The Proceeds Account Sample Clauses

The Proceeds Account. From and after the earlier to occur of (a) the Collateral Trustee's receipt of any Proceeds of Collateral or (b) the occurrence of an Event of Default and until the earlier to occur of (x) termination of this Agreement or (y) the date on which all of the Collateral has been liquidated and the Proceeds thereof have been fully distributed in accordance with the terms of this Agreement, the Collateral Trustee shall establish and maintain a bank account at a commercial bank located in New York City of recognized standing having capital in excess of US $500,000,000, which bank account shall be entitled the "Xxxxxxxx'x Proceeds Account" (the "Proceeds Account"). Subject to the Intercreditor Agreement, all Proceeds of Collateral at any time received by the Collateral Trustee shall be promptly deposited by the Collateral Trustee in the Proceeds Account, held by the Collateral Trustee as part of the Trust Estate, invested at the direction of the Trust Board in accordance with Section 5.3 below and distributed by the Collateral Trustee as soon as practicable thereafter in accordance with Section 6.2 and the other provisions of this Agreement.
Sample 1
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The Proceeds Account. After receipt of a Default -------------------- Notice and until the Proceeds (if and when received) have been fully distributed in accordance with the terms of this Agreement and subject to the terms and conditions of the Subordination Agreement, the Trustee shall establish and maintain a bank account at a bank meeting the qualifications of a bank in which Permitted Investments may be made as provided for herein, which bank account shall be entitled the "Bradlees' Trade Vendor Account" (the "Proceeds Account"). ---------------- All Proceeds (if and when received and subject to the terms and conditions of the Subordination Agreement) shall be promptly deposited in the Proceeds Account, held by the Trustee as part of the Trust Estate and distributed by the Trustee as soon as practicable thereafter in accordance with Section 7.01 and the other provisions of this Agreement.
Sample 1
The Proceeds Account. Subject to the terms of the Intercreditor Agreement, from and after the execution of this Agreement, and until the earlier of (a) termination of this Agreement, or (b) the date on which all of the Collateral has been liquidated and the Proceeds thereof have been fully distributed in accordance with the terms of this Agreement, the Collateral Trustee shall establish and maintain a bank account at a commercial bank located in New York City of recognized standing having capital and surplus in excess of U.S. $100,000,000, which bank account shall be entitled the "Andover Togs Class 4 Account" (the "Proceeds Account"). In addition to the deposit into and disbursement from the Proceeds Account of each Quarterly Installment paid to the Collateral Trustee for the benefit of the Class 4 Creditors, as provided for in Section 2.4, all Proceeds shall be promptly deposited by the Collateral Trustee in the Proceeds Account, held by the Collateral Trustee as part of the Collateral Trust Estate and distributed by the Collateral Trustee as soon as practicable thereafter in accordance with Section 6.1 and the other provisions of this Agreement.
Sample 1

Related to The Proceeds 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:

  • 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.

  • Trust Account Proceeds Prior to the liquidation of the Trust Account in the event the Company has not completed a Business Combination as required by its Charter Documents (the “Termination Date”), interest income on the funds held in the Trust Account may be released to the Company from the Trust Account in accordance with the terms of the Trust Agreement to pay any taxes incurred by the Company, all as more fully described in the Prospectus.

  • Collateral Account (a) Secured Party is hereby authorized to establish and maintain as a blocked account under the sole dominion and control of Secured Party, a restricted Deposit Account designated as “Quidel Corporation Collateral Account”. All amounts at any time held in the Collateral Account shall be beneficially owned by Grantors but shall be held in the name of Secured Party hereunder, for the benefit of Beneficiaries, as collateral security for the Secured Obligations upon the terms and conditions set forth herein. Grantors shall have no right to withdraw, transfer or, except as expressly set forth herein or in the Credit Agreement, otherwise receive any funds deposited into the Collateral Account. Anything contained herein to the contrary notwithstanding, the Collateral Account shall be subject to such applicable laws, and such applicable regulations of the Board of Governors of the Federal Reserve System and of any other appropriate banking or Government Authority, as may now or hereafter be in effect. All deposits of funds in the Collateral Account shall be made by wire transfer (or, if applicable, by intra-bank transfer from another account of a Grantor) of immediately available funds, in each case addressed in accordance with instructions of Secured Party. Each Grantor shall, promptly after initiating a transfer of funds to the Collateral Account, give notice to Secured Party by telefacsimile or E-mail (if and when confirmed by telephone) of the date, amount and method of delivery of such deposit. Cash held by Secured Party in the Collateral Account shall not be invested by Secured Party but instead shall be maintained as a cash deposit in the Collateral Account pending application thereof as elsewhere provided in this Agreement or in the Credit Agreement. To the extent permitted under Regulation Q of the Board of Governors of the Federal Reserve System, any cash held in the Collateral Account shall bear interest at the standard rate paid by Secured Party to its customers for deposits of like amounts and terms. Subject to Secured Party’s rights hereunder, any interest earned on deposits of cash in the Collateral Account shall be deposited directly in, and held in, the Collateral Account.

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

  • 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.

  • Concentration Account Concentration Account" has the meaning set forth in Section 2.3.

  • 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:

  • Disbursement Account 12.1 The Lender is obligated to keep the bank account information provided on the Platform up to date. The account shall be managed by a bank within the Single Euro Payment Area (hereinafter “SEPA”).

  • 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:

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