Payment Account definition

Payment Account means a segregated non-interest-bearing corporate trust account maintained by the Property Trustee for the benefit of the Holders in which all amounts paid in respect of the Notes will be held and from which the Property Trustee, through the Paying Agent, shall make payments to the Holders in accordance with Sections 3.1, 4.1 and 4.2.

Payment Account. The account maintained pursuant to Section 4.03(b).

Payment Account means the account specified on the signature pages hereof into which all payments by or on behalf of each Borrower to Agent under the Financing Documents shall be made, or such other account as Agent shall from time to time specify by notice to Borrower Representative.

Examples of Payment Account in a sentence

• Deposit or otherwise credit, or cause or permit to be so deposited or credited, or direct any Obligor to deposit or remit, any Collections on Pool Receivables to any account not covered by the proper Control Agreement, or (ii) permit any amount to be deposited, credited or remitted to any Collection Account or the Payment Account other than Collections in respect of Pool Receivables.

• A Control Agreement is in full force and effect in respect of each Collection Account and the Payment Account.

• The Servicer may cause the Borrower to invest and reinvest, in its own name or in the name of its nominee, amounts on deposit in the Payment Account, in Cash Equivalents, having maturities not exceeding the next succeeding Settlement Date.

• The Collection Accounts and the Payment Account, the account numbers for each such account and the Account Banks maintaining each such account are specified in Schedule II except for such changes as are expressly permitted by Section 3.04, Section 7.03(d) or Section 7.06(c).

• The Collection Accounts and the Payment Account, the account numbers for each such account and the Account Bank maintaining each such account are specified in Schedule II, except for such changes as are expressly permitted by Section 3.04, Section 7.03(d) or Section 7.06(c).

More Definitions of Payment Account

Payment Account means an account held in the name of one or more payment service users which is used for the execution of payment transactions;

Payment Account shall have the meaning set forth in Section 6.3 hereof.

Payment Account means each bank account established pursuant to the Security Agreement, to which the proceeds of Accounts and other Collateral are deposited or credited, and which is maintained in the name of the Agent or the Borrower, as the Agent may determine, on terms acceptable to the Agent.

Payment Account has the meaning set forth in Section 2.01(g) herein.

Payment Account means a segregated non-interest-bearing corporate trust account maintained with the Property Trustee in its trust department for the benefit of the Holders in which all amounts paid in respect of the Junior Subordinated Debentures will be held and from which the Property Trustee, through the Paying Agent, shall make payments to the Holders in accordance with Sections 4.1 and 4.2.

Payment Account means the account described as such in the name of the Issuer held with the Account Bank to which amounts shall be transferred by the Account Bank on the instructions of the Collateral Administrator on the second Business Day prior to each Payment Date out of certain of the other Accounts in accordance with Condition 3(i) (Accounts) and out of which the amounts required to be paid on each Payment Date pursuant to the Priorities of Payment shall be paid.

Payment Account. The payment account of the Trustee established pursuant to Section 10.3(a).