Separation of Collateral Clause Samples
The Separation of Collateral clause establishes that collateral provided under an agreement must be kept distinct from other assets. In practice, this means that the party holding the collateral is required to segregate it from their own property and from collateral received in other transactions, often by maintaining separate accounts or records. This clause ensures that the collateral can be easily identified and recovered, protecting the interests of the party providing it and reducing the risk of loss or confusion in the event of insolvency or dispute.
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Separation of Collateral. (a) Subject to Section 4 and solely to the extent of available funds on deposit in the Servicer Account, the EFCH Purchaser hereby agrees promptly to transfer and return to, or in accordance with the written direction of, the ECO Purchaser, the ECL Purchaser, the EPOB Purchaser, the EFCH-GS Purchaser, the ECO-GS Purchaser, the EPOB-GS Purchaser, the EPOB2-GS Purchaser, the EF Holdco Purchaser, the OF V Trustee, the OF VI Trustee, the OF VII Trustee, the OF VIII Trustee, the OF IX Trustee, the OF X Trustee, the OF XII Trustee or the Servicer, as applicable, to such account or other place as such party may so instruct, any funds or other property that are received by or on behalf of the EFCH Purchaser or any affiliate thereof and that are identified by the Servicer, the ECO Purchaser, the ECL Purchaser, the EPOB Purchaser, the EFCH-GS Purchaser, the ECO-GS Purchaser, the EPOB-GS Purchaser, the EPOB2-GS Purchaser, the EF Holdco Purchaser, the OF V Trustee, the OF VI Trustee, the OF VII Trustee, the OF VIII Trustee, the OF IX Trustee, the OF X Trustee or the OF XII Trustee to the EFCH Purchaser in writing as constituting part of the ECO Purchased Assets, the ECL Purchased Assets, the EPOB Purchased Assets, the EFCH-GS Purchased Assets, the ECO-GS Purchased Assets, the EPOB-GS Purchased Assets, the EPOB2-GS Purchased Assets, the EF Holdco Purchased Assets, the OF V Trust Estate, the OF VI Trust Estate, the OF VII Trust Estate, the OF VIII Trust Estate, the OF IX Trust Estate, the OF X Trust Estate, the OF XII Trust Estate or (in the case of the Initial Servicer only) Oportun Assets, as applicable. For purposes of maintaining such party’s interest therein, the ECO Purchaser, the ECL Purchaser, the EPOB Purchaser, the EFCH-GS Purchaser, the ECO-GS Purchaser, the EPOB-GS Purchaser, the EPOB2-GS Purchaser, the EF Holdco Purchaser, the OF V Trustee, the OF VI Trustee, the OF VII Trustee, the OF VIII Trustee, the OF IX Trustee, the OF X Trustee, the OF XII Trustee and Oportun hereby appoint the EFCH Purchaser as its trustee in respect of such funds and other property; provided, that the EFCH Purchaser’s sole duty as such trustee shall be to hold such funds or other property in trust for the benefit of the ECO Purchaser, the ECL Purchaser, the EPOB Purchaser, the EFCH-GS Purchaser, the ECO-GS Purchaser, the EPOB-GS Purchaser, the EPOB2-GS Purchaser, the EF Holdco Purchaser, the OF V Trustee, the OF VI Trustee, the OF VII Trustee, the OF VIII Trustee, the OF IX Trustee...
Separation of Collateral. (a) The Receivables Agent hereby agrees promptly to return to the Company funds or other property other than Specified Assets (or proceeds thereof, other than proceeds constituting Excluded Receivables Assets) which constitute Bank Collateral (or proceeds thereof); PROVIDED THAT the Company or the Bank Agent shall have identified such Bank Collateral or proceeds in writing to the Receivables Agent or an Authorized Officer of the Receivables Agent otherwise has actual knowledge of the identity of such Bank Collateral or proceeds; and PROVIDED FURTHER that if the Bank Agent shall so request in a written notice to the Receivables Agent, the Receivables Agent shall return such funds and property to the Bank Agent instead of to the Company. For purposes of maintaining the perfection of the Bank Agent's lien thereon, the Bank Agent hereby appoints the Receivables Agent as its agent in respect of such funds or other property.
(b) The Bank Agent hereby agrees to promptly return to the Receivables Agent any funds or other property which constitute Specified Assets (or proceeds thereof); PROVIDED THAT the Receivables Agent shall have identified such Specified Assets or proceeds in writing to the Bank Agent or an officer of the Bank Agent otherwise has actual knowledge of the identity of such Specified Assets or proceeds. For purposes of maintaining the perfection of the Receivables Agent's interests therein, the Receivables Agent hereby appoints the Bank Agent as its agent with respect to such Specified Assets and proceeds.
(c) All payments made by an Obligor that is obligated to make payment with respect to both Specified Assets and other Receivables shall be applied against the Receivables, if any, that are designated by such Obligor. In the absence of such designation, such payment shall be applied against the oldest outstanding Receivables owed by such Obligor.
(d) Unless the Receivables Agent and the Bank Agent agree otherwise in writing, neither the Receivables Agent nor the Bank Agent shall send any notice to an Obligor directing it to remit payments in respect of any Receivable to any account other than the Collection Accounts.
(e) In the event that any of the Specified Assets (or proceeds thereof, other than proceeds constituting Excluded Receivables Assets) become commingled with any Bank Collateral (or proceeds thereof), then the Bank Agent and the Receivables Agent shall, in good faith, cooperate with each other to separate the Specified Assets (and proc...
Separation of Collateral. The Lender Agent hereby agrees promptly to return to the Conduit Agent any funds or other property which constitute Securitization Assets (or proceeds thereof), provided, that the Conduit Agent or the Servicer shall have identified such Securitization Assets or proceeds in writing to the Lender Agent or the Lender Agent otherwise has actual knowledge of the identity of such Securitization Assets or proceeds. Solely for purposes of maintaining the perfection of the Conduit Agent's interests therein, the Conduit Agent hereby appoints the Lender Agent as its agent with respect to such Securitization Assets and proceeds, and the Lender Agent hereby accepts such appointment.
Separation of Collateral. Keep the Collateral separate and identifiable from other property located on the same premises as the Collateral.
Separation of Collateral. (a) Each Securitization Agent hereby agrees promptly to transfer and return to, or in accordance with the directions of, any other Securitization Agent, the Originator or the Original Servicer (as applicable), at such account or other place as such other Securitization Agent, the Originator or the Original Servicer (as applicable) may instruct in writing, any funds or other property that are received by such Securitization Agent and that are identifiable by such Securitization Agent, using reasonable efforts, as not constituting its Securitization Assets but instead constituting: (i) Securitization Assets in which it has not been granted an ownership or security interest under the applicable Securitization Documents; or (ii)
Separation of Collateral. The Trustee hereby agrees promptly to return to Howmet (for the benefit of itself and the other Operating Companies) funds or other property other than Specified Assets (or proceeds thereof) which constitute Bank Collateral (or proceeds thereof); provided, that Howmet or the Collateral Agent shall have identified such Bank Collateral or proceeds in writing to the Trustee or an Authorized Officer of the Trustee otherwise has actual knowledge of the identity of such Bank Collateral or proceeds; and provided further that if the Collateral Agent shall so request in a written notice to the Trustee, the Trustee shall return such funds and property to the Collateral Agent instead of to Howmet. For purposes of maintaining the perfection of the Collateral Agent's lien thereon, the Collateral Agent hereby appoints the Trustee as its agent in respect of such funds or other property.
Separation of Collateral. (a) Each Financing Agent hereby agrees promptly to transfer and return to, or in accordance with the directions of, any other applicable Financing Agent or the Originator (as applicable), at such account or other place as the appropriate other Financing Agent or the Originator (as applicable) may instruct, any funds or other property that are received by such Financing Agent and that are identifiable by such Financing Agent, using reasonable efforts, or that are identified by the Originator, the Original Servicer (or a Successor Servicer, if applicable), the Lockbox Servicer, the Owner or another Financing Agent, in each case, as not constituting Financing Assets (or portions thereof) in which such Financing Agent has been granted an interest pursuant to its applicable Financing Documents but instead constituting (x) Financing Assets (or portions thereof) other than those in which such Financing Agent has been granted an interest under its Financing Documents or (y)
Separation of Collateral. The Lender Agent hereby agrees promptly to return to the Administrator any funds or other property which constitute Securitization Assets (or proceeds thereof), provided, that the Administrator or the Servicer shall have identified such Securitization Assets or proceeds in writing to the Lender Agent or the Lender Agent otherwise has actual knowledge of the identity of such Securitization Assets or proceeds. Solely for purposes of maintaining the perfection of the Administrator’s interests therein, the Administrator hereby appoints the Lender Agent as its agent with respect to such Securitization Assets and proceeds, and the Lender Agent hereby accepts such appointment.