Remittance Account. Borrower agrees that Lender may at any time require Borrower to institute procedures whereby the payments and other proceeds of the Accounts shall be paid by the Account Debtors under a remittance account or lock box arrangement with Lender, or Lender's agent, or with one or more financial institutions designated by Lender. Borrower further agrees that, if no Event of Default exists under this Agreement, any and all of such funds received under such a remittance account or lock box arrangement shall, at Lender's sole election and discretion, either be (a) paid or turned over to Borrower; (b) deposited into one or more accounts for the benefit of Borrower (which deposit accounts shall be subject to a security assignment in favor of Lender); (c) deposited into one or more accounts for the joint benefit of Borrower and Lender (which deposit accounts shall likewise be subject to a security assignment in favor of Lender); (d) paid or turned over to Lender to be applied to the Indebtedness in such order and priority as Lender may determine within its sole discretion; or (e) any combination of the foregoing as Lender shall determine from time to time. Borrower further agrees that, should one or more Events of Default exist, any and all funds received under such a remittance account or lock box arrangement shall be paid or turned over to Lender to be applied to the Indebtedness, again in such order and priority as Lender may determine within its sole discretion.
Remittance Account. If so indicated in Section 13 hereof, the proceeds received by Borrower from its inventory and collection of accounts receivable, which, pursuant to the Security Agreements (hereinafter defined), are required to be transmitted to Bank, shall be handled and administered by Bank in and through a remittance account in accordance with the provisions of the Security Agreements.
Remittance Account. Upon the occurrence and during the continuance of an Event of Default, Borrowers agree that Lender may at any time require Borrowers to institute procedures whereby the payments and other proceeds of the Accounts shall be paid by the Account Debtors under a remittance account or lock box arrangement with Lender, or Lender's agent, or with one or more financial institutions designated by Lender. Borrowers further agree that, if no Event of Default thereafter exists under this Agreement, any and all of such funds received under such a remittance account or lock box arrangement shall, at Lender's sole election and discretion, either be (1) paid or turned over to Borrowers; (2) deposited into one or more accounts for the benefit of Borrowers (which deposit accounts shall be subject to a security assignment in favor of Lender); (3) deposited into one or more accounts for the joint benefit of Borrowers and Lender (which deposit accounts shall likewise be subject to a security assignment in favor of Lender); (4) paid or turned over to Lender to be applied to the Indebtedness in such order and priority as Lender may determine within its sole discretion; or (5) any combination of the foregoing as Lender shall reasonably determine from time to time. Borrowers further agree that, during the existence of an Event of Default exist, any and all funds received under such a remittance account or lock box arrangement shall be paid or turned over to Lender to be applied to the Indebtedness, again in such order and priority as Lender may determine within its sole discretion. Upon the payment in full of the Advances made under the Line, and provided Lender no longer has any obligation under any loan agreement between the parties to make such Advances, all such remittance accounts and lockbox arrangement promptly shall terminate, at Borrowers’ election.
Remittance Account. After the occurrence of a Default or Event of Default, at the request of the Bank, instruct Account Debtors to make payments directly to a lockbox or cash collateral account maintained by the Bank in the Borrower’s name, to be applied against the Liabilities or, at the Bank’s sole election and discretion, to be paid or turned over, in whole or in part, to the Borrower.
Remittance Account. (a) On or before the Closing Date, Xxxxxx Mac shall establish the Remittance Account and provide the Central Servicer with information concerning its location. The Central Servicer, on or before 10:00 A.M. Central Servicer's local time on each Remittance Date, shall deposit in same day funds an amount equal to the Qualified Loan Receipts for the preceding Collection Period.
Remittance Account. Debtor shall not have any right to make any withdrawals from or issue checks against the Remittance Account. Secured Party will apply distributions from the Remittance Account in accordance with the express provisions of the Credit Agreement.
Remittance Account. Lender shall have received evidence in form and substance satisfactory to Lender showing the establishment of the Remittance Account and compliance with the terms and conditions of the Account Control Agreement.
Remittance Account. (a) The Servicer shall cause to be established and, in accordance with the Account Control Agreement, maintained at all times an Eligible Account (the “Remittance Account”) on behalf of and in the name of the Borrower. The Borrower shall possess all right, title and interest in all funds on deposit from time to time in the Remittance Account subject to the security interest of the Lender and shall hold all funds therein in trust on behalf of and as fiduciary for the Lender. The Borrower shall have no right of withdrawal from the Remittance Account.
(b) The Servicer shall deposit into the Remittance Account on a daily basis, all Collections posted by it on the prior Business Day, net of (i) all Servicing Fees (or fees payable in lieu thereof to a subservicer pursuant to Section 2.4) and Legal Outsourcing Management Fees earned that are due and payable to the Servicer, and (ii) all Net Negative Permitted Third Party Costs. The Servicer shall use reasonable efforts to require by enforcement of the applicable contract of placement or engagement, all Collections whether received by a subservicer, a Permitted Third Party or any other attorney engaged to commence collection actions, foreclosure procedures and/or the like, to be paid to the Servicer for deposit into the Remittance Account pursuant to the applicable contract of placement or engagement. To the extent that Collections are received (whether by wire transfer, money order or otherwise) in the Servicer's Collection Account and posted, the Servicer shall transfer all Collections (net of the amounts set forth in clauses (i) and (ii) above) on a daily basis from the Servicer's Collection Account to the Remittance Account. Except for the temporary deposit of Collections in the Servicer's Collection Account as provided in the preceding sentence, the Servicer shall not commingle any Collections collected with respect to the Assets with any moneys or other funds which are not Collections. Pending distribution pursuant thereto, all Collections at any time held by the Servicer, any subservicer, any Permitted Third Party or any other attorney shall be held in trust for the benefit of the Lender. The Servicer acknowledges that the Borrower has granted a security interest to the Lender in all of the Borrower's right, title and interest in and to all Collections, including those from time to time on deposit in the Servicer's Collection Account and those from time to time on deposit in the Remittance Account. The Serv...
Remittance Account. Debtor shall instruct Retailer to deposit and Debtor shall deposit all proceeds from the sale of the Products to a remittance account (the “Remittance Account”) identified in writing by Secured Party and controlled by Secured Party. Funds deposited into the Remittance Account shall be applied by Secured Party as follows: First, to Secured Party in an amount sufficient to pay in full Secured Party’s costs and professionals’ and advisors’ fees and expenses as described in Section 8.3(a) of the Loan Agreement; Second, to Secured Party in an amount equal to the then unpaid amount of the Obligations (including principal, interest, and the Transaction Fees), in such order and priority as Secured Party may choose in its sole discretion; and Finally, after the full, final, and indefeasible payment in cash of all of the Obligations, to Debtor or its representatives or as a court of competent jurisdiction may direct. Secured Party shall utilize its commercially reasonable best efforts to distribute all funds from the Remittance Account that are payable to Debtor within one (1) business day after deposit.
Remittance Account. The account created and maintained by the Master Servicer with a Qualified Depository pursuant to Section 2.7 of the Servicing Agreement.
