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

• Except to the extent expressly provided otherwise herein, all interest and other income from such investments shall be deposited in the Interest Collection Account, any gain realized from such investments shall be credited to the Principal Collection Account upon receipt, and any loss resulting from such investments shall be charged to the Principal Collection Account.

• All distributions on the Assets and any proceeds received from the disposition of any Assets will be remitted to the Interest Collection Account or the applicable Principal Collection Account, as applicable.

• Principal Proceeds in respect of Subordinated Note Collateral Obligations or Xxxxxx Xxxxx credited to the Subordinated Note Custodial Account (as directed by the Collateral Manager) will be deposited into the Subordinated Note Principal Collection Account and all other Principal Proceeds will be deposited into the Secured Note Principal Collection Account.

• The Collateral Agent shall from time to time deposit into the Principal Collection Account promptly upon receipt thereof all Principal Proceeds (unless simultaneously reinvested in additional Collateral Assets in accordance with Article X or required to be deposited in the Unfunded Reserve Account pursuant to Section 8.05) received by the Collateral Agent and identified as such by the Collateral Manager.

• In the event of any shortfall in the Revolver Funding Account, the Collateral Manager (on behalf of the Issuer) may direct the Trustee to, and the Trustee thereafter shall, transfer funds in an amount equal to such shortfall from the Principal Collection Account to the Revolver Funding Account.

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).