Establishment of Lockboxes Sample Clauses

Establishment of Lockboxes. Borrowers shall, within thirty (30) days after the Closing Date, (i) establish and thereafter maintain one or more lockboxes with Lender under Lender’s control and (ii) contemporaneously therewith, direct all of its Account Debtors to make payments to such lockboxes (or, if made by wire or other transfer, to a Collections Account).
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Establishment of Lockboxes. (a) At, and in no event later than forty-five (45) days after, the Closing Date, Borrower shall establish and thereafter maintain, and cause each Affiliate to establish and thereafter maintain, one or more post office boxes (“Lockboxes”) and deposit accounts associated therewith (the “Lockbox Accounts” or a “Lockbox Account”) pursuant to one or more lockbox agreements, each to be in form and substance satisfactory to Lender (the “Lockbox Account Agreements” or a “Lockbox Account Agreement”) with one or more banks (including the Bank)(collectively, “Lockbox Account Banks”) or, subject to Lender’s prior approval, another financial institution as is acceptable to Lender (a “Lockbox Account Bank”) which shall be used for the sole and exclusive purpose of concentrating the collection of all remittances on Receivables and other proceeds of Collateral. All amounts on deposit in a Lockbox Account, shall be transferred on a daily basis to the Concentration Account by wire transfer of immediately available funds in a manner satisfactory to Lender. Unless otherwise agreed to by Lender, each Lockbox Account Bank shall acknowledge and agree, pursuant to its respective Lockbox Account Agreement, that all payments and deposits made to its Lockbox Account are the sole and exclusive property of Lender; that such Lockbox Account Bank has no right to set off against its Lockbox Account, except as expressly provided in its respective Lockbox Account Agreement; and that such Lockbox Account Bank will wire transfer immediately available funds, in a manner satisfactory to Lender, all funds deposited in the Lockbox Account to the Concentration Account on a daily basis as soon as such funds are collected. The Borrower agrees, and shall cause each Affiliate to agree, that all payments, whether by cash, check, wire transfer or other instruments of deposit in each Lockbox Account and the Concentration Account shall be the sole and exclusive property of Lender, and that Borrower shall not, and no Affiliate shall have, any right, title or interest therein or in any Lockbox Account or the Concentration Account. The Borrower shall notify all Customers to remit directly all payments of Receivables and other payments constituting proceeds of Collateral to an applicable Lockbox in the form received for deposit in the associated Lockbox Account; and the Borrower shall not, without obtaining the prior consent of Lender, establish any Deposit Accounts, other than the Lockbox Accounts, any Bloc...
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Establishment of Lockboxes. Borrowers shall, on or before the Closing Date, (i) establish and thereafter maintain one or more lockboxes under Lender’s control and (ii) contemporaneously therewith, direct all of its Account Debtors to make payments to such lockboxes (or, if made by wire or other transfer, to a Collections Account).
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Establishment of Lockboxes. Upon the occurrence of a Trigger Event, Borrower shall (i) promptly establish and thereafter maintain one or more lockboxes under Lender’s control and (ii) contemporaneously therewith, direct all of its Account Debtors to make payments to such lockboxes (or, if made by wire or other transfer, to a Collections Account).
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Related to Establishment of Lockboxes

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

  • 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 Collateral Accounts The Custodian hereby confirms and agrees that:

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

  • Establishment of Accounts The Escrow Agent hereby instructs the Depositary, and the Depositary agrees, to establish the separate deposit accounts listed on Schedule I hereto and to establish such additional separate deposit accounts as may be required in connection with the deposits contemplated by Section 2.4 hereof (each, an “Account” and collectively, the “Accounts”), each in the name of the Escrow Agent and all on the terms and conditions set forth in this Agreement.

  • 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.

  • Establishment of the Bank Account 2.1 The Escrow Agent shall establish a non-interest bearing bank account at a branch of XX Xxxxxx Chase selected by the Escrow Agent, and bearing the designation set forth on the Information Sheet (heretofore defined as the “Bank Account”). The purpose of the Bank Account is for (a) the deposit of all subscription monies (checks, or wire transfers) which are received by the Underwriter from prospective purchasers of the Securities and are delivered by the Underwriter to the Escrow Agent, (b) the holding of amounts of subscription monies which are collected through the banking system, and (c) the disbursement of collected funds, all as described herein.

  • Establishment of Account (a) The Fund hereby appoints the Custodian as the custodian of all Securities and cash at any time delivered to the Custodian to be held under this Agreement. The Custodian hereby accepts such appointment and agrees to establish and maintain one or more accounts for each Series in which the Custodian will hold Securities and cash as provided herein. Such accounts (each, an “Account,” and collectively, the “Accounts”) shall be in the name of the Fund and Series, if any.

  • 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.

  • Establishment of Bank Accounts On or before the Closing Date, the Servicer will establish the following segregated trust accounts at a Qualified Institution (initially the corporate trust department of ), each in the name “ , as Indenture Trustee, as secured party for Ford Credit Auto Owner Trust 20 - ”, to be designated as follows:

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