YRA Account definition

YRA Account means a trust account (account number ▇▇▇▇▇▇▇▇ at the Account Bank) in the name of the Borrower for the benefit of and under the “control” (within the meaning of Section 9-104 of the UCC or 8-106 of the UCC, as applicable) of the Collateral Agent for the benefit of the Secured Parties; provided that, subject to the rights of the Collateral Agent hereunder, the funds deposited therein (including any interest and earnings thereon) from time to time shall constitute the property and assets of the Borrower, and the Borrower shall be solely liable for any Taxes payable with respect to the YRA Account.
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Examples of YRA Account in a sentence

  • All income and gain realized from any such investment, as well as any interest earned on deposits in the Collection Account, the YRA Account or the URCA Account shall be distributed in accordance with the provisions of Article II hereof.

  • In connection therewith, the Servicer shall provide at least one Business Day’s prior written notice to the Administrative Agent, the Collateral Agent and the Account Bank by facsimile or email (to be received no later than 1:00 p.m. on such day) of the request to withdraw funds from the YRA Account and the amount of such request, accompanied by a YRA Disbursement Request, executed by the Borrower and a Responsible Officer of the Servicer.

  • The Servicer, on behalf of the Borrower, will be required to pay all reasonable fees and expenses owing to any bank or trust company in connection with the maintenance of the Collection Account, the URCA Account and the YRA Account.

  • A Permitted Investment acquired with funds deposited in the Collection Account, the YRA Account or the URCA Account shall mature not later than the Business Day immediately preceding any Payment Date, and shall not be sold or disposed of prior to its maturity, unless the Servicer determines in its good faith commercial judgment that there is substantial risk of material deterioration of such Permitted Investment.

  • In the event the Borrower or Servicer direct the funds to be invested in investments which are not Permitted Investments, the Borrower shall deposit in the Collection Account, the YRA Account or URCA Account (with respect to investments made hereunder of funds held therein), as the case may be, an amount equal to the amount of any actual loss incurred, in respect of any such investment, immediately upon realization of such loss.

  • The YRA Account Agreement, together with this Agreement, grants to the Collateral Agent for the benefit of the Secured Parties a first priority perfected security interest in the YRA Account.

  • None of the Account Bank, the Collateral Agent, the Administrative Agent, any Lender Agent or any Lender shall be liable for the amount of any loss incurred, in respect of any investment, or lack of investment, of funds held in the Collection Account the YRA Account or URCA Account, other than with respect to fraud or their own gross negligence or willful misconduct as determined in a final decision by a court of competent jurisdiction.

  • Effective as of the Effective Date, the YRA Account shall be terminated and in connection with such termination, any amounts in the YRA Account will be transferred on the Effective Date to the Interest Collection Account as Interest Collections.