Character of Account Sample Clauses

Character of Account. Each of the Loan Parties hereby acknowledges and confirms that, on or before the Closing Date and pursuant to the terms of this Agreement, the Borrower has established and will maintain one or more Pledged Accounts at a Domestic Account Bank subject to the Full Dominion Account Control Agreement for the benefit of the Administrative Agent, as first priority secured party for the benefit of the Secured Parties, and the benefit of the Second Lien Administrative Agent, as second priority secured party for the benefit of the Second Lien Lenders, to serve as the “Full Dominion Account” (said account or accounts, and any account or accounts replacing the same in accordance with this Agreement, the “Full Dominion Account”). The Borrower and the other Loan Parties acknowledge that, pursuant to the terms and conditions of the Full Dominion Account Control Agreement, the Domestic Account Bank may comply only with instructions with regard to the Full Dominion Account and the contents and proceeds thereof originated by the Administrative Agent, acting as the “Controlling Agent” as such term is defined in the Full Dominion Account Control Agreement (subject to the terms of the Intercreditor Agreement), without further consent by any of the Borrower or the other Loan Parties.
Sample 1
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Character of Account. Each of the Loan Parties hereby acknowledges and confirms that, on or before the Funding Date and pursuant to the terms of this Agreement, the Borrower has established and will maintain one or more Pledged Accounts at a Domestic Account Bank subject to the Full Dominion Account Control Agreement for the benefit of the Administrative Agent, as first priority secured party for the benefit of the Secured Parties, to serve as the “Full Dominion Account” (said account or accounts, and any account or accounts replacing the same in accordance with this Agreement, the “Full Dominion Account”). The Borrower and the other Loan Parties acknowledge that, pursuant to the terms and conditions of the Full Dominion Account Control Agreement, the Domestic Account Bank may comply only with instructions with regard to the Full Dominion Account and the contents and proceeds thereof originated by the Administrative Agent without further consent by any of the Borrower or the other Loan Parties.
Sample 1

Related to Character of Account

  • Description of Account The Financial Institution has established the following accounts (each, a “Collateral Account”): “Exchange Note Collection Account — The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 2011-B” with account number 879104; and “Reserve Account — The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 2011-B “ with account number 897107.

  • Addition of Accounts (a) If, as of the close of business on the last day of any Collection Period, (i) the Pool Balance on such day is less than the Required Participation Amount as of the following Distribution Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on such Distribution Date), or (ii) the result obtained by multiplying (x) the Seller's Participation Amount as of the following Distribution Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on such Distribution Date), by (y) the percentage equivalent of the portion of the Seller's Interest represented by the CARCO Certificate, is less than 2% of the Pool Balance on such last day, then the Seller shall, within 10 Business Days following the end of such Collection Period, designate and transfer to the Trust the Receivables (and the related Collateral Security) of additional Eligible Accounts of the Seller to be included as Accounts in a sufficient amount such that after giving effect to such addition (i) the Pool Balance as of the close of business on the Addition Date is at least equal to such Required Participation Amount or (ii) the result obtained by multiplying (x) such Seller's Participation Amount by (y) the percentage equivalent of the portion of the Seller's Interest represented by the CARCO Certificate, is at least equal to 2% of such Pool Balance, as the case may be. The Seller shall satisfy the conditions specified in Section 2.05(d) in designating such Additional Accounts and conveying the related Receivables to the Trust. The failure of the Seller to transfer Receivables to the Trust as provided in this paragraph solely as a result of the unavailability of a sufficient amount of Eligible Receivables shall not constitute a breach of this Agreement; provided, however, that any such failure will nevertheless result in the occurrence of an Early Amortization Event described in Section 9.01(a).

  • Description of Accounts The Financial Institution has established the following accounts (each, a “Collateral Account”): “Collection Account — as Indenture Trustee, as secured party for Ford Credit Auto Owner Trust 20 - “ with account number . “Reserve Account — as Indenture Trustee, as secured party for Ford Credit Auto Owner Trust 20 - “ with account number .

  • Location of accounts The Borrower shall promptly:

  • Transfer of Accounts The Seller may transfer the Custodial Account or the Escrow Account to a different depository institution from time to time. Such transfer shall be made only upon obtaining the consent of the Purchaser, which consent shall not be unreasonably withheld. In any case, the Custodial Account and Escrow Account shall be Eligible Accounts.

  • Protection of Accounts The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Owner. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.

  • Collection of Accounts 43 5.4 Payments ............................................................................. 44 5.5 Authorization to Make Loans .......................................................... 44 5.6

  • Type of Account The Financial Institution agrees that each Collateral Account is, and will be maintained as, either (a) a “securities account” (as defined in Section 8-501 of the UCC) or (b) a “deposit account” (as defined in Section 9-102(a)(29) of the UCC).

  • Statements of Account The Administrative Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made pursuant to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive upon the Borrower absent manifest error. The failure of the Administrative Agent to deliver such a statement of accounts shall not relieve or discharge the Borrower from any of its obligations hereunder.

  • Statement of Account Agent shall maintain, in accordance with its customary procedures, a loan account (“Borrowers’ Account”) in the name of Borrowers in which shall be recorded the date and amount of each Advance made by Agent and the date and amount of each payment in respect thereof; provided, however, the failure by Agent to record the date and amount of any Advance shall not adversely affect Agent or any Lender. Each month, Agent shall send to Borrowing Agent a statement showing the accounting for the Advances made, payments made or credited in respect thereof, and other transactions between Agent and Borrowers during such month. The monthly statements shall be deemed correct and binding upon Borrowers in the absence of manifest error and shall constitute an account stated between Lenders and Borrowers unless Agent receives a written statement of Borrowers’ specific exceptions thereto within thirty (30) days after such statement is received by Borrowing Agent. The records of Agent with respect to the loan account shall be conclusive evidence absent manifest error of the amounts of Advances and other charges thereto and of payments applicable thereto.

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