Transfer of Collection Account Sample Clauses

Transfer of Collection Account. Notwithstanding the provisions of Section 6.02, if the Collection Account shall be maintained with the Servicer and a Servicer Event of Default shall occur and be continuing, the Servicer shall, after five days' written notice from the Indenture Trustee, or in any event within ten days after the occurrence of the Servicer Event of Default, establish an Eligible Account with an institution other than the Servicer and promptly transfer all funds in the Collection Account to such new account, which shall thereafter be deemed the Collection Account for the purposes hereof. Upon a Service Transfer, the Collection Account shall be transferred to an Eligible Account as directed by the successor Servicer.
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Transfer of Collection Account. The Origination Agent hereby notifies the Account Bank that as at the date hereof it is transferring the beneficial interest in and all sums held in the Collection Account to the Issuer pursuant to the Collection Account Declaration of Trust, and the Issuer hereby notifies the Account Bank that it is charging its interest under the Collection Account Declaration of Trust to the Trustee pursuant to the Deed of Charge.
Sample 1
Transfer of Collection Account. Borrowers shall make all reasonable efforts to cause all payments from Medicare to be made to a collection account maintained at KeyBank or such other Lender acceptable to Agent ("Agent Collection Account"), but in any case, such transition of payments from Medicare shall occur on or before the earlier of (a) the first anniversary of the Closing Date, (b) prior to exercising any Change of Control or (c) prior to exercising any sale of the assets of ESC and its Subsidiaries in a single transaction or series of transactions which, in the aggregate, exceed twenty percent (20%) of the total book value of such properties. In addition to the foregoing, Borrowers agree that the Agent Collection Account shall be subject to a collection account agreement substantially similar to the Collection Account Agreement among NOC, Agent and Regions Bank executed on the Closing Date.
Sample 1
Transfer of Collection Account. Notwithstanding the provisions of Section 7.2, if an Event of Termination shall occur and be continuing, the replaced Servicer shall, after two days’ written notice from Credit Agreement Agent, or in any event within five days after the occurrence of the Event of Termination, promptly transfer all funds in the Collection Account to an Eligible Account not in the name of the replaced Servicer, which shall thereafter be deemed the Collection Account for the purposes hereof. Upon a Service Transfer, the Collection Account shall be transferred to an Eligible Account as directed by the Successor Servicer.
Sample 1
Transfer of Collection Account. The Servicer may transfer the Collection Account to a different depository institution from time to time, so long as the Collection Account remains an Eligible Account. The Servicer shall give notice of any transfer to the other parties hereto and to each Rating Agency prior to such transfer. ARTICLE SEVEN
Sample 1

Related to Transfer of Collection Account

  • Establishment of Collection Account (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty days.

  • Deposits to Collection Account The Servicer shall use its best efforts to deposit or cause to be deposited (without duplication), within two (2) Business Days after receipt thereof, into the Collection Account and retain therein in trust for the benefit of the Grantor Trust Holder:

  • Collection of Mortgage Loan Payments; Collection Account; Distribution Account (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy.

  • Permitted Withdrawals from the Collection Account and Distribution Account (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes:

  • Withdrawals from the Collection Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.01:

  • The Collection Account (a) The Trust Administrator shall establish and maintain in the name of the Notes Intermediary the Collection Account as provided in Section 5.07, which account shall be pledged to the Indenture Trustee for the benefit of the Noteholders.

  • Payments to Collection Account On or before the applicable Cut-Off Date, the Servicer shall have instructed all Obligors to make all payments in respect of the Collateral Portfolio directly to the Collection Account; provided that the Servicer is not required to so instruct any Obligor which is solely a guarantor or other surety (or an Obligor that is not designated as the “lead borrower” or another such similar term) unless and until the Servicer calls on the related guaranty or secondary obligation.

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