Segregation of Proceeds Clause Samples

Segregation of Proceeds. (1) The Bank shall have the right at any time (regardless of whether or not a Default shall have occurred) to cause to be opened and maintained at the principal office of the Bank a non-interest bearing bank account (the "Cash Collateral Account") which will contain only Proceeds. Any cash proceeds (as such term is defined in Section 8.9A-102(a)(9) of the UCC) received by the Bank from the Borrower pursuant to paragraph (2) of this subsection (D), whether consisting of checks, notes, drafts, bills of exchange, money orders, commercial paper or other Proceeds received on account of any Collateral, shall be promptly deposited in the Cash Collateral Account, and until so deposited shall be held in trust for and as the Bank's property and shall not be commingled with any funds of the Borrower not constituting Proceeds of Collateral. The name in which the Cash Collateral Account is carried shall clearly indicate that the funds deposited therein are the property of the Borrower, subject to the security interest of the Bank hereunder. Such Proceeds, when deposited, shall continue to be security for the Obligations and shall not constitute payment thereof until applied as hereinafter provided. The Bank shall have sole dominion and control over the funds deposited in the Cash Collateral Account, and such funds may be withdrawn therefrom only by the Bank; provided, however, that until a Default shall occur, all collected funds on deposit in the Cash Collateral Account, or so much thereof as is not required to make payment of the Obligations which have become due and payable, shall be withdrawn by the Bank on the Business Day next following the day on which the Bank considers the funds deposited therein to be collected funds and disbursed to the Borrower or its order. (2) Upon notice by the Bank to the Borrower that the Cash Collateral Account has been opened, the Borrower shall cause all cash Proceeds collected by it pursuant to paragraph (1), above, to be delivered to the Bank forthwith upon receipt, in the original form in which received (with such indorsements or assignments as may be necessary to permit collection thereof by the Bank), and for such purpose the Borrower hereby irrevocably authorizes and empowers the Bank, its officers, employees and authorized agents to indorse and sign the name of the Borrower on all checks, drafts, money orders or other media of payment so delivered, and such indorsements or assignments shall, for all purposes, be deemed to hav...

Segregation of Proceeds. The Escrowed Funds received by the Escrow Agent and any securities or other instruments received by the Escrow Agent upon the investment or reinvestment of such Escrowed Funds, shall be received as agent for, and shall be segregated and kept apart by the Escrow Agent as agent for, the Receiptholders and the Underwriters.

Segregation of Proceeds. The Escrowed Funds received by the Subscription Receipt Agent and any securities or other instruments received by the Subscription Receipt Agent upon the investment or reinvestment of such Escrowed Funds, shall be received as agent for, and shall be segregated and kept apart by the Subscription Receipt Agent as agent for the benefit of the Receiptholders, the Corporation or the Agent, as the case may be, and the delivery of the Escrowed Funds to the Subscription Receipt Agent shall not give rise to a debtor-creditor or other similar relationship between the Subscription Receipt Agent, the Receiptholders, the Corporation or the Agent, as the case may be.

Segregation of Proceeds. 12 SECTION 6. SURVIVAL ON DEFEASANCE OR OTHER PAYMENT.................. 12 SECTION 7. PRIVATE ACTIVITY BOND REQUIREMENTS....................... 12 (a) Notice................................................... 12 (d)

Segregation of Proceeds. In order to perform the calculations required by the Code, it is necessary to separately account for all of the Gross Proceeds and each specific investment acquired therewith. To that end, the Authority, the Company and the Lessee agree to establish separate sub-accounts or to take other accounting measures in order to account fully and with specificity for all Gross Proceeds and each investment acquired therewith.

Segregation of Proceeds. (a) The Escrowed Funds received by the Subscription Receipt Agent and any other securities or other investments received by the Subscription Receipt Agent on the investment or reinvestment of such Escrowed Funds, shall be received by the Subscription Receipt Agent solely as agent and bailee on behalf of the Receiptholders, and shall be segregated and kept apart by the Subscription Receipt Agent from any assets of the Subscription Receipt Agent or held by the Subscription Receipt Agent for Persons who are not Parties. (b) The Escrowed Underwriters’ Funds received by the Subscription Receipt Agent and any other securities or other investments received by the Subscription Receipt Agent on the investment or reinvestment of such Escrowed Underwriters’ Funds, shall be received by the Subscription Receipt Agent solely as agent and bailee on behalf of the Corporation, and shall be segregated and kept apart by the Subscription Receipt Agent from any assets of the Subscription Receipt Agent or held by the Subscription Receipt Agent for Persons who are not Parties.

Segregation of Proceeds. The Escrowed Funds received by the Subscription Receipt Agent and any securities or other instruments received by the Subscription Receipt Agent upon the investment or reinvestment of such Escrowed Funds, shall be received as agent and in trust for, and shall be segregated and kept apart by the Subscription Receipt Agent as agent for, (a) up and until such time as the Corporation delivers the Closing Notice and the Irrevocable Direction in accordance with Section 3.2, the Receiptholders, (b) following delivery of the Closing Notice and the Irrevocable Direction in accordance with Section 3.2, the Underwriters and the Corporation, as applicable, in accordance with their entitlements hereunder as set out in Section 3.2.

Segregation of Proceeds. In order to perform the calculations required by the Code, it is necessary to track separately all of the Gross Proceeds. To that end. the Governmental Lender and the Born)\vcr shall cause to be established separate subaccounts or shall cause the Funding Lender to take such other accounting measures as arc necessary in order to account fully for all Gross Proceeds.

Segregation of Proceeds. ‌ The Escrowed Proceeds received by the Subscription Receipt Agent and any securities or other instruments received by the Subscription Receipt Agent upon the investment or reinvestment of such Escrowed Proceeds, shall be received as agent for, and shall be segregated and kept apart by the Subscription Receipt Agent as agent for the benefit of the Receiptholders, the Corporation or the Joint Bookrunners, on behalf of the Agents, as the case may be, and the delivery of the Escrowed Proceeds to the Subscription Receipt Agent shall not give rise to a debtor-creditor or other similar relationship between the Subscription Receipt Agent, the Receiptholders, the Corporation or the Joint Bookrunners, on behalf of the Agents, as the case may be.