Alternative Accounts Sample Clauses

Alternative Accounts. If, after the Initial Closing Date, the Mortgages Trustee and the Beneficiaries agree that any Monthly Payments, other interest received under and in respect of the Loans and any costs or other amounts received under the Loans (including in any such case amounts recovered on enforcement of rights against any Borrower, the Property or the Borrower’s other property or assets) may be paid directly into an account other than the Mortgages Trustee GIC Account (an "Alternative Account"), then such agreement will be subject to the following terms: (a) the Alternative Account is maintained in the name of the Mortgages Trustee; (b) the Alternative Account is maintained with a bank (i) whose unguaranteed and unsubordinated obligations are rated at least A-1 short-term and A long-term (or, if such entity has no short-term rating from S&P, at least A+ long-term) by S&P, (ii) whose short term, unguaranteed and unsubordinated obligations are rated at least P-1 by ▇▇▇▇▇'▇ and
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Alternative Accounts. If, after the Initial Closing Date, the Mortgages Trustee and the Beneficiaries agree that any Monthly Payments, other interest received under and in respect of the Loans and any costs or other amounts received under the Loans (including in any such case amounts recovered on enforcement of rights against any Borrower, the Property or the Borrower’s other property or assets) may be paid directly into an account other than the Mortgages Trustee GIC Account (an "Alternative Account"), then such agreement will be subject to the following terms: (a) the Alternative Account is maintained in the name of the Mortgages Trustee; (b) the Alternative Account is maintained with a bank the short-term, unguaranteed and unsubordianted obligations of which are rated A-1+ by Standard & Poors, P-1 by ▇▇▇▇▇'▇ and F-1+ by Fitch Ratings; (c) amounts standing to the credit of the Alternative Account are transferred by the Cash Manager to the Mortgages Trustee GIC Account not later than one London Business Day after the date that they are deposited in the Alternative Account; (d) written notice is given to the bank at which the Alternative Account is maintained that the sums standing to the credit thereof are held on trust by the Mortgages Trustee for the Beneficiaries pursuant to the terms of the Mortgages Trust Deed and such bank acknowledges that trust in writing; and (e) the bank at which the Alternative Account is held enters into such agreements with the Security Trustee, Funding and/or the Mortgages Trustee as the Rating Agencies shall shall reasonable require for the purpose of protecting monies standing to the credit of the Alternative Accounts.
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Alternative Accounts. If, as an account holder, you have deposit accounts with us under the name of two or more persons, payable to any one of such depositors (e.g. ▇▇▇▇ ▇▇▇ or ▇▇▇▇ ▇▇▇), you are jointly and severally liable under this agreement. Each of you have the ability to access your accounts with us using a separate password and may perform transactions such as funds transfers, obtain information, or even terminate this agreement. Be advised, that with regards to such deposits, we are not required to obtain the consent of, or notify the other one of you about the actions of the other. Both of you release us from any liability for honoring and allowing any transactions or actions initiated by either one of you. Each of you indemnifies and holds ▇▇▇▇▇▇ Bank harmless from any and all liability resulting from transactions either one of you initiate.
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Related to Alternative Accounts

  • Administrative Accounts In connection with the services provided hereunder, the Custodian is hereby directed to open cash accounts on its books and records from time to time for the purposes of receiving subscriptions and/or processing redemptions on behalf of the Fund and/or for the purposes of aggregating, netting and/or clearing transactions (including, without limitation foreign exchange, repurchase agreements, capital stock activity, expense payment) or other administrative purposes, each on behalf of the Fund (each an “Account”). Each such Account shall be subject to the terms and conditions of this Agreement and the Fund shall be liable for the satisfaction of its obligations in connection with each Account.

  • Inactive Accounts If your PayPal account is inactive for at least 12 consecutive months, we may charge an annual inactivity fee. Inactive means that you have not logged into your PayPal account or otherwise used your PayPal account to send, receive or withdraw money. You are responsible for all reversals, chargebacks, claims, fees, fines, penalties and other liability incurred by PayPal, any PayPal user, or any third party caused by or arising out of your breach of this user agreement and/or your use of PayPal services irrespective of termination, suspension or closure You agree to reimburse PayPal, a user, or a third party for any and all such liability. You agree that we may set off any of the amounts held in accounts held or controlled by you with any fees, charges or other amounts you owe us and any such amounts you owe to our affiliates as defined in the Indemnification and Limitation of Liability section below (including, without limitation, in respect of any services provided by any such affiliate). In simple terms, our right to set off means that we may deduct such fees, charges or other amounts mentioned in this section from a balance in a PayPal account held or controlled by you. If there are insufficient funds in your balance to cover your liability, we reserve the right to collect the amount you owe us by deducting the amount (or any part of it) from any payments received in or money you add to your PayPal account. Otherwise you agree to reimburse us through other means. We may also recover amounts you owe us through legal means, including, without limitation, through the use of a debt collection agency.

  • The Investment Account; Eligible Investments (a) Not later than the Withdrawal Date, the Master Servicer shall withdraw or direct the withdrawal of funds in the Custodial Accounts for P&I, for deposit in the Investment Account, in an amount representing: (i) Scheduled installments of principal and interest on the Mortgage Loans received or advanced by the applicable Servicers which were due on the related Due Date, net of the Servicing Fees due the applicable Servicers and less any amounts to be withdrawn later by the applicable Servicers from the applicable Buydown Fund Accounts; (ii) Payoffs and the proceeds of other types of liquidations of the Mortgage Loans received by the applicable Servicer for such Mortgage Loans during the applicable Payoff Period, with interest to the date of Payoff or liquidation less any amounts to be withdrawn later by the applicable Servicers from the applicable Buydown Fund Accounts; and (iii) Curtailments received by the applicable Servicers in the Prior Period. At its option, the Master Servicer may invest funds withdrawn from the Custodial Accounts for P&I, as well as any Buydown Funds, Insurance Proceeds and Liquidation Proceeds previously received by the Master Servicer (including amounts paid by the Company in respect of any Purchase Obligation or its substitution obligations set forth in Section 2.07 or Section 2.08 or in connection with the exercise of the option to terminate this Agreement pursuant to Section 9.01) for its own account and at its own risk, during any period prior to their deposit in the Certificate Account. Such funds, as well as any funds which were withdrawn from the Custodial Accounts for P&I on or before the Withdrawal Date, but not yet deposited into the Certificate Account, shall immediately be deposited by the Master Servicer with the Investment Depository in an Investment Account in the name of the Master Servicer and the Trust for investment only as set forth in this Section 3.03. The Master Servicer shall bear any and all losses incurred on any investments made with such funds and shall be entitled to retain all gains realized on such investments as additional servicing compensation. Not later than the Business Day prior to the Distribution Date, the Master Servicer shall deposit such funds, net of any gains (except Payoff Earnings) earned thereon, in the Certificate Account. (b) Funds held in the Investment Account shall be invested in (i) one or more Eligible Investments which shall in no event mature later than the Business Day prior to the related Distribution Date (except if such Eligible Investments are obligations of the Trustee, such Eligible Investments may mature on the Distribution Date), or (ii) such other instruments as shall be required to maintain the Ratings.

  • Designated Accounts The Collection Account, the Note Distribution Account and the Reserve Account, collectively. Determination Date: The tenth day of each calendar month, or if such tenth day is not a Business Day, the next succeeding Business Day. Discount Rate: 0.00% per annum.

  • Set Up Accounts (a) Bank shall establish and maintain the following accounts ("Accounts"): (i) a Securities Account in the name of Customer on behalf of each Fund for Financial Assets, which may be received by Bank or its Subcustodian for the account of Customer, including as an Entitlement Holder; and (ii) an account in the name of Customer ("Cash Account") for any and all cash in any currency received by Bank or its Subcustodian for the account of Customer. Notwithstanding paragraph (ii), cash held in respect of those markets where Customer is required to have a cash account in its own name held directly with the relevant Subcustodian shall be held in that manner and shall not be part of the Cash Account. Bank shall notify Customer prior to the establishment of such an account. (b) At the request of Customer, additional Accounts may be opened in the future, which shall be subject to the terms of this Agreement. (c) Except as precluded by Section 8-501(d) of the Uniform Commercial Code ("UCC"), Bank shall hold all Securities and other Financial Assets, other than cash, of a Fund that are delivered to it in a "securities account" with Bank for and in the name of such Fund and shall treat all such assets other than cash as "financial assets" as those terms are used in the UCC.