The Liquidation Account Sample Clauses

The Liquidation Account. On the Closing Date, there shall be established and, at all times thereafter until this Agreement shall terminate, there shall be maintained by the Secured Parties Representative an Eligible Account which shall be held in the name of the Secured Parties Representative, and entitled the "Special Value Expansion Fund Secured Parties Liquidation Account" (the "Liquidation Account"). The Liquidation Account shall be established initially with Xxxxx Fargo Bank, N.A. and maintained by the Secured Parties Representative for the benefit of the Representatives and the Secured Parties. After the occurrence of a Liquidation Acceleration or a Final Maturity Payment Default and so long as a Liquidation Notice is in effect, all proceeds and other amounts in respect of the Collateral which are received by the Secured Parties Representative shall be deposited in the Liquidation Account and thereafter shall be held and applied by the Secured Parties Representative in accordance with the terms of this Agreement.
Sample 1
AutoNDA by SimpleDocs
The Liquidation Account. On the Closing Date, there shall be established and, at all times thereafter until this Agreement shall terminate, there shall be maintained by the Secured Parties Representative an Eligible Account which shall be held in the name of the Secured Parties Representative, and entitled the "Xxxxxxxxxx Opportunities Partners V Secured Parties Liquidation Account" (the "Liquidation Account"). The Liquidation Account shall be established initially with Xxxxx Fargo Bank, National Association and maintained by the Secured Parties Representative for the benefit of the Representatives and the Secured Parties and shall be account number 00000000. After the occurrence of a Liquidation Acceleration or a Final Maturity Payment Default and so long as a Liquidation Notice is in effect, all proceeds and other amounts in respect of the Collateral which are received by the Secured Parties Representative shall be deposited in the Liquidation Account and thereafter shall be held and applied by the Secured Parties Representative in accordance with the terms of this Agreement.
Sample 1

Related to The Liquidation Account

  • Liquidation Account The Agent has established and will maintain in existence the Liquidation Account. The Liquidation Account shall be used to receive Collections from the Deposit Accounts pursuant to Section 1.4(b) and to hold amounts set aside for the Purchasers, the Backup Servicer and (if the Servicer is not AFC or an Affiliate of AFC) the Servicer out of the Collections of Pool Receivables prior to the applicable Settlement Dates and for such other purposes described in the Transaction Documents. No funds other than those transferred in accordance with Section 1.4 shall be intentionally transferred into the Liquidation Account.

  • Permitted Withdrawals from the Collection Account and Distribution Account (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes:

  • Collection Account and Distribution Account (a) On behalf of the Trust Fund, the Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (each such account or accounts, a “Collection Account”), held in trust for the benefit of the Trustee and the Certificateholders. On behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited in the related clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer’s receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the deposit of good funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal or interest on the Mortgage Loans due on or before the related Cut-off Date, or payments (other than Principal Prepayments) received by it on or prior to the related Cut-off Date but allocable to a Due Period subsequent thereto):

  • Withdrawals from the Collection Account and Distribution Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:

  • Distributions from Collection Account Subject to Section 8.2(e), on each Payment Date the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Collection Account and make deposits and payments, to the extent of Available Funds in the Collection Account for that Payment Date, in the following order of priority (pro rata within each priority level based on the amounts due except as otherwise stated):

  • Note Distribution Account (a) On each Distribution Date (based solely on the information contained in the Preliminary Servicer’s Certificate) the Trust Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the following order of priority:

  • Custodial Accounts; Distribution Account (a) On or prior to the Closing Date, the Master Servicer shall have caused each Servicer to establish and maintain one or more Custodial Accounts, as provided in the related Purchase and Servicing Agreement, into which all Scheduled Payments and unscheduled payments with respect to the related Mortgage Loans, net of any deductions or reimbursements permitted under the related Purchase and Servicing Agreement, shall be deposited. On each Distribution Account Deposit Date, the Servicers shall remit to the Securities Administrator for deposit into the Distribution Account, all amounts so required to be deposited into such account in accordance with the terms of the related Purchase and Servicing Agreements.

  • Permitted Withdrawals from the Certificate Account and Distribution Account (a) The Master Servicer may from time to time make withdrawals from the applicable subaccount of the Certificate Account for the following purposes:

  • Permitted Withdrawals from the Collection Account The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes:

  • Retention Account credits and withdrawals

Time is Money Join Law Insider Premium to draft better contracts faster.