Example ContractsClausesCollection Account
Collection Account
Collection Account contract clause examples

Collection Account. Prior to the initial Purchase Date, Seller shall establish the Collection Account for the sole and exclusive benefit of Buyer. Seller and Servicer shall deposit all Income received with respect to the Purchased Loans to be deposited to the Collection Account, and to be held therein until distributed by the Buyer in accordance with Section 7. No amounts deposited into such account shall be removed without Buyer’s prior written consent. Seller and Servicer shall follow the instructions of Buyer with respect to the Purchased Loans and deliver to Buyer any information with respect to the Purchased Loans reasonably requested by Buyer. Seller and Servicer shall deposit or credit to the Collection Account all items to be deposited or credited in accordance with Section 7 herein, thereto irrespective of any right of setoff or counterclaim arising in favor of it (or any third party claiming through it) under any other agreement or arrangement.

"Collection Account" means Agent's deposit accounts for payments, as set forth on Agent's signature page hereto, or such other accounts as may be specified in writing by Agent as a "Collection Account".

Collection Account” shall have the meaning assigned to such term in Section 5 hereof. “Common Control Party” shall have the meaning given to such term in the definition of “Affiliate.” “Controlling Holder” shall mean, as of any date of determination, the Participation 1 Holder, unless the Participation 1 Holder is the Borrower or a Borrower Related Party, then the Participation 2 Holder[, unless the Participation 2 Holder is the Borrower or a Borrower Related Party, then the Participation 3 Holder, unless the Participation 3 Holder is the Borrower or a Borrower Related Party]. “Costs” shall mean all out-of-pocket costs, fees, expenses, advances, payments, losses, liabilities, judgments and/or causes of action reasonably suffered or incurred or paid by Lender or a Holder hereunder (or Servicer) pursuant to or in connection with the Loan, the Loan Documents (not including any servicing fees or special servicing fees), the Property, this Agreement or otherwise in connection with the enforcement of the Loan, including, without limitation, attorneys’ fees and disbursements, taxes, assessments, insurance premiums and other protective advances as more particularly provided in the Loan Documents or hereunder, except for those resulting from the gross negligence, willful misconduct or breach of this Agreement of or by such Holder (or Servicer); provided, however, that neither (i) the costs and expenses relating to the origination of the Loan, nor (ii) the day-to-day customary and usual, ordinary costs of servicing and administration of the Loan shall be included or deemed to be “Costs.” “Custodian” shall mean Wells Fargo Bank, National Association. “Custodial Agreement” shall mean that certain Custodial Agreement, dated as of December 10, 2015, among Participation 1 Holder, Custodian and JPMorgan Chase Bank, National Association, as Buyer, as amended, modified and/or restated from time to time. “Exit Fees” shall mean the “exit fee” or the “prepayment fee,” if any, set forth on the Loan Schedule. [“Future Funding Obligations” shall have the meaning assigned to such term in recitals.] [“Future Funding Participant” shall mean the Initial Participation 3 Holder and any transferees of the Future Funding Obligations.] “Holder” shall mean each of the Participation 1 Holder, the Participation 2 Holder [and the Participation 3 Holder]. “Initial Holder” shall mean each of the Initial Participation 1 Holder, the Initial Participation 2 Holder [and the Initial Participation 3 Holder]. “Initial Participation 1 Holder” shall have the meaning set forth in the introductory paragraph to this Agreement.

Collection Account” means each account listed on Schedule II to this Agreement (as such schedule may be modified from time to time in connection with the closing or opening of any Collection Account in accordance with the terms hereof) (in each case, in the name of the Borrower) and maintained at a bank or other financial institution acting as a Collection Account Bank pursuant to an Account Control Agreement for the purpose of receiving Collections.

Collection Account” shall mean the account identified in the Collection Account Control Agreement.

Collection Account” has the meaning assigned to such term in the applicable Security Agreement.

Collection Account” means the deposit account established and maintained at any Depositary Bank solely for the purpose of receiving remittance of proceeds of accounts and royalty receivables of the Seller arising from sales of the Included Product and disbursement thereof as provided herein, and any successor Collection Account entered into in accordance with Section 3.2(c).

"Collection Account" means the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule and any successor accounts established in connection with the resignation or removal of the Securities Intermediary.

Collection Account. Prior to the Closing Date, the Borrowers and the Lender shall have established at Bank, in the name of the Lender, a non-interest bearing segregated special purpose trust account (such account being herein called the “Collection Account”). The Lender will maintain the Collection Account only with a bank acceptable to the

Collection Account. Buyer shall have received evidence in form and substance satisfactory to Buyer showing the establishment of the Collection Account and compliance with the terms and conditions of the Collection Account Control Agreement.

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