Establishment and Maintenance of Lockbox and Trust Accounts Sample Clauses

Establishment and Maintenance of Lockbox and Trust Accounts. The Administrator shall cause to be established and maintained at all times a lockbox
Sample 1
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Establishment and Maintenance of Lockbox and Trust Accounts. The Administrator shall cause to be established and maintained at all times a lockbox and related account (the "Lockbox" and the "Lockbox Account") in the name of the Trustee. The Administrator agrees to cause the Lockbox Bank to sweep funds, daily, from the Lockbox Account to the Lender Collection Account if the Initial Lender is the sole Noteholder (or with the consent of the sole Noteholder if not the Initial Lender), and otherwise to the Collection Account. The Administrator agrees to require, and to cause the Servicer to require, that all payments by Obligors on Specified Auto Loans be made to the Lockbox. Only payments on Specified Auto Loans will be received in the Collection Account and no other funds other than funds in which the Trustee has an interest hereunder will be commingled therein. In addition, concurrently with the execution and delivery hereof, the Trustee shall establish the following segregated accounts entitled (a) the "AutoBond Master Funding Corporation V -- Loan Purchase Account, Dynex Capital, Inc., as Trustee" (the "Loan Purchase Account"); and (b) the "AutoBond Master Funding Corporation V -- Collection Account, Dynex Capital, Inc., as Trustee" (the "Funding Notes 69 Collection Account"). The Loan Purchase Account and the Collection Account are sometimes collectively referred to in this Article 13 as the "Funding Notes Trust Accounts".
Sample 1
Establishment and Maintenance of Lockbox and Trust Accounts. The Administrator shall cause to be established and maintained at all times a lockbox and related account (the "Lockbox" and the "Lockbox Account") in the name of the Servicer, as custodian for the Administrator and the Trustee, or in the name of the Trustee. The Administrator agrees to cause the Lockbox Bank to sweep funds from the Lockbox Account to the Collection Account at least once each week. The Administrator agrees to require, and to cause the Servicer to require, that all payments by Obligors on Specified Auto Loans be made to the Lockbox. Only payments on Specified Auto Loans will be received in the Collection Account and no other funds other than funds in which the Trustee has an interest hereunder will be commingled therein. In addition, concurrently with the execution and delivery hereof, the Trustee shall establish the following segregated accounts entitled (a) the "AutoBond Master Funding Corporation -- Loan Purchase Account, Norwest Bank Minnesota, National Association, as Trustee" (the "Loan Purchase Account"); (b) the "AutoBond Master Funding Corporation -- Variable Funding, Series A Collection Account, Norwest Bank Minnesota, National Association, as Trustee" (the "Collection Account"); and (c) the "AutoBond Funding Corporation -- Variable Funding, Series A Reserve Account, Norwest Bank Minnesota, National Association, as Trustee" (the "Cash Reserve Account"). The Loan Purchase Account, the Collection Account and the Cash Reserve Account are sometimes collectively referred to in this Article 13 as the "Trust Accounts".
Sample 1

Related to Establishment and Maintenance of Lockbox and Trust Accounts

  • Maintenance of Dominion Account Borrowers shall maintain Dominion Accounts pursuant to lockbox or other arrangements acceptable to Agent. Borrowers shall obtain an agreement (in form and substance satisfactory to Agent) from each lockbox servicer and Dominion Account bank, establishing Agent’s control over and Lien in the lockbox or Dominion Account, which may be exercised by Agent during any Sweep Trigger Period, requiring immediate deposit of all remittances received in the lockbox to a Dominion Account, and waiving offset rights of such servicer or bank, except for customary administrative charges. If a Dominion Account is not maintained with Bank of America, Agent may, during any Sweep Trigger Period, require immediate transfer of all funds in such account to a Dominion Account maintained with Bank of America. Agent and Lenders assume no responsibility to Borrowers for any lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank.

  • Establishment of a Lockbox Account, Dominion Account All proceeds of Collateral shall be deposited by Borrower into either (i) a lockbox account, dominion account or such other “blocked account” (“Blocked Accounts”) established at a bank or banks (each such bank, a “Blocked Account Bank”) pursuant to an arrangement with such Blocked Account Bank as may be selected by Borrower and be acceptable to Agent or (ii) depository accounts (“Depository Accounts”) established at Agent for the deposit of such proceeds. Borrower, Agent and each Blocked Account Bank shall enter into a deposit account control agreement in form and substance satisfactory to Agent directing such Blocked Account Bank, upon notice from Agent, to transfer such funds so deposited to Agent, either to any account maintained by Agent at said Blocked Account Bank or by wire transfer to appropriate account(s) of Agent. All funds deposited in such Blocked Accounts shall immediately become the property of Agent and Borrower shall obtain the agreement by such Blocked Account Bank to waive any offset rights against the funds so deposited. Neither Agent nor any Lender assumes any responsibility for such blocked account arrangement, including any claim of accord and satisfaction or release with respect to deposits accepted by any Blocked Account Bank thereunder. All deposit accounts and investment accounts of Borrower are set forth on Schedule 4.15(g). Notwithstanding anything to the contrary set forth in this Section 4.15(g), Borrower shall be permitted to deposit checks or other payments received at Borrower’s locations in the Ordinary Course of Business in deposit accounts which may not be subject to a blocked account or similar agreements; provided that, at no time shall Borrower have more than $50,000 in the aggregate in all such accounts which are not Blocked Accounts or Depository Accounts.

  • MAINTENANCE OF DEPOSIT ACCOUNTS PSC shall maintain on behalf of Customer such deposit accounts as are necessary or desirable from time to time to enable PSC to carry out the provisions of this Agreement.

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

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that:

  • Establishment of Trust Accounts (a) (i) The Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders.

  • Establishment of and Deposits to Custodial Account The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):

  • Establishment of Trust Account The Owner Trustee, for the benefit of the Certificateholders, shall establish and maintain in the name of the Trust an Eligible Deposit Account (the "Certificate Distribution Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Owner Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account.

  • Maintenance of Accounts If an institution maintaining the Bank Accounts ceases to be a Qualified Institution, the Servicer will, with the Indenture Trustee’s assistance as necessary, move the Bank Accounts to a Qualified Institution within 30 days.

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