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Master Collections Account definition

Master Collections Account means the lockbox account established and maintained by the Servicer.
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Master Collections Account shall be a lockbox account in the name of and owned by Acquisition Agent, which shall serve to collect all Contract payments from Obligors and all other receipts relating to Contracts, as further described and governed in the Servicing Agreement.
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Master Collections Account shall have the meaning specified in Section 6.15.
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Examples of Master Collections Account in a sentence

  • The Servicer acknowledges that any collections or proceeds from the Contracts in the Master Collections Account, or otherwise in the possession or control of the Servicer, are the Company's property.

  • If the Servicer is unable to do so, it shall purchase such Contract from the Company through a deposit into the Master Collections Account no later than the end of the calendar month after which such 90-day period expired of an amount equal to the product of (x) the Price/Payments Ratio multiplied by (y) the aggregate unpaid installments on the Contract.

  • Servicer shall have no ownership in or authority to amend, modify, change or terminate the Master Collections Account without the prior written consent of the Buyer.

  • From and after the date hereof until such time as the Servicing Agreement terminates, Servicer, as an independent contractor, shall at its own expense, direct all Obligors on the Contracts to remit all collections and payments directly to, or otherwise cause all payments on the Contracts to be deposited in, Servicer's Master Collections Account.

  • If the Servicer is unable to do so, it shall purchase such Contract from the Buyer through a deposit into the Master Collections Account no later than the end of the Collection Period during which such 90-day period expired of an amount equal to the purchase price paid by the Buyer for such Contract less any lease payments from the Obligor relating to the Contract after the Buyer's purchase of the Contract.

  • All Obligors under related Contracts will be issued a preprinted payment book, monthly statements or other remittance advice or instructions that will specifically request that all payments be made to Servicer's Master Collections Account lockbox.

  • All Liquidation Proceeds (net of Liquidation Expenses) and Insurance Proceeds (net of expenses incurred by the Servicer and recoverable under the related insurance policy and net of the portion thereof applied to the repair of any Leased Vehicle or released to an Obligor in accordance with the Servicer's normal servicing procedures) shall be deposited in the Master Collections Account to the extent required by the Servicing Agreement.

  • The Company, the Trustee and each Holder acknowledges that the proceeds from the Contracts deposited into the Master Collections Account may be commingled with the proceeds of other motor vehicle retail installment contracts and obligations serviced by the Servicer.

  • The Company agrees that all cash, money orders, checks, notes, drafts and other items that it otherwise receives and that are attributable to the Contracts shall be promptly deposited into the Master Collections Account.

  • The Servicer shall give the Trustee and the Company at least five Business Days' written notice of any change in the location of the Master Collections Account and any related account identification information.

Related to Master Collections Account

  • Collections Account has the meaning given to such term in Section 3.01(a) hereof.

  • Master Servicer Collection Account The trust account or accounts created and maintained pursuant to Section 4.02, which shall be denominated "Wachovia Bank, National Association, as Trustee f/b/o holders of Xxxxxxx Xxxxx Mortgage Investors, Inc., Mortgage Pass-Through Certificates, MLMI Series 2005-A1 - Master Servicer Collection Account." The Master Servicer Collection Account shall be an Eligible Account.

  • Primary Servicer Collection Account shall have the meaning set forth in Section 3.01(c)(7) of this Agreement.

  • 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.

  • Principal Collection Account means a segregated, non-interest bearing securities account (within the meaning of Section 8-501 of the UCC) number 172148-202, which is created and maintained on the books and records of the Securities Intermediary entitled “Principal 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).

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Collection Accounts As defined in Section 3.10(a).

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

  • Interest Collection Subaccount The meaning specified in Section 10.2(a).

  • Related Account means an Account with respect to which a new credit account number has been issued by the applicable Account Owner or Servicer or the applicable Transferor under circumstances resulting from a lost or stolen credit card and not requiring standard application and credit evaluation procedures under the Credit Card Guidelines.

  • Finance Charge Account is defined in Section 4.9(a).

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Unallocated Account means the account maintained by us in your name on an Unallocated Basis pursuant to this agreement.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Finance Charge Collections means Collections of Finance Charge Receivables.

  • Transaction Account means a cash account established and maintained by Repo Custodian for the Funds to effect repurchase transactions pursuant to the Master Agreement.

  • Segregated Account means a client bank account as defined by and held in accordance with the Applicable Regulations.

  • Servicing Account The account or accounts created and maintained pursuant to Section 3.09.

  • Principal Collection Subaccount The meaning specified in Section 10.2(a).

  • Prefunding Account The separate Eligible Account created and maintained by the Trustee pursuant to Section 3.06(g) in the name of the Trustee for the benefit of the Certificateholders and designated “U.S. Bank National Association, in trust for registered holders of Home Equity Asset Trust 2004-2, Home Equity Pass-Through Certificates, Series 2004-2. Funds in the Prefunding Account shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement and shall not be a part of any REMIC created hereunder; provided, however, that any investment income earned from Permitted Investments made with funds in the Prefunding Account shall be for the account of the Depositor.

  • Interest Collections means, (i) with respect to any Loan Asset, all payments and collections attributable to interest on such Loan Asset, including, without limitation, all scheduled payments of interest and payments of interest relating to principal prepayments, all guaranty payments attributable to interest and proceeds of any liquidations, sales, dispositions or securitizations attributable to interest on such Loan Asset and (ii) amendment fees, late fees, waiver fees or other amounts received in respect of Loan Assets.

  • Servicing Accounts The account or accounts created and maintained pursuant to Section 3.08.

  • Excess Loss Account has the meaning set forth in Reg. Section 1.1502-19.

  • Collection Account Bank means any of the banks or other financial institutions holding one or more Collection Accounts.

  • Distribution Account Deposit Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

Most Referenced Clauses

Most Referenced Definitions