Funding Account definition
Examples of Funding Account in a sentence
On the date of each Investment, the Administrative Agent will make available to the Seller, in immediately available funds, at the Funding Account, the amount of such Investment to be funded by all Purchasers in respect of such Investment.
The Seller shall use the Funding Account solely for purposes of receiving and holding the Capital of Investments hereunder, receiving and holding amounts distributed to the Seller for its own account pursuant to Section 3.01(a), making purchase price payments to AccessOne for Pool Receivables acquired by the Seller pursuant to the Receivables Sale Agreement, making Restricted Payments to the extent permitted hereby and to make cash available to fund the Provider Consideration for Eligible Receivables.
The Seller has delivered to the Administrative Agent a fully executed Account Control Agreement relating to each Lock-Box, each Collection Account, the Funding Account, the Cash Reserve Account and the Sweep Account, pursuant to which each applicable Collection Account Bank has agreed to comply with the instructions originated by the Administrative Agent directing the disposition of funds in such Lock-Box and Collection Account without further consent by the Seller, the Servicer or any other Person.
At any time when any Receivables are being included in the Capital Coverage Amount as Eligible Receivables and the Provider Consideration therefor has not been paid in full to the applicable Providers, the Seller shall maintain on deposit in the Funding Account an amount not less that the aggregate amount of such unpaid Provider Consideration subsequent to receipt of the Capital related to the applicable Investment Request.
Each Lock-Box, each Collection Account, the Funding Account and the Sweep Account is in the name of the Seller, and the Seller owns and has good and marketable title to the Collection Accounts, the Funding Account and the Sweep Account free and clear of any Adverse Claim.