Pending Account. (a) The Borrower or the Servicer on its behalf shall cause to be established and maintained in the name of the Borrower and assigned to the Administrative Agent as agent for the Secured Parties, with an office or branch of a depository institution or trust company organized under the laws of the United States or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank) a segregated corporate trust account (the “Pending Account”) for the purpose of receiving (i) proceeds of Advances and (ii) Principal Collections transferred from the Collection Account, and funding purchases of Eligible Loans therefrom.
Appears in 8 contracts
Samples: Credit Agreement (Gladstone Investment Corporation\de), Credit Agreement (Gladstone Investment Corporation\de), Credit Agreement (Gladstone Capital Corp)
