trust company organized under the laws of the United States, which shall initially be U.S. Bank, or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank) a segregated corporate trust account, which may be a securities account or a deposit account (the “Collection Account”) for the purpose of receiving Collections from the Collateral; provided, however, that such depository institution or trust company shall be a depository institution organized under the laws of the United States or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i) (A) that has either (1) a long-term unsecured debt rating of A- or better by S&P and A-3 or better by Xxxxx’x or (2) a short-term unsecured debt rating or certificate of deposit rating of A-1 or better by S&P or P-1 or better by Xxxxx’x, (B) the parent corporation of which has either (1) a long- term unsecured debt rating of A- or better by S&P and A-3 or better by Xxxxx’x or (2) a short- term unsecured debt rating or certificate of deposit rating of A-1 or better by S&P and P-1 or better by Xxxxx’x or (C) is otherwise acceptable to the Administrative Agent and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation (any such depository institution or trust company, a “Qualified Institution”) which Qualified Institution has agreed with the Borrower, the Manager and the Administrative Agent to comply with any and all written orders, notices, requests and other instructions originated by the Administrative Agent directing disposition of the funds in the Collection Account and any and all entitlement orders originated by the Administrative Agent with respect to financial assets credited to the Collection Account, without any further consent from the Borrower or the Manager. In order to provide the Administrative Agent with control over the Collection Account within the meaning of Section 9-104(a) or Section 9-106(c) of the UCC and any other Applicable Law, the Borrower and the Manager hereby agree that the Administrative Agent may at any time provide U.S. Bank or any successor Person that maintains the Collection Account with written instructions as to the disposition of funds in the Collection Account, entitlement orders with respect to financial assets in the Collection Account or written instructions as to any other matters relating to the Collection Account without any further consent from the Borrower or the Manager; provided, further, that if such depository institution at any time fails to be a Qualified Institution, the Borrower, or the Manager on behalf of the Borrower, shall cause the Controlled Accounts to be established with an office or branch of another depository institution or trust company organized under the laws of the United States or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank) meeting the requirements of a Qualified Institution within 30 days of the Borrower’s or the Manager’s acquiring knowledge of such failure.

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

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