Seller Collection Accounts definition

Seller Collection Accounts means the accounts specified as such in Exhibit B, each of which shall be maintained at an Account Bank in the name of Seller.
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Seller Collection Accounts. ] means the bank account[s] maintained by [the/each] Seller with the Seller Collection Account Bank to which payments made by the relevant Borrowers under or in connection with the Mortgage [Loans / Receivables] will be paid;
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Seller Collection Accounts means the Austrian USD Seller Collection Accounts and the German USD Seller Collection Accounts set out under the heading “Seller Collection Accounts” in 3 (Account Details) of the Back-Up Servicing Agreement.
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Examples of Seller Collection Accounts in a sentence

  • For as long as no Assignment Notification Event has occurred, all payments made by Borrowers will be paid into the Seller Collection Accounts.

  • There is therefore a risk that the cashflows under the Mortgage Receivables through the Seller Collection Accounts are interrupted by a Dutch Insolvency Proceeding of the Seller.

  • The Seller Collection Accounts are not pledged to any party and are also used for the collection of moneys paid in respect of mortgage loans other than the Mortgage Loans in respect of which the Mortgage Receivables are sold to the Seller and in respect of any other moneys belonging to the Seller.

  • The Seller has delivered to the Administrative Agent a fully executed Seller Account Agreement relating to the Concentration Account and each Seller Collection Account, pursuant to which the applicable Account Bank has agreed to comply with the instructions originated by the Administrative Agent directing the disposition of funds in the Concentration Account or the Seller Collection Accounts, as applicable, without further consent by the Seller, the Servicer or any other Person.

  • The Issuer’s ability to make payments in respect of the Notes and to pay its operating and administrative expenses depends on funds being received from the Borrowers into the Seller Collection Accounts and such funds subsequently being swept on (at least) a monthly basis by the Pool Servicer to the Issuer Collection Account.

  • In the event that the Issuer or the Issuer Security Trustee were to seek to exercise its rights to revoke the Servicer’s instruction rights in respect of the Seller Collection Accounts, it is possible that the existence of multiple trust interests over the amounts standing to the credit of the Seller Collection Accounts could result in delays in giving effect to such revocation.

  • On each Collection Payment Date, the Seller shall, inter alia, transfer (or procure that the relevant Pool Servicer transfers on its behalf) all amounts of interest, including any prepayment penalties and penalty interest and principal received by the Seller since the last Collection Payment Date (or since the Initial Cut-off Date in case of the first Collection Payment Date) in respect of the SME Receivables and paid to the Seller Collection Accounts to the Issuer Collection Account.

  • Collections of revenue and principal in respect of the Mortgage Loans in the Mortgage Portfolio are received by the Legal Title Holders in the Seller Collection Accounts.

  • The Seller Collection Accounts are not subject to any target balancing arrangements or similar arrangements, and the Seller has not consented to any target balancing arrangement in respect of the Seller Collection Accounts.

  • In case of insolvency of the Seller, the recourse the Issuer would haveagainst the Seller would be an unsecured claim against the insolvent estate of the Seller for collection moneys then standing to the credit of the Seller Collection Accounts at such time.


More Definitions of Seller Collection Accounts

Seller Collection Accounts means each account listed on Schedule II to the Receivables Purchase Agreement as a Seller Collection Account (as such schedule may be modified from time to time in connection with the closing or opening of any Seller Collection Account in accordance with the terms hereof) (in each case, in the name of the Seller)
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Related to Seller Collection Accounts

  • Master Servicer Collection Account The trust account or accounts created and maintained pursuant to Section 4.02, which shall be denominated "JPMorgan Chase Bank, as Trustee f/b/o holders of Structured Asset Mortgage Investments II Inc., Bear Xxxxxxx ALT-A Trust 2004-8, Mortgage Pass-Through Certificates, Series 2004-8 - Master Servicer Collection Account," and which shall be an Eligible Account.

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

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

  • 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.

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

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

  • 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.

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

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

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

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

  • Exchange Note Collection Account means the account established under Section 4.1(a) of the Servicing Supplement.

  • Servicer Custodial Account The separate Eligible Account or Accounts created and maintained by the Servicer pursuant to Section 3.08(b).

  • Final Collection Date means the Business Day following the termination of purchases under this Agreement on which all amounts to which the Purchasers shall be entitled in respect of Purchased Receivables and all other amounts owing to the Administrative Agent and the Purchasers hereunder and under the other Purchase Documents are paid in full.

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

  • Custodial Accounts Each custodial account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Purchasing and Servicing Agreement or Servicing Agreement, as applicable.

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

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

  • Sub-Servicing Account An account established by a Sub-Servicer which meets the requirements set forth in Section 3.08 and is otherwise acceptable to the Master Servicer.

  • Seller Account shall have the meaning set forth in the preamble of this Agreement.

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

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

  • Certificate Account Deposit Date As to any Distribution Date, the Business Day prior thereto.

  • 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.

  • Net Collections With respect to any Corrected Mortgage Loan, an amount equal to all payments on account of interest and principal on such Mortgage Loan.

  • Collection Account Agreement means each agreement substantially in the form of Exhibit VI, or such other form as may be acceptable to the Agent, among the applicable Originator, a Seller, Collection Bank and the Agent, as it may be amended, restated, supplemented or otherwise modified and in effect from time to time.