Principal Collection Account definition

Principal Collection Account. A Securities 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 prior Lien of the Collateral Agent for the benefit of the Secured Parties.

Principal Collection Account means a segregated, non-interest bearing securities account (within the meaning of Section 8-501 of the UCC) number 172148-202, which is 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 prior Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and maintained pursuant to Section 8.1(a).

Principal Collection Account means a sub-account (account number 787456-202 at the Bank) of the Collection Account into which Principal Collections shall be segregated.

Examples of Principal Collection Account in a sentence

• Principal Proceeds in any Permitted Non-USD Currency Principal Collection Account shall remain uninvested.

• Except for the payment of Closing Date Expenses payable in connection with the Closing Date as contemplated in Section 3.01(l), it (or the Collateral Agent on its behalf) shall not disburse any amounts from the Interest Collection Account or the Principal Collection Account other than in accordance with the Priority of Payments.

• Loans shall be made using, first, amounts on deposit in the Revolving Reserve Account, then amounts on deposit in the Principal Collection Account and finally, prior to the Revolving Commitment Termination Date, available Borrowings.

• In connection with all calculations required to be made pursuant to this Agreement on any Collateral Obligations, or any payments on any other assets included in the Collateral and on any other amounts that may be received for deposit in the Interest Collection Account or the Principal Collection Account, the provisions set forth in this Section 1.04 shall be applied.

• In the absence of any such written direction from the Company (or the Portfolio Manager on its behalf) or the Administrative Agent, as applicable, Principal Proceeds in the Principal Collection Account shall remain uninvested.

More Definitions of Principal Collection Account

Principal Collection Account means the account designated as such, established and maintained pursuant to Section 5.01(a)(i) hereof.

Principal Collection Account has the meaning assigned to such term in Section 8.02(a).

Principal Collection Account. The trust account established pursuant to Section 10.2(a) hereof.

Principal Collection Account means the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule for the deposit of Principal Proceeds denominated in USD, and any successor accounts (established in connection with the resignation or removal of the Securities Intermediary or otherwise in accordance with the Loan Documents).

Principal Collection Account. The account or accounts so designated and established pursuant to Section 10.3(a).

Principal Collection Account means a sub–account of the Principal and Interest Account established and maintained pursuant to Section 7.03(a).

Principal Collection Account means the Subordinated Note Principal Collection Account and the Secured Note Principal Collection Account, collectively.