Examples of Collection Account Agreement in a sentence
Borrower will cause (1) all proceeds from all Lock-Boxes to be directly deposited by a Collection Bank into a Collection Account and (2) each Lock-Box and Collection Account to be subject at all times, to a Collection Account Agreement that is in full force and effect.
In case any authorized signatory of Borrower whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice shall nevertheless be valid as if such authority had remained in force.
The Collection Accounts are governed by a Deposit Account Control Agreement as to non-governmental receivables and a Collection Account Agreement as to governmental receivables.
The Administrative Agent shall have received counterparts (whether by facsimile or otherwise) of each of (i) the Fee Letter, (ii) the Collection Account Agreement Amendment and (iii) the Repurchase Agreement (the Repurchase Agreement, together with the Fee Letter and the Collection Account Agreement Amendment, collectively, the “Related Agreements”), in each case, executed by each of the parties thereto.
The Deposit Account Control Agreement, the Collection Account Agreement and other ancillary documents direct the funds in the Collection Accounts to be swept each business day, into one or more payment or destination accounts, whereupon the funds are then used by Midcap to reduce the amounts extended under the revolving lines of credit for the Spectrum Borrowers and Spectrum Derby.