Examples of Collection Account in a sentence
The Notes shall be deemed to be due and payable on the date of the Optional Purchase for a purchase price equal to the Redemption Price (including any amounts transferred from the Reserve Account to the Collection Account pursuant to Section 5.06(e) of the Sale and Servicing Agreement upon the exercise of the Optional Purchase); provided, that the Issuer has available funds sufficient to pay the Redemption Price.
On or before each Distribution Date, (i) amounts shall be deposited in the Collection Account as provided in Section 4.06 of the Servicing Agreement and (ii) the Aggregate Noteholders’ Interest Distributable Amount and the Aggregate Noteholders’ Principal Distributable Amount shall be transferred from the Collection Account to the Note Distribution Account as and to the extent provided in Section 4.06 of the Servicing Agreement.
All income or other gain from investments of monies deposited in the Trust Accounts net of any investment expenses and any losses resulting from such investments shall be deposited by the Indenture Trustee in the Collection Account.
On or prior to the Closing Date, the Issuing Entity shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Trust, the Reserve Account as provided in Section 5.01 of the Sale and Servicing Agreement.(b)Not less than one Business Day prior to each Payment Date, the Total Distribution Amount with respect to the preceding Collection Period will be deposited in the Collection Account as provided in Section 5.02 of the Sale and Servicing Agreement.
The Designated Accounts currently existing under the Indenture are the Reserve Account, the Collection Account and the Note Distribution Account maintained and held at the Securities Intermediary by the Issuing Entity, subject to the first priority security interest of the Secured Party for the benefit of the Noteholders in the Designated Accounts granted by the Issuing Entity to the Secured Party to secure payment of the Notes.