Concentration Account definition
Examples of Concentration Account in a sentence
Administrative Agent shall have received evidence in form and substance satisfactory to Administrative Agent showing the establishment of the Lockbox Account, Collection Account, Concentration Account, Distribution Account and Interest Reserve Account.
Administrative Agent shall have sole dominion and control over the Concentration Account, the Collection Account, the Distribution Account and the Interest Reserve Account.
Upon the execution and delivery of the Custodial Agreement for the benefit of the Secured Parties, shall have a security interest in the Lockbox Account, Collection Account and Concentration Account which security interest will constitute a fully perfected first priority security interest (subject to Permitted Liens) under the Uniform Commercial Code.
Upon the occurrence and during the continuance of an Event of Default, in the event of any Improper Remittance, upon written notice from Administrative Agent to Borrower, Servicer and Custodian, Administrative Agent shall have the right to cause Custodian to remit such funds to the Concentration Account or the Collection Account, as applicable, without first consulting with Borrower.
Thereafter, on a daily basis, the Custodian shall within one (1) Business Day of its receipt of each such reconciliation information disburse to the Collection Account any Facility Funds deposited in the Concentration Account, which Facility Funds shall thereafter be held subject to the Custodial Agreement and the other Loan Documents.