Concentration Account definition
Examples of Concentration Account in a sentence
If any payments on the Pool Receivables or other Collections are received by the Seller, the Servicer or an Originator (other than in a Collection Account or Concentration Account), it shall hold such payments in trust for the benefit of the Administrative Agent, the Purchasers and the other Secured Parties and promptly (but in any event within two (2) Business Days after receipt) remit such funds into a Collection Account or Concentration Account.
With respect to each Collection Account, the applicable Originator has delivered to the Administrative Agent evidence reasonably satisfactory to the Administrative Agent instructing the applicable Collection Account Bank to automatically sweep or otherwise transfer all funds on deposit in such Collection Account to a Concentration Account on each Business Day.
The Seller shall use commercially reasonable efforts to not permit funds other than Collections on Pool Receivables and other Supporting Assets to be deposited into any Concentration Account or Collection Account.
The Seller (or the Servicer on its behalf) will cause each Concentration Account Bank to comply with the terms of each applicable Account Control Agreement.
Except for any Permitted Linked Account, the Seller shall not permit any Linked Account to exist with respect to any Concentration Account; provided, however, that at any time during the continuance of an Event of Default, the Seller shall, if so instructed by the Administrative Agent (in its sole discretion), cause each Permitted Linked Account to cease being a “Linked Account” promptly, but not later than two (2) Business Days following the Seller’s or the Servicer’s receipt of such instruction.