Special Deposit Account. An account which the Owner and the Servicer agree shall be a special deposit account for the benefit of the Owner under applicable law.
Special Deposit Account. Unless otherwise agreed by the Bank in writing, the Borrower shall deposit in the Special Deposit Account, on the day that is five Business Days prior to the Commitment Termination Date, an amount equal to the aggregate face amount of all Letters of Credit then outstanding, less the balance (if any) then outstanding in the Special Deposit Account.
Special Deposit Account. At the request of Bank, Grantor will forthwith upon receipt of all checks, drafts, cash and other tangible or electronic remittances in payment or on account of Grantor’s Receivables, deposit the same in a special bank account maintained with Bank or its representative, over which either or both Bank and its representative, as determined by Bank, has the sole power of withdrawal and will designate with each such deposit the particular Receivable upon which the remittance was made. The funds in said account shall be held by Bank as security for the Obligations and Grantor grants to Bank a security interest therein. The proceeds shall be deposited in precisely the form received except for the endorsement of Grantor where necessary to permit collection of items, which endorsement Grantor agrees to make, and which Bank and its representative are also hereby authorized to make on Grantor’s behalf. Pending such deposit, Grantor agrees that it will not commingle any such checks, drafts, cash and other remittances with any of Grantor’s funds and property, but will hold them separate and apart therefrom and upon an express trust for Bank until deposit thereof is made in the special account. Bank may at anytime and from time to time, in its sole discretion, apply any part of the credit balance in the special account to the payment of all and any of the Obligations, whether or not the same be due, and to payment of any other obligations owing to Bank under and on account of this Security Agreement and any of the other Loan Documents. Upon the full and final payment or satisfaction of all of the Obligations and the other obligations as aforesaid in accordance with their respective terms, Bank will pay over to the Grantor any excess Funds received by it from Grantor, whether received by it as a deposit in the special account or received by it as a direct payment on any of the Obligations.
Special Deposit Account. Unless otherwise agreed by each of the Banks in writing, the Borrower shall deposit in the Special Deposit Account, on the Commitment Termination Date, an amount equal to the aggregate face amount of all Letters of Credit then outstanding, less the balance (if any) then outstanding in the Special Deposit Account.
Special Deposit Account. An account which the Owner and Servicer agree shall be a special deposit account for the benefit of the related Owner under applicable law. Standard & Poor’s: Standard & Poor’s Ratings Services, a division of The XxXxxx-Xxxx Companies Inc., and any successor thereto.
