Acquisition Account. On the Closing Date, $264,000,000 of the proceeds of the Loan and the proceeds of the sale of the Senior Notes shall be deposited into the Acquisition Account. The proceeds of each Subordinated Note Advance under the Subordinated Note shall be deposited into the Acquisition Account on each Subordinated Note Funding Date. All Net Refunded Amounts received by the Secured Party or returned Syndication Agent Fees and Originating Lender Premiums with respect to Refunded Financed Loans, as indicated in the Monthly Report, shall be deposited into the Acquisition Account. The Financed Loans shall be held by the Secured Party or an agent, bailee or custodian approved by the Creditors (which may be the Servicer) and shall be pledged as part of the Trust Estate and held as a part of the Acquisition Account. Moneys on deposit in the Acquisition Account shall be used, (i) upon receipt by the Secured Party of an Eligible Loans Acquisition Certificate, to acquire Financed Loans pursuant to the Loan Purchase Agreement and to pay the Syndication Agent Fee to the Syndication Agent on each day Financed Loans are purchased by the Issuer, and (ii) on January 6, 2011, to pay to the Senior Creditors the Amendment Consent Fee. As indicated in the related Eligible Loan Acquisition Certificate, (a) the portion of the Purchase Price for each Financed Loan acquired pursuant to the Loan Purchase Agreement equal to the related Senior Purchase Price shall be funded from amounts on deposit in the Acquisition Account in respect of the proceeds of the Loan and the proceeds of the sale of the Senior Notes and (b) the portion of the Purchase Price for each Financed Loan acquired pursuant to the Loan Purchase Agreement equal to the related Subordinated Purchase Price shall be funded from amounts on deposit in the Acquisition Account in respect of the proceeds of Subordinated Note Advances. Except in connection with the exercise of remedies pursuant to Article VI hereof, or as specifically set forth in the Loan Purchase Agreement, Financed Loans shall not be sold, transferred or otherwise disposed of by the Issuer while any Credit is Outstanding. As indicated in the related Payment Date Certificate, on each Payment Date on and after the earlier of (i) the Payment Date in July 2011 or (ii) the first Payment Date immediately following the end of the Transfer Period, the Secured Party shall transfer to the Collection Account any amounts remaining on deposit in the Acquisition Account in excess of...
Acquisition Account. Use or transfer cash or Cash Equivalents funded by Bank into Borrower’s account no. XXX-XXX-9826 in any way other than to fund up to Six Million Dollars ($6,000,000) of the purchase price paid by Borrower to Intrinsyc in connection with the Intrinsyc Acquisition.
Acquisition Account. There shall be deposited into the Acquisition Account moneys from proceeds of the Notes. Financed Student Loans shall be held by the Indenture Trustee or its agent or bailee and shall be pledged to the Trust Estate and accounted for as a part of the Acquisition Account. Moneys on deposit in the Acquisition Account shall be used, upon receipt by the Indenture Trustee of a Student Loan Acquisition Certificate, to acquire Student Loans listed on Schedule A to the Student Loan Acquisition Certificate within three (3) Business Days of the Closing Date. Amounts remaining in the Acquisition Account after giving effect to all withdrawals from the Acquisition Account on or about the Closing Date, will be transferred to the Collection Account. Although the Issuer will be the beneficial owner of Financed Student Loans that were originated under the Act and the Noteholders will have a security interest therein, it is understood and agreed that the Trust Eligible Lender Trustee will be the legal owner thereof and the Indenture Trustee will have a security interest in such Financed Student Loans for and on behalf of the Noteholders. The notes representing Financed Student Loans that were originated under the Act will be held in the name of the Trust Eligible Lender Trustee for the account of the Issuer, for the benefit of the Noteholders.
Acquisition Account. The Bank shall maintain on its books a record of account in which the Bank shall make entries for each Acquisition Advance and such other debits and credits as shall be appropriate in connection with the Acquisition of Credit (the "Acquisition Account"). The Bank shall provide the Borrowers with a monthly statement of the Borrowers' Acquisition Account, which statement shall be considered to be correct and conclusively binding on the Borrowers unless any Borrower notifies the Bank to the contrary within 18 months after such Borrower's receipt of any such statement which it deems to be incorrect. Each Borrower hereby authorizes the Bank, if and to the extent payment owed to the Bank under the Acquisition Line of Credit is not made when due, to charge, from time to time, against any or all of any Borrower's deposit accounts with the Bank any amount so due.
Acquisition Account. To (A) deposit net proceeds from the issuance of Notes (after the payment of sales expenses pursuant to Section 2.01(b) hereof) into the Acquisition Account as described in Section 2.01 and moneys transferred to the Acquisition Account from the Collection Fund pursuant to Section 5.01(b)(iii)(C) and (E) below, (B) invest the amounts in the Acquisition Account in Permitted Investments as provided in Section 5.01(d) below, (C) withdraw and transfer as directed in writing (or orally, confirmed in writing) by the Debtor to purchase Eligible Receivables and Assets described on schedules delivered to the Trustee in which the Debtor, the Servicer or Administrator certifies in writing that the Receivables and Assets to be acquired meet the requirements of an Asset or Eligible Receivable, (D) to redeem Notes in accordance with the provisions of this Note Agreement and any supplemental Note Agreement, and (E) if on any Interest Payment Date or upon the maturity of a Note there are not sufficient moneys on deposit in the Collection Account to make the transfers required by Section 5.01(f)(iv) or (v), or both, to timely pay amounts due with respect to the Notes, then, as directed by the Debtor in writing, the Trustee shall transfer from the Acquisition Account to the Collection Account an amount of funds not exceeding the amount of any such deficiency.[IF FUNDS FROM NEW NOTES CAN BE USED TO REDEEM OLD NOTES, THIS SHOULD BE DISCLOSED-CURRENTLY IT IS NOT A PERMISSIBLE USE OF NOTE PROCEEDS] Any direction by given by the Debtor pursuant to Section 5.01(b)(i)(C) above shall state that such proposed use of moneys in the Acquisition Account is in compliance with the provisions of this Note agreement. If the Debtor determines that all or any portion of such moneys cannot be so used, then the Debtor may direct the Trustee in writing to redeem Notes in accordance with any supplemental Note Agreement.
Acquisition Account. 4.1 MGPX will contribute such amounts as Alcoxx xxx request to be used by Alcoxx xx cover Prospect Acquisition Costs; provided, however MGPX shall have no obligation to make such contribution over and above the $3,000,000.00 Acquisition Commitment.
Acquisition Account. (a) There shall be paid into each Acquisition Account the amounts required to be so paid by the provisions hereof or by the provisions of the Supplemental Trust Agreement authorizing the issuance of the Series of Certificates to which such Acquisition Account relates.
