Withdrawals for Dollar or Foreign Currency Notes with Performing Derivative Agreements for Principal Sample Clauses
This clause governs the conditions under which a party may withdraw funds in the form of U.S. dollars or foreign currency notes when there are active derivative agreements related to the principal amount. It typically specifies the procedures and limitations for such withdrawals, ensuring that the presence of performing derivatives does not impede access to cash or currency notes. By clarifying these rules, the clause helps prevent disputes over fund availability and ensures that parties can manage liquidity while maintaining compliance with their derivative obligations.
Withdrawals for Dollar or Foreign Currency Notes with Performing Derivative Agreements for Principal. On each date on which a payment is required under the applicable Derivative Agreement (or as specified in the applicable Terms Document) with respect to any Tranche of CHASEseries Notes which has a Performing Derivative Agreement for principal, an amount equal to the amount of the payment to be made under the applicable Derivative Agreement will be withdrawn from such Principal Funding Sub-Account and paid to the applicable Derivative Counterparty or as otherwise provided by the applicable Terms Document. The Issuing Entity will direct the applicable Derivative Counterparty to remit its payments under the applicable Derivative Agreement to the applicable Paying Agent(s) or as otherwise provided by the applicable Terms Document.