Collections Account. (a) Pursuant to and in accordance with the terms of the Account Administration Agreement, the Account Collateral Agent is to, upon receipt thereof, deposit in the Customer Payment Account the Collections received by it. Pursuant to and subject to the terms of the Account Administration Agreement, on each Business Day all amounts constituting Collections on deposit in the Customer Payment Account are to be transferred by the Account Collateral Agent to the Collections Account.
Collections Account. All Collections (including amounts transferred from the Rental Accounts) shall be, when received, deposited in the Collections Account, and all cash, Investment and other property in the Collections Account shall be transferred from the Collections Account in accordance with the terms of this Indenture.
Collections Account. All payments on Accounts and other Collateral shall be forwarded by Borrower to the Collections Account; provided, however, Bank, in its sole discretion, may require Borrower to establish a lockbox under the control of Bank to which all Account Debtors shall forward payments on the Accounts. Borrower shall pay all of Bank’s standard fees and charges in connection with such lockbox arrangement (if any) and Collections Account as such fees and charges may change from time to time. In the event Bank requires a lockbox arrangement hereunder, Borrower shall promptly after request from Bank notify Account Debtors on the Accounts to forward payments on the Accounts to the lockbox; provided, however, that following the occurrence and during the continuance of an Event of Default, Bank shall have the right to directly contact Account Debtors at any time to ensure that payments on the Accounts are directed to the lockbox. All payment items received by Borrower on Accounts and sale of Inventory and other Collateral shall be held by Borrower in trust for Bank and not commingled with Borrower’s funds and shall be deposited promptly by Borrower to the Collections Account. All such items shall be the exclusive property of Bank upon the earlier of the receipt thereof by Bank or by Borrower. Borrower hereby grants to Bank a security interest in and lien upon all items and balances held in any lockbox, the Disbursements Account and the Collections Account as Collateral for the Obligations, in addition to and cumulative with the general security interest in all assets of Borrower (including all Deposit Accounts) contained in Section 9.1 hereof.
Collections Account. (a) The Servicer shall maintain, in the Company's name, at a depository institution (which may be the Trustee), a lock box account (the "Collections Account"). The Collections Account shall be an Eligible Account. The Servicer shall give the Trustee and the Company at least five Business Days' written notice of any change in the location of the Collections Account and any related account identification information.
Collections Account. The Trustee will establish and maintain in New South Wales (or in such other place as the Manager selects from time to time), in accordance with this clause 22, an account in the name of the Trustee which must be an Eligible Deposit Account.
Collections Account. (a) Borrower 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 Lender (by instructing that such payments be remitted to a post office box under the control of Lender). All such payments made to Lender through the post office box shall be deposited in the Collections Account. Borrower shall pay Lender's standard fees and charges in connection with such lockbox arrangement; as such fees and charges may change from time to time. Borrower further agrees that if the proceeds of any Collateral (including the payments made in respect of Accounts) shall be received by it, Borrower shall, as promptly as possible, deposit such proceeds in the Demand Deposit Account as soon as received. Until so deposited, all such proceeds shall be held in trust by Borrower for and as the property of Lender and shall not be commingled with any other funds or property of Borrower. Borrower hereby irrevocably authorizes and empowers Lender, its officers, employees and authorized agents to endorse and sign its name 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 Borrower prior to any endorsement or assignment thereof by Lender.
Collections Account. On and after the 60th day following the Closing Date, all proceeds of Accounts shall be deposited into a restricted account maintained with Bank (the “Collections Account”). Borrowers shall cause all account debtors to make payments (including via wire transfer, ACH or EFT) to the Collections Accounts. If a Borrower receives any amount despite such instructions, Borrowers shall immediately deliver such payment to Bank in the form received, except for an endorsement to the order of Bank and, pending such delivery, shall hold such payment in trust for Bank. Bank shall credit all amounts paid into the Collections Account within two Business Days after clearance of any such deposits, to a Borrower’s operating account maintained at Bank; provided however that upon an Event of Default that is continuing, Bank may, at its option credit any and all amounts paid into the Collections Account first against any amounts outstanding pertaining to any Advances, and then any remaining balance of such amount shall be credited to a Borrower’s operating account maintained at Bank.
Collections Account. From and after the date hereof until such time as this Agreement terminates, Servicer shall at its own expense, direct all Obligors on the Purchased Contracts to remit all collections and payments directly to, or otherwise cause all payments on the Purchased Contracts to be deposited in, a Collections Account (herein so called) in the name of the Buyer. Servicer shall direct all Obligors to utilize payment books with remittance instructions directing all payments to be remitted to the Collections Account. Servicer agrees that all cash, checks, notes, drafts or other items which it receives otherwise than through the Collections Account attributable to the Purchased Contracts, including proceeds from resale of repossessed Financed Vehicles and recoveries on insurance claims, shall be deposited in the Collections Account within two business days of receipt. All collections and payments attributable to the Purchased Contracts shall be transferred from the Collections Account to the Buyer's operating account on at least a weekly basis.
Collections Account. (bh) Pursuant to and in accordance with the terms of the Account Administration Agreement, the Account Collateral Agent is to, upon receipt thereof, deposit in the Customer Payment Account the Collections received by it. Pursuant to and subject to the terms of the Account Administration Agreement, on each Business Day all amounts constituting Collections on deposit in the Customer Payment Account are to be transferred by the Account Collateral Agent to the Collections Account.
Collections Account. Direct each Account Debtor (and each depository institution where proceeds of Accounts are on deposit) to remit payments with respect to the Accounts payable in Dollars to a lockbox account or similar “blocked account” (as may be specified by Bank) established with Bank (collectively, the “Collections Account”), the funds in which Collections Account shall be transferred to the Designated Deposit Account within one (1) Business Day provided that no Event of Default has occurred and is continuing. Borrower shall maintain the Collections Account as of the Effective Date and at all times thereafter. Upon receipt by Borrower of any proceeds of Accounts payable in Dollars, Borrower shall immediately transfer and deliver same to the Collections Account, along with a detailed monthly cash receipts journal for such transactions. Borrower shall have access to the funds in the Collections Account at all times prior to the occurrence and during the continuance of an Event of Default.
