Collections Accounts. To the extent not delivered directly to a lockbox, all Items or funds received by any Borrower in respect of Accounts or the sale of Inventory or as Net Proceeds of other Collateral shall be held by such Borrower in trust for Lender, and Borrowers shall use commercially reasonable efforts to not commingle such items or funds with such Borrower’s funds, and shall be deposited promptly by such Borrower into a Collections Account or forwarded to Lender in the form received. All such Items and funds shall be the exclusive property of Lender upon the earlier of the receipt thereof by Lender or by such Borrower. With respect to those lockboxes established and maintained by Borrowers with Lender, Lender shall process all Items received into each such lockbox and deposit such Items into the applicable Borrower’s Collections Account maintained with Lender. With respect to those lockboxes established and maintained with an Acceptable Depository Institution, Borrowers shall instruct each such Acceptable Depository Institution to promptly process all Items received into each such lockbox and to transfer to Lender all monies in respect of such Items not later than the next Business Day for application to the Obligations in the same manner as Items or funds deposited in a Collections Account maintained with Lender. Subject to Section 2.9(c), Lender shall apply available balances from any Item or funds deposited into a Collections Account to the payment of Obligations in whatever order Lender shall determine.
Collections Accounts. (a) The Administrative Agent shall use commercially reasonable efforts to (i) collect all payments required under each Lease and (ii) cause each Lessee to make all payments in respect of the related Lease, accompanied by an invoice bearing the identification number of the Vehicle to which such payment relates.
(b) Consistent with the foregoing, the Administrative Agent may in its discretion waive any late payment charge, in whole or in part, in connection with delinquent payments on a Lease.
(c) As and when required by a related Supplement or Administration Supplement, the Administrative Agent shall transfer between the related Collection Accounts (or a SUBI Lease Account, as applicable) such funds as are required to be so transferred in connection with any Trust Asset Transfer.
(d) Transfers by the Administrative Agent to an entity at which any Trust Account is maintained may include (i) funds being deposited into more than one Trust Account, (ii) proceeds of Trust Assets and Other Proceeds, in each case in a single wire transfer, provided that such transfer is accompanied by instructions as to the appropriate division of all such proceeds and (iii) Other Collections.
(e) As to any SUBI Collections or UTI Collections (but excluding Other Collections) received by the Administrative Agent with respect to any Trust Asset:
(i) except as provided below, with respect to any such UTI Collections or SUBI Collections, upon processing thereof, the Administrative Agent shall deposit such funds into the related Collection Account;
(ii) with respect to Other Collections, the Administrative Agent may deposit such funds in accordance with its normal business practices; and
(iii) with respect to any Capital Contribution, except as otherwise directed by the maker of such Capital Contribution, upon processing thereof, the Administrative Agent shall deposit such funds into the related Collection Account.
(f) Notwithstanding the foregoing, with respect to any Total Monthly Payments, Sales Proceeds, Termination Proceeds, Casualty Proceeds, Insurance Proceeds, Prepayments or any other payments made by or on behalf of any Lessee or otherwise with respect to any Lease or Vehicle:
(i) upon processing of such funds, the Administrative Agent shall ascertain within two Business Days thereafter the following information: (A) the amount of each receipt, (B) the identification number of the Vehicle to which such receipt relates, (C) the nature of the payment (i.e., whether a Total Mont...
Collections Accounts. (i) Each Collection Account is either in the name of the SPE, or is in the name of the Originator.
(ii) Each Collection Account and Lock-Box is identified on Schedule B to the Receivables Purchase Agreement and is free and clear of any Lien (other than Permitted Liens). The Originator has not granted any Person (other than the SPE, the Master Servicer and their respective assigns) access to or control of any such Lock-Box or Collection Account or the right to take control of any such Lock-Box or Collection Account at a future time or upon the occurrence of a future event.
(iii) Either the Master Servicer or the Originator has directed the Obligors to make payments on the Receivables, to a Lock-Box or a Collection Account.
(iv) To the extent that funds other than Collections are deposited into any Collection Account, the Originator or the Master Servicer can promptly trace and identify which funds constitute Collections. If for any reason the Originator receives any Collections, the Originator shall deposit such Collections directly into a Lock-Box or a Collection Account within two (2) Business Days following the receipt and identification thereof. Any such Collections received by 8 Receivables Sale Agreement the Originator while in the possession of the Originator shall be held in trust for the benefit of the SPE and shall not be deposited in any bank or other securities account other than a Lock-Box or a Collection Account.
Collections Accounts. The Administrative Agent shall use commercially reasonable efforts to (i) collect all payments required under each Lease and (ii) cause each Lessee to make all payments in respect of the related Lease, accompanied by an invoice bearing the identification number of the Vehicle to which such payment relates.
Collections Accounts. To the extent not delivered directly to a lockbox, all Items or funds received by each Borrower in respect of Accounts or the sale of Inventory or as Net Proceeds of other Collateral shall be held by such Borrower in trust for Lender, shall not be commingled with such Borrower’s funds, and shall be deposited promptly by such Borrower into a Collections Account or forwarded to Lender in the form received. All such Items and funds shall be the exclusive property of Lender upon the earlier of the receipt thereof by Lender or by Borrower. Subject to Section 2.9(c), Lender shall apply available balances from any Item or funds deposited into a Collections Account to the payment of Obligations in whatever order Lender shall determine.
Collections Accounts. Upon the occurrence of a Trigger Event, all Items or funds received by Borrower in respect of Accounts or the sale of Inventory or as Net Proceeds of other Collateral shall be held by Borrower in trust for Lender, shall not be commingled with Borrower’s funds, and shall be deposited promptly by Borrower into a Collections Account or forwarded to Lender in the form received. All such Items and funds shall be the exclusive property of Lender upon the earlier of the receipt thereof by Lender or by Borrower. Lender shall promptly process all Items received pursuant to this Section 2.9(b) into each lockbox and deposit such Items into a Collections Account. Subject to Section 2.9(c), Lender shall apply available balances from any Item or funds deposited into a Collections Account pursuant to this Section 2.9(b) to the payment of Obligations in whatever order Lender shall determine.
Collections Accounts. 2.5.1 All amounts in the Collection Accounts, the Debt Service Reserve Account and the Payments Account will be applied on each Interest Payment Date in the order of priority, subject to and as provided for in Clause Seventh of the Trust Agreement.
Collections Accounts
