Clearing Account. If the Servicer finds it necessary to use a clearing account, the following guidelines must be followed:
(a) the titles of such accounts must reflect that they are custodial in nature, and the depository in which the accounts are maintained must be informed in writing that the accounts are custodial accounts;
(b) a check drawn on or funds transferred from a Custodial P&I Account or Custodial T&I Account must be deposited to a disbursement clearing account before or at the same time as any checks on the clearing account are issued;
(c) a single clearing account must not be utilized both as a collection and disbursement clearing account;
(d) the accounts must be held at depository institutions in which accounts are insured by the FDIC, through either the BIF or SAIF;
(e) the Servicer must maintain adequate records and audit trails to support all debits and credits of each Borrower's payment records and accounts; and
(f) collections deposited to a depository clearing account must be credited to the appropriate custodial account no later than one Business Day following receipt by the Servicer.
Clearing Account. (a) During the term of the Loan, Borrower shall establish and maintain an Eligible Account (the “Clearing Account”) with Clearing Bank for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Lender. The Clearing Account shall be entitled in the name of Borrower for the benefit of Lender. Borrower hereby grants to Lender a first-priority security interest in the Clearing Account and all funds at any time credited thereto or contained therein and the proceeds thereof and shall take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Clearing Account and such proceeds. Lender and Servicer shall have the sole right to make withdrawals from the Clearing Account. All costs and expenses for establishing and maintaining the Clearing Account shall be paid by Borrower. All funds now or hereafter deposited into or credited to the Clearing Account shall be deemed additional security for the Debt. The Clearing Account Agreement and Clearing Account shall remain in effect until the Debt has been paid in full.
(b) Borrower shall, and shall cause Manager to, deposit all amounts received by Borrower or Manager constituting Rents into the Clearing Account within two (2) Business Days after receipt thereof. Until so deposited, all Rents received by Borrower or Manager shall be held in trust for the benefit of Lender and shall not be commingled with any other funds or property of Borrower or Manager.
(c) Borrower shall obtain from Clearing Bank its agreement to transfer within seven (7) Business Days all amounts on deposit in the Clearing Account at the direction of Borrower unless a Cash Sweep Period is in effect, in which case such funds shall be transferred to the Cash Management Account.
(d) Upon the occurrence of an Event of Default or any Bankruptcy Action of Borrower or Manager, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in the Clearing Account to the payment of the Debt in any order in its discretion.
(e) The Clearing Account shall not be commingled with other monies held by Borrower, Manager or Clearing Bank.
(f) Borrower shall not further pledge, assign or grant any security interest in the Clearing Account or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured party...
Clearing Account. The Property Manager shall cause all gross revenue in respect of each Property to be transmitted directly into an individual clearing account (each a “Clearing Account”) controlled by the applicable Owner Subsidiary, established with a financial institution to be determined by the Property Manager (the “Clearing Bank”), except to the extent the payments in respect of a Property are required by a lender to be made into a lockbox account, in which case payments will be deposited in the Clearing Account for such Property after release from such lockbox account. Without in any way limiting the foregoing if the Property Manager receives any gross revenue from a Property, then (i) such amounts shall not be commingled with any other funds or property of the Property Manager, and (ii) the Property Manager shall deposit such amounts in the Clearing Account for such Property within one (1) business day of receipt.
Clearing Account. All PSL Licensees have been instructed pursuant to the terms of the PSL Contracts or otherwise to make payment to the Clearing Account.
Clearing Account. 8.1 Each client must maintain a Clearing Account in their own name that will be managed by TTDS.
8.2 It will be the Client’s responsibility to deposit the Client’s funds into the Clearing Account prior to TTDS establishing the Client’s Account.
8.3 The Client acknowledges that TTDS cannot transfer the Client’s funds out of the Clearing Account and deposit the Client’s funds with an ADI unless and until the Client’s funds have cleared in the Clearing Account.
8.4 The Client authorises TTDS to deposit, or to instruct the ADI to deposit, the Client’s funds in the Clearing Account whenever the funds are not on deposit with an ADI.
8.5 Subject to clause 8.6, TTDS must not use the Client’s funds in the Clearing Account except as authorised by the Client.
8.6 The Client authorises TTDS to pay the Service Fee to itself from the Clearing Account.
Clearing Account. The name and address of the Clearing Account Bank, together with the account number thereof, are specified in Exhibit E. All funds in respect of the Purchased Contracts at any time on deposit in the Clearing Account are held by the Clearing Account Bank subject to the security interest of the Collateral Agent, for the benefit of the holders of the Obligations.
Clearing Account. EPP may, at its sole discretion, apply money management techniques to clearing account funds for the purpose of generating interest income. All revenues generated through the management of clearing account funds shall remain the sole possession of EPP.
Clearing Account individually and collectively, each of the seven (7) accounts established by Operating Lessee for the benefit of Lender at the Clearing Bank for the direct deposit by Tenants (if any) and Credit Card Companies (and the direct deposit by Borrower, Operating Lessee or Manager, as applicable) of all Rents for each Individual Property.
Clearing Account. The Clearing Account is a general clearing account held by and in the name of Recco into which Collections as well as collections on other assets are deposited. The parties hereto agree and acknowledge that (i) any Collections transferred to the Clearing Account prior to the transfer of such Collections to the Collection Account will be subject at all times to the security interest of the Collateral Agent created hereunder and (ii) that the balance in the Clearing Account may not at any time fall below the amount deposited representing Collections which have not been transferred to the Collection Account. Recco hereby represents, warrants, covenants and agrees that it shall not move the Clearing Account set forth in Exhibit E to the Sale Agreement without (a) providing for a successor Clearing Account, (b) notifying the Collateral Agent and the Controlling Party 10 days prior to such change and (c) causing such new Clearing Account to operate in the manner described herein. Recco shall notify the Collateral Agent and the Controlling Party of the location of any successor Clearing Account on the date such Clearing Account is established.
Clearing Account. BANK shall establish and maintain the Clearing Account during the term of this Agreement. ISO shall have no right, title or interest in the Clearing Account or any funds on deposit therein.
