Establishment of Lockboxes Sample Clauses

Establishment of Lockboxes. Borrowers shall, within thirty (30) days after the Closing Date, (i) establish and thereafter maintain one or more lockboxes with Lender under Lender’s control and (ii) contemporaneously therewith, direct all of its Account Debtors to make payments to such lockboxes (or, if made by wire or other transfer, to a Collections Account).
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Establishment of Lockboxes. Upon the occurrence of a Trigger Event, Borrower shall (i) promptly establish and thereafter maintain one or more lockboxes under Lender’s control and (ii) contemporaneously therewith, direct all of its Account Debtors to make payments to such lockboxes (or, if made by wire or other transfer, to a Collections Account).
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Establishment of Lockboxes. (a) At, and in no event later than forty-five (45) days after, the Closing Date, Borrower shall establish and thereafter maintain, and cause each Affiliate to establish and thereafter maintain, one or more post office boxes (“Lockboxes”) and deposit accounts associated therewith (the “Lockbox Accounts” or a “Lockbox Account”) pursuant to one or more lockbox agreements, each to be in form and substance satisfactory to Lender (the “Lockbox Account Agreements” or a “Lockbox Account Agreement”) with one or more banks (including the Bank)(collectively, “Lockbox Account Banks”) or, subject to Lender’s prior approval, another financial institution as is acceptable to Lender (a “Lockbox Account Bank”) which shall be used for the sole and exclusive purpose of concentrating the collection of all remittances on Receivables and other proceeds of Collateral. All amounts on deposit in a Lockbox Account, shall be transferred on a daily basis to the Concentration Account by wire transfer of immediately available funds in a manner satisfactory to Lender. Unless otherwise agreed to by Lender, each Lockbox Account Bank shall acknowledge and agree, pursuant to its respective Lockbox Account Agreement, that all payments and deposits made to its Lockbox Account are the sole and exclusive property of Lender; that such Lockbox Account Bank has no right to set off against its Lockbox Account, except as expressly provided in its respective Lockbox Account Agreement; and that such Lockbox Account Bank will wire transfer immediately available funds, in a manner satisfactory to Lender, all funds deposited in the Lockbox Account to the Concentration Account on a daily basis as soon as such funds are collected. The Borrower agrees, and shall cause each Affiliate to agree, that all payments, whether by cash, check, wire transfer or other instruments of deposit in each Lockbox Account and the Concentration Account shall be the sole and exclusive property of Lender, and that Borrower shall not, and no Affiliate shall have, any right, title or interest therein or in any Lockbox Account or the Concentration Account. The Borrower shall notify all Customers to remit directly all payments of Receivables and other payments constituting proceeds of Collateral to an applicable Lockbox in the form received for deposit in the associated Lockbox Account; and the Borrower shall not, without obtaining the prior consent of Lender, establish any Deposit Accounts, other than the Lockbox Accounts, any Bloc...
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Establishment of Lockboxes. Borrowers shall, on or before the Closing Date, (i) establish and thereafter maintain one or more lockboxes under Lender’s control and (ii) contemporaneously therewith, direct all of its Account Debtors to make payments to such lockboxes (or, if made by wire or other transfer, to a Collections Account).
Sample 1

Related to Establishment of Lockboxes

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

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

  • Establishment of Accounts The Escrow Agent hereby instructs the Depositary, and the Depositary agrees, to establish the separate deposit accounts listed on Schedule I hereto and to establish such additional separate deposit accounts as may be required in connection with the deposits contemplated by Section 2.4 hereof (each, an “Account” and collectively, the “Accounts”), each in the name of the Escrow Agent and all on the terms and conditions set forth in this Agreement.

  • Establishment of Segregated Account Upon receipt of Proper Instructions, the Custodian shall establish and maintain on its books a segregated account or accounts for and on behalf of a Portfolio, into which account or accounts may be transferred cash and/or securities or other assets of such Portfolio, including securities maintained by the Custodian in a Securities System pursuant to Section 2.22(a) hereof or an Eligible Securities Depository pursuant to Section 2.22(b) hereof, said account or accounts to be maintained: (a) for the purposes set forth in Sections 2.09, 2.10 and 2.11 hereof; (b) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the SEC or SEC rules or regulations relating to the maintenance of segregated accounts by registered investment companies; or (c) for such other purposes as set forth, from time to time, in Special Instructions.

  • Establishment of Account (a) The Fund hereby appoints the Custodian as the custodian of all Securities and cash at any time delivered to the Custodian to be held under this Agreement. The Custodian hereby accepts such appointment and agrees to establish and maintain one or more accounts for each Series in which the Custodian will hold Securities and cash as provided herein. Such accounts (each, an “Account,” and collectively, the “Accounts”) shall be in the name of the Fund and Series, if any.

  • 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.

  • Establishment of and Deposits to Custodial Account The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):

  • Establishment of Trust Accounts (a) (i) The Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders.

  • Establishment of and Deposits to Escrow Account The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "National City Mortgage Corp., in trust for the Purchaser of Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-1 and various Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Company in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:

  • Blocked Accounts Agent shall have received duly executed agreements establishing the Blocked Accounts or Depository Accounts with financial institutions acceptable to Agent for the collection or servicing of the Receivables and proceeds of the Collateral;

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