Example ContractsClausesCollection Account; Reserve Account
Collection Account; Reserve Account
Collection Account; Reserve Account contract clause examples

Collection Account; Reserve Account. The Servicer shall not create or participate in the creation of, or permit to exist, any Liens (other than Permitted Liens) with respect to the Collection Account or the Reserve Account. The Servicer shall not grant the right to take dominion or “control” (as defined in the relevant UCC) at a future time or upon the occurrence of a future event to any Person with respect to such Collection Account or the Reserve Account.

Collection Account Access. Upon the occurrence and during the continuance of an Event of Default (and subject to [Section 5.2(a)] hereof), upon the occurrence and during the continuance of a Dominion Period (as defined in the Intercreditor Agreement) or on any date when Hypothetical Availability is less than or equal to 5% of the Credit Facility Exposure, Agent may (and shall, at the direction of Majority Lenders) notify the bank identified in any Collection Account Agreement to terminate Borrowers’ right to withdraw any funds from the Collection Accounts identified therein.

Account.Account” means the separate bookkeeping account representing the separate unfunded and unsecured general obligation of the Participating Employers established with respect to each person who is a Participant in this Plan. Within each Participant’s Account, separate subaccounts shall be maintained to the extent the Plan Administrator determines it to be necessary or desirable for the administration of this Plan.

Disbursements from Replacement Reserve Account. shall disburse to Replacement Reserve Funds (or any portion thereof) from the Replacement Reserve Account from time to time, but not more frequently than once in any thirty (30) day period, upon # satisfaction of the Disbursement Conditions for Capital Expenditures or Replacements, # at ’s option, delivery to of a title search or title endorsement, in each event at ’s cost, indicating that the Property is free from all Liens, claims and other encumbrances not previously approved by , and # at ’s option, if the cost of the Replacements exceeds $25,000.00, delivery to of a report, at ’s cost, satisfactory to in its reasonable discretion from an architect or engineer approved by in respect of such architect or engineer’s inspection of the Replacements. shall have paid all invoices with respect to which a disbursement is requested or, at the request of , if is requesting a payment rather than a reimbursement of all such costs, shall issue joint checks, payable to and the contractor (or a direct payment directly to such contractor), supplier, materialman, mechanic, subcontractor or other party to whom payment is due. In the case of payments made by joint check or direct payment, may require a conditional waiver of lien from each Person receiving payment prior to ’s disbursement. Any lien waiver (conditional or otherwise) delivered hereunder shall conform to the requirements of applicable law and shall cover all work performed and materials supplied (including equipment and fixtures) for the Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (or, if payment to such contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check, the release of lien shall be effective through the date covered by the previous release of funds request). During a Trigger Period, may require that any disbursement for costs that have not been previously paid by (as demonstrated by evidence acceptable to ) be made either directly to the contractor, vendor or supplier (if any) or, at ’s option, by two-party check jointly to and such Person. shall not be required to disburse Replacement Reserve Funds in an amount less than $5,000 (or a lesser amount if the total amount remaining in the Replacement Reserve Account is less than $5,000). may require an inspection of the Property at ’s expense prior to making a monthly disbursement in order to verify completion of replacements and repairs of items in excess of $25,000.00 for which reimbursement is sought.

Accounts” mean the Collection Account and the Reserve Account.

Section # # Establishment of Secured Accounts. The Securities Intermediary acknowledges and agrees that, at the direction and on behalf of the Secured Party, it has established and is maintaining on its books and records, in the name of the Debtor subject to the lien of the Secured Party, the following: # the securities accounts designated as # the interest collection account (the “Interest Collection Account”) and # the principal collection account (the “Principal Collection Account”) (such Interest Collection Account and Principal Collection Account, together with any replacements thereof or substitutions therefor, the “Collection Account”); # the custodial account designated as the “Custodial Account” (such account, together with any replacements thereof or substitutions therefor, the “Custodial Account”); # the interest reserve account designed as the “Interest Reserve Account” (such account, together with any replacements thereof or substitutions therefor, the “Interest Reserve Account”); # the future funding reserve account designated as the “Future Funding Reserve Account” (such account, together with any replacements thereof or substitutions therefor, the “Future Funding Reserve Account”); # the payment account designated as the “Payment Account” (such account, together with any replacements thereof or substitutions therefor, the “Payment Account”); # the securities account designated the “Lender Collateral Account” (such account, together with any replacements thereof or substitutions therefor, the “Lender Collateral Account”); # the securities accounts designated as the “Closing Expense Account” (such account, together with any replacements thereof or substitutions therefor, the “Closing Expense Account”) and # the Class A-T Funding Account (such account, together with any replacements thereof or substitutions therefor, the “Class A-T Funding Account”, and together with the Collection Account, the Custodial Account, the Interest Reserve Account, the Future Funding Reserve Account, the Payment Account, the Lender Collateral Account and the Closing Expense Account and any sub-accounts of such accounts hereinafter created at the direction of the Collateral Agent, the “Secured Accounts”). The account numbers and designation of the Secured Accounts as of the Closing Date are set forth on [Schedule A].

“Covered Accounts” means, collectively, the Collection Account, the Custodial Account, the Future Funding Reserve Account, the Interest Reserve Account, the Payment Account, the Lender Collateral Account, the Closing Expense Account and any subaccounts of each of the foregoing.

Balance in the Replacement Reserve Account. The insufficiency of any balance in the Replacement Reserve Account shall not relieve from its obligation to perform all Replacements reasonably required and to fulfill all preservation and maintenance covenants in the Loan Documents.

Deposits to Debt Service Reserve Account. Funds shall be deposited into the Debt Service Reserve Account pursuant to priority sixth of Section 4.2(c), [Section 6.02(g)] of the Credit Agreement and otherwise in accordance with the terms hereof and the terms of the other Financing Documents.

Designated Account. Agent is authorized to make the Revolving Loans, and each Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to [Section 2.6(d)]. Borrowers agree to establish and maintain the Designated Account with the Designated Account Bank for the purpose of receiving the proceeds of the Revolving Loans requested by Borrowers and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and Borrowers, any Revolving Loan or Swing Loan requested by Borrowers and made by Agent or the Lenders hereunder shall be made to the Designated Account.

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