Collection Accounts Sample Clauses
The Collection Accounts clause establishes the requirement for setting up specific accounts to receive and manage payments or collections related to a transaction, such as loan repayments or receivables. Typically, these accounts are controlled by a designated party, like a lender or trustee, and all relevant funds must be deposited into them before being distributed according to the agreement. This clause ensures that funds are properly tracked and allocated, reducing the risk of misappropriation and providing transparency in the handling of collected monies.
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Collection Accounts. Each Collection Account and Lock-Box is in the name of the applicable Originator identified on Schedule II-A, and such Originator owns and has good and marketable title to the applicable Collection Account and Lock-Box free and clear of any Adverse Claim (except for Permitted Adverse Claims).
Collection Accounts. (a) On behalf of the Trustee, each Servicer shall establish and maintain, or cause to be established and maintained, one or more separate Eligible Accounts (each such account or accounts, a "Collection Account"), held in trust for the benefit of the Trustee. On behalf of the Trustee, each Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after such Servicer's receipt thereof, and shall thereafter deposit in the related Collection Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the related Mortgage Loans due on or before the Cut-off Date), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a Due Period subsequent thereto:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest (net of the related Servicing Fee) on each Mortgage Loan;
(iii) all Insurance Proceeds and Condemnation Proceeds to the extent such Insurance Proceeds and Condemnation Proceeds are not to be applied to the restoration of the related Mortgaged Property or released to the related Mortgagor in accordance with the express requirements of law or in accordance with Accepted Servicing Practices and Liquidation Proceeds;
(iv) any amounts required to be deposited pursuant to Section 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the related Collection Account;
(v) any amounts required to be deposited by such Servicer pursuant to the second paragraph of Section 3.13(a) in respect of any blanket policy deductibles;
(vi) all proceeds of any Mortgage Loan repurchased or purchased in accordance with this Agreement; and
(vii) all Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by such Servicer. The foregoing requirements for deposit in the Collection Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in t...
Collection Accounts. Section 3.11 Withdrawals from the Collection Accounts..................... Section 3.12 Investment of Funds in the Collection Accounts and the Distribution Account......................................... Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage........................................ Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements....
Collection Accounts. The Collection Accounts (including any sub accounts thereof) are the only accounts to which Collections are sent.
Collection Accounts. The account numbers of the Collection Accounts and related Collection Account Banks are specified in Schedule II.
Collection Accounts. (a) The Borrower hereby establishes, effective on the Effective Date, and shall until the Obligations have been paid in full and the Commitments of the Lender shall have expired or been sooner terminated maintain a collection account for the collection of payments made in respect of Proceeds of Pledged Securities and capital contributions, dividends, distributions or other payments received from its Subsidiaries or any other Persons (the "Borrower Collection Account ") with the BT Securities Intermediary for the benefit of the Borrower and the Secured Party, as their respective interests may appear, and shall irrevocably instruct AES, its Subsidiaries and all other Persons to remit all such capital contributions, dividends, distributions and other payments to the Borrower Collection Account. All capital contributions, dividends, distributions, payments and amounts received directly by the Borrower from AES or the Lender or from any other source, shall immediately upon receipt be deposited into the Borro wer Collection Account. The Borrower Collection Account numbers and contact information is set forth on Schedule 3.6, as such Schedule may be updated by the party establishing such account and the Collateral Agent.
(b) Inversiones Zapallar hereby establishes, effective on the Effective Date, and shall until the Obligations have been paid in full and the Commitments of the Lender shall have expired or been sooner terminated maintain a collection account for the collection of payments made in respect of Proceeds of Pledged Securities and capital contributions, dividends, distributions or other payments received from its Subsidiaries or any other Persons, which are not in the form of Pesos (the "Inversiones Zapallar NY Collection Account") with the DB Securities Intermediary for the benefit of Inversiones Zapallar and the Secured Party, as their respective interests may appear, and shall irrevocably instruct AES, its Subsidiaries and all other Persons to remit all such capital contributions, dividends, distributions and other payments to the Inversiones Zapallar NY Collection Account. All capital contributions, dividends, distributions, payments and amounts received directly by Inversiones Zapallar from its parent entity or its Subsidiaries or from any other source, which are not in the form of Pesos, shall immediately upon receipt be deposited into the Inversiones Zapallar NY Collection Account. The Inversiones Zapallar NY Collection Account numbers and conta...
Collection Accounts. (a) In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish at the Custodian three (3) Dollar-denominated segregated trust accounts in the name of the Borrower, one of which will be designated the “USD Pass-Through Collection Account”, one of which will be designated the “USD Interest Collection Account” and one of which designated the “USD Principal Collection Account” (collectively, the “USD Collection Account”), which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent. On or after the date of this Agreement, in accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall establish at the Custodian (i) two (2) CAD-denominated accounts in the name of Borrower, one of which will be designated the “CAD Interest Collection Account” and one of which designated the “CAD Principal Collection Account” (together, the “CAD Collection Account”), which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent, (ii) two (2) EUR-denominated accounts in the name of the Borrower, one of which will be designated the “EUR Interest Collection Account” and one of which designated the “EUR Principal Collection Account” (together, the “EUR Collection Account”), which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent and (iii) two (2) GBP-denominated accounts in the name of the Borrower, one of which will be designated the “GBP Interest Collection Account” (collectively with the USD Interest Collection Account, the CAD Interest Collection Account and the EUR Interest Collection Account, the “Interest Collection Account”) and one of which designated the “GBP Principal Collection Account” (together with the GBP Interest Collection Account, the “GBP Collection Account”; collectively with the USD Principal Collection Account, the CAD Principal Collection Account and the EUR Principal Collection Account, the “Principal Collection Account”) which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent. The USD Pass-Through C...
Collection Accounts. Accounts that have been referred to a collection agency per district policy will be allowed to re-enroll provided the debt has been satisfied with the collection agency and written notice is received from the collection agency. Re-enrollment is conditional upon Express management approval and will require future payments be made on the 1st of each month.
Collection Accounts. Administrative Agent shall have received duly executed Article 9 Control Agreements and related agreements establishing each Collection Account and, as applicable, each related lockbox, in form and substance and with financial institutions, reasonably satisfactory to Administrative Agent.
Collection Accounts. Schedule 7.20 designates each Collection Account of such Borrower and the Guarantors and all such Collection Accounts are either (i) with the Administrative Agent as the depositary bank or (ii) are subject to an Account Control Agreement in favor of the Administrative Agent for the benefit of the Secured Parties.