Utilisation of Issuer Reserves Sample Clauses

Utilisation of Issuer Reserves. The Master Issuer and the Issuer Cash Manager shall procure that, subject to and in accordance with the Issuer Priority of Payments, amounts standing to the credit of the Issuer Reserve Ledger shall only be debited for the purposes as specified in paragraph 1 of Schedule 4 (Issuer Reserve Fund).
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Utilisation of Issuer Reserves. 1.1 Prior to the service of an Issuer Enforcement Notice, amounts standing to the credit of the Issuer Reserve Fund may be utilised:
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Utilisation of Issuer Reserves. Funding and the Cash Manager shall procure that, subject to and in accordance with the Funding Priority of Payments and further subject to any provisos set forth in (in the case of the First Issuer) Schedule 5 (Utilisation of Issuer Reserves) or, in the case of any New Issuer, Schedule I to the relevant Deed of Accession, amounts standing to the credit of the Issuer Reserve Fund Ledger or the Issuer Liquidity Reserve Ledger, if any, of any Issuer shall, for so long as such Issuer's Intercompany Loan remains outstanding, only be debited for the purpose of making payments falling due under the Intercompany Loan Agreement of such Issuer and then only for the purposes specified in (in the case of the First Issuer) Schedule 5 (Utilisation of Issuer Reserves) or, in the case on any New Issuer, Schedule I to the Deed of Accession; provided, however, that, as set forth in Rule (3) of the Rules for application of Funding Available Revenue Receipts, on the Payment Date following the repayment in full of the Intercompany Loan of the First Issuer or any New Issuer and provided that Funding has no further liability under the relevant Intercompany Loan Agreement, subject to any limits or conditions on the purposes for which the related Issuer Reserve Fund or Issuer Liquidity Reserve Fund, if any, may be utilized as set out in the Funding Deed of Charge, any remaining amounts standing to the credit of the Issuer Reserve Fund Ledger and the Issuer Liquidity Reserve Ledger, if any, of that Issuer will constitute additional Funding Available Revenue Receipts for the purpose of items (N) through (Q) of the Funding Pre-Enforcement Priority of Payments and may be utilized by Funding in paying any other liability of Funding (including, without limitation, payment of interest and principal amounts due to each Start-up Loan Provider under the relevant Start-up Loan Agreement and payment of any Deferred Contribution due to the Mortgages Trustee under the Mortgages Trust Deed), in each case, subject to and in accordance with the relevant Funding Priority of Payments.
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Utilisation of Issuer Reserves. Funding and the Cash Manager shall procure that, subject to and in accordance with the Funding Priority of Payments, amounts standing to the credit of the Issuer Reserve Fund Ledger or the Issuer Liquidity Reserve Ledger of any Issuer shall only be debited for the purpose of making payments falling due under the Intercompany Loan Agreement of such Issuer and then only for the purposes specified in (in the case of the First Issuer) Schedule 5 (Utilisation of Issuer Reserves) or, in the case of any New Issuer, Schedule I to the Deed of Accession.
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Related to Utilisation of Issuer Reserves

  • Authorization of Issuers Each Grantor hereby expressly and irrevocably authorizes and instructs, without any further instructions from such Grantor, each issuer of any Pledged Collateral pledged hereunder by such Grantor to (i) comply with any instruction received by it from Agent in writing that states that an Event of Default is continuing and is otherwise in accordance with the terms of this Agreement and each Grantor agrees that such issuer shall be fully protected from Liabilities to such Grantor in so complying and (ii) unless otherwise expressly permitted hereby or the Credit Agreement, pay any dividend or make any other payment with respect to the Pledged Collateral directly to Agent.

  • Determination of Issuing Lender Upon receipt by Administrative Agent of a Request for Issuance pursuant to subsection 3.1B(i) requesting the issuance of a Letter of Credit, in the event Administrative Agent elects to issue such Letter of Credit, Administrative Agent shall promptly so notify Company, and Administrative Agent shall be the Issuing Lender with respect thereto. In the event that Administrative Agent, in its sole discretion, elects not to issue such Letter of Credit, Administrative Agent shall promptly so notify Company, whereupon Company may request any other Revolving Lender to issue such Letter of Credit by delivering to such Revolving Lender a copy of the applicable Request for Issuance. Any Revolving Lender so requested to issue such Letter of Credit shall promptly notify Company and Administrative Agent whether or not, in its sole discretion, it has elected to issue such Letter of Credit, and any such Revolving Lender that so elects to issue such Letter of Credit shall be the Issuing Lender with respect thereto. In the event that all other Revolving Lenders shall have declined to issue such Letter of Credit, notwithstanding the prior election of Administrative Agent not to issue such Letter of Credit, Administrative Agent shall be obligated to issue such Letter of Credit and shall be the Issuing Lender with respect thereto, notwithstanding the fact that the Letter of Credit Usage with respect to such Letter of Credit and with respect to all other Letters of Credit issued by Administrative Agent, when aggregated with Administrative Agent’s outstanding Revolving Loans and Swing Line Loans, may exceed the amount of Administrative Agent’s Revolving Loan Commitment then in effect.

  • Confirmation of Indebtedness Borrowers confirm and acknowledge that as of the close of business on September 30, 2014, Borrowers were indebted to Lenders for the (a) Advances under the Loan Agreement without any deduction, defense, setoff, claim or counterclaim, of any nature, in the aggregate principal amount of $22,817,930.38 due on account of Revolving Advances and $0.00 on account of undrawn Letters of Credit, plus in each case all fees, costs and expenses incurred to date in connection with the Loan Agreement.

  • Confirmation of Indenture The Base Indenture, as supplemented and amended by this Supplemental Indenture and all other indentures supplemental thereto, is in all respects ratified and confirmed, and the Base Indenture, this Supplemental Indenture and all indentures supplemental thereto shall be read, taken and construed as one and the same instrument.

  • Dissolution of Issuer The Issuer shall wind up and dissolve upon the latest of (1) satisfaction and discharge of the Indenture, (2) the Optional Purchase of the Trust Estate pursuant to the Sale and Servicing Agreement or (3) the final distribution from the Collection Account established pursuant to Section 4.1(a)(i) of the Sale and Servicing Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of a Certificateholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto.

  • Resignation of Issuing Bank Issuing Bank may resign at any time upon notice to Agent and Borrowers. On and after the effective date of such resignation, Issuing Bank shall have no obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall continue to have all rights and other obligations of an Issuing Bank hereunder relating to any Letter of Credit issued by it prior to such date. Agent shall promptly appoint a replacement Issuing Bank, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Borrowers.

  • Cancellation of Indebtedness No Credit Party shall cancel any claim or debt owing to it, except for reasonable consideration negotiated on an arm's-length basis and in the ordinary course of its business consistent with past practices.

  • Registration of Investments Domestic investments held by the Custodian (other than bearer securities) shall be registered in the name of the Fund or in the name of any nominee of the Fund or of any nominee of the Custodian which nominee shall be assigned exclusively to the Fund, unless the Fund has authorized in writing the appointment of a nominee to be used in common with other registered investment companies having the same investment adviser as the Fund, or in the name or nominee name of any agent appointed pursuant to Section 2.8 or in the name or nominee name of any sub- custodian appointed pursuant to Section 1. All securities accepted by the Custodian on behalf of the Fund under the terms of this Agreement shall be in good deliverable form. If, however, the Fund directs the Custodian to maintain securities in “street name”, the Custodian shall utilize its best efforts only to timely collect income due the Fund on such securities and to notify the Fund of relevant corporate actions including, without limitation, pendency of calls, maturities, tender or exchange offers.

  • Confirmation and Preservation of Indenture The Indenture as supplemented by this Supplemental Indenture is in all respects confirmed and preserved.

  • Authorization of Indenture The Indenture has been duly authorized by the Company and, on the Closing Date, will have been duly executed and delivered by the Company, and assuming due authorization, execution and delivery of the Indenture by the Indenture Trustee, the Indenture will constitute a valid, legal and binding agreement of the Company, enforceable against the Company in accordance with its terms, except to the extent that enforceability may be limited by the Enforceability Exceptions.

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