Examples of Collection Bank in a sentence
Promptly upon its receipt of any notice, request for consent, financial statements, certification, report or other communication under or in connection with any Transaction Document from Seller or any Collection Bank, copies of the same.
The names and addresses of all Collection Banks, together with the account numbers of the Collection Accounts of the Borrower at each Collection Bank and the post office box number of each Lock-Box, are listed on Exhibit IV, as the same may be updated from time to time in writing delivered to the Administrative Agent by or on behalf of the Borrower.
Except to the extent paid directly to the Administrative Agent by any Collection Bank pursuant to a Collection Notice, the Servicer shall deliver to the Administrative Agent all Collections held by the Servicer on each Settlement Date during the Liquidation Period for application pursuant to Section 2.3.
The Borrower will cause (A) all proceeds from all Lock‑Boxes to be directly deposited by a Collection Bank into a Collection Account and (B) each Lock‑Box and Collection Account to be subject at all times to a Collection Account Agreement that is in full force and effect.
On each day during the Liquidation Period, except to the extent paid directly to the Administrative Agent by any Collection Bank pursuant to a Collection Notice, all Collections shall be held in trust for the Administrative Agent, for the benefit of the Lenders, by the Servicer until the next Settlement Date in a segregated account which is subject to a first priority perfected security interest in favor of the Administrative Agent (or retained in a Collection Account), for the benefit of the Lenders.