Procedures Governing Accounts Sample Clauses

Procedures Governing Accounts. (a) Each Depositary Bank hereby agrees to promptly deposit all amounts to be delivered to or held by such Depositary Bank pursuant to the terms of this Agreement into the Accounts established hereunder. If and to the extent any Depositary Bank is to take any action on any date following receipt of a written instruction from the Servicer, the Calculation Agent, the Collateral Agent or any other Party and does not receive such instruction prior to 12:00 p.m. New York time on such date, such Depositary Bank shall be authorized, but not obligated, to take any action required by the terms of this Agreement (including transferring funds from and between Accounts or to the accounts under the Deposit and Disbursement Agreement) as a result of such Depositary Bank not having received such instruction prior to such time, in each case without any further instruction from any Party. Depositary Bank will use reasonable efforts to comply as soon as practicable with instructions received later than 12:00 p.m. New York time, but shall incur no liability if, having exercised reasonable efforts to act on the instructions, it is not able to do so on such date. (b) Each Account shall bear a name and account number as set forth in Exhibit A, which, notwithstanding Section 8.20 of this Agreement, such Exhibit A may be amended from time to time by the Depositary Bank, with the written consent of the Collateral Agent and written notice to the Authority with a copy of such amendment, to reflect updated, revised, supplemental or new information; written notice shall be sent to the Authority of each such change to Exhibit A. All securities and other financial assets, and all funds and other property from time to time on deposit in or credited to each Account shall be (i)(A) registered in the name of, or payable to or to the order of, such Depositary Bank for the benefit of the Authority or the Trust, as applicable, or
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Procedures Governing Accounts. (a) The Depositary Bank hereby agrees to act as such strictly in accordance with the terms of this Agreement, including, without limitation, (i) accepting all amounts and Permitted Investments received or held by the Depositary Bank, (ii) depositing or crediting promptly all such amounts and Permitted Investments received into the Accounts, and (iii) holding and maintaining the Accounts (and the proceeds of Loans, Operating Cash available for Debt Service, Loss Proceeds, Cash, payments, securities, investments and other amounts to the extent such amounts are on deposit therein) during the term of this Agreement in segregated accounts for disbursement. (b) Each Account is a “securities account” as such term is defined in Section 8-501(a) of the UCC. The Depositary Bank shall treat the amounts and Permitted Investments and any other property, and all rights related thereto, now or hereafter deposited in or credited to the Accounts as “financial assets” (as defined in Section 8-102(a)(9) of the UCC) to be held by the Depositary Bank, acting as a “securities intermediary” (as defined in Section 8-102(a)(14) of the UCC), and shall treat the Collateral Agent as entitled to exercise the rights as to any “financial asset” (as defined in Section 8-102(a)(9) of the UCC) credited to any Account. The Collateral Agent is the “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC) of each such “financial asset” (as defined in Section 8-102(a)(9) of the UCC) and, except as provided herein, no such “financial asset” (as defined in Section 8-102(a)(9) of the UCC) will be registered in the name of, payable to the order of or specially indorsed, to the Borrower. (c) All amounts and Permitted Investments and other property delivered to the Depositary Bank pursuant to this Agreement or the other Security Documents (i) shall be promptly credited to the Account or Sub-Account directed by the party delivering such Account Collateral or otherwise designated herein, (ii) shall constitute a part of the Account Collateral, and (iii) shall not constitute payment of any Obligations or any other obligation of the Borrower until applied as hereinafter provided. (d) In the event that any of the Accounts is not considered a “securities account” (within the meaning of Section 8-501(a) of the UCC) under applicable Law, such Account shall be deemed to be a “deposit account” (as defined in Section 9-102(a)(29) of the UCC) to the extent a security interest can be granted and perfect...
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Procedures Governing Accounts. (a) The Depositary Bank hereby agrees to act as such and to accept all Monies to be delivered to or held by the Depositary Bank pursuant to the terms of this Agreement and the other Financing Documents, and to promptly deposit all such Monies into the Accounts established hereunder. The Depositary Bank shall hold and safeguard the Accounts during the term of this Agreement and shall treat the Monies, and all rights related thereto, now or hereafter deposited in or credited to the Accounts as "financial assets" (as defined in Section 8-102(a)(9) of the Uniform Commercial Code) pledged by CE Generation and the Assignors to the Collateral Agent for the benefit of the Secured Parties, to be held by the Depositary Bank acting as a "securities intermediary" (as defined in the Uniform Commercial Code). (b) The Accounts and sub-Accounts established pursuant to Section 2.2 shall be in the name of the Collateral Agent for the benefit of the Secured Parties and shall be located in the State of New York. All Monies from time to time on deposit in or credited to each Account shall be (i) registered in the name of the Depositary Bank for the benefit of the Secured Parties, (ii) held in the custody of the Depositary Bank for the purposes and on the terms set forth in this Agreement and the other Financing Documents and (iii) endorsed to the Depositary Bank. All such Monies shall constitute a part of the Collateral and shall not constitute payment of any Indebtedness or any other obligation of CE Generation or any Assignor until applied as hereinafter provided. The Depositary Bank shall maintain the Accounts and all Monies on deposit therein or credited thereto in the State of New York. (c) Each of the Accounts shall at all times be in the exclusive possession of, and under the exclusive dominion and control of, the Depository Bank, acting at the direction of the Collateral Agent. CE Generation and each of the Assignors agree that their rights to Monies on deposit in or credited to the Accounts are subject to and controlled by the terms of this Agreement. In no case will any Monies deposited in or credited to any Account be registered in the name of CE Generation or any Assignor, be payable to the order of CE Generation or any Assignor or be specially endorsed to CE Generation or any Assignor, except to the extent the foregoing have been specially endorsed to the Depositary Bank or in blank. (d) The Depositary Bank hereby agrees that, notwithstanding any other provision h...
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Procedures Governing Accounts. (a) The Depositary Bank hereby agrees to act as such and to accept all cash, payments, other amounts (including any instruments in respect thereof) and Cash Equivalents to be delivered to or held by the Depositary Bank pursuant to the terms of this Agreement, and to promptly deposit all such amounts and Cash Equivalents into the Trinidad Depositary Accounts established hereunder or the Debt Service Reserve Account established under the U.S. Depositary Agreement in accordance with the terms hereof. The Depositary Bank shall hold and safeguard the Trinidad Depositary Accounts during the term of this Agreement and shall treat the cash, payments, other amounts and Cash Equivalents, and all rights related thereto, now or hereafter deposited in or credited to the Trinidad Depositary Accounts as "financial assets" (as defined in Section 8-102(a)(9) of the Revised UCC), pledged by Funding Company and the Trinidad Finance Parties to the Collateral Agent for the benefit of the Secured Parties, to be held by the Depositary Bank, acting as a "securities intermediary" (as defined in the Revised UCC). (b) The Trinidad Depositary Accounts and sub-accounts established pursuant to SECTION 2.2 (Establishment of Trinidad Depositary Accounts and Sub-accounts) shall be in the name of the Collateral Agent, for the benefit of the Secured Parties, for purposes of granting the Collateral Agent, on behalf of the Secured Parties, a security interest therein in accordance with the Security Documents. All amounts and Cash Equivalents from time to time held in each Trinidad Depositary Account shall be (a) registered in the name of the Collateral Agent for the benefit of the Secured Parties, (b) held in the custody of the Depositary Bank for the purposes and on the terms set forth in this Agreement and the other Finance Documents or (c) endorsed to the Collateral Agent or credited to another account maintained in the name of Collateral Agent. All such amounts shall constitute a part of the Collateral and shall not constitute payment of any Indebtedness or any other obligation of Funding Company or any Trinidad Finance Party until applied as hereinafter provided. (c) Each of Funding Company and the Trinidad Finance Parties agree that its rights to amounts and Cash Equivalents held in the Trinidad Depositary Accounts are subject to and controlled by the terms of this Agreement. In no case will any amounts or Cash Equivalents deposited in or credited to any Trinidad Depositary Accounts be ...
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Procedures Governing Accounts. 3 2.03 Term of this Agreement..........................................................................5
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Procedures Governing Accounts. 2 Section 2.2 ESTABLISHMENT OF U.S. DEPOSITARY ACCOUNTS AND SUB-ACCOUNTS.............................4 Section 2.3
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Procedures Governing Accounts. Section 2.2 ESTABLISHMENT OF TRINIDAD DEPOSITARY ACCOUNTS AND SUB-ACCOUNTS............................4 Section 2.3
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Procedures Governing Accounts. The Depositary Bank is appointed to act as a depositary bank and agrees to act as such and to accept all Monies to be delivered to or held by the Depositary Bank pursuant to the terms of this Agreement, the Revolving Credit Agreement, the Term Loan Credit Agreement and the other Transaction Documents and to promptly deposit all such Monies into the Accounts established under this Agreement. The Depositary Bank shall hold and safeguard the Accounts (other than the US Disbursement Account and the Canadian Disbursement Account) during the term of this Agreement and shall treat the Monies and any other property, and all rights related to the Monies and such other property, now or hereafter deposited in or credited to the Accounts (other than such property or Monies in the US Disbursement Account or the Canadian Disbursement Account) as “financial assets” (as defined in Section 8-102(a)(9) of the UCC), to be held by the Depositary Bank, acting as a “securities intermediary” (as defined in Section 8-102(a)(14) of the UCC). The Depositary Bank represents and agrees that each Account (other than the US Disbursement Account and the Canadian Disbursement Account) will be maintained, to the extent that financial assets are deposited herein or credited thereto as a “securities account” (as defined in Section 8-501 of the UCC), and, to the extent that credit balances not constituting financial assets are credited thereto, as a “deposit account” (as defined in Section 9-102(a)(29) of the UCC).
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Related to Procedures Governing Accounts

  • Bank Accounts The Custodian shall identify on its books as belonging to the applicable Fund cash (including cash denominated in foreign currencies) deposited with the Custodian. Where the Custodian is unable to maintain, or market practice does not facilitate the maintenance of, cash on the books of the Custodian, a bank account or bank accounts shall be opened and maintained outside the United States on behalf of a Portfolio with a Foreign Sub-Custodian. All accounts referred to in this Section shall be subject only to draft or order by the Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant to the terms of this Agreement to hold cash received by or from or for the account of the Portfolio. Cash maintained on the books of the Custodian (including its branches, subsidiaries and affiliates), regardless of currency denomination, is maintained in bank accounts established under, and subject to the laws of, The Commonwealth of Massachusetts.

  • Operating Accounts (a) Maintain all of Borrower’s Collateral Accounts in accounts which are subject to a Control Agreement in favor of Collateral Agent, which Control Agreement must be in such form and substances as is reasonably acceptable to Collateral Agent (it being agreed and understood that the Control Agreements that Collateral Agent is entering into with respect to Borrower’s Collateral Accounts maintained with Bank of America on the Effective Date are not in such form and substance as is not reasonably satisfactory to Collateral Agent). (b) Borrower shall provide Collateral Agent five (5) days’ prior written notice before Borrower or any of its Subsidiaries establishes any Collateral Account. In addition, for each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution at or with which such Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Collateral Agent’s Lien in such Collateral Account in accordance with the terms hereunder prior to the establishment of such Collateral Account, which Control Agreement must be in such form and substance as is reasonably satisfactory to Collateral Agent and may not be terminated without prior written consent of Collateral Agent. The provisions of the previous sentence and subsection (a) above shall not apply to (i) deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Collateral Agent by Borrower as such in the Perfection Certificates and (ii) BofA Credit Card Account so long as such account is maintained exclusively for the purpose of securitizing Borrower’s Indebtedness described in clause (g) of the definition of Permitted Indebtedness and the balance in such account does not exceed Three Hundred One Thousand Dollars ($301,000.00). (c) Neither Borrower nor any of its Subsidiaries shall maintain any Collateral Accounts except Collateral Accounts maintained in accordance with Sections 6.6(a) and (b); provided, however, Borrower may continue to maintain its Collateral Accounts, set forth on the Perfection Certificates on the Effective Date, with Bank of America; provided, further, that Borrower shall close all of its Collateral Accounts maintained with Bank of America on the Effective Date (other than the BofA Credit Card Account) and deliver to Collateral Agent evidence (in such form and substance as is reasonably acceptable to Collateral Agent) of closure of all of such Collateral Accounts within thirty (30) days after the Effective Date.

  • Depository Accounts Except to the extent that Manager has not complied with its obligations under Sections 2.4 and 5.2, Owner and Manager agree that Manager shall have no liability for loss of funds of Owner contained in the bank accounts for the Property maintained by Owner or Manager pursuant to this Agreement due to insolvency of the bank or financial institution in which its accounts are kept, whether or not the amounts in such accounts exceed the maximum amount of federal or other deposit insurance applicable with respect to the financial institution in question.

  • Establishment of Custodial Accounts; Deposits in Custodial Accounts The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts. The Custodial Account shall be an Eligible Account. Funds deposited in the Custodial Account may be drawn on by the Seller in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit C hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent Purchaser. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received or made by it subsequent to each Cut-off Date, or received by it prior to such Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before such Cut-off Date: (i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13 (including REO Disposition Proceeds); (v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law; (vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices the loan documents or applicable law; (vii) any Monthly Advances; (viii) all proceeds of any Mortgage Loan repurchased or otherwise collected in accordance with Article III and Section 2.07; (ix) any amounts required to be deposited by the Seller pursuant to Section 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; (x) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01, 4.13 or 6.02: (xi) with respect to each Principal Prepayment, an amount (to be paid by the Seller out of its own funds without reimbursement therefor) which, when added to all amount allocable to interest received in connection with such Principle Prepayment, equals one month’s interest on the amount of the principal so prepaid at the Mortgage Loan Remittance Rate provided, however, that in no event shall the aggregate of deposits made by the Seller pursuant to this clause (xi) exceed the aggregate amount of the Servicing Fee in the calendar month in which such deposits are required. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Seller and the Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05 (iv).

  • Special Rules for New Accounts If you are a new member, the following special rules will apply during the first 30 days your account is open. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525.00 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state, and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be made payable to you. The excess over $5,525.00 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S Treasury check) is not made in person to one of our employees, the first $5,525.00 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the ninth business day after the day of your deposit.

  • Establishment of Collateral Accounts Securities Intermediary acknowledges and agrees that: (i) it has established and is maintaining on its books and records the accounts identified on the attached Schedule 1 (each such account, together with any replacements thereof or substitutions therefor, the “Collateral Account” and such accounts, collectively, the “Collateral Accounts”) in the name of the Borrower; (ii) each Collateral Account is a “securities account” (within the meaning of Section 8-501(a) of the UCC) in respect of which Securities Intermediary is a “securities intermediary” (within the meaning of Section 8-102(a)(14) of the UCC and, with respect to any Book-Entry Security, within the meaning of Federal Book-Entry Regulations) and the Security Agent is the “entitlement holder” (within the meaning of Section 8-102(a)(7) of the UCC); provided, however, that if, notwithstanding the intention of the parties hereto, all or any portion of the Collateral Account is determined to be a “deposit account” (within the meaning of Section 9-102 of the UCC) rather than a “securities account,” then the Securities Intermediary represents, warrants, covenants and agrees that it is a “bank” (as defined in Section 9-102(a)(8) of the UCC) and will treat the Borrower as its customer (within the meaning of Section 9-104(a)(3) of the UCC) with respect to the Collateral Accounts (or portion thereof); (iii) all property delivered, or to be delivered, to Securities Intermediary pursuant to this Agreement is, and will be, promptly credited to the Collateral Accounts; (iv) it does not know of any claim to or interest in any Collateral Account or any assets or funds therein, except for claims and interests of the parties to this Agreement as set forth herein; and (v) it shall not change the name or account number of any Collateral Account without the prior written consent of the Security Agent. Except as provided in Section 2(b), Securities Intermediary agrees that it shall not take “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) or “instructions” (within the meaning of Section 9-104(a)(2) of the UCC) with respect to the Collateral Accounts or any assets or funds therein from any Person other than the Security Agent.

  • 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.

  • Administration of Deposit Accounts Schedule 8.5 sets forth all Deposit Accounts maintained by Obligors, including all Dominion Accounts. Each Obligor shall take all actions necessary to establish Agent’s control over each such Deposit Account (other than Excluded Deposit Accounts). Each Obligor shall be the sole account holder of each Deposit Account and shall not allow any Person (other than Agent) to have control over a Deposit Account or any Property deposited therein. Each Obligor shall promptly notify Agent of any opening or closing of a Deposit Account and, with the consent of Agent, will amend Schedule 8.5 to reflect same.

  • Establishment of and Deposits to Custodial Account The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans 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 as directed by the Master Servicer. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (vii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viii) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty Amount; and (xi) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

  • Checking Accounts A monthly bank reconciliation shall be conducted by Subrecipient. All checks, stubs, etc. shall be pre-numbered and accounted for, including all voided checks. Check stubs, canceled checks, and deposit slips must be readily available for audit purposes.

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