ESTABLISHMENT OF CERTAIN SUBACCOUNTS Sample Clauses

ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Section 5.1. Establishment of Subaccounts 28 Section 5.2. Program Fund and Acquisition Account 28 ARTICLE VI ADDITIONAL COVENANTS Section 6.1. Mortgage Loans 30 Section 6.2. Additional Rating Notices 31 Section 6.3. Limitation on Payment of Fiduciary, Program Expenses and Servicing Fees 32 Section 6.4. Cross Calls of 2024 Series F Bonds 32 Section 6.5. Tax Covenant 32 Section 6.6. Covenant Regarding Targeted Areas 32 Section 6.7. Additional Defeasance Requirements 32 Section 7.1. Optional Tenders of 2024 Series F-2 Bonds in the Daily Mode or the Weekly Mode 34 Section 7.2. Mandatory Tender on Mode Change Dates 34 Section 7.3. Optional Tender at End of Interest Period for Term Rate Mode 35 Section 7.4. Mandatory Purchase upon Termination, Replacement or Expiration of Liquidity Facility; Mandatory Liquidity Facility Tender 35 Section 7.5. Mandatory Purchase at the Direction of the Authority 36 Section 7.6. Remarketing of 2024 Series F-2 Bonds; Notices 37 Section 7.7. Source of Funds for Purchase of 2024 Series F-2 Bonds 38 Section 7.8. Delivery of 2024 Series F-2 Bonds 38 Section 7.9. Undelivered 2024 Series F-2 Bonds 39 Section 7.10. Inadequate Funds to Pay Purchase Price 39 Section 7.11. No Purchases or Sales After Payment Default 39 Section 7.12. Bond Purchase Fund 39 Section 7.13. Remarketing Agent 40 Section 7.14. No Tender or Mandatory Purchase upon Immediate Termination Event 41 Section 8.1. Authorization of Liquidity Facility 42 Section 8.2. Requirements for Liquidity Facility 42 Section 8.3. Alternate Liquidity Facility 42 Section 8.4. Opinions of Counsel and Other Documents 43 Section 8.5. Draws 43 Section 8.6. Rights of Liquidity Facility Provider 44 Section 8.7. Notices to Liquidity Facility Provider 45 ARTICLE IX INTEREST RATE CONTRACTS Section 9.1. Interest Rate Contract 46 Section 9.2. Obligation to Make Interest Rate Contract Payments 46 Section 9.3. Requirements for Delivery of an Alternate Interest Rate Contract 46 Section 10.1. Severability and Invalid Provisions 47 Section 10.2. Table of Contents and Section Headings Not Controlling 47 Section 10.3. Counterparts; Electronic Transactions 47 Section 10.4. Effective Date; Execution and Delivery 47 EXHIBIT A FORM OF 2024 SERIES F-1 BOND ............................................................. A-1 EXHIBIT B FORM OF 2024 SERIES F-2 BOND...............................................................B-1 This 2024F Series Indenture, dated as of October 1, 2024 (this “Series Indenture”), betwe...
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ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Section 5.1. Establishment of Subaccounts 27 Section 5.2. Program Fund and Acquisition Account 27 ARTICLE VI ADDITIONAL COVENANTS Section 6.1. Mortgage Loans 29 Section 6.2. Additional Rating Notices 30 Section 6.3. Limitation on Payment of Fiduciary, Program Expenses and Servicing Fees 31 Section 6.4. Cross Calls of 2024 Series E Bonds 31 Section 6.5. Tax Covenant 31 Section 6.6. Covenant Regarding Targeted Areas 31 Section 6.7. Additional Defeasance Requirements 31 Section 7.1. Optional Tenders of 2024 Series E-2 Bonds in the Daily Mode or the Weekly Mode 33 Section 7.2. Mandatory Tender on Mode Change Dates 33 Section 7.3. Optional Tender at End of Interest Period for Term Rate Mode 34 Section 7.4. Mandatory Purchase upon Termination, Replacement or Expiration of Liquidity Facility; Mandatory Liquidity Facility Tender 34 Section 7.5. Mandatory Purchase at the Direction of the Authority 35 Section 7.6. Remarketing of 2024 Series E-2 Bonds; Notices 36
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ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Section 5.1. Establishment of Subaccounts 25 Section 5.2. Program Fund and Acquisition Account 25 ARTICLE VI ADDITIONAL COVENANTS Section 6.1. Mortgage Loans 27 Section 6.2. Additional Rating Notices 28 Section 6.3. Limitation on Payment of Fiduciary, Program Expenses and Servicing Fees 29
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ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Section 5.1 Establishment of Subaccounts 10 Section 5.2 Creation of Surplus Account 10 Section 5.3 Acquisition Account 10
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ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Establishment of Subaccounts. The following subaccounts are hereby created and established as special trust funds within the Funds and Accounts created and established pursuant to the Master Indenture: the 2018 Series C subaccount of the Acquisition Account; the 2018 Series C subaccount of the Cost of Issuance Account; the 2018 Series C subaccount of the Loan Recycling Account; the 2018 Series C subaccount of the Revenue Fund; the 2018 Series C subaccount of the Debt Service Reserve Fund; the 2018 Series C subaccount of the Class I Debt Service Fund; and the 2018 Series C subaccount of the Class I Special Redemption Account. Program Fund and Acquisition Account.
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ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Establishment of Subaccounts. The following subaccounts are hereby created and established as special trust funds within the Funds and Accounts created and established pursuant to the Master Indenture: the 2018 Series D subaccount of the Acquisition Account; the 2018 Series D subaccount of the Cost of Issuance Account; the 2018 Series D subaccount of the Loan Recycling Account; the 2018 Series D subaccount of the Revenue Fund; the 2018 Series D subaccount of the Debt Service Reserve Fund; the 2018 Series D subaccount of the Class I Debt Service Fund; the 2018 Series D subaccount of the Class I Special Redemption Account; and the 2018 Series D Refunding Account, created as a special temporary account in the Program Fund pursuant to Section 5.1(f) of the Master Indenture Program Fund and Acquisition Account. There shall be deposited into the 2018 Series D subaccount of the Acquisition Account the Mortgage Loans specified by Section 4.1 hereof and any amounts or Mortgage Loans specified in the Authority Request delivered pursuant to Section 4.3 hereof.
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ESTABLISHMENT OF CERTAIN SUBACCOUNTS. Establishment of Subaccounts. The following subaccounts are hereby created and established as special trust funds within the Funds and Accounts created and established pursuant to the Master Indenture: the Series 2018BB subaccount of the Acquisition Account; the Series 2018BB subaccount of the Costs of Issuance Account; the Series 2018BB subaccount of the Revenue Fund; the Series 2018BB subaccount of the Class I Debt Service Fund; and the Series 2018BB subaccount of the Class I Special Redemption Account. Creation of Surplus Account. The Master Indenture was previously amended by establishing within the Revenue Fund a special trust fund known as the Surplus Account. The Surplus Account is not related to the Series 2018BB Bonds or any other Series of Bonds. Notwithstanding anything in Section 5.5(d)(iii) of the Master Indenture, following the transfers made from the Series 2018BB subaccount of the Revenue Fund pursuant to Section 5.5(d)(i) of the Master Indenture on each Interest Payment Date, the balance, if any, in such subaccount in excess of $25,000 shall be transferred to the Surplus Account, unless and to the extent otherwise provided in an Authority Request. Notwithstanding anything in Section 5.5(d)(iii) of the Master Indenture, following the transfers made from any other subaccount of the Revenue Fund pursuant to Section 5.5(d)(i) of the Master Indenture, the balance, if any, in such subaccount shall be transferred in whole or in part to the Surplus Account only upon an Authority Request. Moneys in the Surplus Account shall be paid to the Authority for any purpose free and clear of the lien and pledge of the Indenture, or shall be otherwise transferred and allocated, as may be provided in an Authority Request. Acquisition Account. There shall be paid into the Series 2018BB subaccount of the Acquisition Account an amount, and from the Account or subaccount, specified by an Authority Request. The 2018BB Second Mortgage Loans and the Mortgage Loans backing each ▇▇▇▇▇▇ ▇▇▇ Certificate purchased with moneys in the Series 2018BB subaccount of the Acquisition Account shall meet the requirements of Section 6.7 of the Master Indenture and comply with the tax covenant of Section 6.5 hereof, provided, however, that no mortgage insurance or guaranty is required for any Second Mortgage Loan financed with proceeds of the Series 2018BB Bonds. As specified in an Authority Request, moneys in the Series 2018BB subaccount of the Acquisition Account shall be applied t...
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Related to ESTABLISHMENT OF CERTAIN SUBACCOUNTS

  • Establishment of Certificate Distribution Account (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee an Eligible Deposit Account known as the Certificate Distribution Account (the "Certificate Distribution Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with . (b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholders. Except as otherwise provided herein or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.

  • Establishment of Trust Accounts (i) The Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders. (ii) The Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders. (iii) The Servicer, for the benefit of the Noteholders, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Spread Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and Certificateholders. (iv) [Reserved]. (v) [Reserved]. (vi) [Reserved]. (vii) [Reserved]. (b) Funds on deposit in the Collection Account, the Note Distribution Account, and the Spread Account (collectively, the “Trust Accounts”) shall be invested or reinvested by the Indenture Trustee in Eligible Investments selected by and as directed in writing by the Servicer (which written direction may be in the form of standing instructions) or if the Servicer fails to provide written direction, shall be invested or reinvested by the Indenture Trustee in Eligible Investments specified in paragraph (d) of the definition of “Eligible Investments” (without giving effect to the proviso therein) as set forth in Appendix A to the Indenture; provided, however, it is understood and agreed that the Indenture Trustee shall not be liable for the selection of, or any loss arising from such investment in, Eligible Investments. All such Eligible Investments shall be held or controlled by the Indenture Trustee for the benefit of the Noteholders and the Certificateholders or the Noteholders, as applicable (and for the purposes of Articles 8 and 9 of the UCC, each Eligible Investment is intended to constitute a Financial Asset, and each of the Trust Accounts is intended to constitute a Securities Account); provided, that on each Transfer Date, all Investment Earnings on funds on deposit in the Trust Accounts shall be deposited into the Collection Account and shall be deemed to constitute a portion of the Total Distribution Amount. Funds on deposit in the Trust Accounts shall be invested in Eligible Investments (or other investments permitted by the Rating Agencies) that will mature so that such funds will be available at the close of business on the Transfer Date preceding the following Payment Date; provided, however, that funds on deposit in Trust Accounts may be invested in Eligible Investments of the entity serving as Indenture Trustee payable on demand or that mature so that such funds will be available on the Payment Date. Funds deposited in a Trust Account on the Transfer Date that precedes a Payment Date upon the maturity or liquidation of any Eligible Investments are not required to be invested overnight. (i) The Indenture Trustee shall possess or control all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof (including all income thereon) and all such funds, investments, proceeds and income shall be part of the Trust Estate. The Trust Accounts shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders and the Certificateholders or the Noteholders, as the case may be. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Indenture Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Trust Account as an Eligible Deposit Account and shall transfer any cash and/or any investments held in the no-longer Eligible Deposit Account to such new Trust Account. (ii) With respect to the Trust Account Property, the Indenture Trustee agrees, by its acceptance hereof, that: (A) any Trust Account Property that is held in deposit accounts shall be held solely in Eligible Deposit Accounts, subject to the last sentence of Section 5.1(c)(i); and each such Eligible Deposit Account shall be subject to the exclusive custody and control of the Indenture Trustee, and the Indenture Trustee shall have sole signature authority with respect thereto; (B) any Trust Account Property that constitutes a Certificated Security shall be delivered to the Indenture Trustee in accordance with paragraph (i) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Indenture Trustee or its agent; (C) any such Trust Account Property that constitutes an Uncertificated Security (including any investments in money market mutual funds, but excluding any Federal Book Entry Security) shall be delivered to the Indenture Trustee in accordance with paragraph (ii) of the definition of “Delivery” and shall be maintained, pending maturity or disposition, through continued registration of the Indenture Trustee’s (or its custodian or nominee’s) ownership of such security; and (D) with respect to any Trust Account Property that constitutes a Federal Book Entry Security, the Indenture Trustee shall maintain and obtain Control over such property. (iii) The Servicer shall have the power, revocable by the Indenture Trustee or by the Trustee, with the consent of the Indenture Trustee, to instruct the Indenture Trustee to make withdrawals and payments from the Trust Accounts for the purpose of permitting the Servicer or the Trustee to carry out its respective duties hereunder or permitting the Indenture Trustee to carry out its duties under the Indenture. (d) All Trust Accounts will initially be established at the Indenture Trustee.

  • Establishment of Trust Account The Owner Trustee, for the benefit of the Certificateholders, shall establish and maintain in the name of the Trust an Eligible Deposit Account (the "Certificate Distribution Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Owner Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.

  • Establishment of Segregated Account Upon receipt of Proper Instructions, the Custodian shall establish and maintain on its books a segregated account or accounts for and on behalf of a Portfolio, into which account or accounts may be transferred cash and/or securities or other assets of such Portfolio, including securities maintained by the Custodian in a Securities System pursuant to Section 2.22(a) hereof or an Eligible Securities Depository pursuant to Section 2.22(b) hereof, said account or accounts to be maintained: (a) for the purposes set forth in Sections 2.09, 2.10 and 2.11 hereof; (b) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the SEC or SEC rules or regulations relating to the maintenance of segregated accounts by registered investment companies; or (c) for such other purposes as set forth, from time to time, in Special Instructions.

  • Establishment of Collection Account (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty days. (b) For so long as the Collection Account is maintained as an Eligible Deposit Account, all amounts held in these accounts shall, to the extent permitted by applicable laws, rules and regulations, be invested, as directed in writing by the Servicer, in Eligible Investments; otherwise such amounts shall be maintained in cash. Earnings on investment of funds in these accounts (net of losses and investment expenses) shall be paid to the Servicer on each Payment Date as servicing compensation, and any losses and investment expenses shall be charged against the funds on deposit in the related account. (c) For so long as Deutsche Bank Trust Company Americas is the Indenture Trustee, the Collection Account shall be maintained with Deutsche Bank Trust Company Americas as an Eligible Deposit Account. In the event that the long-term debt rating of the Indenture Trustee does not satisfy clause (a) of the definition of Eligible Deposit Account, the Servicer shall, with the assistance of the Indenture Trustee, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution or an account otherwise satisfying the requirements of clause (b) of the definition of Eligible Deposit Account (which may be an account with the Indenture Trustee) within thirty days. (d) The Indenture Trustee shall transfer all amounts remaining on deposit in the Collection Account on the Payment Date on which the Notes of all Classes have been paid in full (or substantially all of the Trust Estate is otherwise released from the lien of the Indenture) to the Issuer for the benefit of the Certificateholder, and to take all necessary or appropriate actions to transfer all of its right, title and interest in the Collection Account, all funds or investments held or to be held therein and all proceeds thereof, to the Issuer for the benefit of the Certificateholder, subject to the limitations set forth in the Indenture with respect to amounts held for payment to the Noteholders that do not promptly deliver a Note for payment on such Payment Date. (e) With respect to the Collection Account and all property held therein, the Issuer agrees, by its acceptance hereof that, on the terms and conditions set forth in the Indenture, for so long as Notes of any Class remain outstanding, the Indenture Trustee shall possess all right, title and interest therein (excluding interest or investment income thereon payable to the Servicer), and that such account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders and the Certificateholder, as set forth in the Indenture. The parties hereto agree that the Servicer shall have the power, revocable by the Indenture Trustee upon an Event of Default resulting in an acceleration of the Notes or liquidation of the Trust Estate or by the Owner Trustee with the consent of the Indenture Trustee, to instruct the Indenture Trustee to make withdrawals and payments from the Collection Account for the purpose of permitting the Servicer, Indenture Trustee or the Owner Trustee to carry out its respective duties hereunder or under the Indenture or the Trust Agreement, as the case may be.