Reserve Funds and Borrower Residual Account Generally Sample Clauses

Reserve Funds and Borrower Residual Account Generally. (a) If the funds in any Reserve Account should exceed the amount of payments actually applied by Lender for the purposes of the account, Lender shall, in its sole discretion, credit such excess against future payments to be made to that Reserve Account or shall cause such excess to be deposited in the Mezzanine Cash Management Account. In allocating any such excess, Lender may deal with the Person shown on Lender’s records as being the owner of the applicable Individual Property. If at any time Lender reasonably determines that the Reserve Funds in any Reserve Account are not or will not be sufficient to make the payments which such Reserve Account was created to make (including any failure by Borrower to fund any CIGNA Property Capital Replacement Reserve Reconciliation Deposit or CIGNA Property FF&E Replacement Reserve Reconciliation Deposit as and when required under the terms of this Article IX), Lender shall notify Borrower of such determination and Borrower shall pay to Lender for deposit into the applicable Reserve Account any amount necessary to make up the deficiency within ten (10) days after notice from Lender to Borrower requesting payment thereof (and any failure to pay such amount within such time period shall be an Event of Default); provided, however, that notwithstanding the foregoing, Lender acknowledges that insufficient amounts in the Mezzanine Cash Management Account in order to make the deposits in Sections 10.2(b)(viii) through 10.2(b)(xv) shall not entitle Lender to require Borrower to make up the deficiency. The insufficiency of any balance in any of the Reserve Accounts shall not relieve Borrower from its obligation to fulfill all covenants in the Loan Documents. Upon payment in full of the Debt, all amounts in the Borrower Residual Account and all Reserve Funds remaining on deposit, if any, in any Reserve Account shall be returned to Borrower or the Person shown on Lender’s records as being the owner of the Property and no other party shall have any right or claim thereto.
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Related to Reserve Funds and Borrower Residual Account Generally

  • Reserve Funds, Generally (a) Borrower grants to Lender a first-priority perfected security interest in each of the Reserve Funds and any and all monies now or hereafter deposited in each Reserve Fund as additional security for payment of the Debt. Until expended or applied in accordance herewith, the Reserve Funds shall constitute additional security for the Debt.

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that:

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account.

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Custodial Subsidy Account The Servicer must establish a separate custodial account to hold Subsidy Funds on Mortgage Loans being serviced for the Trustee, its successors and assigns. These accounts must be clearly marked to indicate that the Servicer is a custodian for Subsidy Funds being held for the Trustee, its successors and assigns.

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

  • Establishment of Collateral Accounts The Custodian hereby confirms and agrees that:

  • Collateral Accounts Evidence that the Collateral Accounts have been established;

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