Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into the Concentration Account, the Collection Account, an Advertising Fund Account or such other appropriate account within three (3) Business Days immediately following Actual Knowledge of the Manager of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the Managed Assets incorrectly deposited into another account. In the event that any funds not constituting Collections are incorrectly deposited in any Account, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such funds. Except as otherwise set forth herein, in the Base Indenture or in the Company Restaurant Licenses, the Manager shall not commingle any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or such other property are in the possession or control of the Manager to the extent such Managed Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, shall notify the Trustee in the Monthly Manager’s Certificate of any amounts incorrectly deposited into any Indenture Trust Account and instruct in the Monthly Manager’s Certificate the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager in any Monthly Manager’s Certificate and shall remit such funds to the Manager based solely on such Monthly Manager’s Certificate.
Appears in 6 contracts
Samples: Management Agreement (Twin Hospitality Group Inc.), Management Agreement (Fat Brands, Inc), Management Agreement (Fat Brands, Inc)
Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into the a Lock-Box Account, a Concentration Account, the Collection Account, an Advertising Fund Account or such other appropriate account within three (3) Business Days immediately following Actual Knowledge of the Manager of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the Managed Assets incorrectly deposited into another account. In the event that any funds not constituting Collections are incorrectly deposited in any Account, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such funds. Except as otherwise set forth herein, in the Base Indenture or in the Company Restaurant Licenses, the Manager shall not commingle any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or such other property are in the possession or control of the Manager to the extent such Managed Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, shall notify the Trustee in the Monthly Weekly Manager’s Certificate of any amounts incorrectly deposited into any Indenture Trust Account and instruct in the Monthly Manager’s Certificate arrange for the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager in any Monthly Weekly Manager’s Certificate and shall remit such funds to the Manager based solely on such Monthly Weekly Manager’s Certificate.
Appears in 5 contracts
Samples: Management Agreement (Dine Brands Global, Inc.), Management Agreement, Management Agreement (Dine Brands Global, Inc.)
Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into the an International Franchisee Payment Account, a Concentration Account, the Collection Account, an Advertising Fund Account or such other appropriate account Account within three (3) Business Days immediately following Actual Knowledge of the Manager of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the Managed Assets incorrectly deposited into another account. In the event that any funds not constituting Collections are incorrectly deposited in any Account, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such funds. Except as otherwise set forth herein, herein or in the Base Indenture or in the Company Restaurant LicensesIndenture, the Manager shall not commingle any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or such other property are in the possession or control of the Manager to the extent such Managed Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, shall notify the Trustee in the Monthly Weekly Manager’s Certificate of any amounts incorrectly deposited into any Indenture Trust Account and instruct in the Monthly Manager’s Certificate arrange for the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager in any Monthly Weekly Manager’s Certificate and shall remit such funds to the Manager based solely on such Monthly Weekly Manager’s Certificate.
Appears in 3 contracts
Samples: Management Agreement, Management Agreement, Management Agreement (Wingstop Inc.)
Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into the a Lock-Box Account, a Concentration Account, the Collection Account, an Advertising Fund Account or such other appropriate account within three (3) Business Days immediately following Actual Knowledge of the Manager of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the Managed Assets incorrectly deposited into another account. In the event that any funds not constituting Collections are incorrectly deposited in any Account, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such funds. Except as otherwise set forth herein, herein or in the Base Indenture or in the Company Restaurant LicensesIndenture, the Manager shall not commingle any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or such other property are in the possession or control of the Manager to the extent such Managed Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, shall notify the Trustee in the Monthly Weekly Manager’s Certificate of any amounts incorrectly deposited into any Indenture Trust Account and instruct in the Monthly Manager’s Certificate arrange for the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager in any Monthly Weekly Manager’s Certificate and shall remit such funds to the Manager based solely on such Monthly Weekly Manager’s Certificate.
Appears in 3 contracts
Samples: Management Agreement (Yum Brands Inc), Management Agreement, Management Agreement (Yum Brands Inc)
Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into the a Lock-Box Account, a Canadian Concentration Account, the a Canadian Collection Account, an a Canadian Advertising Fund Account or such other appropriate account within three (3) Business Days immediately following Actual Knowledge of the Manager of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the Managed Assets incorrectly deposited into another account. In the event that any funds not constituting Canadian Collections are incorrectly deposited in any AccountAccount in Canada, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such funds. Except as otherwise set forth herein, herein or in the Base Indenture or in the Company Restaurant LicensesIndenture, the Manager shall not commingle any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or such other property are in the possession or control of the Manager to the extent such Managed Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Canadian Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, shall notify the Trustee in the Monthly Weekly Manager’s Certificate of any amounts incorrectly deposited into any Indenture Trust Account and instruct in the Monthly Manager’s Certificate arrange for the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager in any Monthly Weekly Manager’s Certificate and shall remit such funds to the Manager based solely on such Monthly Weekly Manager’s Certificate.
Appears in 2 contracts
Samples: Canadian Management Agreement (Driven Brands Holdings Inc.), Canadian Management Agreement (Driven Brands Holdings Inc.)
Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into the any Concentration Account, the Collection Account, an any Advertising Fund Account or such other appropriate account the SVC Account (as defined in the SVC Program Agreement), as applicable, as determined by the Manager, within three (3) Business Days immediately (unless such deposit requires an international funds transfer, in which case such funds must be deposited to the applicable account within five (5) Business Days of receipt) following Actual Knowledge of the Manager of the receipt thereof by the Manager or any of its Affiliates and in the form received with any necessary endorsement or in cash, all payments received by the Manager or any of its Affiliates in respect of the Managed Assets incorrectly deposited into another account. In the event that any funds not constituting Collections are incorrectly deposited in any Account, sent to the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such fundsor any of its Affiliates. Except as otherwise set forth herein, in the Base Indenture or in the Company Restaurant Licenses, the The Manager shall not commingle any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or such other property are in the possession or control of the Manager to the extent such Managed Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, Manager shall notify the Trustee in the Monthly Manager’s Certificate writing of any amounts incorrectly deposited into any Indenture Trust the Collection Account and instruct in the Monthly Manager’s Certificate arrange for the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Collection Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager in any Monthly Manager’s Certificate hereunder and shall remit such funds to the Manager based solely on such Monthly the notification it receives from the Manager’s Certificate.
Appears in 2 contracts
Samples: Management Agreement, Management Agreement (Dunkin' Brands Group, Inc.)
Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into the Concentration Account, the Collection Account, an applicable Management Account or an Advertising Fund Account or such other appropriate account Account, as applicable, as determined by the Manager, within three (3) Business Days immediately (unless such deposit requires an international funds transfer, in which case such funds must be deposited to the applicable account within five (5) Business Days of receipt) following Actual Knowledge of the Manager of the receipt thereof by the Manager or any of its Affiliates and in the form received with any necessary endorsement or in cash, all payments received by the Manager or any of its Affiliates in respect of the Managed Securitized Assets incorrectly deposited into another accountsent to the Manager or any of its Affiliates. In the event that any funds not constituting Collections are incorrectly deposited in any Management Account or any Advertising Fund Account, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such funds. Except as otherwise set forth herein, in the Base Indenture or in the Company Restaurant Licenses, the The Manager shall not commingle any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Securitized Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Securitized Assets or such other property are in the possession or control of the Manager to the extent such Managed Securitized Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, Manager shall notify the Trustee in the Monthly Interim Manager’s Certificate of any amounts incorrectly deposited into the any Indenture Trust Account and instruct in the Monthly Manager’s Certificate arrange for the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager hereunder or contained in any Monthly Interim Manager’s Certificate and shall remit such funds to the Manager based solely on such Monthly Interim Manager’s Certificate.
Appears in 2 contracts
Samples: Management Agreement (Planet Fitness, Inc.), Management Agreement (Planet Fitness, Inc.)
Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into the a Concentration Account, the Collection Account, an Advertising Fund Account or such other appropriate account within three (3) Business Days immediately following Actual Knowledge of the Manager of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the Managed Securitized Assets incorrectly deposited into another account. In the event that any funds not constituting Collections are incorrectly deposited in any Account, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such funds. Except as otherwise set forth herein, herein or in the Base Indenture or in the Company Restaurant LicensesIndenture, the Manager shall not commingle any monies that relate to Managed Securitized Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Securitized Assets and any other property comprising any part of the CollateralSecuritized Assets, and for such time, if any, as such Managed Securitized Assets or such other property are in the possession or control of the Manager to the extent such Managed Securitized Assets or such other property is Collateralincluded in the Securitized Assets, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, shall notify the Trustee in the Monthly Weekly Manager’s Certificate of any amounts incorrectly deposited into any Indenture Trust Account and instruct in the Monthly Manager’s Certificate arrange for the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager in any Monthly Weekly Manager’s Certificate and shall remit such funds to the Manager based solely on such Monthly Weekly Manager’s Certificate.
Appears in 2 contracts
Samples: Management Agreement (Jack in the Box Inc), Management Agreement (Jack in the Box Inc /New/)
Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into the Concentration Account, the Collection Account, an Advertising Fund Account or such other appropriate account within three (3) Business Days immediately following Actual Knowledge of the Manager of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the Managed Assets incorrectly deposited into another account. In the event that any funds not constituting Collections are incorrectly deposited in any Account, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such funds. Except as otherwise set forth herein, herein or in the Base Indenture or in the Company Restaurant LicensesIndenture, the Manager shall not commingle any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or such other property are in the possession or control of the Manager to the extent such Managed Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization EntityIssuer). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, shall notify the Trustee in the Monthly Manager’s Certificate of any amounts incorrectly deposited into any Indenture Trust Account and instruct in the Monthly Manager’s Certificate the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager in any Monthly Manager’s Certificate and shall remit such funds to the Manager based solely on such Monthly Manager’s Certificate.
Appears in 1 contract
Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into the a Concentration Account, the Collection Account, an Advertising Fund Account or such other appropriate account within three (3) Business Days immediately following Actual Knowledge of the Manager of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the Managed Assets incorrectly deposited into another account. In the event that any funds not constituting Collections are incorrectly deposited in any Account, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such funds. Except as otherwise set forth herein, in the Base Indenture or in the Company Restaurant Licenses, the Manager shall not commingle any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or such other property are in the possession or control of the Manager to the extent such Managed Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, shall notify the Trustee in the Monthly Manager’s Certificate of any amounts incorrectly deposited into any Indenture Trust Account and instruct in the Monthly Manager’s Certificate the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager in any Monthly Manager’s Certificate and shall remit such funds to the Manager based solely on such Monthly Manager’s Certificate.
Appears in 1 contract
Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into the a Lock-Box Account, a U.S. Concentration Account, the U.S. Collection Account, an a U.S. Advertising Fund Account or such other appropriate account within three (3) Business Days immediately following Actual Knowledge of the Manager of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the Managed Assets incorrectly deposited into another account. In the event that any funds not constituting U.S. Collections are incorrectly deposited in any AccountAccount in the United States, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such funds. Except as otherwise set forth herein, herein or in the Base Indenture or in the Company Restaurant LicensesIndenture, the Manager shall not commingle any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or such other property are in the possession or control of the Manager to the extent such Managed Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, shall notify the Trustee in the Monthly Weekly Manager’s Certificate of any amounts incorrectly deposited into any Indenture Trust Account and instruct in the Monthly Manager’s Certificate arrange for the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager in any Monthly Weekly Manager’s Certificate and shall remit such funds to the Manager based solely on such Monthly Weekly Manager’s Certificate.
Appears in 1 contract
Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into the a Lock-Box Account, a Concentration Account, the Collection Account, an Advertising Fund Account or such other appropriate account within three (3) Business Days immediately following Actual Knowledge of the Manager of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the Managed Assets incorrectly deposited into another account. In the event that any funds not constituting Collections are incorrectly deposited in any Account, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such funds. Except as otherwise set forth herein, herein or in the Base Indenture or in the Company Restaurant LicensesIndenture, the Manager shall not commingle any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or such other property are in the possession or control of the Manager to the extent such Managed Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, shall notify the Trustee in the Monthly Weekly Manager’s Certificate of any amounts incorrectly deposited into any Indenture Trust Account and instruct in the Monthly Manager’s Certificate arrange for the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager in any Monthly Weekly Manager’s Certificate and shall remit such funds to the Manager based solely on such Monthly Weekly Manager’s Certificate.
Appears in 1 contract
Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into the Concentration an applicable Management Account or a Marketing Fund Account, as applicable, as determined by the Collection AccountManager, an Advertising Fund Account or such other appropriate account within three (3) Business Days immediately following Actual Knowledge of the Manager of the receipt thereof by the Manager or any of its Affiliates and in the form received with any necessary endorsement or in cash, all payments received by the Manager or any of its Affiliates in respect of the Managed Securitized Assets incorrectly deposited into another accountsent to the Manager or any of its Affiliates. In the event that any funds not constituting Collections are incorrectly deposited in any Management Account or any Marketing Fund Account, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such funds. Except as otherwise set forth herein, in the Base Indenture or in the Company Restaurant Licenses, the The Manager shall not commingle any monies that relate to Managed Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Securitized Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Securitized Assets or such other property are in the possession or control of the Manager to the extent such Managed Securitized Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, Manager shall notify the Trustee in the Monthly Weekly Manager’s Certificate of any amounts incorrectly deposited into the any Indenture Trust Account and instruct in the Monthly Manager’s Certificate arrange for the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager hereunder or contained in any Monthly Weekly Manager’s Certificate and shall remit such funds to the Manager based solely on such Monthly Weekly Manager’s Certificate.
Appears in 1 contract
Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager Servicer shall promptly deposit into the Concentration Account, the Collection Account, an the Advertising Fund Fees Account or such other appropriate account within three (3) by the third Business Days Day immediately following Actual Knowledge actual knowledge of the Manager Servicer or any of its Affiliates of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the Managed Serviced Assets incorrectly deposited into another account. In the event that any funds not constituting Collections are incorrectly deposited in any the Concentration Account, the Manager Servicer shall promptly withdraw such amounts after obtaining Actual Knowledge following actual knowledge thereof and shall pay such amounts to the Person person legally entitled to such funds. Except as otherwise set forth herein, in the Base Indenture or in the Company Restaurant Licenses, the Manager The Servicer shall not commingle any monies that relate to Managed Serviced Assets with its own assets and shall keep separate, segregated and appropriately marked and identified all Managed Serviced Assets and any other property comprising any part of the Indenture Collateral, and for such time, if any, as such Managed Serviced Assets or such other property are in the possession or control of the Manager Servicer to the extent such Managed Serviced Assets or such other property is Indenture Collateral, the Manager Servicer shall hold the same in trust for the benefit of the Indenture Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, Servicer shall notify the Indenture Trustee in the Monthly ManagerWeekly Servicer’s Certificate Report of any amounts incorrectly deposited into any Indenture Trust Account the Collection Account, and instruct in the Monthly Manager’s Certificate arrange for the prompt remittance by the Indenture Trustee of such funds from the applicable Indenture Trust Collection Account to the ManagerServicer. The Indenture Trustee shall have no obligation to verify any information provided to it by the Manager Servicer in any Monthly ManagerWeekly Servicer’s Certificate Report and shall remit such funds to the Manager Servicer based solely on such Monthly ManagerWeekly Servicer’s CertificateReport.
Appears in 1 contract
Samples: Servicing Agreement (Ihop Corp)