LOCAL ACCOUNT Sample Clauses

LOCAL ACCOUNT. In case the Account is a local (Hong Kong only) account, the Client agrees to be bound by the following additional terms and conditions:
Sample 1Sample 2
AutoNDA by SimpleDocs
LOCAL ACCOUNT. See ss.8.13.1.
Sample 1
LOCAL ACCOUNT. See Section 10.14.1.
Sample 1
LOCAL ACCOUNT. See Section 10.22.1
Sample 1
LOCAL ACCOUNT. The Manager shall be entitled to establish, from time to time, a segregated bank account in the name of Manager (or the name under which the Hotel is operated), which is not required to be an Eligible Account, at a financial institution located in the vicinity of the Mortgaged Property (the "Local Account"), which shall be maintained solely for the purpose of (i) -------------- receiving deposits in the ordinary course of business of certain Gross Revenues from the Hotel (but in no event payments from credit card companies) and (ii) paying certain Management Expenses that, in the ordinary course of operating the Hotel, are customarily paid from the Local Account. Funds on deposit in the Local Account shall not be commingled with funds related to any other properties owned or managed by the Manager or by any person other than the Borrower. At least twice each week, the Manager shall transfer, by federal wire, automated clearing house funds, or other transfer of next-day available funds, into the Manager's Account (or, if the procedures described in Section 7 hereof are then applicable, into the Lockbox Account), all available funds then on deposit in the Local Account, less amounts that are required to pay Management Expenses customarily paid out of the Local Account in the ordinary course of operating the Hotel and an amount to be held for xxxxx cash and the "house banks" held at the Mortgaged Property; provided, however, that (a) such amounts shall not exceed $150,000 (subject to adjustment at the end of each Fiscal Year for increases in the CPI Percentage) and (b) such amount shall be increased, by agreement of Borrower, the Manager and the Lender, if the Mortgaged Property shall be expanded to increase the number of rooms contained therein.
Sample 1
LOCAL ACCOUNT. See Section 8.14.1.
Sample 1
LOCAL ACCOUNT. See Section 7.17.1.
Sample 1
AutoNDA by SimpleDocs
LOCAL ACCOUNT. See Section 8.13.1. ------------- Material Adverse Effect. With respect to any event or occurrence of ----------------------- whatever nature (including any adverse determination in any litigation, arbitration or governmental investigation or proceeding):
Sample 1

Related to LOCAL ACCOUNT

  • Special Account 1. For the purposes of this Schedule:

  • Establishment of Custodial Account; Deposits in Custodial Account The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, the “Custodial Account”), titled “PrimeLending, in trust for Redwood Residential Acquisition Corporation as Purchaser of Mortgage Loans and various Mortgagors.” Such Custodial Account shall be an Eligible Account established with a commercial bank, a savings bank or a savings and loan association (which may be a depository affiliate of the Seller) which meets the guidelines set forth by the FHFA, Fxxxxx Mxx or Fxxxxxx Mac as an eligible depository institution for custodial accounts. The Custodial Account shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld. In any case, the Custodial Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date):

  • Establishment of Custodial Accounts; Deposits in Custodial Accounts The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts. The creation of any Custodial Account shall be evidenced by a Custodial Account Letter Agreement in the form of Exhibit 7. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:

  • Concentration Account Concentration Account" has the meaning set forth in Section 2.3.

  • Collection Accounts Section 3.11 Withdrawals from the Collection Accounts..................... Section 3.12 Investment of Funds in the Collection Accounts and the Distribution Account......................................... Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage........................................ Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements.... Section 3.15

  • Custodial Accounts It is agreed that all accounts opened under the Uniform Gift to Minors Act (UGMA), the Uniform Transfers to Minors Act (UTMA), or similar state statutes will be properly created and that all property so transferred will be done in compliance with such applicable statutes. There will be good faith reliance upon the instructions given, representations made and actions taken by a transferor or custodian. Further, the custodian represents and warrants that the assets in the account belong to the minor and that all such assets, whether or not transferred out of the UGMA or UTMA account, will only be used for the benefit of the minor.

  • Custodial Accounts; Distribution Account (a) On or prior to the Closing Date, the Master Servicer shall have caused each Servicer to establish and maintain one or more Custodial Accounts, as provided in the related Purchase and Servicing Agreement, into which all Scheduled Payments and unscheduled payments with respect to the related Mortgage Loans, net of any deductions or reimbursements permitted under the related Purchase and Servicing Agreement, shall be deposited. On each Distribution Account Deposit Date, the Servicers shall remit to the Securities Administrator for deposit into the Distribution Account, all amounts so required to be deposited into such account in accordance with the terms of the related Purchase and Servicing Agreements.

  • Clearing Account If the Servicer finds it necessary to use a clearing account, the following guidelines must be followed:

  • Establishment of and Deposits to Custodial Account The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):

  • Separate Accounts The trustee shall maintain within the trust fund a separate account for each Agricultural Contractor that signs the trust agreement to hold deposits made pursuant to this article.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!