Exception Account Conditions definition
Exception Account Conditions means, as of any date of determination, the satisfaction of each of the following: (a) no Termination Event has occurred and is continuing, (b) all Collections on Pool Receivables received in any Exception Account are then being swept directly to a Collection Account no later than one (1) Business Day following receipt and identification thereof pursuant to a zero account balance arrangement or an automatic daily sweep arrangement established with PNC, (c) each Exception Account is maintained at PNC and subject to a Lock-Box Agreement in favor of the Administrator, (d) no Exception Account is subject to any account control agreement or similar agreement granting (or purporting to grant) any Person (other than the Administrator) “control” (as defined in Section 9-104 of the UCC) over such Exception Account and (e) no amounts other than Collections on Receivables the Obligor of which is Hyundai Steel Company or another Obligor approved in writing by the Administrator in its sole discretion are being deposited in any Exception Account.
Exception Account Conditions means, as of any date of determination, the satisfaction of each of the following: (a) no Termination Event has occurred and is continuing, (b) all Collections on Pool Receivables received in any Exception Account are then being swept directly to a Collection Account no later than two (2) Business Day following receipt and identification thereof, (c) each Exception Account is located in the United States of America, (d) no Exception Account is subject to any account control agreement or similar agreement granting (or purporting to grant) any Person “control” (as defined in Section 9-104 of the UCC) over such Exception Account, (e) the related deposit account bank with respect to any Exception Account is not then exercising any setoff rights against any amounts on deposit in such Exception Account, (f) such date of determination is prior to June 30, 2021 (or such later date agreed to by the Administrator in writing in its sole discretion), (g) (i) Vistra Parent maintains (x) a long-term local issuer credit rating from Standard & Poor’s and (y) a long-term corporate family rating from Moody’s and (ii) each such rating is not less than the applicable rating assigned by such rating agency as of December 21, 2020 and (h) no Obligor that has been instructed to make payments to a Collection Account as of December 21, 2020 has received subsequent instructions to remit payments to an Exception Account.
Exception Account Conditions means (a) with respect to the Frost Bank Lock-Box Account, the Frost Bank Conditions, (b) with respect to the Anixter Originator Accounts, the Anixter Originator Account Conditions[reserved] and (c) with respect to each other Exception Account, (i) the amount of Collections received in (A) such Exception Account during each calendar month does not exceed $10,000,000 (or such other amounts agreed to in writing by the Administrator, provided, however that such higher amount shall not exceed $20,000,000 unless agreed to in writing by the Majority Purchasers) and (B) all such Exception Accounts under this clause (c), in the aggregate, during each calendar month does not exceed $15,000,000 (or such other amounts agreed to in writing by the Administrator, provided, however that such higher amount shall not exceed $30,000,000 unless agreed to in writing by the Majority Purchasers), (ii) no Termination Event has occurred and is continuing and (iii) all Collections received in such Exception Account are being automatically transferred directly to a Lock-Box Account (other than an Exception Account) no later than two (2) Business Day following receipt thereof.
Examples of Exception Account Conditions in a sentence
Except as otherwise agreed to in writing by the Administrator and the Majority Purchasers, each Lock-Box Account shall at all times be subject to a Lock-Box Agreement; provided, however, that so long as the Exception Account Conditions are then satisfied with respect to an Exception Account, such Exception Account need not be subject to a Lock-Box Agreement.
The Seller hereby directs the Servicer to instruct all Obligors to make payments of all Pool Receivables to (A) one or more Collection Accounts or Lock-Boxes or Payment Processors or (B) so long as each of the Exception Account Conditions are satisfied, an Exception Account.
The Servicer will at all times instruct all Obligors to deliver payments on the Pool Receivables to (A) a Lock-Box Account or (B) so long as each of the Exception Account Conditions are then satisfied, an Exception Account.
The Seller will, and will cause each Originator and the Transferor to, at all times instruct all Obligors to deliver payments on the Pool Receivables to (A) a Lock-Box Account or (B) so long as each of the Exception Account Conditions are then satisfied, an Exception Account.
Each Originator (or the Servicer on its behalf) shall remit all collections received in any HSBC Exception Account directly to a Collection Account no later than one (1) Business Day following receipt thereof; provided, however, that so long as each of the HSBC Exception Account Conditions are then satisfied, no Centric-BCBG Retail Collections received in any HSBC Exception Account shall be required to be remitted to a Collection Account unless requested by the Administrative Agent in writing.
More Definitions of Exception Account Conditions
Exception Account Conditions means (a) [reserved], (b) [reserved] and (c) with respect to each other Exception Account, (i) the amount of Collections received in (A) such Exception Account during each calendar month does not exceed $10,000,000 (or such other amounts agreed to in writing by the Administrator, provided, however that such higher amount shall not exceed $20,000,000 unless agreed to in writing by the Majority Purchasers) and (B) all such Exception Accounts under this clause (c), in the aggregate, during each calendar month does not exceed $15,000,000 (or such other amounts agreed to in writing by the Administrator, provided, however that such higher amount shall not exceed $30,000,000 unless agreed to in writing by the Majority Purchasers), (ii) no Termination Event has occurred and is continuing and (iii) all Collections received in such Exception Account are being automatically transferred directly to a Lock-Box Account (other than an Exception Account) no later than two (2) Business Day following receipt thereof.
Exception Account Conditions set forth in Exhibit I to the Agreement is replaced in its entirety with the following: “Exception Account Conditions” means (a) with respect to the Frost Bank Lock-Box Account, the Frost Bank Conditions, (b) with respect to the TD Special Account, the TD Special Account Conditions and (c) with respect to each other Exception Account, (i) the amount of Collections received in (A) such Exception Account during each calendar month does not exceed $10,000,000 and (B) all Exception Accounts, in
Exception Account Conditions means (a) with respect to the Frost Bank Lock-Box Account, the Frost Bank Conditions, (b) [reserved] and (c) with respect to each other Exception Account, (i) the amount of Collections received in (A) such Exception Account during each calendar month does not exceed $10,000,000 (or such other amounts agreed to in writing by the Administrator, provided, however that such higher amount shall not exceed $20,000,000 unless agreed to in writing by the Majority Purchasers) and (B) all such Exception Accounts under this clause (c), in the aggregate, during each calendar month does not exceed $15,000,000 (or such other amounts agreed to in writing by the Administrator, provided, however that such higher amount shall not exceed $30,000,000 unless agreed to in writing by the Majority Purchasers), (ii) no Termination Event has occurred and is continuing and (iii) all Collections received in such Exception Account are being automatically transferred directly to a Lock-Box Account (other than an Exception Account) no later than two (2) Business Day following receipt thereof.
Exception Account Conditions set forth in Exhibit I of the Agreement is hereby amended in its entirety by amending and restating it as follows:
Exception Account Conditions means, as of any date of determination, the satisfaction of each of the following: (a) no Termination Event has occurred and is continuing, (b) all Collections on Pool Receivables received in any Exception Account are then being swept directly to a Collection Account no later than two (2) Business Day following receipt and identification thereof, (c) each Exception Account is located in the United States of America, (d) no Exception Account is subject to any account control agreement or similar agreement granting (or purporting to grant) any Person “control” (as defined in Section 9-104 of the UCC) over such Exception Account, (e) the related deposit account bank with respect to any Exception Account is not then
Exception Account Conditions means (a) with respect to the Frost Bank Lock-Box Account, the Frost Bank Conditions, (b) with respect to the TD Special Account, the TD Special Account Conditions and (c) with respect to each other Exception Account, (i) the amount of Collections received in (A) such Exception Account during each calendar month does not exceed $10,000,000 and (B) all Exception Accounts, in the aggregate, during each calendar month does not exceed $15,000,000, (ii) no Termination Event has occurred and is continuing and (iii) all Collections received in such Exception Account are being automatically transferred directly to a Lock-Box Account (other than an Exception Account) no later than one (1) Business Day following receipt thereof.
Exception Account Conditions means (i) no Event of Default or Unmatured Event of Default has occurred and is continuing and (ii) except to the extent waived in writing by the Administrative Agent, (a) all Collections received in the Exception Account maintained at KeyBank, N.A. are then being swept to the Exception Account maintained at ▇▇▇▇▇ Fargo Bank, N.A. no later than one (1) Business Day following receipt thereof and (b) all Collections in the Exception Account maintained at ▇▇▇▇▇ Fargo Bank, N.A. are being transferred directly to a Lock-Box Account no later than five (5) Business Days following receipt thereof.