Collateral Proceeds Account. (a) Upon receipt of a Direction Notice, the Collateral Agent shall establish a collateral proceeds account subject to the Lien created by the Collateral Documents in the name of the Collateral Agent into which the Proceeds (as defined below) shall be deposited and from which only the Collateral Agent may effect withdrawals (the Collateral Proceeds Account). Such amounts shall be held by the Collateral Agent in the Collateral Proceeds Account and shall be distributed from time to time by the Collateral Agent in accordance with Section 3.02.
Collateral Proceeds Account. (a) Pursuant to this Indenture and the Collateral Agreements and subject to the terms of the Intercreditor Agreement if First-Lien Indebtedness is Incurred, the Company and the Guarantors will deposit in a cash collateral account (the “Collateral Proceeds Account”):
Collateral Proceeds Account. The Trustee shall, prior to the Delivery Date of the Bonds of a Series, establish the Collateral Proceeds Account for such Series into which the Trustee shall from time to time deposit all Collateral Proceeds relating to such Series (including any proceeds from any deposits to be made by the Master Servicer pursuant to the Servicing Agreement, with respect to such Series and including any proceeds from any Insurance Policies for such Series) and all proceeds transferred from the Reserve Fund or other funds pledged with respect to such Series; provided, however, that all amounts as provided by Section 4.02(12) shall be deposited in such Collateral Proceeds Account on the Delivery Date. All monies deposited on a daily basis in the Collateral Proceeds Account for a Series pursuant to this Indenture shall be held by the Trustee as part of the Trust Estate for such Series as herein provided.
Collateral Proceeds Account. Promptly after the date hereof, the Company shall establish and thereafter maintain with the Collateral Agent a segregated trust account for the purpose of depositing any proceeds from any disposition of Collateral pursuant to the terms of this Agreement or the Security Instruments (the "COLLATERAL PROCEEDS ACCOUNT"). During the continuation of a Major Default, the Collateral Agent shall, at the direction of the Directing Creditors, withdraw funds in the Collateral Proceeds Account and pay the same to the Secured Creditors for application toward the reduction or discharge of the Secured Obligations, as set forth in this SECTION 14.
Collateral Proceeds Account. The Master Servicer shall establish and maintain, or cause to be established and maintained, one or more Eligible Accounts that in the aggregate are the Collateral Proceeds Account. At the Master Servicer's option, amounts held in the Collateral Proceeds Account shall be invested by the depository institution or trust company then maintaining the account at the written direction of the Master Servicer in Eligible Investments that mature not later than the Deposit Date next succeeding the date of investment. The Master Servicer shall not retain any cash or investment in the Collateral Proceeds Account for a period in excess of 12 months and cash therein shall be considered transferred on a first-in, first-out basis to the Trustee for inclusion in the Bond Account, as described in Section 2.02(d). All net income and gain realized from any such investment shall be for the benefit of the Master Servicer as additional servicing compensation and shall be subject to its withdrawal or order from time to time. Any losses realized in connection with any such investment shall be for the account of the Master Servicer and the Master Servicer shall deposit or cause to be deposited the amount of such loss (to the extent not offset by income from other investments) in the Collateral Proceeds Account immediately upon the realization of such loss and shall have no right to reimbursement therefor. Any benefit resulting from deposits, maintenance or investment of funds in the Collateral Proceeds Account shall be for the Master Servicer's benefit.
Collateral Proceeds Account. (a) The Company has established and will maintain the Collateral Proceeds Account at the offices of the Bank for the benefit of the Company. It is expressly understood by the Company that it shall have no access whatsoever to the Collateral Proceeds Account. Without limiting the foregoing, the Company shall have no right to issue, or request the issuance of, and the Bank is hereby irrevocably instructed not to accept or permit, any checks on, orders for withdrawal from, or other orders in respect of, the Collateral Proceeds Account.
Collateral Proceeds Account. The Grantors, the Representatives, the Secured Parties and all other parties hereto agree that only proceeds of the Noteholder First Lien Collateral may be deposited in the Collateral Proceeds Account and agree to so instruct each account debtor of each Grantor and each other applicable Person and to take all other actions necessary to give effect to the intent of this Section 3.02. Without limiting the generality of the foregoing, the Noteholder Collateral Trustee hereby agrees that if the Collateral Proceeds Account contains any proceeds of the ABL First Lien Collateral, it shall hold such proceeds in trust for the ABL Secured Parties and transfer such proceeds to the ABL Secured Parties reasonably promptly after obtaining actual knowledge or notice from the ABL Secured Parties that it has possession of such proceeds in accordance with Section 2.04(b).
Collateral Proceeds Account. Within three Business Days following the Closing Date, the Borrower shall issue notices, instructing all FCC Borrowers who remit payment on account of their FCC Loans by wire transfer to remit all loan payments to a special bank account maintained with Sovereign Bank, N.A. (the “Collateral Proceeds Account”) over which the Agent shall have sole dominion and control. In addition, the Borrower shall each day wire transfer all collected funds in the Chase Account to the Collateral Proceeds Account. The collected funds in the Collateral Proceeds Account shall be applied by the Agent to reduce the availability under the Borrowing Base and in accordance with the provisions of Section 10.7 hereof.
Collateral Proceeds Account. (a) The Trustee shall hold monies deposited in the Collateral Proceeds Account, if any, for the benefit of itself and the Secured Parties and shall make withdrawals therefrom only as provided herein. All such monies held in the Collateral Proceeds Account shall be part of the Collateral.
Collateral Proceeds Account. The term “Collateral Proceeds Account” shall have the meaning specified in Section 3.2 below.
