Purchase Funds Sample Clauses

Purchase Funds. (1) There is hereby created a Xxxxxxx Mac Purchase Fund to be held by the Tender Agent in connection with the purchase of Constructively Tendered Bonds. The Xxxxxxx Mac Purchase Fund shall be held by the Tender Agent separate and apart from the other funds and accounts established by the Resolution and any other funds held or owned by the Tender Agent and shall not be subject to the lien of the Resolution. By noon on the Business Day immediately preceding a Special Mandatory Tender Date, the Trustee shall (i) transfer to the Xxxxxxx Mac Purchase Fund from the applicable 2022 Series LOC Payments Account an amount equal to the deposit therein representing principal and interest payments on the Xxxxxxx Mac Credit-Enhanced Mortgage Loan and previously obtained under the Xxxxxxx Mac Credit Enhancement Instrument following the immediately preceding May 1 or November 1, as the case may be, and (ii) draw on the applicable Xxxxxxx Mac Credit Enhancement Instrument in the amount equal to the Purchase Price, less the amount transferred from the 2022 Series LOC Payments Account. The Tender Agent shall receive and hold in trust Constructively Tendered Bonds for the benefit of the former Holders thereof until the Purchase Price thereof is made available in the Xxxxxxx Mac Purchase Fund. The Tender Agent shall hold in trust the Purchase Price of Constructively Tendered Bonds in the Xxxxxxx Mac Purchase Fund (i.e., the proceeds of draws on the applicable Xxxxxxx Mac Credit Enhancement Instrument issued with respect to such Constructively Tendered Bonds) for the benefit of Holders who have tendered Constructively Tendered Bonds for purchase in accordance herewith until such Holders present the actual Constructively Tendered Bonds as required by this Series Resolution. No monies held by the Tender Agent in the Xxxxxxx Mac Purchase Fund shall be considered monies of the Agency; no such monies shall be invested; and no Constructively Tendered Bonds purchased by the Tender Agent shall be deemed to have been purchased by, for or on behalf of the Agency.
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Purchase Funds. None of the funds the Purchaser is or will be using to purchase the Investment Securities are or will be, to the knowledge of the Purchaser, proceeds obtained or derived, directly or indirectly, as a result of illegal activities.
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Purchase Funds. In the event Purchaser determines that a Mortgage Loan is acceptable for purchase, Purchaser shall transmit the purchase funds for the Mortgage Loan within five Business Days after receiving the Closing Package for such Mortgage Loan, provided, however, if the Note is received by Purchaser five or more Business Days after receipt of the Closing Package, Purchaser shall have two Business Days after receipt of the Note in which to transmit the purchase funds. The purchase funds will be transmitted net of any amounts due Purchaser in connection with such purchase, including, without limitation, all funds held in Escrow. Any funds due Seller by Purchaser in connection with such purchase, including, without limitation, per diem interest and any Servicing-Release Premium that may be owed, will be added to the purchase funds transmitted to Seller on the Purchase date. Purchaser shall have the right to offset any amount owed by Seller to Purchaser against any and all balances, credits, deposits, accounts or monies of Seller then or thereafter held by Purchaser.
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Purchase Funds. The term “Purchase Funds” as used in this Agreement means money or other financial resources used to buy Precious Metals.
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Purchase Funds. As consideration for the sale of the Domain Names, Buyer promised to pay Seller the amount of ( ) U.S. dollars (“Purchase Funds”). This sum shall be paid to a third party escrow company for the benefit of Purchase, namely Xxxxxx.xxx.
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Purchase Funds. As consideration for the sale of the Domain Names, Buyer promised to pay Seller the amount of ( ) Bitcoins (“Purchase Funds”). This sum shall be paid to a third party escrow company for the benefit of Purchase, namely Xxxx.xxx.
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Purchase Funds. Commencing January 1, 1997, the Corporation will make all reasonable efforts to purchase for cancellation during each calendar quarter (cumulative within the same calendar year) 1% of the aggregate principal amount of the Debentures, at prices below par. If the Corporation purchases such percentage of Debentures during each quarter, the average life of the Debentures would be approximately 18.5 years. Rank: The Debentures will be direct unsecured obligations of the Corporation. Negative Pledge: The Debentures will have the benefit of a negative pledge. Put Right of Holders: Upon the occurrence of both a Designated Event and a Rating Decline, each holder of Debentures may require the Corporation to purchase, on the Repayment Date, all or any portion of its Debentures at a price equal to the Put Price, unless a Rating Recovery has occurred. Use of Proceeds: The net proceeds to the Corporation from the sale of the Debentures will be used to reimburse long-term bank indebtedness primarily incurred to finance the Corporation’s capital expenditure program. Interest and Asset Coverages: Interest coverage on consolidated long-term debt, including this issue, for the 12 months ended September 30, 1989: 13.1 times. Consolidated net tangible asset coverage of long-term debt, including this issue, as at September 30, 1989: — before deduction of deferred income taxes: 7.2 times; and — after deduction of deferred income taxes: 5.9 times. The above information is a summary only and is qualified by the more detailed information appearing elsewhere in this short form prospectus or incorporated by references herein. TABLE OF CONTENTS Page Production Facilities 2 Summary of the Offering 3 Documents Incorporated by Reference 4 Eligibility for Investment 5 The Corporation 6 Use of Proceeds 6 Details of the Offering 6 Plan of Distribution 12 Material Changes in Loan Capital in 1989 12 Interest and Asset Coverages 12 Transfer Agent and Xxxxxxxxx 00 Purchaser’s Statutory Rights 13 Certificates 14
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Related to Purchase Funds

  • Escrow Account 31.1.1 The Concessionaire shall, prior to the Appointed Date, open and establish an Escrow Account with a Bank (the “Escrow Bank”) in accordance with this Agreement read with the Escrow Agreement.

  • Collection Account (a) On behalf of the Trustee, the Servicer shall establish and maintain, or cause to be established and maintained, one or more Eligible Accounts (such account or accounts, the "Collection Account"), held in trust for the benefit of the Trustee. On behalf of the Trustee, the Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer's receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the related Mortgage Loans due on or before the Cut-off Date), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a Due Period subsequent thereto:

  • Establishment of Escrow Accounts; Deposits in Escrow Accounts The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute 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. A copy of such letter agreement shall be furnished to the Trustee upon request. The Escrow Account shall be an Eligible Account.

  • Withdrawals from the Collection Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.01:

  • Escrow Accounts Subject to the terms of the related Deferred Servicing Agreement, Seller shall be entitled to withdraw funds from any Escrow Account related to a Deferred Servicing Agreement only for the purposes permitted in the applicable Servicing Agreement.

  • Withdrawals from the Collection Account and Distribution Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:

  • Establishment of Escrow Account; Deposits in Escrow Account With respect to those Mortgage Loans on which the Servicer or any Sub-Servicer collects Escrow Payments, if any, the Servicer shall, and shall cause the Sub-Servicer to, segregate and hold all funds collected and received pursuant to each such Mortgage Loan which constitute 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 trust accounts. Such Escrow Accounts shall be established with a commercial bank, a mutual savings bank or a savings and loan association the deposits of which are insured by the FDIC in a manner which shall provide maximum available insurance thereunder, and which may be drawn on by the Servicer. The Servicer shall give notice to the Trustee of the location of any Escrow Account, and of any change thereof, prior to the use thereof. Nothing in this paragraph shall be deemed to require the Servicer to collect Escrow Payments in the absence of a provision in the related Mortgage requiring such collection. The Servicer shall deposit, or cause to be deposited, in any Escrow Account or Accounts on a daily basis, and retain therein, (i) all Escrow Payments collected on account of any Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement and (ii) all amounts representing proceeds of any hazard insurance policy which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as are set forth in Section 5.11. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution other than interest on escrowed funds required by law to be paid to the related Mortgagor and, to the extent required by law, the Servicer shall pay interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account is non-interest-bearing or that interest paid thereon is insufficient for such purposes.

  • Withdrawals From the Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

  • Withdrawals From Escrow Account Withdrawals from the Escrow Account shall be made by the Seller only (a) to effect timely payments of ground rents, taxes, assessments, premiums for Primary Mortgage Insurance Policies, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse the Seller for any Servicing Advance made by Seller pursuant to Subsection 11.08 hereof with respect to a related Mortgage Loan, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) for transfer to the Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (e) for application to restore or repair of the Mortgaged Property, (f) to pay to the Mortgagor, to the extent required by law, any interest paid on the funds deposited in the Escrow Account, (g) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (h) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (i) to withdraw suspense payments that are deposited into the Escrow Account, (j) to withdraw any amounts inadvertently deposited in the Escrow Account or (k) to clear and terminate the Escrow Account upon the termination of this Agreement.

  • Pre-Funding Account On the Closing Date, the Depositor shall deposit in the Pre-Funding Account $0.00 (the “Pre-Funding Account Initial Deposit”) from the net proceeds of the sale of the Notes. On each Subsequent Transfer Date, if any, upon satisfaction of the conditions set forth in Section 2.03(b) with respect to such transfer, the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account (i) an amount equal to [RESERVED]% of the result of the aggregate Starting Principal Balance of the Subsequent Receivables transferred to the Trust on such Subsequent Transfer Date less the Yield Supplement Overcollateralization Amount with respect to such Subsequent Receivables as of the related Cutoff Date and (ii), on behalf of the Depositor, deposit into the Reserve Account a portion of such funds equal to the Reserve Account Subsequent Transfer Deposit with respect to such Subsequent Transfer Date and distribute the remainder to or upon the order of the Depositor as payment for such Subsequent Receivables. If the Pre-Funded Amount has not been reduced to zero on the Payment Date immediately following the calendar month in which the Funding Period, if any, ends, the Servicer shall instruct the Indenture Trustee to transfer from the Pre-Funding Account on such Payment Date any amount then remaining in the Pre-Funding Account to the Note Distribution Account for distribution in accordance with Section 8.02(g) of the Indenture.

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