Examples of Borrower Collection Account in a sentence
The Borrower shall deposit in the Borrower Collection Account or the Interest Reserve Account (with respect to investments made hereunder of funds held therein), as applicable, an amount equal to the amount of any actual loss incurred, in respect of any such investment, immediately upon realization of such loss.
The Collateral Agent or its designee has “control” (as defined in Section 9-104 of the UCC) over each Interest Reserve Account and each Borrower Collection Account and each Originator Collection Account is subject to an Account Control Agreement.
The Account Bank shall have no obligation to invest or reinvest the funds held in the Borrower Collection Account or the Interest Reserve Account (i) if deposited with the Account Bank after 11:00 a.m. (New York City time) on such day of deposit or (ii) in the absence of timely and specific written investment direction from the Borrower (or the Initial Servicer on the Borrower’s behalf) or the Administrative Agent.
Each Borrower Collection Account is in the name of the Borrower, and the Borrower owns and has good and marketable title to each Borrower Collection Account free and clear of any Adverse Claim.
Except as permitted under Section 8.02(a), extend, amend or otherwise modify the payment terms of any Pool Receivable or amend, modify or waive any payment term or condition of any related Contract, in each case unless a corresponding Deemed Collection payment in respect of the related Pool Receivable is made, in full to the Borrower Collection Account, in connection therewith.