Deposits of Proceeds to Collection Accounts Sample Clauses

Deposits of Proceeds to Collection Accounts. The Obligors shall instruct all Account Debtors and other Persons obligated in respect of Accounts to make all payments in respect of the Accounts directly to one or more Collection Accounts. In addition, each Borrower agrees that if the proceeds of any Accounts shall be received by it or by any of the other Obligors, such Borrower shall, and shall cause each of the other Obligors to, as promptly as possible deposit such proceeds in a Collection Account. Until so deposited, all such proceeds shall be held in trust by such Obligors for the Administrative Agent on behalf of the Secured Parties and shall not be commingled with any other funds or property of such Obligors. So long as no Notice of Cash Dominion is in effect, the Borrowers may from time to time transfer the Available Balances on deposit in the Collection Accounts to one or more Disbursement Accounts or Concentration Accounts and may transfer Available Balances among the Concentration Accounts and Disbursement Accounts.
Sample 1
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Deposits of Proceeds to Collection Accounts. At all times during which a Notice of Cash Dominion is in effect, the Obligors shall instruct all Account Debtors and other Persons obligated in respect of Accounts to make all payments in respect of the Accounts directly to one or more Collection Accounts. So long as no Event of Default has occurred and is continuing, all such payments shall be deposited in a Collection Account. In addition to the foregoing, each Borrower agrees that if the proceeds of any Accounts shall be received by it or by any of the other Obligors at any time during which a Notice of Cash Dominion is in effect, such Borrower shall, and shall cause each of the other Obligors to, as promptly as possible deposit such proceeds in a Collection Account. Until so deposited, all such proceeds shall be held in trust by such Obligors for the Administrative Agent on behalf of the Secured Parties and shall not be commingled with any other funds or property of such Obligors. Each Borrower hereby irrevocably authorizes and empowers the Administrative Agent, its officers, employees and authorized agents at any time during which a Notice of Cash Dominion is in effect, to endorse and sign its name or the name of any other Obligor on all checks, drafts, money orders or other media of payment so delivered, and such endorsements or assignments shall, for all purposes, be deemed to have been made by the applicable Obligor prior to any endorsement or assignment thereof by the Administrative Agent. The Administrative Agent may use any convenient or customary means for the purpose of collecting such checks, drafts, money orders or other media of payment.
Sample 1

Related to Deposits of Proceeds to Collection Accounts

  • Deposits to Collection Account The Servicer shall use its best efforts to deposit or cause to be deposited (without duplication), within two (2) Business Days after receipt thereof, into the Collection Account and retain therein in trust for the benefit of the Grantor Trust Holder:

  • Deposits to the Collection Account On behalf of the Trust Fund, the Master 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 the Master Servicer's receipt thereof, and shall thereafter deposit in the 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, and retain therein, the following payments and collections received or made by it subsequent to the Cut-off Date with respect to the Mortgage Loans, 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:

  • Deposits to the Collection Account and Special Payments Account (a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral Account).

  • Payments to Collection Account On or before the applicable Cut-Off Date, the Servicer shall have instructed all Obligors to make all payments in respect of the Collateral Portfolio directly to the Collection Account; provided that the Servicer is not required to so instruct any Obligor which is solely a guarantor or other surety (or an Obligor that is not designated as the “lead borrower” or another such similar term) unless and until the Servicer calls on the related guaranty or secondary obligation.

  • 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

  • The Collection Account (a) The Trust Administrator shall establish and maintain in the name of the Notes Intermediary the Collection Account as provided in Section 5.07, which account shall be pledged to the Indenture Trustee for the benefit of the Noteholders.

  • Collection Account (a) On the Closing Date, the Master Servicer shall open and shall thereafter maintain a segregated account held in trust (the “Collection Account”), entitled “Collection Account, Aurora Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2005-5.” The Collection Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Collection Account shall not be commingled with any other monies.

  • Investment of Funds in the Collection Account The Servicer may direct any depository institution which holds the Collection Account to invest the funds in the Collection Account in one or more Permitted Investments bearing interest. All such Permitted Investments shall be held to maturity, unless payable on demand. In the event amounts on deposit in the Collection Account are at any time invested in a Permitted Investment payable on demand, the Servicer shall:

  • Withdrawals from the Collection Account and Distribution Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:

  • Withdrawals from the Collection Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.01:

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