Establishment of Lockbox Account Sample Clauses

Establishment of Lockbox Account. On or prior to the date hereof, the Issuer, the Lockbox Account Depository and the Indenture Trustee shall have entered into the Lockbox Account Control Agreement pursuant to which the Issuer shall establish and maintain the Lockbox Account for the benefit of the Noteholders. If at any time the Lockbox Account is no longer an Eligible Deposit Account, the Issuer shall (i) cause the Lockbox Account to be moved to a Qualified Trust Institution or Qualified Institution, (ii) cause the depositary maintaining the new Lockbox Account to enter into a new Lockbox Account Control Agreement on terms substantially similar to the existing Lockbox Account Control Agreement and (iii) deliver to the Indenture Trustee an Opinion of Counsel, in form and substance reasonably satisfactory to the Indenture Trustee, to the effect that the new Lockbox Account Control Agreement is effective to create a first priority, perfected security interest in favor of the Indenture Trustee in the Lockbox Account.
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Establishment of Lockbox Account. Prior to the date of this Agreement, Servicer, in the name of Trustee for the benefit of the Certificateholders and Bond Insurer, has, pursuant to agreements (each, a "Lockbox Agreement"), established and shall maintain with the Newark, New Jersey lockbox facility of Financial Telesis, Inc. (the "Lockbox Servicer"), which is an Eligible Institution, a post office lockbox (the "Post Office Lockbox"), and has established and shall maintain with a Pennsylvania office or branch of CoreStates Bank, N.A. (the "Lockbox Account Bank"), which is an Eligible Institution, a lockbox account (the "Lockbox Account"). The Post Office Lockbox shall be serviced by the Lockbox Servicer and shall be used as a payment address only for payments due under or in respect of the Lease Contracts and Equipment. Prior to the date of this Agreement, Servicer shall send or cause to be sent to all Lessees a written notice whereby the Lessees are directed to make all payments in respect of Lease Contracts and Equipment to the Lockbox Account. The Lockbox Servicer shall remove daily all monies and checks, drafts and other instruments of payment contained in the Post Office Lockbox and (where Funds on deposit in the Post Office Lockbox and in the Lockbox Account shall remain uninvested. Servicer shall cause the Post Office Lockbox and the Lockbox Account to be maintained at an Eligible Institution in the name of the Trustee for the benefit of the Certificateholders and Bond Insurer. Servicer shall give prior written notice to Bond Insurer of (i) the establishment of a new Post Office Lockbox or Lockbox Account, as applicable or (ii) a change in the location of the Post Office Lockbox or Lockbox Account, as applicable. If, at any time, the institution holding the Post Office Lockbox or the Lockbox Account, as the case may be, ceases to be an Eligible Institution, Servicer shall within five (5) Business Days establish a new Post Office Lockbox or Lockbox Account, as the case may be, meeting the conditions specified above with a New York office or branch of an Eligible Institution, and direct the Lockbox Servicer or the Lockbox Bank, as the case may be, to transfer all funds and/or assets on deposit to such new Post Office Lockbox or Lockbox Account, as the case may be, and from the date such new Post Office Lockbox or Lockbox Account, as applicable, is established, it shall be the "Post Office Lockbox" or "Lockbox Account," as applicable.
Sample 1
Establishment of Lockbox Account. (a) Borrower shall, upon the occurrence of a Triggering Event (i) establish, and hereby covenants to maintain during any Triggering Event Period, a segregated account (the “Lockbox Account”) with Lockbox Bank directly into which Borrower shall deposit or cause to be deposited all Rents (including, without limitation all Lease Termination Payments) or other revenue of any kind from the Property received by each Borrower or Manager, in accordance with Section 3.1.1(b) hereof, and (ii) execute a deposit account control agreement, in form and substance acceptable to Lender, with Lender and Lockbox Bank providing for the sole dominion and control and security interest in the Lockbox Account by Lender (the “Lockbox Agreement”). The Lockbox Account shall be in the name of Borrower, for the benefit of Lender. The Lockbox Agreement shall require the Lockbox Bank to maintain the Lockbox Account as an Eligible Account, and shall provide that Borrower and Lender or its Servicer shall have the right to electronic access to information regarding balances, deposits into and withdrawals from the Lockbox Account and to receive periodic reports from the Lockbox Bank with respect thereto. Borrower shall not in any way alter, modify or change the Lockbox Account or Lockbox Agreement without the prior written consent of Lender. Upon the occurrence of a Triggering Event and during the continuance of a Triggering Event Period, Borrower shall also establish, and hereby covenants to maintain with, Lockbox Bank a lockbox address at the Lockbox Bank (the “Lockbox Address”).
Sample 1
Establishment of Lockbox Account. Trustee has directed Lessee to establish a separate account at Firstar Bank Illinois, located in Chicago, Illinois, in the name of the Trustee pursuant to the Correspondent Lockbox Agreement, meeting the requirements of an Eligible Account, which account shall be known as the "Lockbox Account" account number 422579-059 (the "LOCKBOX ACCOUNT"). Borrower, Lessee and Trustee acknowledge and agree that all Operating Revenues shall be deposited into the Lockbox Account which shall be disbursed pursuant to the terms of this Trust Agreement and the Flow of Funds Agreement. Each of Borrower, Guarantor and Lessee hereby acknowledges that it has no further ownership of the Lockbox Account and funds therein and has no rights thereto, except as expressly provided in the Lockbox Agreement and this Trust Agreement.
Sample 1
Establishment of Lockbox Account. Borrower has established and currently maintains the Lockbox Account with the Bank and acknowledges that the Lockbox Account is a “deposit account” (as defined in Section 9-102(a)(29) of the UCC.
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Establishment of Lockbox Account. NOTICES TO OBLIGORS; DEPOSITS
Sample 1
Establishment of Lockbox Account. The Servicer, for the benefit of the Agent and the Lender Group, shall cause to be established and maintained the Lockbox Account in accordance with the requirements of this Section 5.01.
Sample 1
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Establishment of Lockbox Account. The Lockbox Processor has established the Lockbox Account using the account number set forth in item 2 of Schedule A hereto. The Lockbox Account has been established in the name of "Bankers Trust Company, as collateral trustee for the AFG Master Trust."
Sample 1
Establishment of Lockbox Account. Trustee has directed Lessee (or may in the future, upon the request of the Controlling Party or the Cash Manager, direct Lessee) to establish (i) a separate account, account number 422579-059, at US Bank National Association (f/k/a Firstar Bank Illinois), located in Chicago, Illinois, in the name of the Trustee pursuant to the Correspondent Lockbox Agreement, meeting the requirements of an Eligible Account, and (ii) such other separate account or accounts established with the consent of the Controlling Party meeting the requirements of an Eligible Account as may be necessary or desirable to segregate or otherwise manage and account for Operating Revenues of the Properties, which accounts referred to in clauses (i) and (ii) above shall be known as the "Lockbox Account" (the "Lockbox Account"). Borrower and Lessee acknowledge and agree that all Operating Revenues shall be deposited into the Lockbox Account which shall be disbursed pursuant to the terms of this Trust Agreement and the Flow of Funds Agreement. Each of Borrower, Guarantor and Lessee hereby acknowledges that it has no further ownership of the Lockbox Account and funds therein and has no rights thereto, except as expressly provided in the Lockbox Agreement and this Trust Agreement.
Sample 1

Related to Establishment of Lockbox Account

  • 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.

  • Establishment of Deposit Account The Financial Institution hereby confirms and agrees that:

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

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

  • Establishment of Collection Account (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty days.

  • Lockbox Account Each Obligor has been, or will be, directed to make all payments on their related Receivable to the Lockbox Processor for deposit into the Lockbox Account.

  • Establishment of Segregated Account Upon receipt of Proper Instructions, the Custodian shall establish and maintain on its books a segregated account or accounts for and on behalf of a Portfolio, into which account or accounts may be transferred cash and/or securities or other assets of such Portfolio, including securities maintained by the Custodian in a Securities System pursuant to Section 2.22(a) hereof or an Eligible Securities Depository pursuant to Section 2.22(b) hereof, said account or accounts to be maintained: (a) for the purposes set forth in Sections 2.09, 2.10 and 2.11 hereof; (b) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the SEC or SEC rules or regulations relating to the maintenance of segregated accounts by registered investment companies; or (c) for such other purposes as set forth, from time to time, in Special Instructions.

  • Lockbox Accounts The names and addresses of all the Lockbox Banks, together with the account numbers of the Lockbox Accounts of the Seller at each Lockbox Bank and the post office box numbers of the lockboxes, are listed on Schedule 6.1(o) (or have been notified to and approved by the Agents in accordance with Section 7.3(d)) and are the only post office boxes and accounts into which Collections of Receivables are deposited or remitted. The Seller has not granted any Person, other than the Administrative Agent for the benefit of the Secured Parties as contemplated by this Agreement, control of any lockbox or Lockbox Account, or the right to take control of any such lockbox or Lockbox Account at a future time.

  • Establishment of Reserve Account Pledgor and Secured Party hereby authorize and direct Securities Intermediary to establish and maintain in its corporate trust department, a segregated trust account that is an Eligible Deposit Account and that is a “securities account” as that term is defined in Section 8-501(a) of the UCC in the name of Secured Party and under the sole dominion and control of Secured Party, designated as “Toyota Auto Receivables 20[__]-[_] Owner Trust Reserve Account.” Securities Intermediary hereby undertakes to treat Secured Party as the person entitled to exercise the rights that comprise any Financial Asset credited to the Reserve Account. Secured Party and Pledgor agree that this account shall be the Reserve Account.

  • Establishment of Custodial Account; Deposits in Custodial Account The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, the “Custodial Account”), titled “PrimeLending, in trust for Redwood Residential Acquisition Corporation as Purchaser of Mortgage Loans and various Mortgagors.” Such Custodial Account shall be an Eligible Account established with a commercial bank, a savings bank or a savings and loan association (which may be a depository affiliate of the Seller) which meets the guidelines set forth by the FHFA, Fxxxxx Mxx or Fxxxxxx Mac as an eligible depository institution for custodial accounts. The Custodial Account shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld. In any case, the Custodial Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date):

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