Collection Account; Reserve Account Sample Clauses

Collection Account; Reserve Account. The Servicer shall not create or participate in the creation of, or permit to exist, any Liens (other than Permitted Liens) with respect to the Collection Account or the Reserve Account. The Servicer shall not grant the right to take dominion or “control” (as defined in the relevant UCC) at a future time or upon the occurrence of a future event to any Person with respect to such Collection Account or the Reserve Account.
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Collection Account; Reserve Account. (a) In accordance with this Agreement and the applicable Account Control Agreement, the Administrator on behalf of the Borrower shall, on or prior to the Closing Date, establish at the Account Bank a deposit account in the name “Upstart Warehouse Trust Collection Account, subject to the lien of the Facility Agent” which shall be designated as the “Collection Account”, which shall be maintained with the Account Bank in accordance with the applicable Account Control Agreement and which shall be subject to the lien of the Facility Agent. The Borrower shall deposit, or caused to be deposited, from time to time into the Collection Account, in accordance with the terms of this Agreement, all Interest Proceeds, all Principal Proceeds, all amounts received under the Hedging Agreements and all other payments in respect of the Collateral. All Monies deposited from time to time in the Collection Account pursuant to this Agreement shall be held by the Account Bank as part of the Collateral and shall be applied to the purposes herein provided and released to the Borrower only on Payment Dates to the extent of funds available under Section 9.01(l). The funds on deposit in the Collection Account shall remain uninvested. For the avoidance of doubt, unless otherwise agreed to by the Facility Agent in writing, the Borrower shall not withdraw or otherwise direct the Account Bank to disburse any funds in the Collection Account other than on a Payment Date as set forth in Section 9.01. The Borrower shall cause the Collection Account to at all times be subject to an Account Control Agreement. (b) In accordance with this Agreement and the applicable Account Control Agreement, the Administrator on behalf of the Borrower shall, on or prior to the Closing Date, establish at the Account Bank a deposit account in the name “Upstart Warehouse Trust Reserve Account, subject to the lien of the Facility Agent” which shall be designated as the “Reserve Account”, which shall be maintained with the Account Bank in accordance with the applicable Account Control Agreement and which shall be subject to the lien of the Facility Agent. All Monies deposited from time to time in the Reserve Account pursuant to this Agreement shall be held by the Account Bank as part of the Collateral and shall be applied to the purposes herein provided. The funds on deposit in the Reserve Account shall remain uninvested. For the avoidance of doubt, unless otherwise agreed to by the Facility Agent in writing, the Bo...
Sample 1
Collection Account; Reserve Account. (a) The Servicer shall establish and maintain the Collection Account and the Reserve Account in trust for the benefit, and subject to the direction, of the Indenture Trustee, and, after the Notes have been paid in full, the Issuer. The Servicer shall cause the Collection Account and the Reserve Account to be Eligible Accounts. The Servicer shall deposit in the Collection Account, promptly after receipt thereof, all Receipts received by it on or after the Closing Date, including the following: (i) all payments on account of principal, including payments of principal received in advance of their scheduled Due Dates; (ii) all payments on account of interest; (iii) all Net Insurance Proceeds and Disposition Proceeds; (iv) all Net REO Proceeds; and (v) all proceeds from Permitted Investments of funds in the Collection Account. (b) Funds in the Collection Account and the Reserve Account may be invested only in Permitted Investments in accordance with the provisions of Section 2.
Sample 1
Collection Account; Reserve Account. Prior to the initial Loan hereunder, the Servicer (i) agrees to establish the Collection Account and the Reserve Account in the name of Borrower and (ii) deliver copies of a fully executed Deposit Account Control Agreement to the Agent. The Collection Account shall be used to accept the transfer of Collections of Receivables from the Lockbox Account or Lockbox and as otherwise described herein for distribution pursuant to Section 2.05(c), and for such other purposes as may be described in this Agreement and the other Transaction Documents. The Reserve Account shall be used for the purposes set forth in this Agreement. On each Borrowing Date, Agent shall hold back a portion of the proceeds from the funded Loan equal to the Reserve Account Deposit Amount and deposit such amount in the Reserve Account.
Sample 1

Related to Collection Account; Reserve Account

  • Collection Account The Master Servicer may, from time to time, withdraw from the Collection Account for the following purposes or as described in Section 4.03: (i) to remit to the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.04(g) or permitted to be so remitted pursuant to the last paragraph of Section 3.04(g); (ii) subject to Section 3.12(c), to reimburse itself for (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances and (c) any unreimbursed Advances, the Master Servicer's right to reimburse itself pursuant to this subclause (ii) being limited to any Late Collections, Liquidation Proceeds, and Insurance Proceeds received on the related Mortgage Loan and any amounts received in respect of the rental of the related REO Property prior to an REO Disposition that represent payments of principal and/or interest respecting which any such advance was made; (iii) to reimburse itself for (a) any unpaid Servicing Fees to the extent not recoverable under Section 3.05(a)(ii) and (b) any unpaid Advances or Servicing Advances that have been deemed Nonrecoverable Advances or Nonrecoverable Servicing Advances; (iv) to pay to itself any Prepayment Interest Excess; (v) to reimburse itself for any amounts paid pursuant to Section 3.12(b) (and not otherwise previously reimbursed); (vi) to pay to itself as servicing compensation any interest earned on funds in the Collection Account; (vii) subject to Section 4.03(b), to reimburse the Master Servicer in respect of any unreimbursed Advances to the extent of funds held in the Collection Account for future distribution that were not included in Available Funds for the preceding Distribution Date; (viii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03; (ix) to remit to the Trustee any amounts that the Trustee is permitted to be paid or reimbursed from the assets of the Trust Fund pursuant to the terms of this Agreement, including the terms of Section 7.02(a) and Section 8.05 of this Agreement; (x) to reimburse the NIMS Insurer, the Master Servicer (if the Master Servicer is not an Affiliate of the Seller) or the Trustee, as the case may be, for enforcement expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; (xi) to pay to the Master Servicer, the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(a) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;

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