MECHANICS OF BLOCKED ACCOUNT Sample Clauses

MECHANICS OF BLOCKED ACCOUNT. Pursuant to the Eligible Securitization Transaction Documents (including, but not limited to, the Irrevocable Payment Directives), and the documents governing any additional Eligible Securitization Transaction(s) and any other notices, agreements or documents necessary, the Company shall cause (i) the trustee, depository or paying agent maintaining any Spread Account or other account from which Base Servicing Fees relating to any transaction in the Company's aggregate servicing portfolio are to be released or paid to the Company (or any Subsidiary), to release such proceeds directly to the Blocked Account, (ii) CPSRC to make any and all distributions and to pay any dividends or other amounts of any kind or nature from time to time made or paid from CPSRC to the Company to be paid directly to the Blocked Account and (iii) the Company to provide (by, among other things, notifying each of its account debtors to remit payment of all invoices directly to the Blocked Account) that all of its receipts, including but not limited to, Base Servicing Fees, origination fees, proceeds from the sale of loans or any other assets of the Company, and the release of any amount relating to any transaction including but not limited to "holdback" purchase price, are sent directly to the Blocked Account, PROVIDED that the Company shall NOT be obligated to send to the Blocked Account (i) any origination fees arising from the Pass Through Sale to Fairlane, (ii) loan payments received by the Company in the ordinary course of business relating to Automobile Contracts that are owned by the Company, and (iii) loan payments received by the Company in the ordinary course of business relating to Automobile Contracts that are serviced but not owned by the Company (collectively, (i), (ii) and (iii) shall be referred to herein as the "EXCLUDED ITEMS" and (III) shall be referred to as the "NON-OWNED EXCLUDED ITEM"). On the 15th day of each month, prior to the occurrence of a Forbearance Event of Default, the Agent shall apply the funds on deposit in the Blocked Account to pay the amounts due under this Agreement in accordance with subsections 1.3, 1.5 and 1.8 below. After the occurrence of a Forbearance Event of Default, the Agent shall apply the funds on deposit in the Blocked Account in accordance with subsection 1.7.
Sample 1
AutoNDA by SimpleDocs
MECHANICS OF BLOCKED ACCOUNT. Pursuant to the Eligible Securitization Transaction Documents, and the documents governing any additional Eligible Securitization Transaction(s), the Company shall cause the depository, paying agent or, in the case of Pledged Certificates, spread account trustee or other trustee or paying agent maintaining any Spread Account or other account from which proceeds of the Collateral are to be released to the Company, to release such proceeds directly to the Blocked Account. On or prior to the earlier to occur of the Conversion Date or a Default or Event of Default the Agent will, on the 17th day of each month, apply available funds on deposit in the Blocked Account first, to the payment of the accrued but unpaid interest on the Notes, and second, to the outstanding principal
Sample 1
MECHANICS OF BLOCKED ACCOUNT. Pursuant to the Eligible Securitization ---------------------------- Transaction Documents (including, but not limited to, the Irrevocable Payment Directives), and the documents governing any additional Eligible Securitization Transaction(s), the Company shall cause (i) the trustee, depository or paying agent maintaining any Spread Account or other account from which Base Servicing Fees relating to any transaction in the Company's aggregate servicing portfolio are to be released to the Company to release such proceeds directly to the Blocked Account and (ii) CPSRC to make any and all distributions and to pay any dividends or other amounts of any kind or nature from time to time made or paid from CPSRC to the Company to be paid directly to the Blocked Account. On or prior to the earlier to occur of the Conversion Date or a Default or Event of Default the Agent will, on the 15th day of each month, apply available funds on deposit in the Blocked Account first, to the payment of the accrued but unpaid interest on the Notes, and second, to the principal amount outstanding of the Notes in sufficient amounts to keep the aggregate principal amount outstanding under the Notes within the Borrowing Base. As soon as reasonably practicable, but in any event no later than the Banking Day next succeeding the day on which available funds on deposit in the Blocked Account are so applied by the Agent, available funds remaining on deposit in the Blocked Account will be released to the Operating Account or to such other accounts as may from time to time be designated by the Company in writing. After the Conversion Date, available funds on deposit in the Blocked Account will be applied by the Agent in accordance with subsection 1.5 below. After the occurrence of an Event of -------------- Default, available funds on deposit in the Blocked Account will be applied by the Agent in accordance with subsection 1.7 below. --------------
Sample 1

Related to MECHANICS OF BLOCKED ACCOUNT

  • Blocked Accounts Agent shall have received duly executed agreements establishing the Blocked Accounts or Depository Accounts with financial institutions acceptable to Agent for the collection or servicing of the Receivables and proceeds of the Collateral;

  • Blocked Account The Blocked Account referred to in Section 2.10(c) hereof shall have been established to the satisfaction of FINOVA in its sole discretion;

  • Establishment of and Deposits to Custodial Account The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):

  • Lockboxes To the extent items deposited to a Collateral Account have been received in one or more post office lockboxes maintained for Company by Bank (each a “Lockbox”) and processed by Bank for deposit, Company acknowledges that Company has granted Secured Party a security interest in all such items (the “Remittances”). During the term of this Agreement, neither Company nor Servicer will have any right or ability to instruct Bank regarding the receipt, processing or deposit of Remittances, and Secured Party alone will have the right and ability to so instruct Bank. Company, Servicer and Secured Party acknowledge and agree that Bank’s operation of each Lockbox, and the receipt, retrieval, processing and deposit of Remittances, will at all times be governed by Bank’s Master Agreement for Treasury Management Services or other applicable treasury management services agreement, and by Bank’s applicable standard lockbox Service Description.

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

  • Establishment of and Deposits to Escrow Account The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "National City Mortgage Corp., in trust for the Purchaser of Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-1 and various Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Company in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:

  • Cash Accounts, Deposits and Money Movements Subject to the terms and conditions set forth in this Section 7, the Fund hereby authorizes the Custodian to open and maintain, with itself or with Subcustodians, cash accounts in United States Dollars, in such other currencies as are the currencies of the countries in which the Fund maintains Investments or in such other currencies as the Fund shall from time to time request by Instruction.

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

Time is Money Join Law Insider Premium to draft better contracts faster.