Common use of Collection Accounts; Payment Accounts; Custodian Accounts Clause in Contracts

Collection Accounts; Payment Accounts; Custodian Accounts. (a) The Covered Accounts are the only accounts (i) to which any Obligor or any agent, custodian, lender or other applicable Person have been instructed by the Borrower to use for purposes of this Agreement and the other Loan Documents, and (ii) the Borrower has opened with respect to the handling, maintenance, accounting and/or administration of any Collateral, Collateral Loans, Collections, Interest Payments, proceeds from the Distribution of any Collateral or any other amounts collected or received under this Agreement or any other Loan Document or to be used in connection with the payment of any expenses, fees or other amounts due under this Agreement or any other Loan Document. (b) The Borrower has not granted any Person other than the Collateral Agent, for the benefit of the Secured Parties, an interest in each such account. (c) All Collections and other amounts received by the Borrower or any of its Affiliates with respect to the Collateral are held in trust for the benefit of the Collateral Agent, for the benefit of the Secured Parties, until deposited into the Collection Account as provided herein.

Collection Accounts; Payment Accounts; Custodian Accounts. (a) The Covered Accounts are the only accounts (i) to which any Obligor or any agent, custodian, lender or other applicable Person have been instructed by the Borrower to use for purposes of this Agreement and the other Loan Documents, and (ii) the Borrower has opened with respect to the handling, maintenance, accounting and/or administration of any Collateral, Collateral Loans, Collections, Interest PaymentsPaymentsProceeds, proceeds from the Distribution of any Collateral or any other amounts collected or received under this Agreement or any other Loan Document or to be used in connection with the payment of any expenses, fees or other amounts due under this Agreement or any other Loan Document. (b) The Borrower has not granted any Person other than the Collateral Agent, for the benefit of the Secured Parties, an interest in each such account. (c) All Collections and other amounts received by the Borrower or any of its Affiliates with respect to the Collateral are held in trust for the benefit of the Collateral Agent, for the benefit of the Secured Parties, until deposited into the Collection Account as provided herein.