Collections Deposited to Collection Accounts. The Borrowers have established the Collection Accounts. The Obligors hereby agree that the Lender Agent shall have exclusive control over the Collection Accounts. Any Collections with respect to the Collateral shall be deposited by the Obligors in a Collection Account no later than the Applicable Deposit Date. To the extent that any funds are not deposited or held in the Collection Accounts in accordance with the preceding sentence, such funds shall be deemed to be held by such Obligor in trust for the Lenders, and shall not be used by any Obligor for any purposes whatsoever.
Collections Deposited to Collection Accounts. The Obligors agree, subject to the Account Exceptions, to use all commercially reasonable efforts to restructure their cash management system prior to the Account Transfer Date so as to enable the Collateral Control Agent to exercise control, pursuant to Alternate Account Control Agreements, over all material bank and securities accounts of ResCap and its Subsidiaries intended to contain solely funds and securities of ResCap and its Subsidiaries (excluding the Exempt Cash Reserve Account, accounts of Financing SPVs, accounts of independent third parties, accounts setup for Bilateral Facilities and accounts holding funds held on account for, in trust for, or by ResCap or a Subsidiary as a custodian for, any third party) and cause all liquidity reserves (other than funds permitted to be held in the Exempt Cash Reserve Account) of ResCap and its Subsidiaries to be on deposit in such accounts, subject to such exceptions as the Lender Agent shall agree in writing. No later than the Account Transfer Date and subject to the Account Exceptions and Section 4.02, the Obligors shall arrange for (a) all Collections in respect of the Collateral to be deposited in an Alternate Account or Collection Account no later than the Applicable Deposit Date, (b) all liquidity reserves of ResCap and its Subsidiaries to be held (subject to the Account Exceptions) in the Alternate Accounts or the Collection Accounts and (c) all funds which have been deposited in a Alternate Account to be transferred to a Collection Account within two (2) Business Days of such deposit. To the extent that any funds are not deposited or held in the Collections Accounts or the Alternate Accounts in accordance with the preceding sentence, such funds shall be deemed to be held by such Obligor, in trust for the Lenders and shall not be used by any Obligor for any purposes whatsoever.
Collections Deposited to Collection Accounts. The Borrowers shall establish and maintain the Collection Accounts in accordance with the provisions of Section 4.01 of the November Loan Agreement and the Omnibus Security Agreement (provided that if the November Loan Agreement is terminated, such Collection Accounts will continue to be established and maintained in accordance with such Section 4.01 as in effect at the time of termination). Any Collections with respect to the Collateral shall be deposited by the Obligors in a Collection Account no later than the Applicable Deposit Date. To the extent that any funds are not deposited or held in the Collection Accounts in accordance with the preceding sentence, such funds shall be deemed to be held by such Obligor in trust for the Lenders, and shall not be used by any Obligor for any purposes whatsoever.
Collections Deposited to Collection Accounts. On or before the Account Addition Date, the Borrowers and the Lender Agent shall establish the Collection Accounts. The Obligors hereby agree that the Lender Agent shall have exclusive control over the Collection Accounts. Any Collections (other than Collections with respect to the Flume No. 8 Note and the related Supporting Assets) with respect to the Collateral shall be deposited by the Obligors in a Collection Account no later than the Applicable Deposit Date. At any time prior to the Account Addition Date, and at any time after such date to the extent that any funds are not deposited or held in the Collection Accounts in accordance with the preceding sentence, such funds shall be deemed to be held by such Obligor in trust for the Lenders, and shall not be used by any Obligor for any purposes whatsoever.
