Common use of The Guarantee Collection Account; Payments Clause in Contracts

The Guarantee Collection Account; Payments. (a) On the Closing Date there shall be established and, at all times thereafter until the rights, title, obligations and interests of the Subordinated Guarantee Agent under this Agreement shall have terminated, there shall be maintained in the name of the Subordinated Guarantee Agent an account which is entitled the “Dex/SuperMedia Subordinated Guarantee Collection Account” (the “Guarantee Collection Account”). (b) Any payments hereunder by a Guarantor or any other Person in satisfaction of or on account of a Guarantor Obligation, including payments made pursuant to Section 2 or Section 9.12(b), shall be paid to the Subordinated Guarantee Agent for the sole benefit of the applicable Credit Parties without set-off or counterclaim, in Dollars at the office of JPMorgan Chase Bank, N.A. at 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000. All cash received by the Subordinated Guarantee Agent hereunder shall be held in the Guarantee Collection Account and, on each Distribution Date, applied in accordance with Section 6.2. (c) The Subordinated Guarantee Agent may, and at the written direction of the Required Directing Credit Parties shall, invest and reinvest moneys on deposit in the Guarantee Collection Account at any time in Permitted Investments. All such investments and the interest and income received thereon and the net proceeds realized on the sale or redemption thereof shall be held in the Guarantee Collection Account for the benefit of the Credit Parties. Neither the Subordinated Guarantee Agent nor any Credit Party shall be responsible for (i) determining whether investments are Permitted Investments or (ii) any diminution in funds resulting from such investments or any liquidation prior to maturity. For the avoidance of doubt, in the absence of any written directions from the Required Directing Credit Parties, the Subordinated Guarantee Agent shall have no obligation to invest or reinvest any moneys.