Borrower Deposit Account definition
Examples of Borrower Deposit Account in a sentence
Any such amounts on deposit in the Borrower Deposit Account shall be applied on each Payment Date (i) to the Mortgage Debt Service due on each such Payment Date and (ii) the Mezzanine Debt Service due on each such Payment Date (with the balance of any such amounts, if any, being disbursed to or as directed by Mortgage Borrower).
Borrower shall reserve or shall cause Senior Mezzanine Borrower or Mortgage Borrower to reserve each month (and, each month, to retain in the Borrower Deposit Account from the first Rents paid and collected during each such month) an amount equal to the sum of the Mortgage Debt Service and the Mezzanine Debt Service due and payable under the Mezzanine Loan Agreements on the Payment Date occurring during each such month.
All costs and expenses for establishing and maintaining the Blocked Account, Borrower Deposit Account, Cash Management Account or Working Capital Account shall be paid by Mortgage Borrower, Senior Mezzanine Borrower or Borrower.
IBM does not warrant uninterrupted or error-free operation of any Service or that IBM will correct all defects.
The Borrower Deposit Account shall be under the sole dominion and control of Collateral Agent (which may be exercised through Servicer); provided, however, that so long as an Event of Default has not occurred and is continuing, subject to the provisions of Section 2.6.1(f), Borrower may make withdrawals from the applicable Borrower Deposit Account at any time and from time to time.
Establish any new bank accounts, or attempt to amend or terminate any Lockbox Agreement or other agreement required under subsection 2.4(A) or relating to the Collection Account or any Borrower Deposit Account, except as expressly permitted by Section 2.4(A)(4), without Collateral Agent's prior written consent.
The Borrower hereby covenants that prior to the release of the Advance held in the Borrower Deposit Account to the Seller it will deliver to the Agent each of the documents specified in Part 2 of the First Schedule and in both form and substance satisfactory to the Agent.
The Blocked Account, the Cash Management Account and the Borrower Deposit Account and any sub-account thereof shall be assigned the federal tax identification numbers of each Borrower set forth on Schedule I attached hereto.
All costs and expenses for establishing and maintaining the Blocked Account, Cash Management Account, Borrower Deposit Account or Working Capital Account shall be paid by Mortgage Borrower, Senior Mezzanine Borrower or Borrower.
All costs and expenses for establishing and maintaining the Borrower Deposit Account (and any sub account thereof) shall be at Borrower’s sole cost and expense.