Remittance Account Clause Samples

Remittance Account. Lendbuzz Funding hereby grants a security interest in the Remittance Account to the Administrative Agent on behalf of the Secured Parties, as security for the payment and performance of its obligations to the Administrative Agent, the Secured Parties, and the Borrower set forth herein, and Lendbuzz Funding hereby agrees that the security interest granted pursuant to this Section shall be for the benefit of, and the remedies provided for herein and in the Blocked Account Control Agreement with respect thereto shall be exercisable by, the Administrative Agent on behalf of the Secured Parties.

Remittance Account. ▇▇▇▇▇▇▇▇ agrees that ▇▇▇▇▇▇ 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 ▇▇▇▇▇▇, or ▇▇▇▇▇▇’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 ▇▇▇▇▇▇’s sole election and discretion, either be (1) paid or turned over to Borrower; (2) 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); (3) 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 ▇▇▇▇▇▇); (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 determine from time to time. ▇▇▇▇▇▇▇▇ 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. Lendbuzz Floorplan hereby grants a security interest in the Remittance Account to the Administrative Agent on behalf of the Secured Parties, as security for the payment and performance of its obligations to the Administrative Agent, the Secured Parties, and the Borrower set forth herein, and Lendbuzz Floorplan hereby agrees that the security interest granted pursuant to this Section shall be for the benefit of, and the remedies provided for herein and in the Blocked Account Control Agreement (for so long as ▇▇▇▇▇ Fargo Bank, National Association is the Remittance Account Bank) with respect thereto shall be exercisable by, the Administrative Agent on behalf of the Secured Parties.

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. Borrower agrees that L▇▇▇▇▇ ▇▇y at any time ▇▇▇▇▇re 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 ag▇▇▇, ▇r wit▇ ▇▇▇ 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 ▇▇▇ ▇iscretion, either be ( 1) paid or turned over to Borrower; (21 deposited into one or more accounts for the benefit of Borrower (which deposit accounts shall be subject to a security assignment in favor of Lenderl; (3) 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 Lenderl; (41 paid or t▇▇▇▇▇ ▇ver to Lender to be applied to the Indebtedness in such order and priority as Lender may determine within its sole discretion; or (51 any combination of the foregoing as Lender shall determine from time to time. Borrower further agree▇ ▇▇▇▇, 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. (a) On or before the Closing Date, ▇▇▇▇▇▇ 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. All payments made under this Agreement shall be made by electronic transfer to the account designated in writing by Lender to Borrower from time to time.

Remittance Account. The Remittance Account and all deposit accounts of, or for the benefit of, Debtor or any Closing Agent and all sums now or hereafter on deposit therein, into which proceeds of loans made by the Lender to Debtor are deposited (the term "Remittance Account" means that certain account number 019-004-7827 maintained with Household Bank FSB under the sole custody and control of the Lender);