Examples of Excess Collections in a sentence
Except as otherwise provided in Section 11(c), the Servicer shall withdraw funds in the Excess Collections Reserve Account and apply such funds pursuant to Section 3 only upon receipt of a notice of the Special Servicer’s determination of a Final Recovery Determination.
Subject to Section 5.03, the Transferor on behalf of itself and its successors and assigns hereby covenants that it will not transfer, pledge or assign to any Person the Transferor Certificate or any part of its right to receive any Excess Collections pursuant to Section 3.03(c).
If the Borrower has opened the Excess Collections Account as required pursuant to this Section 2.07(f), then the Borrower and the Portfolio Asset Servicer on the Borrower’s behalf shall thereafter cause deposits of Collections in excess of ten between Payment Dates to be made to the Excess Collections Account and the account control agreement governing the Excess Collections Account shall require that all amounts on deposit therein shall be swept to the Collection Account on each Reporting Date.
The Administrative Agent shall have a perfected first priority Lien on the Excess Collections Account pursuant to an account control agreement acceptable to the Administrative Agent and the Facility Servicer.
At the option of UDC, UDC may distribute shares of UDC common stock to the Reorganized Company for distribution under this Plan or if the Reorganized Company so requests, directly distribute such shares of UDC common stock to the Class 7A Creditors, in lieu of the Reorganized Company's right to retain a portion of the Reorganized Company's share of the B Piece Distributions and the Debtor Excess Amount under the Excess Collections Contribution Agreement in cash (the "Stock Option").