Common use of Deposits Into Accounts Clause in Contracts

Deposits Into Accounts. The Borrowers and Manager represent, warrant and covenant that: (a) Pursuant to the Deposit Account Control Agreement, all available funds on deposit in the Deposit Account shall be deposited by the Deposit Bank into the Central Account by wire transfer (or transfer via the ACH System) on each Business Day. (b) If, notwithstanding the provisions of this Section 2.2, the Borrowers or Manager receives any Receipts from any Site, or any Extraordinary Receipts, then (i) such amounts shall be deemed to be Collateral and shall be held in trust for the benefit, and as the property, of Lender and applied pursuant to the terms of this Agreement, (ii) such amounts shall not be commingled with any other funds or property of the Borrowers or Manager, and (iii) the Borrowers or Manager shall deposit such amounts in the Deposit Account by the next succeeding Business Day after the Receipts or Extraordinary Receipts are identified, and in no event more than five (5) Business Days of receipt. Provided no Event of Default has occurred and is then continuing, Extraordinary Receipts shall be held and applied in accordance with Section 3.3 hereof.