Processing Collections; Cash Concentration Account Sample Clauses

Processing Collections; Cash Concentration Account. All collections from Account Debtors of the Borrowers sent to the Borrowers shall be deposited via scanner on a daily basis directly into the Cash Concentration Account. Collections received into the Cash Concentration Accounts shall (i) during a Cash Dominion Period, be applied to the Revolving Loan, and (ii) at all other times, be swept into the Borrower Representative’s main operating account that is maintained with the Agent. The Cash Concentration Account shall not be subject to any deduction, set off, banker’s lien or any other right in favor of any Person. All funds deposited into the Cash Concentration Account shall be the exclusive property of the Agent and shall be subject to the sole and exclusive control of the Agent and only to such signing authority designated from time to time by the Agent. The Borrowers shall not have control over or any interest in such funds. Any collections received by the Borrowers shall be deemed held by the Borrowers in trust and as fiduciary for the Lenders. The Borrowers agree not to commingle any such collections with any of Borrowers’ other funds or property, but to hold such funds separate and apart in trust and as fiduciary for the Agent until deposit is made into the Cash Concentration Account.
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Processing Collections; Cash Concentration Account. In accordance with the terms of the applicable Blocked Account Agreement, each Lockbox Bank shall be instructed to deposit on a daily basis all collections from Customers of the Borrowers sent to the Lockbox maintained by such Lockbox Bank directly into the applicable Collection Account in the identical form in which such collections were made (except for any necessary endorsements) whether by cash or check. In accordance with the terms of the applicable Blocked Account Agreement, such Lockbox Bank shall be instructed to deposit on a daily basis all funds from collections deposited into such Collection Account to the Cash Concentration Account. The Cash Concentration Account shall not be subject to any deduction, set off, banker's lien or any other right in favor of any Person. All funds deposited into the Cash Concentration Account shall be the exclusive property of the Lender and shall be subject to the sole and exclusive control of the Lender and only to such signing authority designated from time to time by the Lender. The Borrowers shall not have control over or any interest in such funds. Any collections received directly by any Borrower shall be deemed held by such Borrower in trust and as fiduciary for the Lender. Each of the Borrowers agrees not to commingle any such collections with any of such Borrower's other funds or property, but to hold such funds separate and apart in trust and as fiduciary for the Lender until deposit is made into the applicable Collection Account or the Cash Concentration Account. Each of the Borrowers hereby agrees to deposit immediately such directly received collections into any Collection Account maintain by or on behalf of such Borrower or directly into the Cash Concentration Account.
Sample 1
Processing Collections; Cash Concentration Account. In accordance with the terms of the applicable Cash Collateral Account Control Letter, each Lockbox Bank shall be instructed to deposit on a daily basis all Collections sent to the Lockbox maintained by such Lockbox Bank directly into the applicable Collection Account of the Borrowers in the identical form in which each such Collections was made (except for any necessary endorsements) whether by cash or check. All funds deposited into any Collection Account shall be Collateral in which Administrative Agent has been granted a security interest on behalf of the Lenders pursuant to the terms of this Agreement and shall be subject to the sole and exclusive control of Administrative Agent and only to such signing authority designated from time to time by Administrative Agent. The Borrowers shall have no control over such funds; provided, however that, anything contained herein to the contrary notwithstanding, prior to the occurrence of a Cash Control Event and a Cash Control Election by the Administrative Agent, the Borrowers shall have the unlimited right to withdraw funds from each Collection Account and to direct the Administrative Agent or direct the applicable Lockbox Bank, as the case may be, to remit funds from such Collection Account to the Operating Account of the Borrowers or as otherwise directed by the Borrower Representative. No Collection Account shall be subject to any deduction, set off, banker's lien or any other right in favor of any Person (other than as may be expressly set forth in the applicable Deposit Account Control Letter). The Borrowers shall notify all of their customers and Account Debtors to forward all Collections of every kind due the Borrowers to a Lockbox or to wire all Collections due the Borrowers to a Collection Account (such notices to be in such form and substance as Administrative Agent may reasonably require from time to time). The Borrowers will use commercially reasonable efforts to notify all remitters of Collections to forward such Collections to a Lockbox or Collection Account.
Sample 1

Related to Processing Collections; Cash Concentration Account

  • Concentration Account Concentration Account" has the meaning set forth in Section 2.3.

  • Payments on Receivables, Collection Accounts The Servicer will at all times, instruct all Obligors to deliver payments on the Pool Receivables to a Collection Account or a Lock-Box. The Servicer will, at all times, maintain such books and records necessary to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property of the Servicer and the Originators. If any payments on the Pool Receivables or other Collections are received by the Borrower, the Servicer or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Lenders and the other Secured Parties and promptly remit such funds into a Collection Account; provided, however, that (x) no less than 98.0% of such payments received shall be remitted to a Collection Account within one (1) Business Day after receipt and (y) no more than 2.0% of such payments received shall be remitted to a Collection Account within five (5) Business Days after receipt. The Servicer shall not permit funds other than Collections on Pool Receivables and other Collateral to be deposited into any Collection Account. If such funds are nevertheless deposited into any Collection Account, the Servicer will within two (2) Business Days identify and transfer such funds to the appropriate Person entitled to such funds. The Servicer will not, and will not permit the Borrower, any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent, any Lender or any other Secured Party is entitled, with any other funds. The Servicer shall only add a Collection Account (or a related Lock-Box), or a Collection Account Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received notice of such addition and an executed and acknowledged copy of an Account Control Agreement (or an amendment thereto) from the applicable Collection Account Bank. The Servicer shall only terminate a Collection Account Bank or close a Collection Account (or a related Lock-Box) with the prior written consent of the Administrative Agent.

  • Collection Accounts Section 3.11 Withdrawals from the Collection Accounts..................... Section 3.12 Investment of Funds in the Collection Accounts and the Distribution Account......................................... Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage........................................ Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements.... Section 3.15

  • Collection Account (a) On the Closing Date, the Master Servicer shall open and shall thereafter maintain a segregated account held in trust (the “Collection Account”), entitled “Collection Account, Aurora Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2005-5.” The Collection Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Collection Account shall not be commingled with any other monies.

  • Distributions from Collection Account Subject to Section 8.2(e), on each Payment Date the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Collection Account and make deposits and payments, to the extent of Available Funds in the Collection Account for that Payment Date, in the following order of priority (pro rata within each priority level based on the amounts due except as otherwise stated):

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

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