Common use of Collection Account Arrangements Clause in Contracts

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. Prior to the Closing Date, the Seller Borrower shall have entered into Collection 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 a Ratings Event, an Unmatured Event of Default or an Event of Default, the Administrative Agent may (with the consent of the Majority Group AgentsLenders) and shall (upon the direction of the Majority Group AgentsLenders) at any time thereafter give notice to each Collection Account Bank that the Administrative Agent is exercising its rights under the Collection Account Control Agreements or Account Pledge Acknowledgement, as applicable, to do any or all of the following: (ia) 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 thereintherein (for the benefit of the Secured Parties), (iib) 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 and (iiic) to take any or all other actions permitted under the applicable Collection Account Control Agreement or Account PledgeAgreement. The