FBO Collection Account definition
FBO Collection Account means a deposit account segregated from Servicer’s or its Affiliates’ own funds and general assets maintained by Servicer at ▇▇▇▇▇ Fargo Bank, National Association for the benefit of Indenture Trustee and other purchasers of loans from PFL, or such other additional or replacement account or accounts segregated from Servicer’s or its Affiliates’ own funds and general assets as may from time to time be maintained by Servicer for the benefit of Indenture Trustee.
Examples of FBO Collection Account in a sentence
With respect to any Proceeds deposited in the FBO Collection Account, Servicer will cause the applicable Net Proceeds to be remitted to the Deposit Account within approximately two (2) Business Days of deposit into the FBO Collection Account.