Local Collection Accounts definition

Local Collection Accounts means the following bank accounts established with the Local Collection Account Bank for the purpose of receiving Turkish Lira denominated payments due to each of the following Borrowers and their Subsidiaries under their respective Eligible Contracts:
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Local Collection Accounts. The accounts designated as the Local Collection Accounts in, and which are established and maintained pursuant to, Section 4.2(a), for the deposit of collections with respect to receivables serviced by the Servicer, including the Receivables.
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Local Collection Accounts. The segregated accounts maintained on behalf of the Trust by the Local Banks pursuant to SECTION 4.2(D). [___________]: [________________], or any successor thereto.
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Examples of Local Collection Accounts in a sentence

  • The Company shall ensure that the aggregate amount contained in all Local Collection Accounts taken together shall not at any time exceed a maximum amount determined by the Administrative Agent in its sole discretion (not to be exercised unreasonably).

  • Each Grantor agrees that it shall have no Deposit Accounts other than (A) Deposit Accounts in the Lockbox System, (B) Excluded Operating Accounts and (C) Local Collection Accounts.

  • The Servicer shall remit directly to the Local Collection Accounts without deposit into any intervening account all payments by or on behalf of the Obligors on the Receivables and all Liquidation Proceeds received by the Servicer, in each case, as soon as practicable, but in no event later than the Business Day after receipt thereof.

  • On the Closing Date, the Trustee shall provide notice of the location of the Trust Accounts and the Local Collection Accounts (as well as prompt notice thereafter of any changes) to the Security Insurer.

  • Effective upon notice to the Company after the occurrence and during the continuance of an Event of Default, each Collateral Proceeds Account and each Deposit Account (other than Excluded Operating Accounts and Local Collection Accounts) will, without further action on the part of any Grantor or the Collateral Agent, convert into a closed lockbox account under the sole dominion and control of the Collateral Agent in which all funds are held subject to the rights of the Collateral Agent hereunder.

  • The Local Collection Accounts, any deposit account opened from time to time with the Local Collection Account Bank pursuant to this Agreement and the other deposit accounts set forth in Item 6.22 of the Disclosure Schedule and identified as accounts maintained in Turkey are the only deposit accounts of any Borrower maintained in Turkey.

  • All amounts received upon liquidation of a Financed Vehicle shall be remitted directly by the Servicer to the Local Collection Accounts without deposit into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof.

  • On the Closing Date, the Servicer, the Originators, the Seller or the Depositor shall deposit into the Local Collection Accounts all payments by or on behalf of the Obligors on the Receivables and any Liquidation Proceeds received by the Originators, the Seller, the Depositor or the Servicer after the Cut-Off Date and any Compensating Interest on or prior to the second Business Day immediately preceding the Closing Date.

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  • For the Southern Properties (where payment of business tax and URET can be made from the Southern Central Collection Account), the Collection Agents can, upon receipt into the Local Collection Accounts, arrange for the transfer of rental collections to the Southern Central Collection Account without any significant delays.

Related to Local Collection Accounts

  • Collection Accounts As defined in Section 3.10(a).

  • Principal Collection Account A sub-account of the Collection Account created and maintained on the books and records of the Securities Intermediary entitled “Principal Collection Account” in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Interest Collection Account A sub-account of the Collection Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Master Servicer Collection Account The trust account or accounts created and maintained pursuant to Section 4.02, which shall be denominated "JPMorgan Chase Bank, as Trustee f/b/o holders of Structured Asset Mortgage Investments II Inc., Bear Xxxxxxx ALT-A Trust 2004-8, Mortgage Pass-Through Certificates, Series 2004-8 - Master Servicer Collection Account," and which shall be an Eligible Account.

  • Final Collection Date means the date on or following the Termination Date on which the Outstanding Loan Amount has been reduced to zero and all other Borrower Obligations have been paid in full.

  • Principal Collection Subaccount The meaning specified in Section 10.2(a).

  • Collection Account Agreement means that certain Collection Account Agreement, dated the Closing Date, among the Borrower, the Servicer, the Account Bank, the Administrative Agent and the Collateral Agent, governing the Collection Account and which permits the Collateral Agent on behalf of the Secured Parties to direct disposition of the funds in the Collection Account, as such agreement may be amended, modified or supplemented from time to time in accordance with its terms.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Servicing Accounts The account or accounts created and maintained pursuant to Section 3.08.

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Distribution Account Deposit Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Custodial Accounts Each Custodial Account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Servicing Agreement with respect to the Mortgage Loans.

  • Principal Collections means Collections of Principal Receivables.

  • Collection Account Bank means any of the banks or other financial institutions holding one or more Collection Accounts.

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

  • Exchange Note Collection Account means the account established under Section 4.1(a) of the Servicing Supplement.

  • Interest Collection Subaccount The meaning specified in Section 10.2(a).

  • Servicing Account The account or accounts created and maintained pursuant to Section 3.09.

  • Disbursement Accounts has the meaning ascribed to it in Annex C.

  • Servicer Custodial Account The separate Eligible Account or Accounts created and maintained by the Servicer pursuant to Section 3.08(b).

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • Collections Account has the meaning given to such term in Section 3.01(a) hereof.

  • Special Accounts means the accounts referred to in Section 2.02 (b) of this Agreement.

  • Principal Account(s means deposit accounts of the Fund carried on the books of BBH&Co. as principal in accordance with Section 7 hereof.