Common use of Control of Proceeds Clause in Contracts

Control of Proceeds. (a) Within twenty-one (21) days after the Sale Commencement Date, Agent shall establish its own accounts, dedicated solely for the deposit of the Proceeds and the disbursement of amounts payable to Agent hereunder (the "Agency Accounts") and Merchant shall promptly upon Agent's request execute and deliver all necessary documents to open and maintain the Agency Accounts. Agent shall exercise sole signatory authority and control with respect to the Agency Accounts; provided however, upon request, Agent shall promptly deliver to Merchant copies of all bank statements and other information relating to the Agency Accounts. Merchant shall not be responsible for and Agent shall pay as an Expense hereunder, all bank fee and charges, including wire transfer charges, related to the Agency Accounts, whether received during or after the Sale Term. Upon Agent's designation of the Agency Accounts, all Proceeds of the Sale (including credit card proceeds) shall be deposited into the Agency Accounts. (b) During the period between the Sale Commencement Date and the date Agent designates the Agency Accounts, all Proceeds of the Sale shall be collected by Agent and deposited on a daily basis into Merchant's existing accounts designated for the Stores, and are designated solely for the deposit of Proceeds of the Sale (including credit card proceeds), and the disbursement of amounts payable by Agent hereunder. Commencing on the first business day following Closing and the issuance of the Expense L/C, and on each business day thereafter (or as soon thereafter as is practicable), Merchant shall promptly pay to Agent by wire funds transfer all collected funds constituting Proceeds deposited in such accounts (but not any other funds, including, without limitation, any proceeds of Merchant's inventory sold prior to the Sale Commencement Date). During this interim period, Agent shall control the Proceeds of the Sale, and Fleet shall not take any action with respect to such Proceeds, which shall inure solely for the benefit of Agent, subject to only Agent's payment obligations hereunder.

Control of Proceeds. (ai) Within twenty-one ten (2110) business days after the Sale Commencement Date, Agent shall establish its own accounts, dedicated solely for the deposit of the Proceeds and the disbursement of amounts payable to Agent hereunder (the "Agency Accounts") and Merchant shall promptly upon Agent's request execute and deliver all necessary documents to open and maintain the Agency Accounts. Agent shall exercise sole signatory authority and control with respect to the Agency Accounts; provided however, upon request, Agent shall promptly deliver to Merchant copies of all bank statements and other information relating to the Agency Accountssuch accounts. Merchant shall not be responsible for and Agent shall pay as an Expense hereunder, all bank fee and charges, including wire transfer charges, related to the Agency Accounts, whether received during or after the Sale Term. Upon Agent's designation of the Agency Accounts, all Proceeds of the Sale (including credit card proceeds) shall be deposited into the Agency Accounts. (bii) During the period between the Sale Commencement Date and the date Agent designates establishes the Agency Accounts, all Proceeds of the Sale (including credit card proceeds), shall be collected by Agent and deposited on a daily basis into Merchant's existing accounts designated for the Stores, and are designated solely for the deposit of Proceeds of the Sale (including credit card proceeds), and the disbursement of amounts payable by Agent hereunderhereunder (the "Designated Merchant Accounts"). Commencing on the first business day following Closing the payment of the Initial Guaranty Payment and the issuance posting of the Guaranty L/C and the Expense L/C, and on each business day thereafter (or as soon thereafter as is practicable), Merchant shall promptly pay to Agent by wire funds transfer all collected funds constituting Proceeds deposited in such accounts (but not any other funds, including, without limitation, any proceeds of Merchant's inventory sold prior to the Sale Commencement Date). During this interim period, Agent shall control the Proceeds of the Sale, and Fleet Retail Finance Inc., on behalf of itself and as agent for Merchant's secured lenders (collectively, the "Lenders") shall not take any action with respect to such ProceedsProceeds deposited into the Designated Merchant Accounts, which shall inure solely for the benefit of Agent, subject only to only Agent's payment obligations hereunder.

Control of Proceeds. (a) Within twenty-one (21) days From and after the Sale Commencement Payment Date, Agent shall may establish its own accounts, dedicated solely for the deposit of the Proceeds and the disbursement of amounts payable to Agent hereunder (the "“Agency Accounts"”) and Merchant shall promptly upon Agent's ’s request execute and deliver all necessary documents to open and maintain the Agency Accounts. Agent shall exercise sole signatory authority and control with respect to the Agency Accounts; provided provided, however, upon request, Agent shall promptly deliver to Merchant copies of all bank statements and other information relating to the Agency Accountssuch accounts. Merchant shall not be responsible for and Agent shall pay as an Expense hereunder, all bank fee fees and charges, including wire transfer charges, related to the Agency Accounts, whether received during or after the Sale Term. Upon Agent's ’s designation of the Agency Accounts, all Proceeds of the Sale (including credit card proceeds) shall be deposited into the Agency Accounts. (b) During the period between the Sale Commencement Date and the date (if any) Agent designates the Agency Accounts, all Proceeds of the Sale (including credit card proceeds), shall be collected by Agent and deposited on a daily basis into Merchant's existing depository accounts designated by Merchant for the Stores, and are which accounts shall be designated solely for the deposit of Proceeds of the Sale (including credit card proceeds), and the disbursement of amounts payable by Agent hereunderhereunder (the “Designated Deposit Accounts”). Commencing on the first business day following Closing and the issuance of the Expense L/C, Payment Date and on each business day thereafter (or as soon thereafter as is practicable)thereafter, Merchant shall promptly pay to Agent by wire funds transfer all collected funds constituting Proceeds deposited in such accounts (but not any other funds, including, without limitation, any proceeds of Merchant's inventory sold prior to into the Sale Commencement Date). During this interim period, Agent shall control the Proceeds of the Sale, and Fleet shall not take any action with respect to such Proceeds, which shall inure solely for the benefit of Agent, subject to only Agent's payment obligations hereunderDesignated Deposit Accounts.

Control of Proceeds. (ai) Within twenty-one seven (217) business days after the Sale Commencement Date, Agent shall establish its own accounts, dedicated solely for the deposit of the Proceeds and the disbursement of amounts payable to Agent hereunder (the "“Agency Accounts"”) and Merchant shall promptly upon Agent's ’s request execute and deliver all necessary documents to open and maintain the Agency Accounts. Agent shall exercise sole signatory authority and control with respect to the Agency Accounts; provided provided, however, upon request, Agent shall promptly deliver to Merchant copies of all bank statements and other information relating to the Agency Accountssuch accounts. Merchant shall not be responsible for and Agent shall pay as an Expense hereunder, all bank fee and charges, including wire transfer charges, related to the Agency Accounts, whether received during or after the Sale Term. Upon Agent's ’s designation of the Agency Accounts, all Proceeds of the Sale (including credit card proceeds) shall be deposited into the Agency Accounts. (bii) During the period between the Sale Commencement Date and the date Agent designates the Agency Accounts, all Proceeds of the Sale (including credit card proceeds), shall be collected by Agent and deposited on a daily basis into Merchant's existing depository accounts designated by Merchant for the Closing Stores, and are which accounts shall be designated solely for the deposit of Proceeds of the Sale (including credit card proceeds), and the disbursement of amounts payable by Agent hereunderhereunder (the “Designated Deposit Accounts”). Commencing on the first business day following Closing the payment of the Initial Guaranty Amount and the issuance posting of the Expense Guaranty L/C, and on each business day thereafter (or as soon thereafter as is practicable), Merchant shall promptly pay to Agent by wire funds transfer all collected funds constituting Proceeds deposited in such accounts into the Designated Deposit Accounts (but not any other funds, including, without limitation, any proceeds of Merchant's ’s inventory sold prior to the Sale Commencement Date). During this interim period, Agent shall control the Proceeds of the Sale, and Fleet shall not take any action with respect to such Proceeds, which shall inure solely for the benefit of Agent, subject to only Agent's payment obligations hereunder.