Establishment of Collection Accounts Clause Samples
Establishment of Collection Accounts. (a) Prior to the first Payment Date on which amounts will be due and payable pursuant to Section 10.2 of the Credit and Security Agreement to a party other than AmeriCredit (in its capacity as Servicer, as Lender or otherwise) the Collateral Agent, on behalf of the Lender, shall establish and maintain in its own name an Eligible Deposit Account (the “Lending Facility Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Collateral Agent on behalf of the Lender. Prior to the establishment of such Lending Facility Collection Account, all amounts required to be deposited thereto shall instead be deposited with or at the direction of the Servicer, for further application by the Servicer in accordance with the terms hereof. The Collateral Agent will also establish an Exchange Note Collection Account pursuant to each Servicing Supplement that will relate to the related Designated Pool and Exchange Note. Each Collection Account shall initially be established with the Collateral Agent.
(b) Unless otherwise specified in the related Servicing Supplement with respect to an Exchange Note Collection Account, funds on deposit in the Collection Accounts shall be invested by the Collateral Agent (or any custodian with respect to funds on deposit in any such account) in Permitted Investments selected in writing by the Servicer (pursuant to standing instructions or otherwise). All such Permitted Investments shall be held by or on behalf of the Collateral Agent for the benefit of the related Secured Party. Funds on deposit in any Trust Account shall be invested in Permitted Investments that will mature so that such funds will be available at the close of business on the Business Day immediately preceding the following Payment Date. All Permitted Investments will be held to maturity. The Servicer acknowledges that upon its written request and at no additional cost, it has the right to receive notification after the completion of each such investment or the Collateral Agent’s receipt of a broker’s confirmation. The Servicer agrees that such notifications will not be provided by the Collateral Trustee hereunder, and the Collateral Trustee shall make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity. No statement need be made available if no activity has occurred in the relevant Account during such period.
(c) All Investment Earnings of ...
Establishment of Collection Accounts. (a) (i) In accordance with the provisions of the Operating Lease, Operating Company established and is currently maintaining (and will maintain throughout the term of the Mortgage Loan) for the benefit of Mortgage Borrower, as lessor under each Operating Lease, the Collection Accounts with Collection Banks and (ii) the rights of Mortgage Borrower (as landlord) under the Operating Lease have been collaterally assigned to Collateral Agent (as such term is defined in the Mortgage Loan Agreement (“Mortgage Loan Collateral Agent”)) (for the benefit of Mortgage Lender). All Revenues, other than amounts retained on-site by each Operating Company as a Gaming Operating Reserve and amounts collected and maintained in Off-Shore Accounts, shall be deposited in the Collection Accounts (whether by Operating Company or by Manager).
(b) Borrower hereby represents and warrants as follows: the Collection Accounts and the Borrower Deposit Account are the only accounts maintained by Operating Company or Mortgage Borrower in any jurisdiction that include funds arising out of, or are otherwise attributable to, the Properties or relate to the operation and management of any of the Properties other than accounts (collectively, the “OC Accounts”) that contain amounts theretofore released from Collection Accounts in accordance herewith, and other than Off-Shore Accounts, which shall not be subject to this Agreement); and, other than the Borrower Deposit Account, none of Borrower, Senior Mezzanine Borrower and/or Mortgage Borrower maintains any accounts that include funds arising out of, or are otherwise attributable to, any of the Properties or relate to the operation and management of any of the Properties or otherwise (except for accounts containing funds released from the Collection Accounts as herein provided and the Off-Shore Accounts). Borrower shall not (and Borrower shall not permit Operating Company, Mortgage Borrower or Senior Mezzanine Borrower to), without the prior consent of Lender (not to be unreasonably withheld, conditioned or delayed), open any accounts or new accounts or in any way alter the flow of funds and payment into the Borrower Deposit Account and/or the Collection Accounts, including, without limitation, changing the source, type or currency of any payments currently deposited and maintained in any such account (it being understood that the foregoing restriction shall not preclude Operating Company, Borrower, Senior Mezzanine Borrower or Mortgage Borrower...
Establishment of Collection Accounts. As of the Series 2020-1 Closing Date, the Trustee has established (i) two (2) segregated trust accounts denominated in U.S. Dollars designated as the “U.S. Collection Account” in the name of the Trustee for the benefit of the Secured Parties (x) one of which will hold U.S. Collections (the “Issuer U.S. Collection Account for U.S. Collections”) and (y) the other of which will hold any Canadian Allocation and Shortfall Payment Amount and any other Canadian Collections denominated in U.S. Dollars (the “Canadian Co-Issuer U.S. Collection Account for the Canadian Allocation and Shortfall Payment Amount”) and (ii) one (1) segregated trust accounts denominated in Canadian Dollars designated as the “Canadian Co-Issuer Canadian Collection Account for Canadian Collections” in the name of the Trustee for the benefit of the Secured Parties which will hold Canadian Collections (including any Canadian Allocation and Shortfall Payment Amount that will not be settled in U.S. Dollars). On or after the Series 2020-1 Closing Date, the Trustee shall establish, maintain, and administer one (1) segregated trust account denominated in Canadian Dollars which will hold any Canadian Dollar-denominated U.S. Shortfall Payment Amount. The Collection Accounts shall be Eligible Accounts.
Establishment of Collection Accounts. On or prior to the date hereof, the Borrower has and has caused each of its Subsidiaries to enter into and the Borrower shall and shall cause each of its Subsidiaries thereafter to maintain cash collection account arrangements and/or similar arrangements for the concentration of their collection of Receivables included in the Collateral and other proceeds of Collateral into one or more Collection Accounts, in form and substance reasonably acceptable to the Collateral Agent, and in connection with such arrangements, the Borrower shall have entered into and shall thereafter maintain and shall cause its Subsidiaries to enter into and thereafter maintain in effect Collection Account Agreements for each of such Collection Accounts. Notwithstanding the foregoing, the Borrower and its Subsidiaries shall be permitted to maintain deposit accounts for the collection of Receivables which consist of minimum balance accounts subject to established arrangements pursuant to which the amounts on deposit in such accounts (other than a minimum balance of up to $5,000 per account which is permitted to remain therein) are automatically transferred (on a periodic basis acceptable to the Collateral Agent) to concentration accounts which are Collection Accounts and subject to a Collection Account Agreement (the "PERMITTED SWEEP ACCOUNTS"). On or prior to the date hereof, the Borrower has and has caused its Subsidiaries to put in place arrangements so that their account debtors directly remit all payments on accounts receivable to the Collection Accounts or Permitted Sweep Accounts. Any collections received by the Borrower or any Subsidiary and not deposited in the Collection Accounts or Permitted Sweep Accounts, shall be deemed to have been received by the Borrower or such Subsidiary as the Collateral Agent's trustee and, upon the receipt thereof, the Borrower or shall transfer or cause the Subsidiary, as applicable, to transfer promptly all such amounts into a Collection Account or Permitted Sweep Account in their original form. All deposits in any Collection Account shall be remitted to the Borrower, its Subsidiaries, the Collateral Agent or as the Collateral Agent may direct, all in accordance with the provisions of the Collection Account Agreements.
Establishment of Collection Accounts. On or prior to the date that is thirty (30) days after the Closing Date, the Borrower shall have entered into and shall thereafter maintain lock-box services agreements, cash collection account arrangements and/or similar arrangements for the collection of Receivables included in the Collateral and other proceeds of Collateral into one or more Collection Accounts, in form and substance reasonably acceptable to the Agent, and in connection with such arrangements, the Borrowers shall have entered into and shall thereafter maintain in effect Collection Account Agreements for each of such -39- 47
Establishment of Collection Accounts. Sanmina Hungary has established with the Administrative Agent in New York City special cash collateral accounts numbers ▇▇▇▇▇▇▇▇, entitled "Sanmina Hungary Tranche B Collection Account", and ▇▇▇▇▇▇▇▇, entitled "Sanmina Hungary Tranche D Collection Account", to be managed by the Administrative Agent and subject to the exclusive dominion and control of the Administrative Agent (collectively, the "Sanmina Hungary Collection Accounts"). Sanmina Mexico has established with the Administrative Agent in New York City special cash collateral accounts numbers ▇▇▇▇▇▇▇▇ entitled "Sanmina Mexico Tranche A Collection Account", ▇▇▇▇▇▇▇▇, entitled "Sanmina Mexico Tranche B Collection Account" and ▇▇▇▇▇▇▇▇, entitled "Sanmina Mexico Tranche C Collection Account", to be managed by the Administrative Agent and subject to the exclusive dominion and control of the Administrative Agent (collectively, the "Sanmina Mexico Collection Accounts") (the Sanmina-Hungary Collection Accounts and the Sanmina-Mexico Collection Accounts are referred to collectively as the "Collection Accounts" and individually as a "Collection Account"). The Administrative Agent shall maintain the Collection Accounts as control accounts of the Administrative Agent for the benefit of the Secured Parties (as hereinafter defined) and subject to the first priority security interest of the Administrative Agent on behalf of itself and the Purchasers as provided in the Collateral Assignment Agreement. All payments to be made by any Eligible Buyer in respect of a Scheduled Receivable shall be made directly to the applicable Collection Account, for transfer to the applicable Payment Account in accordance with Sections 6.3 and 6.4 of the Purchase Agreement. All monies deposited in the Sanmina Hungary Tranche A Collection Account and the Sanmina Mexico Tranche A Collection Account and all proceeds of any collection or realization of all or any part of the Tranche A Collateral shall be held or deposited in such Collection Accounts as security for the Tranche A Obligations. All monies deposited in the Sanmina Hungary Tranche B Collection Account and the Sanmina Mexico Tranche B Collection Account and all proceeds of any collection or realization of all or any part of the Tranche B Collateral shall be held or deposited in such Collection Accounts as security for the Tranche B Obligations. All monies deposited in the Sanmina Mexico Tranche C Collection Account and all proceeds of any collection or realization of all or any...
Establishment of Collection Accounts. Except to the extent that the proceeds of any of the accounts receivable of the Brightstar Parties and any other Collateral is required to be deposited in a Blocked Account pursuant to (and as that term is defined in) the PNC Credit Agreement, all such proceeds shall be deposited by the Brightstar Parties into deposit accounts (collectively, "Collection Accounts") established at a bank or banks (each such bank, a "Collection Account Bank") pursuant to an arrangement with such Collection Account Bank as may be selected by the Brightstar Parties and be acceptable to Motorola. The relevant Brightstar Parties, Motorola and each Collection Account Bank shall enter into a deposit account control agreement in form and substance satisfactory to Motorola (including a waiver or subordination of any Lien or offset right by the Collection Account Bank) with respect to each Collection Account pursuant to which Motorola will acquire "control" of such Collection Account within the meaning of Article 9 of the Uniform Commercial Code or the equivalent under other applicable law. To the extent that the proceeds of any accounts receivable of the Brightstar Parties or other Collateral are required to be deposited in a Blocked Account under (and as that term is defined in) the PNC Credit Agreement, the Brightstar Parties shall take whatever steps are necessary for Motorola to have "control" over such Blocked Account along with the Agent.
Establishment of Collection Accounts and the Collection Concentration Accounts; Authority of the Trustee in Respect of the Collection Accounts and the Collection Concentration Accounts and
Establishment of Collection Accounts. 24 Section 3.04 Establishment of Bond Distribution Account..............24 Section 3.05 Establishment of Certificate Distribution Account....
Establishment of Collection Accounts. (a) Prior to the Closing Date, the Servicer shall open an account, which may be with the Servicer or the Bank, in the name of WFSRC2 (the "Collection Account"), bearing a designation clearly indicating that the funds deposited in or credited to such account are held for the benefit of WFSRC2. The Collection Account shall relate solely to the Contracts. The Servicer shall give WFSRC2 at least five Business Days' written notice of any change in the location of the Collection Account and any related account identification information. All monies deposited in or credited to, from time to time, the Collection Account shall be the property of WFSRC2.
(b) WFSRC2 shall possess all right, title and interest in all funds on deposit from time to time in the Collection Account and in all proceeds thereof (including all income thereon) and all such funds, investments, proceeds and income shall be property of WFSRC2. The Servicer shall have the power, revocable by WFSRC2, to make withdrawals and payments from the Collection Account for the purpose of permitting the Servicer to carry out its duties hereunder.