Proceeds Deposit Account definition
Examples of Proceeds Deposit Account in a sentence
Navistar Financial shall not deposit or, except as set forth above in this subsection (a), cause to be deposited any amount in any Proceeds Deposit Account.
If any such determination shall result in additional amounts being transferable to a Proceeds Deposit Account with respect to any such item of payment, Navistar Financial shall promptly so transfer such additional amounts and, if it has been determined that Navistar Financial’s formula for allocation was in error, the proper allocation formula shall thereafter be applied to allocate items of payment, subject to any subsequent revision as provided herein.
The name in which each Proceeds Deposit Account is carried shall reflect the fact that all items and funds deposited therein are the property of Navistar Financial subject to the Trustee’s Security Interest hereunder.
Upon such identification, (w) Navistar Financial shall provide prompt notice thereof to the Concentration Bank and the Trustee, (x) Retained Collections shall be transferred forthwith to a Proceeds Deposit Account, (y) Sold Collections shall be transferred in accordance with the terms under which the underlying Receivables were sold and (z) other amounts shall be transferred in accordance with Navistar Financial’s usual procedures.
After receiving notice from the Trustee that a Notice of Acceleration is in effect, each Proceeds Account Bank shall immediately and from time to time thereafter (unless it receives notice from the Trustee stating that such Notice of Acceleration is no longer in effect) transfer all funds held in its Proceeds Deposit Account to the Trustee for deposit in the Collateral Account and shall notify the Trustee by facsimile transmission as to the details of each such transfer.
Upon the occurrence and during the continuance of an Event of Default, each Grantor shall cause all proceeds of Term Loan Priority Collateral (as defined in the Intercreditor Agreement) to be deposited in either the Term Proceeds Deposit Account or the Term Proceeds Securities Account, as applicable.
The Borrower’s Net Proceeds Deposit Account may be established and held in such name or names as Lender shall deem appropriate, including in the name of Lender.
The Borrower shall enter into an Account Control Agreement with respect to each of the Term Proceeds Deposit Account and the Term Proceeds Securities Account within the time period set forth in Section 5.12(b) of the Credit Agreement.
Borrower hereby constitutes and appoints L▇▇▇▇▇ and any officer or agent of Lender its true and lawful attorneys-in-fact with full power of substitution to open the Borrower’s Net Proceeds Deposit Account and to do any and every act that Borrower might do on its own behalf to fulfill the terms of this Section.
Borrower grants to Lender a security interest in the Borrower’s Net Proceeds Deposit Account and all funds hereafter deposited to such deposit account, and any proceeds thereof, as security for the Obligations.