Master Collection Account. Except for Security Deposits as provided above in Section 4.9.1, all Gross Collections shall be directed to the Master Collection Account. Property Manager shall direct all Tenants to send checks directly to the Lockbox or, if any such Tenant pays by electronic means, including direct debit, credit card or ACH, such Tenants shall be directed to make such payments directly to the Master Collection Account. If Property Manager receives any payment directly from a Tenant, Property Manager shall immediately deposit such payment into the Master Collection Account or direct such payment to the Lockbox.
Master Collection Account. (a) On the Closing Date, the Collateral Agent shall establish in its own name, for the benefit of the Secured Parties under the Security Agreement, the Master Collection Account into which all Collections received in any Lock-Box Account or otherwise received by any Credit Party are to be remitted. The Master Collection Account shall be established and maintained at DB or such other bank approved by Administrative Agent (such a bank, an “Eligible Institution”) or as a segregated trust account in the corporate trust department of any federal or state chartered depository institution subject to regulations regarding fiduciary funds on deposit substantially similar to 12 C.F.R. Section 9.10(b). The Master Collection Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Collateral Agent. If the Master Collection Account is at any time maintained with an Eligible Institution (other than as a segregated trust account in such institution’s corporate trust department as described above) and such institution shall cease to be an Eligible Institution for purposes hereof, Collateral Agent shall direct the Borrowers to, and the Borrowers shall, within ten (10) calendar days thereafter, move such accounts to a different Eligible Institution or to a segregated trust account maintained in the corporate trust department of an institution meeting the qualifications set forth above. Subject to the restrictions set forth in this Section 2.4(a), Collateral Agent shall have the right at any time to move, or to designate any other account as, Master Collection Account, and the Borrowers hereby agree to take any and all action reasonably requested by Collateral Agent to facilitate any such move or designation.
(b) The Borrowers hereby agree that they shall have no right of setoff against, and no right otherwise to deduct from, any funds held in the Master Collection Account for any amount owed to them by the Collateral Agent, Administrative Agent, any of the Lenders, or any of the Credit Parties.
(c) So long as no Event of Default or Unmatured Event of Default has occurred and is continuing and no Loan is outstanding, the Collateral Agent, at the direction of the Funds Administrator, may invest the amounts from time to time on deposit in the Master Collection Account in an interest-bearing deposit account or, subject to the approval of Administrative Agent and the Collateral Agent, in other overnight investments cons...
Master Collection Account. To the extent, pursuant to this Agreement and after giving effect to the prepayments required by Section 4.5(c), the aggregate Commitments would be reduced below the amount of L/C Obligations or the Borrowing Base is less than the L/C Obligations, Borrowers shall cash collateralize such L/C Obligations in an amount equal to 105% of the aggregate stated amount of L/C Obligations by depositing and/or maintaining the Borrowing Base Cash Collateral Amount with Administrative Agent in the Master Collection Account. In the event that cash collateral is held in the Master Collection Account pursuant to Section 4.5(c), and thereafter an Event of Default occurs, such cash shall immediately be applied in the manner specified in Section 4.5(d).
Master Collection Account. 3.1.1 The Borrower shall maintain the Master Collection Account, and shall cause all License Payments to be directly remitted by the applicable account debtors into the Master Collection Account. Except as permitted in this
Section 3.1.1 and in Section 4.5 hereof, the Borrower shall not be permitted to deposit any funds in the Master Collection Account without the prior written consent of the Bank.
3.1.2 The Borrower shall be entitled to withdraw from the Master Collection Account with respect to a License Payment which has been deposited in full the amount of third party participations, sales commissions, and applicable royalties and other costs which the Borrower may deduct to arrive at Net Collections. The balance of any License Payment shall be released forthwith from the Master Collection Account for application to the Amended and Restated Note in accordance with the terms hereof. Other than as expressly provided in this Section 3.1.2, the Borrower shall not be entitled to withdraw any portion of the funds deposited in the Master Collection Account, and such account shall be under the exclusive control of the Bank, until such time, if ever, as all of the Obligations and all other sums, liabilities and other obligations owing by the Borrower to the Bank under the Loan Documents shall have been indefeasibly paid in full.
Master Collection Account. On or after the Closing Date, Hercules may, with the consent of the Trustee (acting upon the direction of the Majority Noteholders in their reasonable discretion), designate or establish a non-interest bearing, segregated account with Xxxxx Fargo Bank, National Association or another Qualified Institution as the Master Collection Account (the “Master Collection Account Bank”) in the name of Hercules, for the benefit of the Trustee and the Noteholders and each other secured party from time to time executing a joinder to the Master Collection Account Agency Agreement. Following the date on which Hercules designates (with the consent of the Trustee (acting upon the direction of the Majority Noteholders in their reasonable discretion)), an account as the Master Collection Account, the Servicer is hereby required to ensure that the Master Collection Account is established and maintained as an Eligible Deposit Account with a Qualified Institution. The Servicer will monitor the Master Collection Account on a daily basis and review the previous day’s Master Collection Account activity. If any institution with which the Master Collection Account is established pursuant to this Section 7.01(b) ceases to be a Qualified Institution, the Servicer, or if the Servicer fails to do so, the Trustee or the Master Collection Account Bank (as the case may be) shall within ten (10) Business Days of receipt of notice or actual knowledge of such failure by a Responsible Officer establish a replacement account at a Qualified Institution after notice of such event. In no event shall the Trustee or the Master Collection Account Bank, as appropriate, be responsible for monitoring whether such institution shall remain a Qualified Institution. The Servicer will cause all Collections deposited into the Master Collection Account to be transferred to the Collection Account no later than two (2) Business Days following identification of such Collections.
Master Collection Account. The Seller hereby authorizes the Purchaser (and its designees and assigns), and gives each of the Purchaser, such designees and/or such assigns its irrevocable power of attorney, with full power of substitution, which authorization shall be coupled with an interest, to take any and all steps in the Seller's name and on behalf of the Seller, which steps are necessary or desirable, in the reasonable determination of the Purchaser, such designees and/or such assigns, to collect all amounts due under the Transferred Assets, including, without limitation, endorsing the Seller's name on checks and other instruments representing Collections and enforcing such Receivables and the related Settlement Purchase Agreements.
Master Collection Account. (i) The Lender Agent has established and shall maintain the Master Collection Account with the Depositary. The Borrower and each of the Lenders agree that the Lender Agent shall have exclusive dominion and control of the Master Collection Account and all monies, instruments and other property from time to time on deposit therein.
(ii) On each Business Day on which any funds on deposit in any Custodial Account are to be transferred or allocated to the Lender Agent pursuant to the terms of the Intercreditor Agreement, the Borrower and the Servicer shall instruct the applicable Custodian to transfer such funds to the Master Collection Account in same day funds. The Lenders, the Lender Agent, the Operating Agent and the Collateral Agent may deposit into the Master Collection Account from time to time all monies, instruments and other property received by any of them as proceeds of the Borrower Collateral. On each Business Day prior to the Liquidation Date, the Lender Agent shall instruct and cause the Depositary (which instruction may be in writing or by telephone confirmed promptly thereafter in writing) to release funds on deposit in the Master Collection Account in the order of priority set forth in Section 2.07. On each Business Day from and after the Liquidation Date, the Lender Agent shall apply all amounts when received in the Master Collection Account in the order of priority set forth in Section 2.07(d).
Master Collection Account. (a) On or before the Delivery Date and as necessary thereafter, the Master Servicer shall establish, and hereby agrees to maintain for the duration of this Agreement, the Master Collection Account. The Master Collection Account shall be an Eligible Account. The Master Collection Account shall relate solely to collections with respect to the Mortgage Loans, and funds in the Master Collection Account shall be held by the Master Servicer for the benefit of the Certificateholders and shall not be commingled with any other moneys. The Master Servicer shall, within five (5) Business Days of the establishment thereof, notify the Trustee, each Primary Servicer and the Special Servicer in writing of the location and account number of the Master Collection Account and shall give the Trustee, each Primary Servicer and the Special Servicer written notice of any change of the location or account number of the Master Collection Account on or prior to the date of such change.
(b) Funds in the Master Collection Account may be invested by, at the risk of, and for the benefit of, the Master Servicer in Permitted Investments and shall not be sold or disposed of prior to maturity. All such Permitted Investments shall be registered in the name of the Master Servicer (in its capacity as such and for the benefit of the Certificateholders) or its nominee. All income therefrom shall be the property of the Master Servicer. In addition, if the amounts in the Master Collection Account are invested for the benefit of the Master Servicer, the Master Servicer shall deposit into such account out of its own funds an amount representing any net losses realized on Permitted Investments with respect to funds in such account, no later than the first Distribution Date after the occurrence of such loss.
(c) The Master Servicer shall deposit into the Master Collection Account upon receipt, any amounts received from a Primary Servicer or the Special Servicer pursuant to Section 4.04 and Section 6.08. If the Master Servicer fails to receive by 2:00 p.m., Dallas time on the Primary Remittance Date any or all of the amounts required pursuant to Section 4.04 or Section 6.08, the Master Servicer shall immediately notify the related Primary Servicer or the Special Servicer, as applicable, of such failure.
(d) All funds deposited by the Master Servicer in the Master Collection Account shall be held for the benefit of the Certificateholders until disbursed or withdrawn in accordance herewith. Except as e...
Master Collection Account. On the Closing Date, the Servicer on behalf of the Issuer shall apply funds from the APH 1-3 Master Collection Account to (x) transfer the Initial Interest Reserve Amount into the Interest Reserve Account, (y) pay expenses of the Obligors incurred in connection with the establishment of the Obligors, the structuring and consummation of the offering and the issuance of the Notes and other transactions contemplated hereunder and under the other Transaction Documents and (z) distribute any remaining amounts to APH Funding 1, LLC as a distribution. Each Obligor shall, from time to time, hold all of its respective Collections in its corresponding Collection Account. In addition, each Obligor may, but under no circumstances shall be required to, hold or cause to be held from time to time such additional monies in its respective Collection Account as it deems, in its sole discretion, to be advisable. No later than five Business Days preceding each Payment Date, the Servicer shall instruct the Intermediary to transfer all amounts held in the APH 1 Collection Account as of the immediately preceding Collection Period End Date into the APH 1-3 Master Collection Account to be applied in accordance with the Priority of Payments; provided, that if there is a shortfall in the APH 1 Collection Account to make payments under clauses (a)(1) through (5) of the Priority of Payments without regard to any amounts on deposit in the Interest Reserve Account, then such shortfall shall be paid from the APH 2 Collection Account and the APH 3 Collection Account on a pro rata basis based on the amount of cash held in such Collection Accounts on such Payment Date. To the extent a Guarantor makes any such payment in respect of the foregoing, the Issuer shall be deemed to have a subordinated intercompany obligation to such Guarantor and each Obligor agrees that any such obligation shall be subject to the subordination terms set forth in Appendix 2. All property in the Collection Accounts, together with any securities in which funds included in such property are or will be invested or reinvested during the term of this Indenture, and any income or other gain realized from such investments, shall be held by the Intermediary in the Collection Account as part of the Collateral subject to disbursement and withdrawal solely as provided in this Section 10.2 and in Section 11.1. Amounts held in the Collection Accounts will be invested in Eligible Investments in accordance with the written instru...
Master Collection Account. The Borrowers covenant to cause all Product Payments to be directly remitted by the applicable account debtors to an operating account of the Borrowers established at the offices of the Bank and numbered 00-000-000 (the "Master Collection Account"). Except as permitted in this Section 5.1, the Borrowers shall not be permitted to deposit any funds in the Master Collection Account without the prior written consent of the Bank. The Borrowers shall not be entitled to pledge, hypothecate, transfer, direct, withdraw or have access to any funds deposited in the Master Collection Account until such time, if ever, as (i) all of the Obligations and all other sums, liabilities and other obligations owing by the Borrowers to the Bank under the Loan Documents shall have been indefeasibly paid in full; (ii) there are no outstanding Letters of Credit; and (iii) the Bank shall have no further obligation to lend any monies to the Borrowers or issue any Letters of Credit under this Agreement. Other than as expressly provided in this Section 5.1, the Master Collection Account shall be under the exclusive control of the Bank. At the end of each Business Day, the Bank shall transfer an amount equal to the then credit balance in the Master Collection Account to the Operating Account, provided that on such Business Day no Event of Default or Potential Event of Default is then occurring.
