Common use of Instructions to Obligors Clause in Contracts

Instructions to Obligors. The Collection Account is the only account to which any agent, administrative agent or Obligor has been instructed by the Borrower, or the Servicer on the Borrower’s behalf, to send Principal Collections and Interest Collections on the Collateral Portfolio. The Borrower has not granted any Person other than the Collateral Agent, on behalf of the Secured Parties, a Lien on or an interest in the Collection Account. The Borrower acknowledges that all Available Collections received in error by it or its Affiliates with respect to the Collateral Portfolio Pledged hereunder are held and shall be held in trust for the benefit of the Collateral Agent, on behalf of the Secured Parties, and shall promptly (and within two Business Days of receipt thereof) be deposited into the Collection Account as required herein.

Instructions to Obligors. The Collection Account is the only account to which any agent, administrative agent or Obligor has been instructed by the Borrower, or the Servicer on the Borrower’s behalf, to send Principal Collections and Interest Collections on the Collateral Portfolio. The Borrower has not granted any Person other than the Collateral Agent, on behalf of the Secured Parties, a Lien on or an interest in the Collection Account. The Borrower acknowledges that all Available Collections received in error by it or its Affiliates with respect to the Collateral Portfolio Pledged hereunder are held and shall be held in trust for the benefit of the Collateral Agent, on behalf of the Secured Parties, and shall promptly (and within two Business Days of receipt thereof) be deposited into the Collection Account as required herein.