Overnight Investments. To the extent that, as of 12:00 noon, New York time on any Business Day, there are credit balances expected to remain after settlement of all pending transactions in the Reserve Account, unless otherwise instructed by Secured Party (or by Administrator acting in its capacity as such, or by Pledgor at all times other than during a Suspension Period or at any time after the occurrence of an Event of Default that results in the acceleration of the Notes which has not been rescinded under the Indenture), Securities Intermediary shall apply the expected credit balances to acquire Overnight Investments in accordance with the last provided instruction relating to Overnight Investments. Any Overnight Investments shall be held for the credit of the Reserve Account from which the proceeds for acquisition was derived.
Overnight Investments. To the extent that, as of 12:00 noon, New York time on any Business Day, there are credit balances expected to remain after settlement of all pending transactions in the Reserve Account, unless otherwise instructed by Secured Party (or by Administrator acting in its capacity as such, or by Pledgor at all times other than during a Suspension Period), Securities Intermediary shall apply the expected credit balances to acquire Overnight Investments in accordance with the last provided instruction relating to Overnight Investments. Any Overnight Investments shall be held for the credit of the Reserve Account from which the proceeds for acquisition was derived.
Overnight Investments. To the extent that, as of 12:00 noon, New York time on any Business Day, there are credit balances expected to remain after settlement of all pending transactions in any of the Collateral Accounts, unless otherwise instructed by Secured Party, Securities Intermediary shall apply the expected credit balances to acquire Overnight Investments. Any Overnight Investments shall be held for the credit of the Collateral Accounts from which the proceeds for acquisition was derived. If for any reason Securities Intermediary fails to invest credit balances in Overnight Investments as provided in this Section, Securities Intermediary shall credit the Mortgage Construction Guaranty Account with daily interest on the uninvested free credit balance in accordance with its usual practice.
Overnight Investments. To the extent that (i) with respect to the Deposit Accounts, there are credit balances expected in the Deposit Accounts as of the end of a day, or (ii) with respect to the Securities Account (A) a Suspension Period is then in effect or (B) based on the maturities of Investments then held in a Securities Account a credit balance is expected in such Securities Account as of 2:00 p.m., New York time on any Business Day after settlement of all pending transactions, unless otherwise instructed by Secured Party, Securities Intermediary shall apply such expected credit balances to acquire Overnight Investments. Any Overnight Investments shall be held for the credit of the Collateral Account from which the proceeds for acquisition was derived. Pledgor shall have no right to invest funds in a Securities Account to the extent that free balances have been invested in Overnight Investments pursuant to this Section. Except as specifically set forth above, any amount received after 1:00 p.m., New York time will remain uninvested and shall not bear interest.
Overnight Investments. To the extent that with respect to the Deposit Account, there is a credit balance expected as of the end of a day, unless otherwise instructed by Secured Party, Securities Intermediary shall apply such credit balances to acquire Overnight Investments. Any Overnight Investments shall be held for the credit of the Collateral Account. Pledgor shall have no right to invest funds in a Deposit Account to the extent that free balances have been invested in Overnight Investments pursuant to this Section. Except as specifically set forth above, any amount received after 2:00 p.m., New York time will remain uninvested and shall not bear interest.
Overnight Investments. To the extent that, as of [2:00 p.m., New York time] on any Business Day, there are credit balances expected to remain after settlement of all pending transactions in any of the [Restricted Securities Accounts], [Restricted Deposit Accounts] or the [Restricted Credit Balance Accounts], unless otherwise instructed by Secured Party, Securities Intermediary shall apply the expected credit balances to acquire Overnight Investments. Any Overnight Investments shall be held for the credit of the Collateral Account from which the proceeds for acquisition was derived. [Pledgor hereby acknowledges that, as foreign deposit accounts, "Overnight Investments" may not benefit from any protections afforded to domestic depositors by state or Federal law, may have a lesser preference in a liquidation than a domestic deposit, and are subject to cross-border risks. Neither The Bank of Nova Scotia, New York agency, nor The Bank of Nova Scotia, Portland branch, separately guarantee or promise the repayment of any Overnight Investment.]
Overnight Investments. To the extent that (i) with respect to the Deposit Accounts, there are credit balances expected in any Deposit Account as of the end of a day, or (ii) with respect to the Securities Accounts (A) a Suspension Period is then in effect or (B) a credit balance is expected in any Securities Account as of 12:00 noon, New York time on any Business Day after settlement of all pending transactions, unless otherwise instructed by Secured Party, Securities Intermediary shall apply the expected credit balances to acquire Overnight Investments. Any Overnight Investments shall be held for the credit of the Collateral Account from which the proceeds for acquisition was derived. Pledgor shall have no right to invest funds in a Securities Account to the extent that free balances have been invested in Overnight Investments pursuant to this Section. [Pledgor hereby acknowledges that, as foreign deposit accounts, "Overnight Investments" may not benefit from any protections afforded to domestic depositors by state or Federal law, may have a lesser preference in a liquidation than a domestic deposit, and are subject to cross-border risks. No U.S. licensed office of [Deutsche Bank Trust Company Americas] separately guarantees or promises the repayment of any Overnight Investment.]
Overnight Investments. To the extent that (i) with respect to the Securities Accounts (A) a Suspension Period is then in effect or (B) a credit balance is expected in any Securities Account as of 12:00 noon, New York time on any Business Day after settlement of all pending transactions, unless otherwise instructed by Secured Party, Securities Intermediary shall apply the expected credit balances to acquire Overnight Investments. Any Overnight Investments shall be held for the credit of the Collateral Account from which the proceeds for acquisition was derived. Pledgor shall have no right to invest funds in a Securities Account to the extent that free balances have been invested in Overnight Investments pursuant to this Section.
Overnight Investments. To the extent that there are credit balances expected in any Restricted Securities Account as of the end of day, or as of 12:00 noon, New York time on any Business Day after settlement of all pending transactions, unless otherwise instructed by Secured Party or Pledgor pursuant to Section 4(b), Securities Intermediary shall apply the expected credit balances to acquire Overnight Investments. Any Overnight Investments shall be held for the credit of the Collateral Account from which the proceeds for acquisition was derived. Pledgor shall have no right to invest funds in a Restricted Securities Account to the extent that free balances have been invested in Overnight Investments pursuant to this Section. Pledgor hereby acknowledges that "Overnight Investments" may not benefit from any protections afforded to domestic depositors by state or Federal law and may have a lesser preference in a liquidation than a domestic deposit.
Overnight Investments. To the extent that there are credit balances expected in the Disbursement Account as of the end of the day, or as of 12:00 noon, New York time on any Business Day after settlement of all pending transactions, unless otherwise instructed by Secured Party or Pledgor pursuant to Section 4(b), Securities Intermediary shall apply the expected credit balances to acquire Overnight Investments. Any Overnight Investments shall be held for the credit of the Disbursement Account. Pledgor hereby acknowledges that, as foreign deposit accounts, "Overnight Investments" may not benefit from any protections afforded to domestic depositors by state or Federal law, may have a lesser preference in a liquidation than a domestic deposit, and are subject to cross-border risks. No U.S. licensed office of The Bank of Nova Scotia separately guarantees or promises the repayment of any Overnight Investment.
