The Collection Accounts Sample Clauses
The Collection Accounts. 2.1 The Mortgage Administrator agrees that it shall submit to BACS not later than two (2) Business Days before each Loan Payment Date with respect to the Loans (or at such other time as shall accord with the standard banking practices) a computer input containing instructions specifying the amounts (the "BACS Amounts") to be received by the Collection Accounts Provider from the Borrowers whether under the Direct Debiting Scheme or otherwise and to be credited by the Collection Accounts Provider to the relevant Main Collection Account on such Loan Payment Date with respect to the Loans, and the Collection Accounts Provider agrees with the Issuer, the Trustee and the Mortgage Administrator that, to the extent that such amount is received from the Borrowers by the Collection Accounts Provider (via BACS), it shall credit the relevant Main Collection Account with an amount equal to its respective BACS Amount. The Collection Accounts Provider also agrees to credit to the relevant Main Collection Account other amounts received by it and directed by the Mortgage Administrator to be credited to the Main Collection Account (including, for the avoidance of doubt, amounts transferred to the Main Collection Account from the KMC F Collection Account and the KMC R Collection Account).
2.2 On the Business Day following the date of receipt, the Cash/Bond Administrator (for so long as the Cash/Bond Administrator is KMC) or the Mortgage Administrator shall, with the consent of the Issuer and the Trustee (which consent is hereby granted), transfer from the Main Collection Accounts to the Transaction Account all amounts of cleared funds received by the Collection Accounts Provider and credited to the Main Collection Accounts in respect of the Mortgages on each day, at the close of business on such day.
2.3 The Collection Accounts Provider agrees with the Mortgage Administrator that the Collection Accounts Provider will make available daily electronic statements in relation to the Main Collection Accounts.
2.4 The Legal Title-Holder, the Issuer and the Trustee hereby authorise the Cash/Bond Administrator (for so long as the Cash/Bond Administrator is KMC) and the Mortgage Administrator to give instructions to the Collection Accounts Provider in respect of the Main Collection Accounts, and authorise the Collection Accounts Provider to act upon such instructions if such instructions:
2.4.1 are in writing, are given by the internet banking service provided by the Collection Accoun...
The Collection Accounts. Each of the Collection Accounts has been established for the deposit of the amounts representing payments sent by (i) obligors of Receivables, (ii) obligors of Customer Charges and (iii) obligors in respect of amounts not constituting Receivables or Customer Charges (the “Retained Assets”). For the avoidance of doubt, “Retained Assets” shall not include any Receivables Facility Collateral or Joined Party Transaction Collateral.
The Collection Accounts. (a) The Seller owns and has good and marketable title to the Collection Accounts free and clear of any Adverse Claim (other than Permitted Adverse Claims).
(b) The Seller has delivered to the Purchaser a fully executed Collection Bank Agreement relating to each Originator Account and each Collection Account, in each case, pursuant to which the applicable Collection Bank has agreed, following notice from the Agent with respect to a Collection Account, to comply with all instructions originated by the Agent (on behalf of the Purchaser) directing the disposition of funds in such Originator Account or Collection Account, as the case may be, without further consent by the Seller or the related Servicer.
(c) The Seller has established procedures such that any Permitted Investments purchased with funds (other than funds remitted to the Seller in accordance with Section 1.4 of this Agreement) withdrawn from the Collection Accounts will be either (i) credited to a “securities account” over which the Purchaser will have a first priority perfected security interest, (ii) purchased in the name of the Purchaser, or (iii) held in another manner sufficient to establish the Purchaser’s first priority perfected security interest over such Permitted Investments.
The Collection Accounts. As soon as practicable after the Issuance Date (but in any event prior to the receipt by the Trusts’ Representative of any Section 524(g) Share Proceeds), the Trusts’ Representative shall establish and maintain in its name the following accounts, each of which shall be an Eligible Deposit Account bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Trusts: (i) an account designated the “▇. ▇. ▇▇▇▇▇ Liquidated Obligations Account” (such account, the “Liquidated Obligations Account”), (ii) an account designated the “▇. ▇. ▇▇▇▇▇ Contingent Obligations Account” (such account, the “Contingent Obligations Account”) and (iii) if the Trusts’ Representative shall have received a Disposition Direction Notice prior to the Initial Contingent Amount Date, an account designated the “▇. ▇. ▇▇▇▇▇ Holding Account” (such account, the “Holding Account”).
The Collection Accounts
The Collection Accounts