Establishment and Maintenance of Lockbox and Trust Accounts Sample Clauses

Establishment and Maintenance of Lockbox and Trust Accounts. The Administrator shall cause to be established and maintained at all times a lockbox
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Establishment and Maintenance of Lockbox and Trust Accounts. The Administrator shall cause to be established and maintained at all times a lockbox and related account (the "Lockbox" and the "Lockbox Account") in the name of the Servicer, as custodian for the Administrator and the Trustee, or in the name of the Trustee. The Administrator agrees to cause the Lockbox Bank to sweep funds from the Lockbox Account to the Collection Account at least once each week. The Administrator agrees to require, and to cause the Servicer to require, that all payments by Obligors on Specified Auto Loans be made to the Lockbox. Only payments on Specified Auto Loans will be received in the Collection Account and no other funds other than funds in which the Trustee has an interest hereunder will be commingled therein. In addition, concurrently with the execution and delivery hereof, the Trustee shall establish the following segregated accounts entitled (a) the "AutoBond Master Funding Corporation -- Loan Purchase Account, Norwest Bank Minnesota, National Association, as Trustee" (the "Loan Purchase Account"); (b) the "AutoBond Master Funding Corporation -- Variable Funding, Series A Collection Account, Norwest Bank Minnesota, National Association, as Trustee" (the "Collection Account"); and (c) the "AutoBond Funding Corporation -- Variable Funding, Series A Reserve Account, Norwest Bank Minnesota, National Association, as Trustee" (the "Cash Reserve Account"). The Loan Purchase Account, the Collection Account and the Cash Reserve Account are sometimes collectively referred to in this Article 13 as the "Trust Accounts".
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Establishment and Maintenance of Lockbox and Trust Accounts. The Administrator shall cause to be established and maintained at all times a lockbox and related account (the "Lockbox" and the "Lockbox Account") in the name of the Trustee. The Administrator agrees to cause the Lockbox Bank to sweep funds, daily, from the Lockbox Account to the Lender Collection Account if the Initial Lender is the sole Noteholder (or with the consent of the sole Noteholder if not the Initial Lender), and otherwise to the Collection Account. The Administrator agrees to require, and to cause the Servicer to require, that all payments by Obligors on Specified Auto Loans be made to the Lockbox. Only payments on Specified Auto Loans will be received in the Collection Account and no other funds other than funds in which the Trustee has an interest hereunder will be commingled therein. In addition, concurrently with the execution and delivery hereof, the Trustee shall establish the following segregated accounts entitled (a) the "AutoBond Master Funding Corporation V -- Loan Purchase Account, Dynex Capital, Inc., as Trustee" (the "Loan Purchase Account"); and (b) the "AutoBond Master Funding Corporation V -- Collection Account, Dynex Capital, Inc., as Trustee" (the "Funding Notes 69 Collection Account"). The Loan Purchase Account and the Collection Account are sometimes collectively referred to in this Article 13 as the "Funding Notes Trust Accounts".
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Related to Establishment and Maintenance of Lockbox and Trust Accounts

  • Maintenance of Dominion Account Borrowers shall maintain Dominion Accounts pursuant to lockbox or other arrangements acceptable to Agent. Borrowers shall obtain an agreement (in form and substance satisfactory to Agent) from each lockbox servicer and Dominion Account bank, establishing Agent’s control over and Lien in the lockbox or Dominion Account, which may be exercised by Agent during any Sweep Trigger Period, requiring immediate deposit of all remittances received in the lockbox to a Dominion Account, and waiving offset rights of such servicer or bank, except for customary administrative charges. If a Dominion Account is not maintained with Bank of America, Agent may, during any Sweep Trigger Period, require immediate transfer of all funds in such account to a Dominion Account maintained with Bank of America. Agent and Lenders assume no responsibility to Borrowers for any lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank.

  • Establishment and Maintenance of Records GRANTEE shall maintain records, including but not limited to, books, financial records, supporting documents, statistical records, personnel, property, and all other pertinent records sufficient to reflect properly: a. All direct and indirect costs of whatever nature claimed to have been incurred and anticipated to be incurred in the performance of this AGREEMENT; and b. All other matters covered by this AGREEMENT. Such records shall be maintained in accordance with requirements now or hereafter prescribed by the CITY.

  • Establishment of Collateral Accounts Securities Intermediary acknowledges and agrees that: (i) it has established and is maintaining on its books and records the accounts identified on the attached Schedule 1 (each such account, together with any replacements thereof or substitutions therefor, the “Collateral Account” and such accounts, collectively, the “Collateral Accounts”) in the name of the Borrower; (ii) each Collateral Account is a “securities account” (within the meaning of Section 8-501(a) of the UCC) in respect of which Securities Intermediary is a “securities intermediary” (within the meaning of Section 8-102(a)(14) of the UCC and, with respect to any Book-Entry Security, within the meaning of Federal Book-Entry Regulations) and the Security Agent is the “entitlement holder” (within the meaning of Section 8-102(a)(7) of the UCC); provided, however, that if, notwithstanding the intention of the parties hereto, all or any portion of the Collateral Account is determined to be a “deposit account” (within the meaning of Section 9-102 of the UCC) rather than a “securities account,” then the Securities Intermediary represents, warrants, covenants and agrees that it is a “bank” (as defined in Section 9-102(a)(8) of the UCC) and will treat the Borrower as its customer (within the meaning of Section 9-104(a)(3) of the UCC) with respect to the Collateral Accounts (or portion thereof); (iii) all property delivered, or to be delivered, to Securities Intermediary pursuant to this Agreement is, and will be, promptly credited to the Collateral Accounts; (iv) it does not know of any claim to or interest in any Collateral Account or any assets or funds therein, except for claims and interests of the parties to this Agreement as set forth herein; and (v) it shall not change the name or account number of any Collateral Account without the prior written consent of the Security Agent. Except as provided in Section 2(b), Securities Intermediary agrees that it shall not take “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) or “instructions” (within the meaning of Section 9-104(a)(2) of the UCC) with respect to the Collateral Accounts or any assets or funds therein from any Person other than the Security Agent.

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6 hereof.

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that: (a) the Securities Intermediary has established the Collateral Account; (b) the Collateral Account is a securities account; (c) subject to the terms of this Agreement, the Securities Intermediary shall identify in its records the Collateral Agent as the entitlement holder entitled to exercise the rights that comprise any financial asset credited to the Collateral Account; (d) all property delivered to the Securities Intermediary pursuant to this Agreement, including any Applicable Ownership Interests in the Treasury Portfolio or Treasury Securities and the Permitted Investments, will be credited promptly to the Collateral Account; and (e) all securities or other property underlying any financial assets credited to the Collateral Account shall be (i) registered in the name of the Purchase Contract Agent and indorsed to the Securities Intermediary or in blank, (ii) registered in the name of the Securities Intermediary or (iii) credited to another securities account maintained in the name of the Securities Intermediary. In no case will any financial asset credited to the Collateral Account be registered in the name of the Purchase Contract Agent (in its capacity as such) or any Holder or specially indorsed to the Purchase Contract Agent (in its capacity as such) or any Holder, unless such financial asset has been further indorsed to the Securities Intermediary or in blank.