Collateral Proceeds Account Sample Clauses

Collateral Proceeds Account. (a) Upon receipt of a Direction Notice, the Collateral Agent shall establish a collateral proceeds account subject to the Lien created by the Collateral Documents in the name of the Collateral Agent into which the Proceeds (as defined below) shall be deposited and from which only the Collateral Agent may effect withdrawals (the Collateral Proceeds Account). Such amounts shall be held by the Collateral Agent in the Collateral Proceeds Account and shall be distributed from time to time by the Collateral Agent in accordance with Section 3.02. (b) Following the occurrence and during the continuation of an Event of Default, the following proceeds, payments and amounts (collectively, the Proceeds) shall be deposited and held by the Collateral Agent in the Collateral Proceeds Account and shall be distributed from time to time by the Collateral Agent to the Holders in accordance with Section 3.02: (i) any proceeds of any collection, recovery, receipt, appropriation, realization or sale of any or all of the Collateral through the enforcement of the Collateral Documents received by the Collateral Agent or any Holder; and (ii) any amounts held in the Collateral Proceeds Account at the time an Event of Default occurs. Each Holder agrees to deliver any Proceeds to the Collateral Agent within three (3) Business Days after receipt of such Proceeds, or if later (in the case of clause (ii)), within three (3) Business Days of being advised of the occurrence of an Event of Default. Until such time as the provisions of the immediately preceding sentence have been complied with, such Holder shall be deemed to hold such Proceeds in trust for the parties entitled thereto under this Agreement.

Collateral Proceeds Account. The Trustee shall, prior to the Delivery Date of the Bonds of a Series, establish the Collateral Proceeds Account for such Series into which the Trustee shall from time to time deposit all Collateral Proceeds relating to such Series (including any proceeds from any deposits to be made by the Master Servicer pursuant to the Servicing Agreement, with respect to such Series and including any proceeds from any Insurance Policies for such Series) and all proceeds transferred from the Reserve Fund or other funds pledged with respect to such Series; provided, however, that all amounts as provided by Section 4.02(12) shall be deposited in such Collateral Proceeds Account on the Delivery Date. All monies deposited on a daily basis in the Collateral Proceeds Account for a Series pursuant to this Indenture shall be held by the Trustee as part of the Trust Estate for such Series as herein provided. (a) All payments to be made from time to time by the Trustee to the Holders of Bonds of a Series out of funds in the Collateral Proceeds Account for such Series pursuant to this Indenture shall be made by the Trustee as the Paying Agent of the Depositor. (b) Monies in the Collateral Proceeds Account for a Series shall be invested and reinvested, but only in one or more Eligible Investments, by the Trustee in such manner as the Depositor shall by Depositor Order from time to time direct. All income or other gain from such investments shall be credited to such Collateral Proceeds Account, and any loss resulting from such investments shall be charged to such Collateral Proceeds Account. If any amounts invested as aforesaid shall be needed for disbursement from the Collateral Proceeds Account for a Series to make deposits to the Custodial Reserve Fund or to make the payments due to Holders of Bonds of such Series and the Depositor as set forth in the Monthly Remittance Report delivered pursuant to Section 12.09, the Trustee shall cause a sufficient amount of such investments of such Collateral Proceeds Account to be sold or otherwise converted to cash to the credit of such Collateral Proceeds Account. The Trustee shall not in any way be held liable by reason of any insufficiency in any Collateral Proceeds Account resulting from any loss on any Eligible Investment. (c) Notwithstanding any other provision of this Section 12.05, the Trustee may accept principal and interest payments on any Mortgage Collateral prior to the Due Date thereof and distribute any earnings from the inves...

Collateral Proceeds Account. Promptly after the date hereof, the Company shall establish and thereafter maintain with the Collateral Agent a segregated trust account for the purpose of depositing any proceeds from any disposition of Collateral pursuant to the terms of this Agreement or the Security Instruments (the "COLLATERAL PROCEEDS ACCOUNT"). During the continuation of a Major Default, the Collateral Agent shall, at the direction of the Directing Creditors, withdraw funds in the Collateral Proceeds Account and pay the same to the Secured Creditors for application toward the reduction or discharge of the Secured Obligations, as set forth in this SECTION 14.

Collateral Proceeds Account. The Master Servicer shall establish and maintain, or cause to be established and maintained, one or more Eligible Accounts that in the aggregate are the Collateral Proceeds Account. At the Master Servicer's option, amounts held in the Collateral Proceeds Account shall be invested by the depository institution or trust company then maintaining the account at the written direction of the Master Servicer in Eligible Investments that mature not later than the Deposit Date next succeeding the date of investment. The Master Servicer shall not retain any cash or investment in the Collateral Proceeds Account for a period in excess of 12 months and cash therein shall be considered transferred on a first-in, first-out basis to the Trustee for inclusion in the Bond Account, as described in Section 2.02(d). All net income and gain realized from any such investment shall be for the benefit of the Master Servicer as additional servicing compensation and shall be subject to its withdrawal or order from time to time. Any losses realized in connection with any such investment shall be for the account of the Master Servicer and the Master Servicer shall deposit or cause to be deposited the amount of such loss (to the extent not offset by income from other investments) in the Collateral Proceeds Account immediately upon the realization of such loss and shall have no right to reimbursement therefor. Any benefit resulting from deposits, maintenance or investment of funds in the Collateral Proceeds Account shall be for the Master Servicer's benefit.

Collateral Proceeds Account. (a) On or before the Closing Date, the Indenture Trustee shall open at the Corporate Trust Office one or more segregated accounts, each of which must be an Eligible Account, and must be maintained in the name of "LaSalle National Bank, as Indenture Trustee for Holders of EQI Financing Partnership I, L.P., Commercial Mortgage Bonds, Series 1997-1 - Collateral Proceeds Account." The Indenture Trustee shall promptly deposit in the Collateral Proceeds Account (i) all Remittances received by it from the Servicer pursuant to the Servicing Agreement, (ii) any P&I Advances paid pursuant to the Servicing Agreement, (iii) all Prepayments and any related Yield Maintenance Premiums thereon received from or on behalf of the Issuer, and (iv) all other amounts received for deposit in the Collateral Proceeds Account. All amounts that are deposited from time to time in the Collateral Proceeds Account, and all Permitted Investments, if any, made with such moneys shall be held by the Indenture Trustee in the Collateral Proceeds Account as part of the Trust Estate as herein provided, subject to withdrawal by the Indenture Trustee for the purposes set forth in subsections (c) and (d) of this Section 8.

Collateral Proceeds Account. The term “Collateral Proceeds Account” shall have the meaning specified in Section 3.2 below.

Collateral Proceeds Account. All proceeds from Bank’s Collateral shall be deposited into account no. 9▇▇-▇▇▇▇-▇▇▇▇ (“Collateral Proceeds Account”) established in Borrower’s name by Bank, and funds shall not be released from the Collateral Proceeds Account without the express written or oral consent of Bank. If an Event of Default hereunder has occurred and is continuing, Bank may otherwise dispose or apply such proceeds as provided under Section 9 below. Absent an Event of Default, Bank with the written consent of Borrower may apply the funds in the Collateral Proceeds Account to pay down any amount owed to Bank.

Collateral Proceeds Account. The Grantors, the Representatives, the Secured Parties and all other parties hereto agree that only proceeds of the Noteholder First Lien Collateral may be deposited in the Collateral Proceeds Account and agree to so instruct each account debtor of each Grantor and each other applicable Person and to take all other actions necessary to give effect to the intent of this Section 3.02. Without limiting the generality of the foregoing, the Noteholder Collateral Trustee hereby agrees that if the Collateral Proceeds Account contains any proceeds of the ABL First Lien Collateral, it shall hold such proceeds in trust for the ABL Secured Parties and transfer such proceeds to the ABL Secured Parties reasonably promptly after obtaining actual knowledge or notice from the ABL Secured Parties that it has possession of such proceeds in accordance with Section 2.04(b).

Collateral Proceeds Account. At the time of execution and delivery of this Indenture, and for purposes of this Indenture, the Company hereby instructs the Trustee to establish an account for the benefit of Holders (the “Collateral Proceeds Account”), which shall be a trust account, the assets of which shall not be commingled with the general assets of the Trustee, and over which the Trustee shall have exclusive control and sole right of withdrawal pursuant to this Indenture. The Trustee shall make such deposits to the Collateral Proceeds Account as directed by the Company in accordance with such directions. (i) Funds held in the Collateral Proceeds Account shall not be invested by the Trustee. (ii) On the same Business Day that the account specified in clause (i) of the definition of “Mandatory Prepayment Account is established, the Company shall provide written notice of such establishment to the Trustee and direct the Trustee to transfer all amounts on deposit in the Collateral Proceeds Account to the account specified in clause (i) of the definition of “Collection Account”. The Trustee shall make such transfer within two Business Days of receipt of such notice and direction.