Common use of Concentration Account Clause in Contracts

Concentration Account. On or prior to the Account Transition Deadline, the Concentration Account and the Collection Account are the only accounts to which Obligors have been instructed by the Borrower, or the Servicer on the Borrower’s behalf, to send Principal Collections and Interest Collections on the Collateral Portfolio. After the Account Transition Deadline, the Collection Account is the only account to which Obligors have been instructed by the Borrower, or the Servicer on the Borrower’s behalf, to send Principal Collections and Interest Collections on the Collateral Portfolio. Except as contemplated by the Intercreditor Agreement, the Borrower has not granted any Person other than the Agent and the Trustee an interest in the Concentration Account. The Concentration Account is subject only to the interests of the parties to the Intercreditor Agreement. The Borrower has not granted any Person other than the Trustee, for the benefit of the Secured Parties, an interest in the Collection Account.