Principal Collection Subaccount Clause Samples
The Principal Collection Subaccount clause establishes a dedicated account within a broader financial structure to specifically hold and manage principal payments received from underlying assets. In practice, this subaccount is used to segregate principal collections from other types of funds, such as interest or fees, ensuring that principal amounts are tracked and distributed according to the terms of the agreement. By clearly separating principal payments, this clause helps maintain transparency and proper allocation of funds, reducing the risk of commingling and ensuring compliance with payment priorities.
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Principal Collection Subaccount. If, on any Business Day during the Series 2011-1 Revolving Period, other than during any Paydown Period, the sum of (i) the Series 2011-1 Daily Principal Allocation and (ii) the amount on deposit in the Series 2011-1 Principal Collection Subaccount on such Business Day is less than the Daily Principal Utilization Amount for such Business Day, the Administrator will direct the Indenture Trustee in writing, prior to 1:00 P.M., New York City time, to withdraw
Principal Collection Subaccount. The Administrator may direct the Indenture Trustee in writing by 1:00 P.M., New York City time, on any Business Day during the Series 2010-1 Revolving Period to withdraw amounts on deposit in the Series 2010-1 Principal Collection Subaccount for any of the following purposes:
Principal Collection Subaccount. During the Commitment Period, the Administrator may direct the Indenture Trustee in writing on any Business Day to withdraw amounts on deposit in the Series 1999-1 Principal Collection Subaccount for any of the following purposes:
Principal Collection Subaccount. The Trustee shall give prompt notice of its receipt of a Series 2000-1 Optional Termination Notice to the Series 2000-1 VFC Certificateholders (in the form and at the location specified by such VFC Certificateholder or the Trustee).