Auction Proceeds Account definition

Auction Proceeds Account. The account maintained by the Auction Administrator pursuant to the Auction Administration Agreement and which shall not be an asset of any REMIC.
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Auction Proceeds Account. The account created and maintained by the Auction Administrator pursuant to the Auction Administration Agreement for purposes of receiving and holding uninvested any proceeds from the auction. The Auction Proceeds Account will be an "outside reserve fund" within the meaning of Treasury regulation Section 1.860G-2(h). The Auction Proceeds Account is not an asset of any REMIC. Ownership of the Auction Proceeds Account is provided for in the Auction Administration Agreement.
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Auction Proceeds Account. The auction proceeds account established pursuant to Section 3 of the Auction Administration Agreement.
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Examples of Auction Proceeds Account in a sentence

  • The Distribution Account, the Auction Proceeds Account, the Final Maturity Reserve Account, the Yield Maintenance Account and each Servicer Account as the context may require.

  • All funds deposited in the Auction Proceeds Account shall be held by the Auction Paying Agent in an Eligible Account for the Class A Noteholders until disbursed in accordance with this Indenture or the Auction Administration Agreement.

  • SATISFIED: The City’s Parks Development Department is satisfied with clearance of this condition subject to additional conditions to be provided specific to each park to determine final creditable parkland limits through the approval process for the various draft plans of subdivision.

  • Distribution Account; Carryover Reserve Fund; Corridor Contract Reserve Fund; ----------------------------------------------------------------------------- Par Price Account; Auction Proceeds Account.

  • The REMIC Administrator will make elections to treat each of REMIC I, REMIC II and REMIC III and subject to this Agreement (including the Mortgage Loans but excluding the Auction Proceeds Account and the Swap Proceeds Account) as a REMIC for federal income tax purposes.

  • The Auction Paying Agent shall withdraw or cause to be withdrawn funds from the Auction Proceeds Account deposited therein pursuant to the Auction Administration Agreement for the purpose of, on the Mandatory Auction Payment Date, paying funds therein to the Class A Noteholders in accordance with the Auction Administrator’s written instruction.

  • Moved by Todd GlavesSeconded by Cheryl Antoski THAT Board Policy #91-04 regarding the return of found money be amended to reflect that money that cannot be returned to its rightful owner or the finder be deposited in the Auction Proceeds Account.


More Definitions of Auction Proceeds Account

Auction Proceeds Account. As defined in the Sale and Servicing Agreement.
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Auction Proceeds Account. The Auction Proceeds Account (as defined in the Sale and Servicing Agreement), established by the Indenture Trustee.
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Auction Proceeds Account. The auction proceeds account established pursuant to Section 5.12 hereof.
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Auction Proceeds Account. The account established pursuant to Section 5.11 of the Sale and Servicing Agreement.
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Related to Auction Proceeds Account

  • Proceeds Account means a bank account of the Issuer, into which the Net Proceeds from the Initial Bond Issue will be transferred and which has been pledged in favour of the Agent and the Bondholders (represented by the Agent) under the Proceeds Account Pledge Agreement.

  • Collateral Proceeds Account a non-interest bearing cash collateral account established and maintained by the relevant Grantor at an office of the Collateral Account Bank in the name, and in the sole dominion and control of, the Collateral Agent for the benefit of the Secured Parties.

  • Loss Proceeds Account has the meaning set forth in Section 3.3(a).

  • Insurance Proceeds Account has the meaning given to such term in the Accounts Agreement.

  • Excess Liquidation Proceeds Account The segregated account (or the sub-account of the Distribution Account) created and maintained by the Certificate Administrator on behalf of the Trustee pursuant to Section 3.04(d) for the benefit of the Certificateholders, which shall be entitled “Xxxxx Fargo Bank, National Association [or the name of any successor Certificate Administrator], as Certificate Administrator on behalf of Wilmington Trust, National Association [or name of any successor Trustee], as Trustee, for the benefit of the registered holders of WFRBS Commercial Mortgage Trust 2014-C22, Commercial Mortgage Pass-Through Certificates, Series 2014-C22, Excess Liquidation Proceeds Account”.

  • Asset Sale Proceeds Account means one or more deposit accounts or securities accounts holding the proceeds of any sale or disposition of any Notes Collateral.

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.

  • Swap Collateral Account means a single, segregated trust account in the name of the Indenture Trustee, which shall be designated as the “Swap Collateral Account” which shall be held in trust for the benefit of the Noteholders established pursuant to Section 4.8(e) of the Sale and Servicing Agreement.]

  • Excess Liquidation Proceeds Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

  • Collateral Account Agreement means the Collateral Account Agreement executed and delivered by Company and Administrative Agent on the Closing Date, substantially in the form of EXHIBIT XXIII annexed hereto, as such Collateral Account Agreement may hereafter be amended, supplemented or otherwise modified from time to time.

  • Prepayment Account for any Class of Loans shall mean an account (which may include the Prepayment Account established under the Security Agreement) established by the Borrower with the Collateral Agent and over which the Collateral Agent shall have exclusive dominion and control, including the exclusive right of withdrawal for application in accordance with this subsection (viii). The Collateral Agent will, at the request of the Borrower, invest amounts on deposit in the Prepayment Account for any Class of Loans in Cash Equivalents that mature prior to the last day of the applicable Interest Periods of the Eurodollar Loans of such Class to be prepaid; provided, however, that (i) the Collateral Agent shall not be required to make any investment that, in its sole judgment, would require or cause the Collateral Agent to be in, or would result in any, violation of any Law, (ii) such Cash Equivalents shall be subjected to a First Priority Lien in favor of the Collateral Agent and (iii) if any Event of Default shall have occurred and be continuing, the selection of such Cash Equivalents shall be in the sole discretion of the Collateral Agent. The Borrower shall indemnify the Collateral Agent for any losses relating to such investments in Cash Equivalents so that the amount available to prepay Eurodollar Loans on the last day of the applicable Interest Periods is not less than the amount that would have been available had no investments been made pursuant thereto. Other than any interest or profits earned on such investments, the Prepayment Accounts shall not bear interest. Interest or profits, if any, on the investments in any Prepayment Account shall accumulate in such Prepayment Account until all outstanding Loans of any applicable Class with respect to which amounts have been deposited in the Prepayment Accounts have been prepaid in full, at which time so much thereof as is not required to make payment of the Senior Credit Obligations which have become due and payable (whether by scheduled maturity, acceleration or otherwise) shall be withdrawn by the Collateral Agent on the next Business Day following the day on which the Collateral Agent considers the funds deposited therein to be collected funds and disbursed to the Borrower or its order. If the maturity of the Loans has been accelerated pursuant to Section 8.02, the Administrative Agent may, in its sole discretion, cause the Collateral Agent to withdraw amounts on deposit in the Prepayment Account for the applicable Class of Loans and, subject to Section 8.03, apply such funds to satisfy the Senior Credit Obligations of the applicable Class or Classes.

  • LC Collateral Account has the meaning assigned to such term in Section 2.06(j).

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Facility LC Collateral Account is defined in Section 2.19.11.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Project Account means the account referred to in Section 3.04 (a) of this Agreement;

  • Designated Account Property The Designated Accounts, all cash, investments, Financial Assets, securities and investment property held from time to time in any Designated Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities or otherwise), including the Reserve Account Deposit, and all proceeds of the foregoing but excluding all Investment Earnings thereon.

  • Collateral Proceeds means the Liquidation Proceeds of the Relevant Collateral or any Undeliverable Assets forming part of the Relevant Collateral (as the case may be) denominated in the Settlement Currency.

  • Funds Account means an account held by you or any third parties maintained with any Participant.

  • Collateral Deposit Account shall have the meaning set forth in Section 7.1(a).

  • Concentration Account Agreement as defined in subsection 4.16(b).

  • Collection Account Agreement means that certain Collection Account Agreement, dated the Closing Date, among the Borrower, the Servicer, the Account Bank, the Administrative Agent and the Collateral Agent, governing the Collection Account and which permits the Collateral Agent on behalf of the Secured Parties to direct disposition of the funds in the Collection Account, as such agreement may be amended, modified or supplemented from time to time in accordance with its terms.

  • Proceeds Account Pledge Agreement means the pledge agreement entered into between the Issuer and the Agent on or prior to the First Issue Date in respect of a first priority pledge over the Proceeds Account and all funds held on the Proceeds Account from time to time, granted in favour of the Agent and the Bondholders (represented by the Agent).