Borrower Accounts. (a) On or prior to the Effective Date, the Collateral Manager shall establish the Collection Account, the Funding Account and the Security Deposit Collection Account, each in the name of the Administrative Agent for the benefit of the Secured Parties. The Collection Account, the Funding Account and the Security Deposit Collection Account shall each be an Eligible Account which is a segregated trust account initially established with Deutsche Bank Trust Company Americas. If at any time the Collection Account, the Funding Account or the Security Deposit Collection Account ceases to be an Eligible Account, the Administrative Agent (with notice to the Collateral Manager) shall transfer such account to another institution such that such account shall meet the requirements of an Eligible Account. The Collection Account, the Funding Account and the Security Deposit Collection Account are listed on Schedule 8.1.
(b) On or prior to the Effective Date, the Collateral Manager shall establish the Operating Account in the name of the Administrative Agent for the benefit of the Secured Parties. The Operating Account is a segregated deposit account initially established with U.S. Bank National Association.
(c) All amounts held in the Collection Account, the Lockbox Accounts, the Funding Account and the Security Deposit Collection Account (collectively, the “Borrower Accounts”), shall, to the extent permitted by Applicable Laws, be invested at the written direction of the Administrative Agent, acting pursuant to the direction of the Collateral Manager, in Permitted Investments that mature not later than one Business Day prior to the Distribution Date for the Collection Period to which such amounts relate. Any such written direction shall certify that any such investment is authorized by this Section 8.1. Investments in Permitted Investments shall be made in the name of the Administrative Agent on behalf of the Secured Parties, and, except as specifically required below, such investments shall not be sold or disposed of prior to their maturity. If the Collateral Manager fails to provide such direction, such amounts shall be invested in investments described in clause (f) of the definition of Permitted Investments. The taxpayer identification number associated with each Borrower Account shall be that of the Borrower and the Borrower shall report for Federal, state and local income tax purposes, the income, if any, represented by each Borrower Account. If any amounts are nee...
Borrower Accounts. All payments for goods or property sold or leased or for services rendered arising from the operation of the Land and the Improvements, whether or not yet earned by performance, and not evidenced by an instrument or chattel paper;
Borrower Accounts. Each Loan made to a Borrower shall be made to its applicable payment account specified on Exhibit L or such other account which it may from time to time specify by written notice to the Administrative Agent and the applicable Lenders.
Borrower Accounts. Each Loan made to a Borrower shall be made to its applicable payment account specified on Exhibit P or the Borrower Addendum, if any, executed and delivered with respect to such Borrower pursuant to Section 2.10, as the case may be, or such other account which it may from time to time specify by written notice to the Administrative Agent and the Lenders.
Borrower Accounts. The Borrower and Lilis shall collectively and continuously maintain no fewer than five separate banking accounts with the Lender, each to be funded and maintained in accordance with this Section 2.15. The Borrower’s existing account number 1000496065 maintained by the Borrower with the Lender is referred to herein as the “Brushy Operating Account.” Not later than June 23, 2016, Lilis shall complete the Lender’s documentation as needed to finalize the opening of account number 1000739944 for the purpose of facilitating payment of the Borrower’s accounts payable (the “Brushy A/P Account”), the opening of account number 1000739969 for the purpose of facilitating payment of drilling and workover expenses associated with the Borrower’s and Lilis’s Oil and Gas Properties and for their other capital expenditure needs (the “CapEx Account”), the opening of account number 1000739951 for the purpose of facilitating payment of Lilis’s accounts payable (the “Lilis A/P Account,” and collectively with the Brushy A/P Account, the “A/P Accounts”) and account number 1000739977 for the purpose of facilitating payment of Lilis’s general operating needs (the “Lilis Operating Account,” and collectively with the Brushy Operating Account, the “Operating Accounts”). The Borrower and Lilis shall deposit the amounts into the Brushy Operating Account, the A/P Accounts and the CapEx Account by the deadline specified therefor in Section 2.6.7 of this Agreement. In addition, from and after the date of the Fourth Amendment to Forbearance Agreement, Lilis shall cause all revenues attributable to proceeds of production from its Oil and Gas Properties to be deposited into the Lilis Operating Account. If the requirements in Section 2.6.4 of this Agreement are fully and timely satisfied and any amounts remain in either A/P Account as of the date the Lender receives the report required by Section 2.6.4, then following a written request from the Borrower or Lilis, as applicable, the remaining balance in the applicable A/P Account(s) may be transferred to either Operating Account and used for general company purposes (subject to the limitations in Section 2.6.2 of this Agreement). Except as contemplated by the immediately preceding sentence, the amounts in each of the A/P Accounts and the CapEx Account shall be used solely for the purpose designated herein for such account. In no event shall any funds be deposited into either A/P Account, either Operating Account or the CapEx Account that are ow...
Borrower Accounts. The Borrower shall on or prior to the Utilisation Date open and maintain the following bank accounts with the designated branch of the Account Bank with the Account Bank Minimum Rating Requirements in the name of the Borrower:
11.1.1.1 a current account Sort Code 6019 Account No: 00000000 designated the "GENERAL ACCOUNT";
11.1.1.2 a deposit account Sort Code 6019 Account No: 00000000 designated the "BORROWER RENT ACCOUNT";
11.1.1.3 a deposit account Sort Code 6019 Account No: 00000000 designated the "BORROWER SALES PROCEEDS ACCOUNT";
Borrower Accounts. Borrower each shall maintain the Collection Account with Lender with automatic debit of monthly payments due to Lender pursuant to both the Loan Documents until the Obligations have been repaid in full.
Borrower Accounts. Each Borrower shall maintain all of its accounts (collectively, the “Accounts”, which term shall include, without limitation, the Mortgage Tax Reserve Account) with the Lender with automatic debit of monthly payments due to Lender pursuant to both the Loan Documents and any Secured Swap Agreement until the Debt has been repaid in full. Further, with respect to the Guarantor deposit accounts, each Guarantor will endeavor to make reasonable efforts to open and maintain a portion of such accounts at with the Lender.
Borrower Accounts. On or prior to the Closing Date, the Borrower shall establish, in the name of the Borrower and on the books and records of the Accounts Bank’s offices located at 0000 Xxxxxx Xxxx, 2nd Floor/Trusts Department, Houston, TX 77092, the accounts set forth below:
(i) a special, segregated, Dollar-denominated account entitled “Seneca Landlord Revenue Account”, Account No. 1472 (the “Borrower Revenue Account”); and
(ii) a special, segregated, Dollar-denominated account entitled “Seneca Landlord Capital Improvements Account”, Account No. 1473 (the “Capital Improvements Account”).
Borrower Accounts. Borrower shall maintain its Property operating account and the Auto-debit Account with Capital One.
