Collection Account Arrangements Sample Clauses

Collection Account Arrangements. (i) All collections of the Borrower's Receivables included in the Collateral and other proceeds of its Collateral shall be deposited in a Collection Account of the Borrower which may be subject to a Collection Account Agreement or pursuant to another similar arrangement for the collection of such amounts established by the Borrower and Agent and shall be transferred by the Borrower (1) at such frequency (but not less frequently than each Business Day) as agreed to between the Agent and the Borrower to a concentration account maintained by the Borrower with the Agent or otherwise subject to a Collection Account Agreement, for any such account not subject to a Collection Account Agreement or (2) in accordance with the terms of the applicable Collection 66 Account Agreement. Schedule 6.2(M) sets forth all of the deposit accounts currently maintained by the Borrower. All collections from Account Debtors in respect of payments on the Receivables of the Borrower shall be deemed to have been received by the Borrower as the Agent's trustee and, upon the Borrower's receipt thereof, the Borrower shall transfer all such amounts in their original form (together with all necessary endorsements) for deposit in accordance with the provisions of this Section 6.2(M). (ii) Following the Collection Account Blockage Date and during the continuance of a Default giving rise thereto, all payments received by the Agent, all collections of Receivables included in the Collateral received by the Agent, and all proceeds of other Collateral received by the Agent, whether through payment or otherwise, will be the sole property of the Agent for the benefit of the Holders of Secured Obligations and will be deemed received by the Agent for application to the Obligations pursuant to the terms of this Agreement. (iii) The Borrower agrees to pay to Agent any and all fees, costs and expenses which Agent incurs in connection with establishing and maintaining the Collection Accounts, concentration accounts and depositing for collection by Agent any check or item of payment received and/or delivered, and the Borrower agrees to reimburse Agent for any amounts paid to any bank party to a Collection Account Agreement arising out of Agent's indemnification of such bank against damages incurred by the bank in the operation of a Collection Account or other payments required to be made under the Collection Account Agreement, all of which shall constitute additional Obligations hereunder and shall be se...

Collection Account Arrangements. (a) On the Closing Date, the Borrower shall have (i) opened in its name one or more Continuing Collection Accounts with PNC and (ii) either (x) with respect to any Interim Collection Accounts, delivered Sweep Instructions to the applicable Collection Account Banks or (y) with respect to any Continuing Collection Accounts, entered into Account Control Agreements with all related Collection Account Banks and, in each case, delivered executed counterparts of each to the Administrative Agent. The Borrower hereby agrees the Administrative Agent shall have exclusive control (for the benefit of the Secured Parties) of the proceeds (including Collections) of all Pool Receivables and the Borrower hereby further agrees to take any action that the Administrative Agent may reasonably request to transfer such control. Any proceeds of Pool Receivables received by the Borrower, the Servicer or an Originator thereafter shall be sent immediately to a Continuing Collection Account or as otherwise instructed by the Administrative Agent. (b) Exela shall cause to be delivered Sweep Instructions with respect to any Interim Collection Account. (c) To access Collections during any Settlement Period in connection with any Release, on any Business Day, the Borrower may cause the Initial Servicer to deliver an Information Package or Interim Report along with a request for a release of Collections. Upon receipt of any such Information Package or Interim Report by the Administrative Agent, the Administrative Agent shall promptly review such Information Package or Interim Report to determine if such Information Package or Interim Report constitutes a Qualifying Release Report. In the event that the Administrative Agent reasonably determines that such Information Package or Interim Report constitutes a Qualifying Release Report, so long as no Unmatured Initial Servicer Default, Initial Servicer Default, Event of Default or Unmatured Event of Default has occurred and is continuing, the Administrative Agent shall promptly remit to the Borrower from the Continuing Collection Account the amount requested on such Qualifying Release Report so long as the remaining Collections on deposit in the Continuing Collection Account (after giving effect to such release) exceed the amount necessary to pay the sum of (x) all accrued and unpaid Servicing Fees, Interest, Fees and Breakage Amounts, in each case, through such date (as reasonably estimated by the Administrative Agent), (y) the amount of any B...

Collection Account Arrangements. All collections of Receivables included in the Collateral and other proceeds of Collateral shall be deposited in a Collection Account which is subject to a Collection Account Agreement or pursuant to another similar arrangement for the collection of such amounts established by the Borrower and Agent and shall be transferred in accordance with the provisions of the respective Collection Account Agreements. On or prior to the Closing Date, the Borrower shall have entered into and shall thereafter maintain lock-box services agreements with banks which are parties to Collection Account Agreements and to which lock-boxes account debtors shall directly remit all payments on Receivables. Any of the foregoing collections received by the Borrower and not so deposited, shall be deemed to have been received by the Borrower as the Agent's trustee and, upon the Borrower's receipt thereof, the Borrower shall immediately transfer all such amounts into a Collection Account in their original form. Such deposits shall be remitted to the Agent, the Borrower or as the Agent may direct, all in accordance with the provisions of the Collection Account Agreements.

Collection Account Arrangements. Prior to the Closing Date, the Seller shall have entered into Account Control Agreements with all of the Collection Account Banks or an Account Pledge Acknowledgment, as applicable, and delivered executed counterparts of each to the Administrative Agent. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may (with the consent of the Majority Group Agents) and shall (upon the direction of the Majority Group Agents) at any time thereafter give notice to each Collection Account Bank that the Administrative Agent is exercising its rights under the Account Control Agreements or Account Pledge Acknowledgement, as applicable, to do any or all of the following: (i) to have the exclusive dominion and control of the Collection Accounts transferred to the Administrative Agent (for the benefit of the Secured Parties) and to exercise exclusive dominion and control over the funds deposited therein, (ii) to have the proceeds that are sent to the respective Collection Accounts redirected pursuant to the Administrative Agent’s instructions rather than deposited in the applicable Collection Account or (iii) to take any or all other actions permitted under the applicable Account Control Agreement or Account Pledge

Collection Account Arrangements. As more fully provided in the Cash Flow Assignment Agreement: (a) At or prior to Closing, Borrower and Company shall establish a deposit account, separate from any deposit account used by any of Borrower Parties for any other projects, and established for the benefit of KCCI, with a depository institution approved by KCCI (a Collection Account") and shall execute and deliver, and shall cause the depository institution to execute and deliver, to KCCI the Collection Account Agreement; and -37- (b) Commencing not later than the Closing Date, Borrower and Company shall deposit all Project Revenues for the Projects for which the Escrow Agent holds Transfer Documents, into the Collection Account, as more fully provided in the Cash Flow Assignment Agreement.

Collection Account Arrangements. (a) In the case of the Borrower and each Subsidiary Guarantor, establish not later than six (6) months after the Closing Date and thereafter maintain at all times all its collection or deposit accounts with the Collateral Agent or one or more Lenders. (b) Cause all payments and remittances in respect of Receivables and Inventory that are collected by or on behalf of the Borrower or any Subsidiary Guarantor to be promptly deposited on a daily basis in the collection or deposit accounts referred to in paragraph (a) above.

Collection Account Arrangements. Prior to the initial purchase hereunder there shall be established for the purpose of receiving Collections a segregated trust account maintained with and under the exclusive control of the Collateral Agent for the benefit of the Banks (the "Collection Account"). The Seller shall have no legal ownership of or control over the Collection Account and no rights of withdrawals therefrom except for the right to receive distributions pursuant to Section 1.4 of this Agreement. The Servicer shall advise the Seller and the Agents daily of the amount of Collections to be received into the Collection Account on each Business Day with respect to the Receivables and the Facility Agent shall advise the Seller, the Servicer and the Collateral Agent as to the amounts of such Collections which constitute Collections in excess of the amounts described in Section 1.4(b)(iv). If the Seller, the Servicer or their respective agents or representatives shall at any time receive any cash, checks or other instruments constituting Collections, such recipient shall segregate such payment and hold such payment in trust for and in a manner acceptable to the Agents, and shall, promptly upon identification of any such payment (and in any event within one Business Day following such

Collection Account Arrangements. The Seller shall have entered into Account Control Agreements with all of the applicable Collection Account Banks and delivered executed counterparts of each to the Administrative Agent except with respect to (i) each Excluded Collection Account, and (ii) the TD Account; provided that in the event the Parent long-term credit

Collection Account Arrangements. On or prior to the Closing Date, the Seller shall have entered into Control Agreements with all of the Collection Account Banks and delivered executed counterparts of each to the Administrative Agent. Upon the occurrence and during the continuance of an Event of Termination, the Administrative Agent may (with the consent of the Majority Purchasers) and shall (upon the direction of the Majority Purchasers) at any time thereafter give notice to each Collection Account Bank that the Administrative Agent is exercising its rights under the Control Agreements to do any or all of the following: (a) to have Servicer, and no successor Master Servicer reasonably satisfactory to the Administrative Agent shall have been appointed;