Disbursing Accounts Sample Clauses

Disbursing Accounts. (a) During the term of this Agreement, the Administrator shall maintain one or more accounts (which may be zero balance accounts) in the name of the Administrator with banking institutions as necessary to allow the Administrator to make or direct all payments required to be made or directed by the Administrator on behalf of ILA with respect to the Administered Business (the "Administratox Xisbursing Accounts"); provided, that the Parties acknowledge and agree that disbursement accounts maintained by ILA may be used on a transitional basis until relevant functions xxe migrated to the Administrator Disbursing Accounts. If requested by the Administrator, ILA, in its sole discretion, shall assign and transfer to the Adxxxistrator, and the Administrator shall accept and acquire, one or more additional accounts held in the name of ILA with banking institutions and related to the Administered Buxxxess (the "Transferred Disbursing Accounts" and, collectively with the Administrator Disbursing Accounts, the "Disbursing Accounts"). The Disbursing Accounts shall be used for all disbursements provided for in connection with the Services, including but not limited to benefit payments, insurance contract surrenders, annuity payments and other benefits under Covered Insurance Policies. Until the occurrence of a Triggering Event or Recapture Triggering Event, the Administrator shall, as needed, deposit in the Disbursing Accounts funds sufficient to cover checks drawn on the Disbursing Accounts by the Administrator with respect to the Administered Business from time to time. The Administrator shall be solely responsible for all fees, costs and expenses of the Disbursing Accounts, and in no event shall ILA have any obligation to provide funding for the Disbursing Acxxxnts with respect to the Administered Business or be responsible for any fees, costs or expenses associated therewith. Checks drawn on the Disbursing Accounts in connection with the Services shall show the Administrator, acting on behalf of ILA.
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Related to Disbursing Accounts

  • Disbursement Account A trust account for the benefit of Owner, opened by Manager with an FDIC insured bank to pay for “Operating Expenses” as defined in Section 4.01(b).

  • Operating Accounts (a) Maintain all of Borrower’s and its Subsidiaries’ Collateral Accounts in accounts which are subject to a Control Agreement in favor of Collateral Agent.

  • Settlement Account Money debited to the Capital Account in respect of the cost of purchases made on the Client's behalf and money received and receivable upon settlement of each sale made on the Client's behalf will be credited to this account and held there until the relevant settlement date.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Disbursements of Monies from Payment Account (a) Notwithstanding any other provision in this Agreement, but subject to the other subsections of this Section 9.01, on each Payment Date, the Collateral Agent shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 8.02 in accordance with the Payment Date Report and the following priorities (the “Priority of Payments”):

  • 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

  • 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:

  • Management Accounts The Management Accounts:

  • 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).

  • Lock-Box Accounts, Escrow Accounts Except with respect to the Outside Serviced Mortgage Loans, the Master Servicer shall administer each Lock-Box Account and Escrow Account in accordance with the related Mortgage or Loan Agreement or Lock-Box Agreement, if any, and administer any letters of credit pursuant to the related letter of credit agreement and the Loan Documents. Notwithstanding the foregoing, to the extent that any cash amounts are held in an Escrow Account or other cash collateral account and the mortgagee under the related Loan Documents is permitted, but not required, to apply such amounts to prepay the related Mortgage Loan (or Serviced Loan Combination), neither the Master Servicer nor the Special Servicer shall apply such amounts to prepay the Mortgage Loan (or Serviced Loan Combination) until after the occurrence of an event of default under the Mortgage Loan that may result in the Mortgage Loan (or Serviced Loan Combination) being accelerated or becoming a Specially Serviced Loan.

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