Collection Accounts Sample Clauses
The Collection Accounts clause establishes the requirement for setting up specific accounts to receive and manage payments or collections related to a transaction, such as loan repayments or receivables. Typically, these accounts are controlled by a designated party, like a lender or trustee, and all relevant funds must be deposited into them before being distributed according to the agreement. This clause ensures that funds are properly tracked and allocated, reducing the risk of misappropriation and providing transparency in the handling of collected monies.
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Collection Accounts. (a) Assignors shall promptly deposit or have deposited all Operating Income into the Collection Accounts. Assignors shall not commingle the accounts for the collection of income or other items for the benefit of any of their respective Subsidiaries (other than the other Assignors) with the accounts for the collection of the Operating Income.
(b) No Assignor shall, without the prior written consent of Agent, close, replace or move any of the Collection Accounts, or maintain or have maintained by any other Person for it (including without limitation any Manager) for the collection of Operating Income other than an a Collection Account, which consent shall not be unreasonably withheld. In the event that Agent consents to the opening of a new or replacement Collection Account, the applicable Assignor shall cause the applicable Account Depository Bank (if not KeyBank) to execute and deliver to Agent such reasonable documents as Agent may require to reflect such Assignor’s obligations under this Agreement including, without limitation, a Special Deposit Agreement in the event that KeyBank is not the depository bank.
(c) The Collection Accounts have been established, and shall be maintained, at the Account Depository Banks in such a manner that Agent shall have “control” (within the meaning of Section 9-104(a) of the UCC) over the Collection Accounts, and this Agreement shall be deemed to be a control agreement for all purposes of Section 9-104 of the UCC. Notwithstanding anything to the contrary contained herein, from and after receiving notice from Agent that a Sweep Period has commenced, Depository shall comply with all instructions issued by Agent directing the disposition of funds in the Collection Account maintained at Depository without further consent by any Assignor or any other Person. From and after receiving notice from Agent that a Sweep Period has commenced, Depository shall not honor any request of any Assignor or any other Person for the withdrawal, transfer or other disposition of any funds, investment property or other assets on deposit or credited to the Collection Accounts at Depository without Agent’s express prior written consent. Notwithstanding anything to the contrary contained herein, if at any time Depository shall receive conflicting instructions from the Agent and any Assignor, Depository shall follow the instructions of the Agent and not such Assignor. Depository has not entered into, and will not without Agent’s express prior writte...
Collection Accounts. (a) On behalf of the Trustee, each Servicer shall establish and maintain, or cause to be established and maintained, one or more separate Eligible Accounts (each such account or accounts, a "Collection Account"), held in trust for the benefit of the Trustee. On behalf of the Trustee, each Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after such Servicer's receipt thereof, and shall thereafter deposit in the related Collection Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the related Mortgage Loans due on or before the Cut-off Date), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a Due Period subsequent thereto:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest (net of the related Servicing Fee) on each Mortgage Loan;
(iii) all Insurance Proceeds and Condemnation Proceeds to the extent such Insurance Proceeds and Condemnation Proceeds are not to be applied to the restoration of the related Mortgaged Property or released to the related Mortgagor in accordance with the express requirements of law or in accordance with Accepted Servicing Practices and Liquidation Proceeds;
(iv) any amounts required to be deposited pursuant to Section 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the related Collection Account;
(v) any amounts required to be deposited by such Servicer pursuant to the second paragraph of Section 3.13(a) in respect of any blanket policy deductibles;
(vi) all proceeds of any Mortgage Loan repurchased or purchased in accordance with this Agreement; and
(vii) all Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by such Servicer. The foregoing requirements for deposit in the Collection Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in t...
Collection Accounts. Section 3.11 Withdrawals from the Collection Accounts..................... Section 3.12 Investment of Funds in the Collection Accounts and the Distribution Account......................................... Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage........................................ Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements....
Collection Accounts. The Collection Accounts (including any sub accounts thereof) are the only accounts to which Collections are sent.
Collection Accounts. The account numbers of the Collection Accounts and related Collection Account Banks are specified in Schedule II.
Collection Accounts. (a) In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish at the Custodian three (3) Dollar-denominated segregated trust accounts in the name of the Borrower, one of which will be designated the “USD Pass-Through Collection Account”, one of which will be designated the “USD Interest Collection Account” and one of which designated the “USD Principal Collection Account” (collectively, the “USD Collection Account”), which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent. On or after the date of this Agreement, in accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall establish at the Custodian (i) two (2) CAD-denominated accounts in the name of Borrower, one of which will be designated the “CAD Interest Collection Account” and one of which designated the “CAD Principal Collection Account” (together, the “CAD Collection Account”), which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent, (ii) two (2) EUR-denominated accounts in the name of the Borrower, one of which will be designated the “EUR Interest Collection Account” and one of which designated the “EUR Principal Collection Account” (together, the “EUR Collection Account”), which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent and (iii) two (2) GBP-denominated accounts in the name of the Borrower, one of which will be designated the “GBP Interest Collection Account” (collectively with the USD Interest Collection Account, the CAD Interest Collection Account and the EUR Interest Collection Account, the “Interest Collection Account”) and one of which designated the “GBP Principal Collection Account” (together with the GBP Interest Collection Account, the “GBP Collection Account”; collectively with the USD Principal Collection Account, the CAD Principal Collection Account and the EUR Principal Collection Account, the “Principal Collection Account”) which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent. The USD Pass-Through C...
Collection Accounts. Each Collection Account and Lock-Box is in the name of the applicable Originator identified on Schedule II-A, and such Originator owns and has good and marketable title to the applicable Collection Account and Lock-Box free and clear of any Adverse Claim (except for Permitted Adverse Claims).
Collection Accounts. Accounts that have been referred to a collection agency per district policy will be allowed to re-enroll provided the debt has been satisfied with the collection agency and written notice is received from the collection agency. Re-enrollment is conditional upon Express management approval and will require future payments be made on the 1st of each month.
Collection Accounts. Administrative Agent shall have received duly executed Article 9 Control Agreements and related agreements establishing each Collection Account and, as applicable, each related lockbox, in form and substance and with financial institutions, reasonably satisfactory to Administrative Agent.
Collection Accounts. Schedule 7.20 designates each Collection Account of such Borrower and the Guarantors and all such Collection Accounts are either (i) with the Administrative Agent as the depositary bank or (ii) are subject to an Account Control Agreement in favor of the Administrative Agent for the benefit of the Secured Parties.