Common use of Principal Collection Account Clause in Contracts

Principal Collection Account. The Borrower shall, prior to the Closing Date, establish at the Accounts Securities Intermediary a USD-denominated segregated trust account in the name “New Mountain Guardian III SPV, L.L.C., subject to the l ien of Western Alliance Trust Company, N.A., as Collateral Agent on behalf of the Secured Parties”, which shall together be designated as the Principal Collection Account, which shall be held by the Accounts Securities Intermediary in accordance with the Securities Account Control Agreement. Any and all funds at any time on deposit in, or otherwise to the credit of, the Principal Collection Account shall be held by the Collateral Agent for the benefit of the Secured Parties. The proceeds of all Loans made hereunder (unless expressly permitted to be otherwise applied in accordance with the terms and conditions of this Agreement) and all Principal Proceeds shall be deposited into the applicable Principal Collection Account. All such funds, together with any Eligible Investments made with such funds, shall be held by the Accounts Securities Intermediary in the Principal Collection Account as part of the Collateral subject to disbursement and withdrawal solely as provided in this Section 6.2(b) and Section 6.3(a) below. Any income or other gain realized from Eligible Investments in the Principal Collection Account shall be transferred to the Interest Collection Account and disbursed and withdrawn in accordance with Section 6.2. So long as no Event of Default shall have occurred and be continuing hereunder, upon the receipt of a Borrower Order, the Accounts Securities Intermediary shall reinvest funds on deposit in the Principal Collection Account in Collateral Obligations as permitted under and in accordance with the requirements of Section 8 and such Borrower Order. In addition, the Borrower may, but under no circumstances shall be required to, deposit or cause to be deposited from time to time such monies in the Principal Collection Account as it deems, in its sole discretion, to be advisable. To the extent that any Principal Proceeds are received in a Specified Currency other than USD (if applicable), the Collateral Agent will cause such Principal Proceeds to be deposited in the subaccount of the Principal Collection Account established for such currency (or in such other account as the Collateral Agent may have established to hold such currency for purposes of this Agreement and the other Transaction Documents). On the Determination Date preceding each Payment Date (or at any time at the direction of the Administrative Agent, if an Event of Default has occurred and is continuing), the Collateral Agent shall cause, at the direction of the Borrower (or the Collateral Manager on its behalf ) (or if no such direction is provided by the Borrower or the Collateral Manager, at the direction of the Administrative Agent) certain amounts in a Specif ied Currency in the Principal Collection Account and such subaccounts (and in each other such account) received during the related Due Period to be converted to USD or another Specified Currency, as applicable, and shall cause the proceeds of such conversion to be deposited in the Principal Collection Account or the applicable subaccounts for application on such Payment Date pursuant to the terms and conditions set forth herein. For the avoidance of doubt, Principal Xxxxxxxx received during a Due Period and committed to be converted by the related Determination Date as described above shall continue to be treated as having been received in such Due Period, notwithstanding that the settlement of the currency exchange may occur af ter such Determination Date (provided that such settlement occurs no later than the Business Day immediately preceding the related Payment Date).

Principal Collection Account. The Borrower shall, on or prior to the Closing Date, establish at the Accounts Securities Intermediary a USD-denominated segregated trust account in the name of “New Mountain Guardian III SPV, L.L.C.Tech Income Funding I LLC, subject to the l ien lien of Western Alliance State Street Bank and Trust Company, N.A., as Collateral Agent on behalf of the Secured Parties”, which shall together be designated as the Principal Collection AccountAccount for the Borrower, which shall be held by the Accounts Securities Intermediary in accordance with the Securities Account Control Agreement. Any and all funds at any time on deposit in, or otherwise to the credit of, the Principal Collection Account shall be held in trust by the Collateral Agent for the benefit of the Secured Parties. The proceeds of all Loans made hereunder (unless expressly permitted to be otherwise applied in accordance with the terms and conditions of this Agreement) and all Principal Proceeds shall be deposited into the applicable Principal Collection Account. All such funds, together with any Eligible Investments made with such funds, shall be held by the Accounts Securities Intermediary in the Principal Collection Account as part of the Collateral subject to disbursement and withdrawal solely as provided in this Section 6.2(b) and Section 6.3(a) below. Any income or other gain realized from Eligible Investments in the Principal Collection Account shall be transferred to the relevant Interest Collection Account and disbursed and withdrawn in accordance with Section 6.2. So long as no Event of Default shall have occurred and be continuing hereunder, upon the receipt of a Borrower Order, the Accounts Securities Intermediary shall reinvest funds on deposit in the Principal Collection Account in Collateral Obligations as permitted under and in accordance with the requirements of Section 8 and such Borrower Order. In addition, the Borrower may, but under no circumstances shall be required to, deposit or cause to be deposited from time to time such monies in the Principal Collection Account as it deems, in its sole discretion, to be advisable. To the extent that any Principal Proceeds are received in a Specified Currency other than USD (if applicable)CAD, EUR or GBP, the Collateral Agent will cause immediately convert such Principal Proceeds to be deposited in into USD, at the subaccount prevailing spot rate of exchange at such time, for deposit into the Principal Collection Account established for such currency (or in such other account as the Collateral Agent may have established to hold such currency for purposes of this Agreement and the other Transaction Documents). On the Determination Date preceding each Payment Date (or at any time at the direction of the Administrative Agent, if an Event of Default has occurred and is continuing), the Collateral Agent shall cause, at the direction of the Borrower (or the Collateral Manager on its behalf ) (or if no such direction is provided by the Borrower or the Collateral Manager, at the direction of the Administrative Agent) certain amounts in a Specif ied Currency in the Principal Collection Account and such subaccounts (and in each other such account) received during the related Due Period to be converted to USD or another Specified Currency, as applicable, and shall cause the proceeds of such conversion to be deposited in the Principal Collection Account or the applicable subaccounts for application on such Payment Date pursuant to the terms and conditions set forth herein. For the avoidance of doubt, Principal Xxxxxxxx received during a Due Period and committed to be converted by the related Determination Date as described above shall continue to be treated as having been received in such Due Period, notwithstanding that the settlement of the currency exchange may occur af ter such Determination Date (provided that such settlement occurs no later than the Business Day immediately preceding the related Payment Date)Account.

Principal Collection Account. The Borrower shall, prior to the Closing Initial Credit Date, establish at the Accounts Securities Intermediary a USD-denominated segregated trust account in the name “New Mountain Guardian III SPV, L.L.C.Grouse Funding LLC, subject to the l ien lien of Western Alliance State Street Bank And Trust Company, N.A., as Collateral Agent on behalf of the Secured Parties”, which shall together be designated as the Principal Collection Account, which shall be held by the Accounts Securities Intermediary in accordance with the Securities Account Control Agreement. Any and all funds at any time on deposit in, or otherwise to the credit of, the Principal Collection Account shall be held in trust by the Collateral Agent for the benefit of the Secured Parties. The proceeds of all Loans made hereunder (unless expressly permitted to be otherwise applied in accordance with the terms and conditions of this Agreement) and all Principal Proceeds shall be deposited into the applicable Principal Collection Account. All such funds, together with any Eligible Investments made with such funds, shall be held by the Accounts Securities Intermediary in the Principal Collection Account as part of the Collateral subject to disbursement and withdrawal solely as provided in this Section 6.2(b) and Section 6.3(a) below. Any income or other gain realized from Eligible Investments in the Principal Collection Account shall be transferred to the Interest Collection Account and disbursed and withdrawn in accordance with Section 6.2. So long as no Event of Default shall have occurred and be continuing hereunder, upon the receipt of a Borrower Order, the Accounts Securities Intermediary shall reinvest funds on deposit in the Principal Collection Account in Collateral Obligations as permitted under and in accordance with the requirements of Section 8 and such Borrower Order. In addition, the Borrower may, but under no circumstances shall be required to, deposit or cause to be deposited from time to time such monies in the Principal Collection Account as it deems, in its sole discretion, to be advisable. To the extent that any Principal Proceeds are received in a Specified Currency other than USD (if applicable), the Collateral Agent will cause such Principal Proceeds to be deposited in the subaccount of the Principal Collection Account established for such currency (or in such other account as the Collateral Agent may have established to hold such currency for purposes of this Agreement and the other Transaction Documents). On Pursuant to a Borrower Order, the Determination Date preceding each Payment Date (or at any Investment Manager may from time at the direction of the Administrative Agent, if an Event of Default has occurred and is continuing), to time direct the Collateral Agent shall cause, at the direction of the Borrower (or the Collateral Manager on its behalf ) (or if no to convert any such direction is provided by the Borrower or the Collateral Manager, at the direction of the Administrative Agent) certain non-USD amounts in a Specif ied Currency in the Principal Collection Account into USD and such subaccounts (and in each other such account) received during the related Due Period to be converted to USD or another Specified Currency, as applicable, and shall cause for the proceeds of such conversion to be deposited in the Principal Collection Account or the applicable subaccounts for application on such Payment Date pursuant to the terms and conditions set forth herein. For , and at any time, if an Event of Default has occurred and is continuing, the avoidance of doubt, Principal Xxxxxxxx received during a Due Period and committed to be converted by Collateral Agent may (at the related Determination Date as described above shall continue to be treated as having been received in such Due Period, notwithstanding that the settlement direction of the currency exchange may occur af ter Administrative Agent) convert any or all of such Determination Date (provided that such settlement occurs no later than the Business Day immediately preceding the related Payment Date)non-USD amounts into USD for application hereunder.

Principal Collection Account. The Borrower shall, on or prior to the Closing Date, establish at the Accounts Securities Intermediary a USD-denominated segregated trust account in the name of “New Mountain Guardian III SPV, L.L.C.Tech Income Funding I LLC, subject to the l ien lien of Western Alliance State Street Bank and Trust Company, N.A., as Collateral Agent on behalf of the Secured Parties”, which shall together be designated as the Principal Collection AccountAccount for the Borrower, which shall be held by the Accounts Securities Intermediary in accordance with the Securities Account Control Agreement. Any and all funds at any time on deposit in, or otherwise to the credit of, the Principal Collection Account shall be held in trust by the Collateral Agent for the benefit of the Secured Parties. The proceeds of all Loans made hereunder (unless expressly permitted to be otherwise applied in accordance with the terms and conditions of this Agreement) and all Principal Proceeds shall be deposited into the applicable Principal Collection Account. All such funds, together with any Eligible Investments made with such funds, shall be held by the Accounts Securities Intermediary in the Principal Collection Account as part of the Collateral subject to disbursement and withdrawal solely as provided in this Section 6.2(b) and Section 6.3(a) below. Any income or other gain realized from Eligible Investments in the Principal Collection Account shall be transferred to the relevant Interest Collection Account and disbursed and withdrawn in accordance with Section 6.2. So long as no Event of Default shall have occurred and be continuing hereunder, upon the receipt of a Borrower Order, the Accounts Securities Intermediary shall reinvest funds on deposit in the Principal Collection Account in Collateral Obligations as 97 permitted under and in accordance with the requirements of Section 8 and such Borrower Order. In addition, the Borrower may, but under no circumstances shall be required to, deposit or cause to be deposited from time to time such monies in the Principal Collection Account as it deems, in its sole discretion, to be advisable. To the extent that any Principal Proceeds are received in a Specified Currency other than USD (if applicable)CAD, EUR or GBP, the Collateral Agent will cause immediately convert such Principal Proceeds to be deposited in into USD, at the subaccount prevailing spot rate of exchange at such time, for deposit into the Principal Collection Account established for such currency (or in such other account as the Collateral Agent may have established to hold such currency for purposes of this Agreement and the other Transaction Documents). On the Determination Date preceding each Payment Date (or at any time at the direction of the Administrative Agent, if an Event of Default has occurred and is continuing), the Collateral Agent shall cause, at the direction of the Borrower (or the Collateral Manager on its behalf ) (or if no such direction is provided by the Borrower or the Collateral Manager, at the direction of the Administrative Agent) certain amounts in a Specif ied Currency in the Principal Collection Account and such subaccounts (and in each other such account) received during the related Due Period to be converted to USD or another Specified Currency, as applicable, and shall cause the proceeds of such conversion to be deposited in the Principal Collection Account or the applicable subaccounts for application on such Payment Date pursuant to the terms and conditions set forth herein. For the avoidance of doubt, Principal Xxxxxxxx received during a Due Period and committed to be converted by the related Determination Date as described above shall continue to be treated as having been received in such Due Period, notwithstanding that the settlement of the currency exchange may occur af ter such Determination Date (provided that such settlement occurs no later than the Business Day immediately preceding the related Payment Date)Account.

Principal Collection Account. The Borrower shall, prior to the Closing Date, establish at the Accounts Securities Intermediary a USD-denominated segregated trust account in the name “New Mountain Guardian III SPV, L.L.C.KLCC SPV GS1 LLC, subject to the l ien lien of Western Alliance Trust Company, N.A.State Street, as Collateral Agent on behalf of the Secured Parties”, which shall together be designated as the Principal Collection Account, which shall be held by the Accounts Securities Intermediary in accordance with the Securities Account Control Agreement. Any and all funds at any time on deposit in, or otherwise to the credit of, the Principal Collection Account shall be held by the Collateral Agent for the benefit of the Secured Parties. The proceeds of all Loans made hereunder (unless expressly permitted to be otherwise applied in accordance with the terms and conditions of this Agreement) and all Principal Proceeds shall be deposited into the applicable Principal Collection Account. All such funds, together with any Eligible Investments made with such funds, shall be held by the Accounts Securities Intermediary in the Principal Collection Account as part of the Collateral subject to disbursement and withdrawal solely as provided in this Section 6.2(b) and Section 6.3(a) below. Any income or other gain realized from Eligible Investments in the Principal Collection Account shall be transferred to the Interest Collection Account and disbursed and withdrawn in accordance with Section 6.2. So long as no Event of Default shall have occurred and be continuing hereunder, upon the receipt of a Borrower Order, the Accounts Securities Intermediary shall reinvest funds on deposit in the Principal Collection Account in Collateral Obligations as permitted under and in accordance with the requirements of Section 8 and such Borrower Order. In addition, the Borrower may, but under no circumstances shall be required to, deposit or cause to be deposited from time to time such monies in the Principal Collection Account as it deems, in its sole discretion, to be advisable. To the extent that any Principal Proceeds are received in a Specified Currency other than USD (if applicable), the Collateral Agent will cause such Principal Proceeds to be deposited in the subaccount of the Principal Collection Account established for such currency (or in such other account as the Collateral Agent may have established to hold such currency for purposes of this Agreement and the other Transaction Documents). On Pursuant to a Borrower Order, the Determination Date preceding each Payment Date (or at any Investment Manager may from time at the direction of the Administrative Agent, if an Event of Default has occurred and is continuing), to time direct the Collateral Agent shall cause, at the direction of the Borrower (or the Collateral Manager on its behalf ) (or if no to convert any such direction is provided by the Borrower or the Collateral Manager, at the direction of the Administrative Agent) certain non-USD amounts in a Specif ied Currency in the Principal Collection Account into USD and such subaccounts (and in each other such account) received during the related Due Period to be converted to USD or another Specified Currency, as applicable, and shall cause for the proceeds of such conversion to be deposited in the Principal Collection Account or the applicable subaccounts for application on such Payment Date pursuant to the terms and conditions set forth herein. For , and at any time, if an Event of Default has occurred and is continuing, the avoidance of doubt, Principal Xxxxxxxx received during a Due Period and committed to be converted by Collateral Agent may (at the related Determination Date as described above shall continue to be treated as having been received in such Due Period, notwithstanding that the settlement direction of the currency exchange may occur af ter Administrative Agent) convert any or all of such Determination Date (provided that such settlement occurs no later than the Business Day immediately preceding the related Payment Date)non-USD amounts into USD for application hereunder.