Common use of Escrow Imbalance Clause in Contracts

Escrow Imbalance. The Borrowers shall (to the extent it is acting as a servicer) or shall cause the Servicer to, no later than five (5) Business Days after learning (from any source) of any material imbalance in any reserve or escrow account related to any Collateral, fully and completely correct and eliminate such imbalance, including, without limitation, depositing its own funds into such account to eliminate any overdraw or deficit, to the extent required by the applicable Servicing Agreement (in the case of a Servicer).

Appears in 6 contracts

Sources: Credit Agreement (Northstar Realty), Credit Agreement (Arbor Realty Trust Inc), Credit Agreement (CapLease, Inc.)

Escrow Imbalance. The Borrowers shall (to the extent it is acting as a servicerServicer) or shall use commercially reasonable efforts to cause the Servicer to, no later than five (5) Business Days after learning (from any source) of any material imbalance in any reserve or escrow account related to any Collateral, fully and completely correct and eliminate such imbalance, including, without limitation, depositing its own funds into such account to eliminate any overdraw or deficit, to the extent required by the applicable Applicable Servicing Agreement (in the case of a Servicer).

Appears in 1 contract

Sources: Credit Agreement (Gramercy Capital Corp)