Example ContractsClausesAccounts; Application of Funds in Accounts
Accounts; Application of Funds in Accounts
Accounts; Application of Funds in Accounts contract clause examples

On or prior to the Closing Date, the Borrower shall cause the Depositary Accounts to be established at Depositary and the Collections Account to be established at the Account Bank.

On or prior to the Closing Date, the Borrower shall cause the Depositary Accounts to be established at Depositary and the Collections Account to be established at the Account Bank.

On or prior to the Closing Date, the Borrower shall cause the Depositary Accounts to be established at Depositary and the Collections Account to be established at the Account Bank.

Federal Funds Accounts. All Title IV Program Funds received by the Borrower, any Subsidiary or any School shall be # promptly deposited upon receipt into a Federal Funds Account to the extent such funds are subject to the cash management requirements set forth in 34 C.F.R. Section 668 Subpart K and are required to be retained in such Federal Funds Account, and # disbursed to students or parents, or returned to the DOE in material compliance with 34 C.F.R. Section 668.166 or any successor regulation. No funds other than Title IV Program Funds may be deposited into any Federal Funds Account.

Accounts. Agent may rely, in determining which Accounts are Eligible Accounts, on all statements and representations made by Borrowers with respect thereto. Borrowers warrant, with respect to each Account shown as an Eligible Account in a Borrowing Base Report, that:

Accounts. Borrowers warrant, with respect to each Account at the time it is shown as an Eligible Account (as defined in the Revolver Loan Agreement) in a Borrowing Base Certificate, that: # it is genuine and enforceable in accordance with its terms and is not evidenced by a judgment; # it arises out of a completed, bona fide sale and delivery of goods or rendition of services in the Ordinary Course of Business, and substantially in accordance with any purchase order, contract or other document relating thereto; # it is for a sum certain, maturing as stated in the invoice covering such sale or rendition of services, a copy of which has been furnished or is available to Agent on request; # it is not subject to any offset, Lien (other than Permitted Liens), deduction, defense, dispute, counterclaim or other adverse condition except as arising in the Ordinary Course of Business and disclosed to Agent; # no purchase order, agreement, document or Applicable Law restricts assignment of the Account to Agent (regardless of whether, under the UCC, the restriction is ineffective); # no extension, compromise, settlement, modification, credit, deduction or return has been authorized with respect to the Account, except discounts or allowances granted in the Ordinary Course of Business for prompt payment that are reflected on the face of the invoice related thereto and in the reports submitted to Agent hereunder and # to the best of Borrowers' knowledge, # there are no facts or circumstances that are reasonably likely to impair the enforceability or collectability of such Account; # the Account Debtor had the capacity to contract when the Account arose, is not subject to an Insolvency Proceeding, and has not failed, or suspended or ceased doing business; and # there are no proceedings or actions threatened or pending against any Account Debtor that could reasonably be expected to have a material adverse effect on the Account Debtor's financial condition, as reasonably determined by the Borrowers in good faith.

Chattel Paper and rights to receive monies included thereby;

Chattel Paper and rights to receive monies included thereby;

Accounts. Borrowers warrant, with respect to each Account at the time it is shown as an Eligible Account (as defined in the Revolver Loan Agreement) in a Borrowing Base Certificate, that: # it is genuine and enforceable in accordance with its terms and is not evidenced by a judgment; # it arises out of a completed, bona fide sale and delivery of goods or rendition of services in the Ordinary Course of Business, and substantially in accordance with any purchase order, contract or other document relating thereto; # it is for a sum certain, maturing as stated in the invoice covering such sale or rendition of services, a copy of which has been furnished or is available to Agent on request; # it is not subject to any offset, Lien (other than Permitted Liens), deduction, defense, dispute, counterclaim or other adverse condition except as arising in the Ordinary Course of Business and disclosed to Agent; # no purchase order, agreement, document or Applicable Law restricts assignment of the Account to Agent (regardless of whether, under the UCC, the restriction is ineffective); # no extension, compromise, settlement, modification, credit, deduction or return has been authorized with respect to the Account, except discounts or allowances granted in the Ordinary Course of Business for prompt payment that are reflected on the face of the invoice related thereto and in the reports submitted to Agent hereunder and # to the best of Borrowers' knowledge, # there are no facts or circumstances that are reasonably likely to impair the enforceability or collectability of such Account; # the Account Debtor had the capacity to contract when the Account arose, is not subject to an Insolvency Proceeding, and has not failed, or suspended or ceased doing business; and # there are no proceedings or actions threatened or pending against any Account Debtor that could reasonably be expected to have a material adverse effect on the Account Debtor's financial condition, as reasonably determined by the Borrowers in good faith.

Accounts. (a) Disburse funds from any Collateral Account other than in accordance with the Depositary Agreement or deposit funds in any account other than a Collateral Account (except in connection with transfers from a Collateral Account in accordance with the Depositary Agreement) or # open any deposit account unless such deposit account is subject to Agent’s control in accordance with [Section 8.3].

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