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

• Notwithstanding any actual losses sustained on a liquidation of a Permitted Investment, the proceeds of such Permitted Investment shall be posted to or, if applicable, deposited into the Collection Account, Principal Collection Account or Interest Collection Account no later than one Business Day following such liquidation.

• Any reference to the Collection Account shall, unless otherwise expressly provided, include reference to the Interest Collection Account and the Principal Collection Account.

• The Company shall cause all Principal Proceeds received on the Portfolio Investments owned by it to be deposited in the Principal Collection Account or remitted to the Collateral Agent, and the Collateral Agent shall credit to the Principal Collection Account all Principal Proceeds received by it immediately upon receipt thereof.

• Borrower hereby irrevocably authorizes and directs Account Bank to apply any income earned from Permitted Investments to the Collection Account, Principal Collection Account or Interest Collection Account from which the sums were originally deposited prior to investment in the Permitted Investments.

• The Servicer shall further include a statement as to the amount of Principal Collections and Interest Collections on deposit in the Principal Collection Account and the Interest Collection Account on each Quarterly Reporting Date in the Servicing Report delivered pursuant to Section 6.08(b).

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 and any successor accounts established in connection with the resignation or removal of the Securities Intermediary.

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

Principal Collection Account has the meaning specified in Section 3(a).

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