Loss Proceeds Account. (a) Lender will maintain an Eligible Account (which may be a book-entry subaccount) for the purpose of depositing any Loss Proceeds (the “Loss Proceeds Account”). (b) Provided no Event of Default is continuing, funds in the Loss Proceeds Account shall be applied in accordance with Section 5.16.
Appears in 4 contracts
Samples: Loan Agreement (Parkway, Inc.), Loan Agreement (Hartman Short Term Income Properties XX, Inc.), Loan Agreement (Aspen REIT, Inc.)
Loss Proceeds Account. (a) Lender will maintain an Eligible Account (which may be a book-entry subaccount) for the purpose of depositing any Loss Proceeds (the “Loss Proceeds Account”).
(b) Provided no Event of Default is continuing, funds in the Loss Proceeds Account shall be applied in accordance with Section 5.16.
(c) Any funds remaining on deposit in the Loss Proceeds Account after the Indebtedness has been paid in full shall be paid to or upon the direction of Borrower pursuant to the Irrevocable Redirection Letter.
Appears in 1 contract
Samples: Loan Agreement (Toys R Us Inc)
