Borrower Residual Account definition

Borrower Residual Account has the meaning set forth in the Mezzanine 3 Loan Agreement.
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Borrower Residual Account has the meaning set forth in Section 9.10.
Sample 1
Borrower Residual Account is defined in the Mezzanine 3 Loan Agreement (and, if the Mezzanine 3 Loan is fully repaid, such replacement “Borrower Residual Account” as may be established under the Mezzanine 2 Loan Agreement or the Mezzanine 1 Loan Agreement, as described in Section 9.1 of each such Senior Mezzanine Loan Agreement).
Sample 1

Examples of Borrower Residual Account in a sentence

  • Borrower represents that as of December 24, 2012 the balance of the Borrower Residual Account is $5,849,499.21.

  • Any CIGNA Property FF&E Replacement Reserve Reconciliation Deposit shall be made by Borrower from funds in the Borrower Residual Account (including the Working Capital Reserve) and shall not be allocated from funds in the Mezzanine Cash Management Account pursuant to Section 10.2(b).

  • Any CIGNA Property Capital Replacement Reserve Reconciliation Deposit shall be made by Borrower from funds in the Borrower Residual Account (including the Working Capital Reserve), and shall not be allocated from funds in the Mezzanine Cash Management Account pursuant to Section 10.2(b).

  • Borrower shall cause Mezzanine 3 Borrower to cause all Excess Cash (as defined in the Mezzanine 3 Loan Agreement) to be deposited in the Borrower Residual Account and all amounts in the Borrower Residual Account (including amounts allocated to the Working Capital Reserve) to be utilized only for the purposes expressly permitted under the terms of the Mezzanine 3 Loan Agreement and for no other purpose.

  • Borrower represents that as of December 10, 2012 the balance of the Borrower Residual Account is $4,580,614.00.

  • Interest accruing on the Borrower Residual Account and the Reserve Accounts shall be periodically added to the principal amount of the Borrower Residual Account and Reserve Accounts, as applicable, and shall be held, disbursed and applied in accordance with the provisions of this Agreement.

  • In no event shall Lender or its Affiliates, agents, employees or bailees, be liable or responsible for any loss or damage to any amounts on deposit in the Borrower Residual Account or the Reserve Funds, or for any diminution in value thereof, by reason of the act or omission of Lender, except to the extent that such loss or damage results from Lender’s gross negligence or willful misconduct or intentional nonperformance by Lender of its obligations under this Agreement.

  • Upon assignment of the Loan by Lender, any amounts on deposit in the Borrower Residual Account and any Reserve Funds shall be turned over to the assignee and any responsibility of Lender as assignor shall terminate.

  • 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.

  • Any FF&E Replacement Reserve Reconciliation Deposit shall be made by Borrower from funds in the Borrower Residual Account (including the Working Capital Reserve), the Excess Funds Reserve Account, or the Excess Funds Separate Account, and shall not be allocated from funds in the Cash Management Account pursuant to Section 10.2(b).

Related to Borrower Residual Account

  • Borrower Account has the meaning specified in Section 2.11(a)(ii).

  • Credit Account is modified to read “Grant Account”.

  • Interest Collection Subaccount The meaning specified in Section 10.2(a).

  • Yield Supplement Account means the account designated as such, and established and maintained pursuant to Section 4.01.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Excess Funds Subaccount is defined in Section 8.02(a) of the Indenture.

  • Principal Accumulation Account Balance means, for any date of determination, the principal amount, if any, on deposit in the Principal Accumulation Account on such date of determination.

  • Principal Account as set forth in the Standard Terms and Conditions of Trust shall be replaced with the term "Capital Account."

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Reportable Account The term “Reportable Account” means an account held by one or more Reportable Persons or by a Passive NFE with one or more Controlling Persons that is a Reportable Person.

  • Targeted Accumulation Reserve Subaccount Deposit means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) [0.5]% of the Outstanding Dollar Principal Amount of the Class C( - ) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer.]

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.

  • Reserve Account Withdrawal Amount means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.

  • Principal Accumulation Account means the account designated as such, established and owned by the Issuer and maintained in accordance with Section 4.2.

  • Debt Service Reserve Account as defined in the Depositary Agreement.

  • Interest Funding Account shall have the meaning specified in subsection 4.2(b).

  • Surplus Account has the meaning assigned to it in Section 3.02(a).

  • Consolidated Account means an account which is a consolidation of any separate accounts of a person who is liable for payment to the Municipality.

  • U.S. Reportable Account means a Financial Account maintained by a Reporting [FATCA Partner] Financial Institution and held by one or more Specified U.S. Persons or by a Non-U.S. Entity with one or more Controlling Persons that is a Specified U.S. Person. Notwithstanding the foregoing, an account shall not be treated as a U.S. Reportable Account if such account is not identified as a U.S. Reportable Account after application of the due diligence procedures in Annex I.

  • Subsidy Account If the Trust Estate contains any Subsidy Loans, the deposit account or accounts created and maintained by the Servicer for deposit of Subsidy Funds and amounts payable under interest subsidy agreements relating to mortgage loans other than the Mortgage Loans.

  • Prepayment Account for any Class of Loans shall mean an account (which may include the Prepayment Account established under the Security Agreement) established by the Borrower with the Collateral Agent and over which the Collateral Agent shall have exclusive dominion and control, including the exclusive right of withdrawal for application in accordance with this subsection (viii). The Collateral Agent will, at the request of the Borrower, invest amounts on deposit in the Prepayment Account for any Class of Loans in Cash Equivalents that mature prior to the last day of the applicable Interest Periods of the Eurodollar Loans of such Class to be prepaid; provided, however, that (i) the Collateral Agent shall not be required to make any investment that, in its sole judgment, would require or cause the Collateral Agent to be in, or would result in any, violation of any Law, (ii) such Cash Equivalents shall be subjected to a First Priority Lien in favor of the Collateral Agent and (iii) if any Event of Default shall have occurred and be continuing, the selection of such Cash Equivalents shall be in the sole discretion of the Collateral Agent. The Borrower shall indemnify the Collateral Agent for any losses relating to such investments in Cash Equivalents so that the amount available to prepay Eurodollar Loans on the last day of the applicable Interest Periods is not less than the amount that would have been available had no investments been made pursuant thereto. Other than any interest or profits earned on such investments, the Prepayment Accounts shall not bear interest. Interest or profits, if any, on the investments in any Prepayment Account shall accumulate in such Prepayment Account until all outstanding Loans of any applicable Class with respect to which amounts have been deposited in the Prepayment Accounts have been prepaid in full, at which time so much thereof as is not required to make payment of the Senior Credit Obligations which have become due and payable (whether by scheduled maturity, acceleration or otherwise) shall be withdrawn by the Collateral Agent on the next Business Day following the day on which the Collateral Agent considers the funds deposited therein to be collected funds and disbursed to the Borrower or its order. If the maturity of the Loans has been accelerated pursuant to Section 8.02, the Administrative Agent may, in its sole discretion, cause the Collateral Agent to withdraw amounts on deposit in the Prepayment Account for the applicable Class of Loans and, subject to Section 8.03, apply such funds to satisfy the Senior Credit Obligations of the applicable Class or Classes.

  • Principal Account(s means deposit accounts of the Fund or a Portfolio carried on the books of BBH&Co. as principal in accordance with Section 7 hereof.

  • Voluntary Contribution Account means the account established and maintained by the Administrator for each Participant with respect to his total interest in the Plan resulting from the Participant's nondeductible voluntary contributions made pursuant to Section 4.12.

  • Interest Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

  • Special Account means the account referred to in Section 2.02 (b) of this Agreement;