Collection Account Arrangements. Prior to the Closing Date, the Borrower shall have entered into Account Control Agreements with all of the Collection Account Banks and delivered executed counterparts of each to the Administrative Agent. Upon the occurrence and during the continuance of an Unmatured Event of Default or an Event of Default, the Administrative Agent may (with the consent of the Majority Lenders) and shall (upon the direction of the Majority Lenders) at any time thereafter give notice to each Collection Account Bank that the Administrative Agent is exercising its rights under the Account Control Agreements to do any or all of the following: (a) to have the exclusive dominion and control of the Collection Accounts transferred to the Administrative Agent (for the benefit of the Secured Parties) and to exercise exclusive dominion and control over the funds deposited therein (for the benefit of the Secured Parties), (b) to have the proceeds that are sent to the respective Collection Accounts redirected pursuant to the Administrative Agent’s instructions rather than deposited in the applicable Collection Account and (c) to take any or all other actions permitted under the applicable Account Control Agreement. The Borrower hereby agrees that if the Administrative Agent at any time takes any action set forth in the preceding sentence, the Administrative Agent shall have exclusive control (for the benefit of the Secured Parties) of the proceeds (including Collections) of all Pool Receivables and the Borrower hereby further agrees to take any other action that the Administrative Agent may reasonably request to transfer such control. Any proceeds of Pool Receivables received by the Borrower or the Servicer thereafter shall be sent immediately to, or as otherwise instructed by, the Administrative Agent.
Collection Account Arrangements. (a) On the Closing Date, the Seller shall have entered into Account Control Agreements with all related Collection Account Banks and delivered executed counterparts of each to the Administrative Agent. The Seller hereby agrees the Administrative Agent shall have exclusive control (for the benefit of the Secured Parties) of the proceeds (including Collections) of all Sold Assets and Seller Collateral and the Seller hereby further agrees to take any action that the Administrative Agent may reasonably request to transfer such control. Any proceeds of Sold Assets and Seller Collateral received by the Seller, the Servicer or an Originator shall be sent immediately to a Collection Account or as otherwise instructed by the Administrative Agent.
(b) [reserved].
(c) To access Collections during any Settlement Period in connection with any Release, on any Business Day, the Seller may cause the Initial Servicer to deliver (x) with respect to any Release that does not occur on a Settlement Date, an Interim Report and (y) with respect to any Release that occurs on a Settlement Date, the Information Package and an Interim Report, in each case, delivered no later than 10:00am (New York City time) two Business Days (or with respect to any Interim Report, one Business Day) prior to the date of such Release along with a request for a release of Collections. Upon receipt of any such Information Package or Interim Report, as applicable, by the Administrative Agent, the Administrative Agent shall promptly review such Information Package or Interim Report, as applicable, to determine if such Information Package or such Interim Report constitutes a Qualifying Release Report. In the event that the Administrative Agent reasonably determine that such Information Package and/or Interim Report constitute a Qualifying Release Report, so long as the Seller Obligations Final Due Date has not occurred and no Amortization Event, Event of Termination or Unmatured Event of Termination has occurred and is continuing, the Administrative Agent shall promptly remit to the Seller from the Collection Account the amount requested on such Qualifying Release Report so long as the remaining Collections on deposit in the Collection Account (after giving effect to such release) exceed the amount necessary to pay the sum of (x) amounts payable under Section 4.01(a)(i) through 4.01(a)(iv), in each case, owing through the date of the immediately following Settlement Date (as reasonably estimated by the Ad...
Collection Account Arrangements. All collections of Receivables included in the Collateral and other proceeds of Collateral shall be deposited in a Collection Account which is subject to a Collection Account Agreement or pursuant to another similar arrangement for the collection of such amounts established by the Borrower and Agent and shall be transferred in accordance with the provisions of the respective Collection Account Agreements. On or prior to the Closing Date, the Borrower shall have entered into and shall thereafter maintain lock-box services agreements with banks which are parties to Collection Account Agreements and to which lock-boxes account debtors shall directly remit all payments on Receivables. Any of the foregoing collections received by the Borrower and not so deposited, shall be deemed to have been received by the Borrower as the Agent's trustee and, upon the Borrower's receipt thereof, the Borrower shall immediately transfer all such amounts into a Collection Account in their original form. Such deposits shall be remitted to the Agent, the Borrower or as the Agent may direct, all in accordance with the provisions of the Collection Account Agreements.
Collection Account Arrangements. As more fully provided in the Cash Flow Assignment Agreement:
(a) At or prior to Closing, Borrower and Company shall establish a deposit account, separate from any deposit account used by any of Borrower Parties for any other projects, and established for the benefit of KCCI, with a depository institution approved by KCCI (a Collection Account") and shall execute and deliver, and shall cause the depository institution to execute and deliver, to KCCI the Collection Account Agreement; and
(b) Commencing not later than the Closing Date, Borrower and Company shall deposit all Project Revenues for the Projects for which the Escrow Agent holds Transfer Documents, into the Collection Account, as more fully provided in the Cash Flow Assignment Agreement.
Collection Account Arrangements. (i) All collections of Receivables included in the Collateral and other proceeds of Collateral shall be deposited in a Collection Account which is subject to a Collection Account Agreement or pursuant to another similar arrangement for the collection of such amounts established by the Parent or any of its Subsidiaries and the Administrative Agent and shall be transferred in accordance with the provisions of the respective Collection Account Agreements; provided, however, that the requirements set forth in this Section 7.2(O)(i) shall be satisfied with respect to any Collection Account that is in existence on the Closing Date if such Collection Account is subject to a Collection Account Agreement within thirty (30) days following the Closing Date. Any of the foregoing collections received by the Parent or any of its Subsidiaries or Affiliates and not so deposited, shall be deemed to have been received by such Person as the Administrative Agent's trustee and, upon such Person's receipt thereof, the Parent shall (or shall cause such Subsidiary or Affiliate to) immediately transfer all such amounts into a Collection Account in their original form. Such deposits shall be remitted to the Administrative Agent, the Parent, the applicable Subsidiary or as the Administrative Agent may direct, all in accordance with the provisions of the Collection Account Agreements.
Collection Account Arrangements. Prior to the Closing Date, the Borrower shall have entered into Collection Account Control Agreements with all of the Collection Account Banks and delivered executed counterparts of each to the Administrative Agent. Upon the occurrence and during the continuance of a Ratings Event, an Unmatured Event of Default or an Event of Default, the Administrative Agent may (with the consent of the Majority Lenders) and shall (upon the direction of the Majority Lenders) at any time thereafter give notice to each Collection Account Bank that the Administrative Agent is exercising its rights under the Collection Account Control Agreements to do any or all of the following: (a) to have the exclusive dominion and control of the Collection Accounts transferred to the Administrative Agent (for the benefit of the Secured Parties) and to exercise exclusive dominion and control over the funds deposited therein (for the benefit of the Secured Parties), (b) to have the proceeds that are sent to the respective Collection Accounts redirected pursuant to the Administrative Agent’s instructions rather than deposited in the applicable Collection Account and (c) to take any or all other actions permitted under the applicable Collection Account Control Agreement. The
Collection Account Arrangements. (a) Each Chargor shall, within 90 days of the date of this Deed establish and maintain Collection Accounts to be used for the sole purpose of collecting the proceeds of all Book Debts.
(b) Each Chargor shall, within 90 days of the date of this Deed or, in respect of any Collection Account opened after the date of this Deed, promptly following the opening of such Collection Account:
(i) serve notice upon the bank at which each Collection Account is opened (in respect of the relevant Collection Accounts) in substantially the form set out in Part I of Schedule 2 (Forms of Notice to Banks and Acknowledgement); and
(ii) procure the relevant bank returns the acknowledgement in substantially the form set out in Part II of Schedule 2 (Forms of Notice to Banks and Acknowledgement) or such other form acceptable to the Agent and the relevant account bank in their absolute discretion.
Collection Account Arrangements. The Seller shall have entered into Account Control Agreements with all of the applicable Collection Account Banks and delivered executed counterparts of each to the Administrative Agent except with respect to (i) each Excluded Collection Account, and (ii) the TD Account; provided that in the event the Parent long-term credit
Collection Account Arrangements. (a) In the case of the Borrower and each Subsidiary Guarantor, establish not later than six (6) months after the Closing Date and thereafter maintain at all times all its collection or deposit accounts with the Collateral Agent or one or more Lenders.
(b) Cause all payments and remittances in respect of Receivables and Inventory that are collected by or on behalf of the Borrower or any Subsidiary Guarantor to be promptly deposited on a daily basis in the collection or deposit accounts referred to in paragraph (a) above.
Collection Account Arrangements. Each Originator hereby acknowledges and agrees that neither the Master Servicer nor such Originator has any right, title or interest in any Collections on deposit in any Collection Account. To the extent that any Collection Account is titled in the name of an Originator for the benefit of the Buyer, such Originator is holding any such Collections on deposit in such Collection Account, solely as the Buyer’s agent, in trust for the benefit of the Buyer and Regions Bank. To the extent that the Buyer (or following the occurrence of any Event of Termination, Regions Bank) instructs an Originator to remit any such amounts on deposit in any such Collection Account, such Originator shall promptly remit such amounts directly to Regions Bank in partial satisfaction of the Seller Obligations and to be applied in accordance with the priority of payments set forth in Section 4.01 of the Receivables Purchase Agreement.
