REP definition
Examples of REP in a sentence
Pursuant to the written direction of the Servicer, the Issuer shall open, at the Indenture Trustee’s Corporate Trust Office, or at another Eligible Institution, one or more segregated non-interest-bearing trust accounts in the Indenture Trustee’s name (each, a “REP Deposit Account”), each such account for the benefit of one Depositing REP with respect to the Bonds.
All or a portion of the funds in the REP Deposit Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee pursuant to the written direction of the Servicer or the REP making the deposit.
The Indenture Trustee shall have no obligation to invest or reinvest any amounts held in any REP Deposit Account in the absence of timely and specific written investment direction from the Servicer and appropriate documents from the applicable Depositing REP.
Pursuant to and in accordance with the Financing Order, amounts received from any REP as a security deposit with respect to the Bonds shall be deposited into the applicable REP Deposit Account.
In addition, each Depositing REP shall be responsible for the payment of income taxes with respect to such investments.