Establishment of Pledged Accounts. (a) The Trustee, on behalf of the Noteholders and the Note Purchasers, 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 Note Purchasers. The Collection Account shall initially be established with the Trustee.
(b) The Trustee, on behalf of the Noteholders and the Note Purchasers, 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 Note Purchasers. The Note Distribution Account shall initially be established with the Trustee.
(c) Funds on deposit in the Collection 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 resignation or termination of CPS as Servicer, by the Controlling Note Purchaser (pursuant to standing instructions or otherwise) or, with respect to Eligible Investments related solely to the Class B Available Funds, the Class B Note Purchasers. All such Eligible Investments shall be held by or on behalf of the Trustee for the benefit of the applicable Noteholders and the applicable Note Purchasers. Other than as permitted by the Controlling Note Purchaser, 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 Settlement Date. Funds deposited in a Pledged Account on the day immediately preceding a Settlement Date upon the maturity of any Eligible Investments are not required to be invested overnight. All Eligible Investments will be held to maturity. Notwithstanding anything herein to the contrary, none of the Class A Note Purchaser or the Class A Noteholders shall have any right, title or interest in, or any right to direct the Trustee with respect to, any Class B Available Funds (or Eligible Investments or Investment Earnings related thereto) on deposit from time to time in the Pledged Accounts.
(d) All investment earnings of moneys deposited in the Pledged Accounts shall be deposited (or cause...
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 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. 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. The Pledgor shall establish and maintain the Collection Account and may, with the consent of the Collateral Agent, establish one or more additional Pledged Accounts. Each Pledged Account shall be established at the Collection Account Bank or other Eligible Institution in the name of the Pledgor and shall bear a designation clearly indicating that the funds or other assets deposited therein are subject to the Liens granted under this Pledge Agreement and held for the benefit of the Collateral Agent. Each Pledged Account shall be subject to either (1) an escrow agreement (with an escrow agent satisfactory to the Collateral Agent), pursuant to which the escrow agent shall acknowledge control (within the meaning of UCC Sections 8-106(d)(3) and 9-104) over such Pledged Account on behalf of the Collateral Agent and escrow agent agrees to disburse the funds and other assets in such Pledged Account in accordance with Section 8.5 of the Note Purchase Agreement or, while a Specified Event of Default has occurred and is continuing, as directed by the Collateral Agent pursuant to Article XI of the Note Purchase Agreement and Article 4 of this Pledge Agreement, or (2) a control agreement, pursuant to which the Collateral Agent shall have sole dominion and control over such Pledged Account in accordance with UCC Section 8-106(d) or 9-104, as applicable. The Pledgor shall take all actions necessary or as reasonably requested by the Collateral Agent to ensure that the Collateral Agent shall have a perfected security interest in each Pledged Account; provided that the Pledgor shall have 30 days from the date hereof to cause the Collection Account to comply with the terms of this Section 2.04.
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.
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 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.
