Establishment of Pledged Accounts. (a) The Trustee, on behalf of the Noteholders and the Insurer, shall establish and maintain in its own name an Eligible Account (the "COLLECTION ACCOUNT"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trustee on behalf of the Noteholders and the Insurer. The Collection Account shall initially be established with the Trustee.
(b) The Trustee, on behalf of the Noteholders and the Insurer, shall establish and maintain in its own name an Eligible Account (the "NOTE DISTRIBUTION ACCOUNT"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trustee on behalf of the Noteholders and the Insurer. The Note Distribution Account shall initially be established with the Trustee.
(c) The Trustee, on behalf of the Noteholders and the Insurer, shall establish and maintain in its own name an Eligible Account (the "PRINCIPAL FUNDING ACCOUNT"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trustee on behalf of the Noteholders and the Insurer. The Principal Funding Account shall initially be established with the Trustee.
(d) Funds on deposit in the Collection Account, the Principal Funding Account and the Note Distribution Account (collectively, the "PLEDGED ACCOUNTS") shall be invested by the Trustee (or any custodian with respect to funds on deposit in any such account) in Eligible Investments selected in writing by the Servicer or, after the SST Assumption Date, by the Controlling Party (pursuant to standing instructions or otherwise). All such Eligible Investments shall be held by or on behalf of the Trustee for the benefit of the Noteholders and the Insurer, as applicable. Other than as permitted by the Rating Agencies and the Insurer (so long as no Insurer Default has occurred and is continuing), funds on deposit in any Pledged Account shall be invested in Eligible Investments that will mature so that such funds will be available at the close of business on the Business Day immediately preceding the following Payment Date. Funds deposited in a Pledged Account on the day immediately preceding a Payment Date or Insured Payment Date upon the maturity of any Eligible Investments are not required to be invested overnight. All Eligible Investments will be held to maturity.
(e) All investment earnings of moneys deposited in the Pledged Accounts shall be deposited (or caused to be deposited) by the Trustee...
Establishment of Pledged Accounts. 23 SECTION 5.2. ESTABLISHMENT OF DEPOSIT ACCOUNT.................................................................24 SECTION 5.3. CERTAIN REIMBURSEMENTS TO THE SERVICER...........................................................24 SECTION 5.4. APPLICATION OF COLLECTIONS.......................................................................25 SECTION 5.5. [RESERVED].......................................................................................25 SECTION 5.6. DEPOSITS INTO THE COLLECTION ACCOUNT.............................................................25 SECTION 5.7. DISTRIBUTIONS....................................................................................25 SECTION 5.8. NOTE DISTRIBUTION ACCOUNT........................................................................27 SECTION 5.9.
Establishment of Pledged Accounts. Evidence that each Pledged Account has been established;
Establishment of Pledged Accounts. The Financial Institution hereby confirms and agrees that:
Establishment of Pledged Accounts. There have been established by the Borrower and its Subsidiaries on or prior to the date hereof the existing bank accounts of the Borrower (collectively, the "Pledged Accounts"). The terms and conditions of each of the Pledged Accounts shall at all times be in all respects satisfactory to the Lender.
Establishment of Pledged Accounts. 50 SECTION 5.2 [RESERVED]..........................................52 SECTION 5.3 CERTAIN REIMBURSEMENTS TO THE SERVICER..............52 SECTION 5.4 APPLICATION OF COLLECTIONS..........................52 SECTION 5.5 WITHDRAWALS FROM NPF SPREAD ACCOUNT.................53 SECTION 5.6
Establishment of Pledged Accounts. There have been established by the Company and the Grantors on or prior to the date hereof, the Pledged Accounts. The terms and conditions of each of the Pledged Accounts shall at all times be in all respects satisfactory to the Collateral Agent and the Agent.
Establishment of Pledged Accounts. (a) The Trustee, on behalf of the Noteholder, shall establish and maintain in its own name an Eligible Account (the "COLLECTION ACCOUNT"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trustee on behalf of the Noteholder. The Collection Account shall initially be established with the Trustee.
(b) The Trustee, on behalf of the Noteholder, shall establish and maintain in its own name an Eligible Account (the "NOTE DISTRIBUTION ACCOUNT"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trustee on behalf of the Noteholder. The Note Distribution Account shall initially be established with the Trustee.
(c) The Trustee, on behalf of the Noteholder shall establish and maintain in its own name an Eligible Account (the "PRINCIPAL FUNDING ACCOUNT"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trustee on behalf of the Noteholder. The Principal Funding Account shall initially be established with the Trustee.
Establishment of Pledged Accounts. There have been established by the Company and its Subsidiaries on or prior to the date hereof the Medicare Collection Account, the Non- Medicare Collection Account, the Concentration Account, the Payroll Account and the Disbursement Account (collectively, the "Pledged Accounts"). The terms and conditions of each of the Pledged Accounts shall at all times be in all respects satisfactory to the Collateral Agent and the Agent.
Establishment of Pledged Accounts. On or before the Closing Date, Grantor shall establish and maintain the Collection Account and the Interest Reserve Account at the Account Bank in the name of Grantor and subject to the terms and conditions of the related Blocked Account Control Agreement, the Loan Agreement and this Security Agreement. Each of the Collection Account and the Interest Reserve Account and any sub-account thereof shall bear a designation clearly indicating that the funds or other assets deposited therein from time to time are subject to the Liens granted under this Security Agreement and held for the benefit of the Secured Party. The Pledged Accounts shall be subject to Blocked Account Control Agreements and Grantor shall take all actions necessary or as reasonably requested by the Secured Party to ensure that the Secured Party shall have a perfected Security Interest in each of the Pledged Accounts; provided that as to any successor Blocked Account the Grantor shall not discontinue the use of the then-existing Blocked Account hereunder until the execution and delivery of necessary Blocked Account Control Agreement covering such successor account such that there is no gap in perfection of the Liens covering Blocked Accounts hereunder.
