Collection Account and Reserve Account. The Administrative Agent has received satisfactory evidence of the opening of the Collection Account and the Reserve Account, and all parties to the Account Control Agreement have executed such agreement.
Collection Account and Reserve Account. On or prior to the date hereof, the Borrower shall establish two separate segregated trust accounts (that constitute securities accounts for purposes of the UCC), each in the name of the Borrower at the Account Bank, which shall be identified by account number in the Account Control Agreement as the “Collection Account” (the “Collection Account”) and the Reserve Account (the “Reserve Account”). Each of the Collection Account and the Reserve Account shall be under the sole “control” (within the meaning of the UCC) of the Collateral Trustee, for the benefit of the Secured Parties. The Borrower shall continue to maintain the Collection Account until the Commitments have been terminated and all Obligations (other than contingent obligations as to which no claims have been asserted) have been indefeasibly paid in full (“Payment in Full”). The Borrower shall continue to maintain the Reserve Account until the Reserve Account Termination Date. The Account Bank shall take directions with respect to the Collection Account and the Reserve Account solely from the Collateral Trustee (and the Collateral Trustee hereby agrees to act with respect thereto at the direction of the Administrative Agent); provided, that the Account Bank shall follow (i) the standing instructions expressly set forth in the Account Control Agreement with respect to transfers and distributions to be made by the Paying Agent in accordance herewith (which shall be based made based upon such certificates, notices or other documentation expressly set forth herein as the basis for making any such transfer or distribution hereunder) and (ii) directions with respect to the Collection Account and the Reserve Account from the Borrower pursuant to the terms of and as set forth in Section 7 of the Account Control Agreement. The Collection Account and the Reserve Account shall be subject at all times (with respect to the Collection Account) or until the Reserve Account Termination Date (with respect to the Reserve Account) to a first-priority perfected security interest in favor of the Collateral Trustee, for the benefit of the Secured Parties, and each such account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Collateral Trustee on behalf of the Secured Parties.
Collection Account and Reserve Account. On or prior to the date the initial Advance is made, the Borrower shall establish two separate segregated accounts (that constitute deposit accounts for purposes of the UCC), each in the name of the Borrower at the Account Bank, which shall be identified by account number in the related Account Control Agreement as the “Collection Account” (the “Collection Account”) and the “Reserve Account” (the “Reserve Account”). The Collection Account and Reserve Account shall each be subject to an Account Control Agreement at all times. The Collection Account and the Reserve Account shall be under the “control” (within the meaning of the UCC) of the Administrative Agent, for the benefit of the Secured Parties. The Borrower shall continue to maintain the Collection Account and the Reserve Account until the Commitments have been terminated and all Obligations (other than contingent obligations as to which no claims have been asserted) have been indefeasibly paid in full (“Payment in Full”). The Collection Account and the Reserve Account shall be subject at all times to a first-priority perfected security interest in favor of the Administrative Agent, for the benefit of the Secured Parties, and each such account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Administrative Agent on behalf of the Secured Parties.
Collection Account and Reserve Account. The Collection Account and Reserve Account shall have been established with the Collateral Agent, and the terms of all documentation relating to such accounts shall be in accordance with the requirements of the Loan Documents and shall be satisfactory to the Agent in form and substance and the Holding Company Borrowers shall provide evidence of same, including any agreements with respect thereto.
Collection Account and Reserve Account. (a) (i) On or before the Closing Date, there shall be established and maintained in the name of the Indenture Trustee, for the benefit of the Insurer, Noteholders and Certificateholders, an Eligible Account (which initially shall be maintained with the Indenture Trustee) known as the "CIT Marine Trust 1999-A Collection Account" (the "Collection Account"), bearing an additional designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and Certificateholders and owned by the Trust.
Collection Account and Reserve Account. (a) Each of the Collection Account and the Reserve Account is, and will be maintained as a “securities account” (as defined in Section 8-501 of the UCC) or, if determined not to be a “securities account,” a “deposit account” (as defined in Section 9-102(a)(29) of the UCC). If and to the extent that the Collection Account or the Reserve Account is a “deposit account” (within the meaning of Section 9-102 of the UCC), each of the parties hereto agrees that this Agreement constitutes an “authenticated record” for purposes of Section 9-104 of the UCC.
Collection Account and Reserve Account. 6.1 The Distributor will on the date hereof create and thereafter maintain two ledger accounts as internal records (such accounts being referred to in this Agreement as the Collection Account and the Reserve Account) each of which shall be denominated in U.S.$ and shall maintain and operate each such account for the Period.
Collection Account and Reserve Account
