Special Insurance Reserves Account Sample Clauses

Special Insurance Reserves Account. Upon the request of the Borrower Representative, the Administrative Agent shall require Borrowers to deposit in the Special Insurance Reserve Account an aggregate amount equal to the difference between deductibles in respect of insurance policies maintained by the Borrowers that are in excess of the levels permitted by Section 5.04 and such permitted deductibles. During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders shall, direct the Paying Agent in writing to distribute amounts from the Special Insurance Reserve Account in accordance with the written instruction of the Administrative Agent (which may be in electronic form) received no later than 4:00 p.m. (New York City time) one (1) Business Day prior to the date of distribution.
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Special Insurance Reserves Account. (i) Non-Shared Payments Account; and (j) Post Lease Term Reserve Account. [Intercreditor Agreement] The Collateral Agent shall establish a sub-account in the Stipulated Loss Value Deficiency Account and the Non-Shared Payments Account for each Lease. In addition, certain additional sub-accounts within certain of the Accounts may be established and created by the Collateral Agent from time to time to facilitate compliance with this Agreement. All amounts from time to time held in each Account (other than amounts in the Non-Shared Payments Account) shall be held (a) in the name of the Collateral Agent, for the benefit of the Beneficiaries and (b) in the custody of the Collateral Agent for the purposes and on the terms set forth in this Agreement and all such amounts shall constitute a part of the Collateral and shall not constitute payment of any Secured Obligation or any other obligation of the Company until applied as hereinafter provided. All amounts held from time to time in a sub-account of the Non-Shared Payments Account shall be held in the name of the Collateral Agent for the benefit of the related Beneficiary for which such Non-Shared Payment was made. In respect of any Secured Obligation owed to the Beneficiaries, each Beneficiary hereby acknowledges and agrees to look solely to the amounts on deposit in the Accounts to the extent amounts are available for distribution to such Beneficiary in the priority of payments set forth in Section 3.4, subject, however, to the provisions of Sections 4.3 and 4.4.
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Related to Special Insurance Reserves Account

  • Insurance Reserves Lender may require Grantor to maintain with Lender reserves for payment of insurance premiums, which reserves shall be created by monthly payments from Grantor of a sum estimated by Lender to be sufficient to produce, at least fifteen (15) days before the premium due date, amounts at least equal to the insurance premiums to be paid. If fifteen (15) days before payment is due, the reserve funds are insufficient, Grantor shall upon demand pay any deficiency to Lender. The reserve funds shall be held by Lender as a general deposit and shall constitute a non-interest-bearing account which Lender may satisfy by payment of the insurance premiums required to be paid by Grantor as they become due. Lender does not hold the reserve funds in trust for Grantor, and Lender is not the agent of Grantor for payment of the insurance premiums required to be paid by Grantor. The responsibility for the payment of premiums shall remain Grantor's sole responsibility.

  • Security Deposit Account If applicable law or a Lender requires a segregated account of Tenant security deposits, Property Manager will open a separate account at a reputable bank or other financial institution. Property Manager may return such deposits to any Tenant in the ordinary course of business in accordance with the terms of the applicable Lease.

  • Control Accounts; Approved Deposit Accounts Each Loan Party shall (i) deposit in an Approved Deposit Account all Cash it receives, (ii) not establish or maintain any Securities Account or Commodities Account that is not a Control Account and (iii) not establish or maintain any Deposit Account other than an Approved Deposit Account, provided however that notwithstanding the foregoing, each Loan Party may (w) maintain zero-balance accounts for the purpose of managing local disbursements and collections and may maintain payroll, withholding tax and other fiduciary accounts, (x) maintain accounts into which amounts are paid by a governmental entity pursuant to one or more Health Care Laws so long as the amounts on deposit therein are transferred each Business Day to an Approved Deposit Account or any other account permitted to be so utilized under this Section 5.14, (y) maintain other accounts as long as the aggregate monthly average daily balance over the immediately preceding 12-month period for all such Loan Parties in all such other accounts does not exceed $3,000,000 at any time and (z) make pledges or cash deposits permitted by Section 6.02.

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

  • Deposit Account (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and the Certificateholders, the Deposit Account as provided in Section 5.01 of the Sale and Servicing Agreement.

  • Establishment of Collateral Accounts The Custodian hereby confirms and agrees 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.

  • Initial Reserve Account Deposit On the Closing Date, the Depositor will deposit or cause to be deposited the Specified Reserve Balance into the Reserve Account from the net proceeds of the sale of the Notes.

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

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

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