Collections; Permitted Unblocked Accounts Sample Clauses

Collections; Permitted Unblocked Accounts. The Transferor shall, and shall cause each of the Sellers to, instruct all Obligors (other than the Obligors of any Qualified LEC Receivables) and all LECs to remit all Collections and Associated LEC Payments, as applicable, directly to a Lock-Box or Lock-Box Account; provided, however, that, subject to the limitations set forth in this proviso, the Transferor and/or the Sellers shall be permitted to direct the Obligors to remit Collections of Direct Billed Receivables to one of the bank accounts described on Exhibit T hereto (or a Lock-Box relating thereto) in respect of which no Lock-Box Agreement has been executed (each such bank account being a "Permitted Unblocked Account"), provided that (A) the Obligors being so directed to remit such Collections to any such Permitted Unblocked Account are either (x) existing Obligors that were remitting such Collections to such accounts prior to the Closing Date or (y) new Obligors that in accordance with the applicable Seller's past business practices would have been directed to remit such Collections to such an account, (B) the aggregate balances of all
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Collections; Permitted Unblocked Accounts. Each Seller shall instruct all Obligors (other than the Obligors of any Qualified LEC Receivables) and all LECs to remit all Collections and Associated LEC Payments, as applicable, directly to a Lock-Box or Lock-Box Account; provided, however, that, subject to the limitations set forth in this proviso, the Sellers shall be permitted to direct the Obligors to remit Collections of Direct Billed Receivables to one of the bank accounts described on Schedule 4.01(o) hereto (or a Lock-Box relating thereto) in respect of which no Lock-Box Agreement has been executed (each such bank account being a "Permitted Unblocked Account"), provided that (A) the Obligors being so directed to remit such Collections to any such Permitted Unblocked Account are either (x) existing Obligors that were remitting such Collections to such accounts prior to the Closing Date or (y) new Obligors that in accordance with the applicable Seller's past business practices would have been directed to remit such Collections to such an account, (B) the aggregate balances of all Permitted Unblocked Accounts shall not exceed $600,000 at any time, (C) all such Collections deposited into any such Permitted Unblocked Account shall be transferred to a Lock-Box Account within the time specified therefor on Schedule 4.01(o) hereto, and (D) by no later than March 31, 1997, (w) all such Permitted Unblocked Accounts and the Lock-Boxes associated therewith, together with LCI's bank account and Lock-Boxes maintained at Comerica Bank and described on Schedule 4.01(o), shall be closed, (x) all Collections on deposit therein shall have been transferred to other Lock-Box Accounts, (y) all Obligors shall have been directed to remit Collections to other Lock-Box Accounts or the Lock-Boxes relating thereto, and (z) effective as of such date (or, if earlier, the date the last Permitted Unblocked Account is closed), there shall cease to be any Permitted Unblocked Accounts; and provided, further, however, that in accordance with the past business practices of the Seller and subject to the requirements of Section 5.01(i), each of the Sellers, so long as it is then acting as Collection Agent or a Sub-Collection Agent, shall be permitted to direct certain Obligors of Direct Billed Receivables that are Delinquent Receivables or Defaulted Receivables to remit Collections of such Delinquent or Defaulted Receivables directly to such Seller.
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Related to Collections; Permitted Unblocked Accounts

  • Blocked Accounts Agent shall have received duly executed agreements establishing the Blocked Accounts or Depository Accounts with financial institutions acceptable to Agent for the collection or servicing of the Receivables and proceeds of the Collateral;

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Collateral Accounts Evidence that the Collateral Accounts have been established;

  • Deposits to Special Accounts Except as otherwise provided in the Lock-Box Agreement, the Seller will not deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Lock-Box Account cash or cash proceeds other than Collections in respect of the Collateral.

  • Payments on Receivables, Accounts The Seller will, and will cause each Originator to, at all times instruct all Obligors to deliver payments on the Pool Receivables (other than Pool Receivables that are FUMS Receivables) to a Lock-Box Account. If any payments or other Collections are received by the Seller or an Originator (including payments or other Collections on Pool Receivables that are FUMS Receivables), it shall hold such payments in trust for the benefit of the Administrator and the Purchasers and promptly (but in any event within two (2) Business Days after receipt) remit such funds into a Lock-Box Account. The Seller will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Agreement. The Seller will not permit the funds other than Collections on Pool Receivables and other Pool Assets to be deposited into any Lock-Box Account. If such funds are nevertheless deposited into any Lock-Box Account, the Seller will promptly identify such funds for segregation. The Seller will not, and will not permit the Servicer, any Originator or other Person to, commingle Collections or other funds to which the Administrator, any Purchaser Agent or any Purchaser is entitled with any other funds, provided, however, that Collections on FUMS Receivables may be commingled with other funds so long as such fund are remitted into a Lock-Box Account within two (2) Business Days after receipt. The Seller shall only add or replace, and shall only permit an Originator to add or replace, a Lock-Box Bank (or the related lock-box or post office box) or Lock-Box Account to those listed on Schedule II to this Agreement if the Administrator has received notice of such addition or replacement, a copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Agreement in form and substance acceptable to the Administrator from any such new Lock-Box Bank. The Seller shall only terminate a Lock-Box Bank or close a Lock-Box Account (or the related lock-box or post office box), upon 30 days’ prior notice to and with the prior written consent of the Administrator.

  • 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.... Section 3.15

  • Establishment of Collateral Accounts The Custodian hereby confirms and agrees that:

  • Control of Collateral Accounts To establish “control” of the Collateral Accounts by the Secured Party under Sections 9-104 and 9-106 of the UCC, the Financial Institution agrees to comply with any order or instruction from the Secured Party directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to a Collateral Account (a “Secured Party Order”) without the need for consent by the Grantor or any other Person.

  • Deposits to Lock-Box Accounts Deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Lock-Box Account cash or cash proceeds other than Collections of Pool Receivables.

  • Payments on Receivables, Collection Accounts The Servicer will at all times, instruct all Obligors to deliver payments on the Pool Receivables to a Collection Account or a Lock-Box. The Servicer will, at all times, maintain such books and records necessary to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property of the Servicer and the Originators. If any payments on the Pool Receivables or other Collections are received by the Borrower, the Servicer or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Lenders and the other Secured Parties and promptly remit such funds into a Collection Account; provided, however, that (x) no less than 98.0% of such payments received shall be remitted to a Collection Account within one (1) Business Day after receipt and (y) no more than 2.0% of such payments received shall be remitted to a Collection Account within five (5) Business Days after receipt. The Servicer shall not permit funds other than Collections on Pool Receivables and other Collateral to be deposited into any Collection Account. If such funds are nevertheless deposited into any Collection Account, the Servicer will within two (2) Business Days identify and transfer such funds to the appropriate Person entitled to such funds. The Servicer will not, and will not permit the Borrower, any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent, any Lender or any other Secured Party is entitled, with any other funds. The Servicer shall only add a Collection Account (or a related Lock-Box), or a Collection Account Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received notice of such addition and an executed and acknowledged copy of an Account Control Agreement (or an amendment thereto) from the applicable Collection Account Bank. The Servicer shall only terminate a Collection Account Bank or close a Collection Account (or a related Lock-Box) with the prior written consent of the Administrative Agent.

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