Interest Collection Account definition

Interest Collection Account. A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

Interest Collection Account means the collective reference to the segregated, non-interest bearing securities accounts (within the meaning of Section 8-501 of the UCC) created and maintained on the books and records of the Securities Intermediary identified as interest collection accounts and, in each case, (x) is in the name of the Borrower or the applicable Permitted Subsidiary, subject to the Lien of the Collateral Agent for the benefit of the Secured Parties, (y) includes any and all sub-accounts and (z) is established and maintained pursuant to Section 8.1(a).

Interest Collection Account has the meaning assigned to such term in Section 8.02(a).

Examples of Interest Collection Account in a sentence

• On each Payment Date, amounts in the Interest Collection Account and the Principal Collection Account shall be applied to make the payments and disbursements described in Section 2.7 or 2.8, as applicable.

• Any amounts received by the Collateral Custodian that are denominated in an Approved Foreign Currency that are required to be deposited into the Principal Collection Account or the Interest Collection Account shall be deposited by the Collateral Custodian into the applicable Principal Collection Account or Interest Collection Account, as applicable, for an Approved Foreign Currency.

• In addition, for an Approved Foreign Currency, the Collateral Custodian shall establish segregated accounts that each constitute a Principal Collection Account and Interest Collection Account for an Approved Foreign Currency.

• Interest Proceeds on deposit in the USD Interest Collection Account and each Permitted Non-USD Currency Account shall be withdrawn by the Collateral Agent (at the written direction of the Company or the Servicer on its behalf (or, following the occurrence and during the continuation of an Event of Default, the Administrative Agent)) and applied to make payments in accordance with this Agreement or to make Permitted Distributions or Permitted RIC Distributions as permitted by this Agreement.

• The Company shall notify the obligor (or the relevant agent under the applicable Underlying Instruments) with respect to each Portfolio Investment to remit all amounts that constitute Interest Proceeds to the USD Interest Collection Account; provided that Interest Proceeds denominated in a Permitted Non-USD Currency shall be deposited into the applicable Permitted Non-USD Currency Account.

More Definitions of Interest Collection Account

Interest Collection Account. The trust account established pursuant to Section 10.2(a) hereof.

Interest Collection Account means a sub-account of the Collection Account established pursuant to Section 7.01.

Interest Collection Account means a segregated, non-interest bearing securities account (within the meaning of Section 8-501 of the UCC) number 172148-201, which is created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and maintained pursuant to Section 8.1(a).

Interest Collection Account means a sub-account (account number 163757-201 at the Account Bank) of the Collection Account into which Interest Collections shall be segregated.

Interest Collection Account means the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule for the deposit of Interest Proceeds and any successor accounts established in connection with the resignation or removal of the Securities Intermediary.

Interest Collection Account means the account established pursuant to Section 10.1(b) and described in Section 10.2(a)

Interest Collection Account means a sub-account (account number 787456-201 at the Bank) of the Collection Account into which Interest Collections shall be segregated.