Common use of Procedures Governing Accounts Clause in Contracts

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.

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 [Custodian]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.

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 including, without limitation, 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 Custodian 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.

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 Custodian 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.