Principal Collection Account definition

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).

Principal Collection Account. A Securities Account 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.

Principal Collection Account means a sub-account (account number 787456-202 at the Bank) of the Collection Account into which Principal Collections shall be segregated.

Examples of Principal Collection Account in a sentence

• All proceeds of any Permitted Investment shall be deposited in the Collection Account, the Principal Collection Account or the Reserve Account, as applicable.

• The initial 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 Principal Collection Account, the Reserve Account and the Credit Acceptance Payment Account.

• Funds on deposit in the Collection Account, the Principal Collection Account and the Reserve Account shall be invested in Permitted Investments by or at the written direction of the Borrower, provided that if a Termination Event or Unmatured Termination Event shall have occurred, such amounts shall continue to be invested in Permitted Investments according to the last written direction received from the 71 Borrower.

• Realized losses, if any, on amounts invested in Permitted Investments shall be charged against investment earnings on amounts on deposit in the Collection Account, the Principal Collection Account or the Reserve Account, as applicable.

More Definitions of Principal Collection Account

Principal Collection Account means the account designated as such, established and maintained pursuant to Section 5.01(a)(i) hereof.

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

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

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

Principal Collection Account. The account or accounts so designated and established pursuant to Section 10.3(a).

Principal Collection Account means the Subordinated Note Principal Collection Account and the Secured Note Principal Collection Account, collectively.

Principal Collection Account has the meaning specified in Section 3(a).