The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement. (b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 85555901; ABA No. 000000000 (the “Collection Account”). (c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 3 contracts
Samples: Lockbox Account Agreement, Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2011-3), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2011-3)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 662633254 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590183687601; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (Americredit Automobile Receivables Trust 2011-4), Lockbox Account Agreement (Americredit Automobile Receivables Trust 2011-4)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 464643308 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590148060201; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2012-3), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2012-3)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 528288918 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National AssociationThe Bank of New York Mellon, Account No. 0000000000 GLA211705 f/b/o 85555901894276; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2013-5), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2013-5)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 700610012 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo BankCitibank, National AssociationN.A., Account No. 0000000000 3617-2242 f/b/o 85555901114422; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AFS SenSub Corp.), Lockbox Account Agreement (AFS SenSub Corp.)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 (the 581930497(the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National AssociationThe Bank of New York Mellon, Account No. 0000000000 GLA211705 f/b/o 85555901511409; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2014-1), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2014-1)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 657591637 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National AssociationThe Bank of New York Mellon, Account No. 0000000000 GLA211705 f/b/o 85555901852240; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2014-4), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2014-4)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 964259238 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590166211301; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (Americredit Automobile Receivables Trust 2012-2), Lockbox Account Agreement (Americredit Automobile Receivables Trust 2012-2)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 496558722 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo BankCitibank, National AssociationN.A., Account No. 0000000000 3617-2242 f/b/o 85555901110866; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2013-2), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2013-2)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two (2) Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association[Trustee], Account No. 0000000000 f/b/o 85555901; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 ten (10) days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 two (2) days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AFS SenSub Corp.), Lockbox Account Agreement (AFS SenSub Corp.)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 780162793 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National AssociationThe Bank of New York Mellon, Account No. 0000000000 f/b/o 855559016461818400; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AFS SenSub Corp.), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2015-4)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 700624427 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo BankCitibank, National AssociationN.A., Account No. 0000000000 3617-2242 f/b/o 85555901114910; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AFS SenSub Corp.), Lockbox Account Agreement (AFS SenSub Corp.)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 581940066 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo BankCitibank, National AssociationN.A., Account No. 0000000000 3617-2242 f/b/o 85555901112358; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2014-2), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2014-2)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 464645022 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590148170101; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2012-4), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2012-4)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 464646772 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National AssociationThe Bank of New York Mellon, Account No. 0000000000 GLA111565 f/b/o 85555901345487; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2012-5), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2012-5)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 496576971 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590100000000; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AFS SenSub Corp.), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2013-4)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 780179839 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National AssociationThe Bank of New York Mellon, Account No. 0000000000 f/b/o 855559016391758400; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AFS SenSub Corp.), Lockbox Account Agreement (AFS SenSub Corp.)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 662633239 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590185475501; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2011-2), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2011-2)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 976484519 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590166117601; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (Americredit Automobile Receivables Trust 2012-1), Lockbox Account Agreement (Americredit Automobile Receivables Trust 2012-1)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 662633221 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590185393201; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2011-1), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2011-1)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 581950859 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo BankCitibank, National AssociationN.A., Account No. 0000000000 3617-2242 f/b/o 85555901112692; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AFS SenSub Corp.), Lockbox Account Agreement (AFS SenSub Corp.)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 657601816 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National AssociationThe Bank of New York Mellon, Account No. 0000000000 GLA211705 f/b/o 85555901522736; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AFS SenSub Corp.), Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2015-1)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 662633262 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590183734701; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (Americredit Automobile Receivables Trust 2011-5), Lockbox Account Agreement (Americredit Automobile Receivables Trust 2011-5)
The Lockbox Account. (a) Processor Prior to the Closing Date, the Servicer shall (ABA No. 000000000i) has established account number 662633247 (establish and maintain the “Lockbox Account”). Pursuant , (ii) enter into the Lockbox Agreement and (iii) within thirty (30) days of the Closing Date, notify each Mortgagor to remit all payments with respect to the terms of Mortgage Loans to the Indenture and during the term of this AgreementLockbox Account. If, and except as otherwise required by law (e.g.at any time, for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account ceases to be maintained at the Lockbox Bank, the Servicer shall within ten (10) Business Days of obtaining actual knowledge of such cessation establish a new lockbox account which shall be deemed an Account at a Designated Depository Institution, transfer any cash and/or any investments from the Lockbox Account to such new lockbox account and from the date such new lockbox account is established, it shall be the Trustee’s funds"Lockbox Account", and the Trustee will have exclusive right provided that notice of such new lockbox account is given to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any personeach Rating Agency. In the event that a successor Processor has become Processorservicer is appointed, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace Trustee, the Lockbox Account above without Bank and such successor servicer will enter into a new lockbox agreement replacing the execution or filing of any document or any further act by any of Lockbox Agreement and such new lockbox agreement shall be the parties to this "Lockbox Agreement" for all purposes hereunder.
(b) Unless otherwise The Servicer shall instruct, or cause any Sub-Servicer to instruct, all Mortgagors to make payments only to the Lockbox Account. The Servicer shall instruct the Lockbox Bank to remit by wire transfer of immediately available funds (x) Escrow Amounts to the appropriate T&I Account, as directed by the TrusteeServicer, AmeriCredit agrees that and (y) all collected funds other Collections in the Lockbox Account to the Principal and Interest Account, in each case on the next Business Day following the Business Day of their receipt by the Lockbox Bank.
(c) The Servicer shall provide the Backup Servicer and the Trustee with the location and account number of the Lockbox Account immediately following its establishment. The Servicer shall not, and shall not permit any Sub-Servicer to, instruct any Mortgagor to remit Collections to any Person, address or account other than the Lockbox Account. The Servicer shall not (i) add or delete any Lockbox Account or add or delete any Lockbox Bank except upon 30 days' prior notice to the Trustee and to the Backup Servicer or (ii) change such instructions at any time.
(d) For all purposes of this Agreement, no amounts shall be considered to be on deposit in the Lockbox Account unless such amounts are available for withdrawal therefrom in "good funds"; i.e., until any check or "Automated Clearing House" transfer has "cleared". The Servicer shall be transferred have the right to withdraw from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 85555901; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check misapplied payment or other item amount deposited therein in error. The Servicer is not required to deposit into the Principal and credited to such Lockbox Interest Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in amounts received by the Lockbox Account to pay items charged back Servicer to the Lockbox Account and AmeriCredit in accordance with the provisions hereof until the Servicer has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory determined that such amounts relate to the Trustee, make payment to Processor for any Mortgage Loans and such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processoravailable as "good funds".
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 496565008 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo BankCitibank, National AssociationN.A., Account No. 0000000000 3617-2242 f/b/o 85555901111116; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (Americredit Automobile Receivables Trust 2013-3), Lockbox Account Agreement (Americredit Automobile Receivables Trust 2013-3)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 878372288 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo BankCitibank, National Association, N.A. Account No. 0000000000 f/b/o 85555901No.00000000; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AFS SenSub Corp.), Lockbox Account Agreement (AFS SenSub Corp.)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 826199452 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo BankCitibank, National Association, N.A. Account No. 0000000000 f/b/o 8555590100000000; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 2 contracts
Samples: Lockbox Account Agreement (AFS SenSub Corp.), Lockbox Account Agreement (AFS SenSub Corp.)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 662633171 (the “Lockbox Account”)) in the name of the Trust. Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the TrusteeTrustee (with the written consent of the Insurer), AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590182340501; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 1 contract
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2010-A)
The Lockbox Account. (ai) Processor (ABA No. 000000000) has established account number 662633247 (the “Lockbox Account”). Pursuant On or prior to the terms of Closing Date, the Indenture Borrower shall establish and during shall, for the term of this AgreementAgreement until the Aggregate Unpaids have been paid in full, maintain a segregated deposit account at the Lockbox Account Bank and except having account number 8026365223. The Lockbox Account shall be used for the purpose of receiving Collections on the Receivables and other Collateral (to the extent Collections consist of payments from or on behalf of Obligors by wire transfer or ACH, by deposit of payments made by check or as otherwise required paid by law (e.g.or on behalf of Obligors) and making the distributions to the Collection Account described in this Article VI. Each of the Borrower and the Servicer agree that the Agent for the benefit of the Secured Parties shall have exclusive dominion and control of the Lockbox Account and all monies, for purposes of attachment, execution instruments and other forms of legal process), all collected funds held property from time to time in the Lockbox Account and no funds shall be deemed transferred therefrom other than to the Collection Account without the consent or approval of the Agent.
(ii) The Borrower and the Servicer will deposit or cause to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace deposited in the Lockbox Account above without all cash, checks, money orders, wire transfers or other Proceeds received in respect of the execution Collateral within one (1) Business Day after the receipt thereof in the original form received (if other than cash). Until so deposited, all such Proceeds shall be held in trust for the Agent by the Check Processing Bank, the Borrower or filing of any document or any further act the Servicer, as the case may be. The Lenders and the Agent may deposit into the Lockbox Account from time to time all monies, instruments and other property received by any of them as Proceeds of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected Collateral. Available funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo BankCollection Account on a daily basis, National Association, in accordance with the Lockbox Account No. 0000000000 f/b/o 85555901; ABA No. 000000000 (the “Collection Account”)Control Agreement.
(ciii) Each party hereto agrees that all funds deposited into The Borrower shall not close the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against unless it shall have established a new account with the Lockbox Account Bank or with a new depository institution satisfactory to the face amount of any check or other item deposited Agent, (x) entered into an agreement covering such new account with such new depository institution satisfactory in and credited all respects to the Agent (whereupon such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary new account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in shall become the Lockbox Account for all purposes of the Basic Documents), and (y) taken all such action a required to pay items charged back cause a perfected first priority security interest in such new Lockbox Account to be granted to the Agent for the benefit of the Secured Parties under this Agreement.
(iv) The Check Delivery Address to which the Borrower or the Servicer has instructed any Obligor to make payments related to the Receivables, or in which other proceeds of the Collateral are deposited from time to time (other than the Lockbox Account) shall be maintained with the Check Processing Bank. The Servicer shall cause all Collections delivered to the Check Delivery Address to be deposited to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processoron a daily basis.
Appears in 1 contract
Samples: Receivables Loan and Security Agreement (Volt Information Sciences, Inc.)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 662633155 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590182282001; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 1 contract
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2010-1)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 662633130 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590123360601; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 1 contract
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2009-1)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 662633213 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590180616201; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 1 contract
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2010-4)
The Lockbox Account. (ai) Processor (ABA No. 000000000) The Seller has established account number 662633247 (the “with a Lockbox Bank each Lockbox Account”). Pursuant , into which the Servicer shall deposit from time to the terms time all monies, instruments and other property received by it as Proceeds of the Indenture Transferred Receivables. The Seller agrees that prior to a Termination Event the Operating Agent, and upon the occurrence and during the term continuation of this Agreementa Termination Event the Collateral Agent, shall have exclusive dominion and control of each Lockbox Account and all monies, instruments and other property from time to time in each Lockbox Account. The Seller will not make or cause to be made, or have any ability to make or cause, any withdrawals from any Lockbox Account, except as provided in Section 6.01(b)(ii).
(ii) The Seller and the Servicer have instructed all existing Obligors of Transferred Receivables, and except as otherwise required will instruct all future Obligors, to make payments in respect of -27- Transferred Receivables only (A) by law check or money order mailed to one or more lockboxes or post office boxes under the control of the Operating Agent (e.g., for purposes of attachment, execution and other forms of legal processeach such box being a "Lockbox"), or (B) by wire transfer or moneygram directly to a Lockbox Account, or (C) by direct debits from such Obligor's account to the Lockbox Account. The Lockboxes and Lockbox Accounts to which mail payments are made as of the date hereof are listed on the attached Schedule 6. The Seller and the Servicer shall endorse, to the extent necessary, all collected funds held checks or other instruments received in any Lockbox so that the same can be deposited in the Lockbox Account, in the form so received (with all necessary endorsements), on the next Business Day after the Business Day on which such check or other instruments are received. In addition, the Seller and Servicer shall deposit or cause to be deposited in the Lockbox Account all cash, checks, money orders or other Proceeds of Collateral received other than in a Lockbox or by wire payments, in the form so received (with all necessary endorsements), not later than the close of business on the Business Day following the date of such receipt, and until so deposited all such items or other Proceeds shall be deemed to be held in trust for the Trustee’s funds, and Collateral Agent. Neither the Trustee will have exclusive right to control such funds and to make demand upon Seller nor the Servicer shall deposit any moneys not required or otherwise require Processor to make payment of any such funds to any person. In permitted under this Agreement or the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 85555901; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited Related Documents into the Lockboxes or Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by ProcessorAccounts.
Appears in 1 contract
Samples: Receivables Purchase and Servicing Agreement (Merisel Inc /De/)
The Lockbox Account. (a) Processor Prior to the Closing Date, the Servicer shall (ABA No. 000000000i) has established account number 662633247 (establish and maintain the “Lockbox Account”). Pursuant , (ii) enter into the Lockbox Agreement and (iii) within thirty (30) days of the Closing Date, notify each Mortgagor to remit all payments with respect to the terms of Mortgage Loans to the Indenture and during the term of this AgreementLockbox Account. If, and except as otherwise required by law (e.g.at any time, for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account ceases to be maintained at the Lockbox Bank, the Servicer shall within ten (10) Business Days of obtaining actual knowledge of such cessation establish a new lockbox account which shall be deemed an Account at a Designated Depository Institution, transfer any cash and/or any investments from the Lockbox Account to such new lockbox account and from the date such new lockbox account is established, it shall be the Trustee’s funds"Lockbox Account", and the Trustee will have exclusive right provided that notice of such new lockbox account is given to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any personeach Rating Agency. In the event that a successor Processor has become Processorservicer is appointed, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace Trustee, the Lockbox Account above without Bank and such successor servicer will enter into a new lockbox agreement replacing the execution or filing of any document or any further act by any of Lockbox Agreement and such new lockbox agreement shall be the parties to this "Lockbox Agreement" for all purposes hereunder.
(b) Unless otherwise The Servicer shall instruct, or cause any Sub-Servicer to instruct, all Mortgagors to make payments only to the Lockbox Account. The Servicer shall instruct the Lockbox Bank to remit by wire transfer of immediately available funds (x) Escrow Amounts to the appropriate T&I Account, as directed by the Servicer, and (y) all other Collections in the Lockbox Account to the Principal and Interest Account, in each case on the next Business Day following their receipt by the Lockbox Bank.
(c) The Servicer shall provide the Backup Servicer, the Certificate Insurer and the Trustee with the location and account number of the Lockbox Account immediately following their establishment. The Servicer shall not, and shall not permit any Sub-Servicer to, instruct any Mortgagor to remit Collections to any Person, address or account other than the Lockbox Account. The Servicer shall not (i) add or delete any Lockbox Account or add or delete any Lockbox Bank except upon 30 days' prior notice to the Trustee, AmeriCredit agrees that the Certificate Insurer and to the Backup Servicer and the consent of the Certificate Insurer or (ii) change such instructions at any time.
(d) For all collected funds purposes of this Agreement, no amounts shall be considered to be on deposit in the Lockbox Account unless such amounts are available for withdrawal therefrom in "good funds"; i.e., until any check or "Automated Clearing House" transfer has "cleared". The Servicer shall be transferred have the right to withdraw from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 85555901; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check misapplied payment or other item amount deposited therein in and credited error. The Servicer is not required to such Lockbox Account which is subsequently returned for deposit any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in amounts received by the Lockbox Account to pay items charged back Servicer to the Lockbox Account and AmeriCredit in accordance with the provisions hereof until the Servicer has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory determined that such amounts relate to the Trustee, make payment to Processor for any Mortgage Loans and such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processoravailable as "good funds".
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 662633148 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590123751601; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 1 contract
Samples: Lockbox Account Agreement (AmeriCredit Prime Automobile Receivables Trust 2009-1)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 662633205 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590180518401; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 1 contract
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2010-3)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 662633189 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590180369901; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 1 contract
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2010-2)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 464647572 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National AssociationThe Bank of New York Mellon, Account No. 0000000000 GLA111565 f/b/o 85555901716149; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 1 contract
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2013-1)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the TrusteeTrustee [(with the written consent of the Insurer)], AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association[Trustee], Account No. 0000000000 f/b/o 85555901; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 1 contract
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 464647572 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National AssociationThe Bank of New York Mellon, Account No. 0000000000 GLA211705 f/b/o 85555901716149; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 1 contract
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2013-1)
The Lockbox Account. (a) Processor (ABA No. 000000000) has established account number 662633247 662633197 (the “Lockbox Account”)) in the name of the Trust. Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the TrusteeTrustee (with the written consent of the Insurer), AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Xxxxx Fargo Bank, National Association, Account No. 0000000000 f/b/o 8555590180481301; ABA No. 000000000 (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
Appears in 1 contract
Samples: Lockbox Account Agreement (AmeriCredit Automobile Receivables Trust 2010-B)