Excess Spread Account definition
Examples of Excess Spread Account in a sentence
Neither the Seller nor any Person claiming through or under Seller shall have any claim to or interest in the Collection Account or the Excess Spread Account and, if this Agreement constitutes the grant of a security interest in such property, except for the interest of Seller in such property as a debtor for purposes of the UCC.
The Servicer will be required to pay all reasonable fees and expenses owing to any bank or trust company in connection with the maintenance of the Collection Account, the Excess Spread Account and the Lock-Box Account.
Upon receipt of the Required Equity Contribution Notice the Seller shall deposit within the timeframe set forth in Section 2.21 an amount of cash into the Excess Spread Account equal to the Required Equity Shortfall.
To the extent that, on any Payment Date during the Amortization Period, there are funds on deposit in the Excess Spread Account, such funds shall be applied on such Payment Date in accordance with Section 2.10.
The Originator hereby agrees, upon receipt of a Required Equity Contribution Notice delivered pursuant to and in accordance with the terms of this Agreement, to deposit into the Excess Spread Account or to otherwise cure within two Business Days the related Required Equity Shortfall as provided in the Required Equity Contribution Notice after giving effect to any deposits to the Excess Spread Account made by the Seller pursuant to Section 6.4(g).
The Servicer will be required to pay all reasonable fees and expenses owing to any bank or trust company in connection with the maintenance of the Collection Account, the Reserve Account and the Excess Spread Account.
If the Seller fails at any time to maintain the Required Equity Contribution, Collections shall be deposited into the Excess Spread Account pursuant to Sections 2.7(a)(vii) and 2.8(viii), as applicable, until such time as the Required Equity Contribution on any day equals or exceeds $75,000,000.
In connection with the foregoing, the Borrower agrees that the Borrower shall notify the Agent in writing promptly upon the Excess Spread Account ceasing to be an Eligible Deposit Account.
To the extent that, on any Payment Date, there are funds on deposit in the Excess Spread Account in excess of those required to fund the Required Equity Shortfall, an amount equal to such excess shall be deposited, on such Payment Date, to the Collection Account for application in accordance with Section 2.7 and Section 2.8, as applicable.
If, at any time, the Excess Spread Account ceases to be an Eligible Deposit Account, then the Borrower (or the Agent on its behalf) shall within twenty (20) Business Days (or such longer period as to which the Agent may consent) establish a new Excess Spread Account (which shall be an Eligible Deposit Account) and shall transfer any cash and/or any investments to such new Excess Spread Account.