Deposits to Cash Proceeds Account Sample Clauses

Deposits to Cash Proceeds Account. Upon the occurrence and during the continuance of an Event of Default, except as otherwise provided in Section 2.05 or 2.06 hereof and subject to the provisions of the Intercreditor Agreement, each Loan Party shall upon the instruction of the Collateral Agent instruct all Account Debtors and other Persons obligated in respect of its Receivables and other Collateral to make all payments in respect of its Receivables and other Collateral (other than Revolving Lender Priority Collateral if any Revolving Loan Obligation is at the time outstanding or any commitment of one or more Revolving Lenders remains in effect under the Revolving Credit Agreement) either (i) directly to the Collateral Agent (by instructing that such payments be remitted by direct wire transfer to the Collateral Agent at its address referred to in Section 7.01 or to a post office box which shall be in the name and under the control of the Collateral Agent) or (ii) to one or more other banks in the United States (by instructing that such payments be remitted by direct wire transfer to, or to a post office box which shall be in the name and under the control of, such bank) under an Account Control Agreement duly executed by each relevant Loan Party and such bank or under other arrangements, in form and substance satisfactory to the Collateral Agent, pursuant to which each relevant Loan Party shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Collateral Agent for deposit into the Cash Proceeds Account or as the Collateral Agent may otherwise instruct such bank. All such payments made to the Collateral Agent shall be deposited in the Cash Proceeds Account. In addition to the foregoing, each Loan Party agrees that, subject to the Intercreditor Agreement, if the Proceeds of any Collateral hereunder (other than Revolving Lender Priority Collateral if any Revolving Loan Obligation is at the time outstanding or any commitment of one or more Revolving Lenders remains in effect under the Revolving Credit Agreement) (including the payments made in respect of Receivables) shall be received by it after the occurrence and during the continuance of an Event of Default and the receipt of such instructions, such Loan Party shall as promptly as possible deposit such Proceeds into the Cash Proceeds Account. Until so deposited, all such Proceeds shall be held in trust by the relevant Loan Party for and as the property ...
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Deposits to Cash Proceeds Account. Upon the request of the Collateral Agent upon the occurrence and during the continuation of any Default or Event of Default, the Assignors shall instruct all Account Debtors and other Persons obligated in respect of Accounts and other Collateral to make all payments in respect of the Accounts or other Collateral directly to a post office box which shall be in the name and under the control of the Collateral Agent. All such payments made to the Collateral Agent shall be deposited in the Cash Proceeds Account. In addition to the foregoing, upon the request of the Collateral Agent upon the occurrence and during the continuation of a Default or Event of Default, each Assignor agrees that if the proceeds of any Collateral (including the payments made in respect of Accounts) shall be received by it, such Assignor shall as promptly as possible deposit such proceeds to the Cash Proceeds Account and until so deposited, all such proceeds shall be held in trust by such Assignor for and as the property of the Collateral Agent and shall not be commingled with any other funds or property of such Assignor. The Assignors hereby irrevocably authorize and empower the Collateral Agent, its officers, employees and authorized agents to endorse and sign their names on all checks, drafts, money orders or other media of payment so delivered, and such endorsements or assignments shall, for all purposes, be deemed to have been made by the Assignors prior to any endorsement or assignment thereof by the Collateral Agent. The Collateral Agent may use any convenient or customary means for the purpose of collecting such checks, drafts, money orders or other media of payment.
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Deposits to Cash Proceeds Account. Upon the occurrence and during the continuance of a Default or an Event of Default, except as otherwise provided in Section 2.05 and Section 2.06, each Canadian Credit Party, promptly after receiving written instructions from the Canadian Collateral Agent to do so, shall instruct all account debtors and other Persons obligated in respect of its Receivables and other Collateral to make all payments in respect of its Receivables and other Collateral either (i) directly to the Canadian Collateral Agent (by instructing that such payments be remitted by direct wire transfer to the Canadian Collateral Agent at its address referred to in Section 7.01 or to a post office box which shall be in the name and under the control of the Canadian Collateral Agent) or (ii) to one or more other banks or financial institutions in Canada (by instructing that such payments be remitted by direct wire transfer to, or to a post office box which shall be in the name and under the control of, such bank or financial institution) under an Account Control Agreement duly executed by each relevant Canadian Credit Party and such bank or financial institution or under other arrangements, in form and substance satisfactory to the Canadian Collateral Agent, pursuant to which each relevant Canadian Credit Party shall have irrevocably instructed such other bank or financial institution (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Canadian Collateral Agent for deposit into the Cash Proceeds Account or as the Canadian Collateral Agent may otherwise instruct such bank or financial institution. All such payments made to the Canadian Collateral Agent shall be deposited in the Cash Proceeds Account. In addition to the foregoing, each Canadian Credit Party agrees that if the proceeds of any Collateral hereunder (including the payments made in respect of Receivables) shall be received by it after the occurrence and during the continuance of a Default or an Event of Default and receipt of the Canadian Collateral Agent's written instructions pursuant to the first sentence of this clause (b), such Canadian Credit Party shall as promptly as possible deposit such Proceeds into the Cash Proceeds Account. Until so deposited, all such proceeds shall be held in trust by the relevant Canadian Credit Party for and as the property of the Canadian Collateral Agent for the benefit of the Finance Parties and shall not be commingled with any other funds or property o...
Sample 1

Related to Deposits to Cash Proceeds Account

  • Collateral Accounts Evidence that the Collateral Accounts have been established;

  • Deposits to Collection Account The Servicer shall use its best efforts to deposit or cause to be deposited (without duplication), within one (1) Business Day after receipt thereof, into the Collection Account and retain therein in trust for the benefit of the Noteholders and the Securities Insurer:

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account.

  • Collection Account (a) On behalf of the Trustee, the Servicer shall establish and maintain, or cause to be established and maintained, one or more Eligible Accounts (such account or accounts, the "Collection Account"), held in trust for the benefit of the Trustee. On behalf of the Trustee, the Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer's receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the related Mortgage Loans due on or before the Cut-off Date), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a Due Period subsequent thereto:

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that:

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

  • Establishment of Collateral Accounts The Custodian hereby confirms and agrees that:

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Withdrawals from the Collection Account and Distribution 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 4.03:

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

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