Excess Collections definition
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).
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.
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.
On each Settlement Date on and after the Final Maturity Date with respect to each Purchased Receivable, the Administrative Agent shall draw first, upon all amounts available in the Cash Collateral Account and second, upon all amounts available under the Transaction Letter of Credit and apply the proceeds of such draws and any Excess Collections to the reduction of the Investment.