Cash Trap Account definition

Cash Trap Account shall have the meaning assigned to such term in the Cash Trap Account Security Agreement.

Cash Trap Account means the account referred to in Clause 21.1.5 (Bank Accounts) and includes any replacement account or sub-division of that account.

Cash Trap Account as defined in Section 2.1(b)(v).

Examples of Cash Trap Account in a sentence

• Nothing in this Section 2.07 shall be deemed to limit any obligation of the Borrower under the Deeds of Trust or any other Security Document, including any obligation to remit to the Cash Trap Account, Project-Level Account, or a Controlled Account pursuant to the Deeds of Trust or any of the other Security Documents the Insurance Proceeds, Condemnation Awards or other compensation received in respect of any Casualty Event or Taking.

• All deposits to and disbursements of all or any portion of the deposits to the Cash Trap Account shall be in accordance with this Agreement and the Cash Trap Account Security Agreement.

• Any interest which may accrue on the amounts on deposit in a Cash Trap Account shall be added to and shall become part of the balance of the Cash Trap Account.

• The Borrower hereby agrees to pay any and all fees charged by Depository Bank in connection with the maintenance of the Cash Trap Account and the performance of its duties.

• Provided no Default or Event of Default then exists, any funds held in the Cash Trap Account shall be released to the Borrower for the account of the Borrower upon the occurrence of a Low DSCR Release Event and, in such event the Borrower shall no longer be required to cause the deposit of the subsequent Excess Cash into the Cash Trap Account unless a Low DSCR Trigger Event occurs with respect to any future calendar quarter.

• The Borrower shall enter into with the Administrative Agent and the applicable Depository Bank a Cash Trap Account Security Agreement (with such changes thereto as may be required by the Depository Bank and satisfactory to the Administrative Agent) which shall govern the Cash Trap Account established for it and the rights, duties and obligations of each party to such Cash Trap Account Security Agreement.

• Upon the occurrence of a Low DSCR Trigger Event and on each day that the required monthly report is due under Section 8.01(e) and continuing for each month thereafter during any Low DSCR Trigger Period, the Borrower shall cause all Excess Cash from the Projects to be paid each month directly to the Administrative Agent for deposit into a Cash Trap Account established for the Borrower as additional collateral for its Obligations.

• Amounts in the DSCR Cash Trap Account shall be subject to withdrawal and application in accordance with Section 3.08(m).

• Amounts shall be deposited in the DSCR Cash Trap Account in accordance with Section 3.09(a) hereof.

• The Borrower may only use the credit on the Cash Trap Account with the consent of the Lender, unless the Borrower uses such credit for payments to the Lender.

More Definitions of Cash Trap Account

Cash Trap Account has the meaning set forth in Section 3.13(c).

Cash Trap Account means the account designated as such in Schedule 14.1.1 – Transaction Accounts. “Cash Trap Event” is defined in Section 17.1. “Change of Control” and “control” is defined in Section 3.2. “Coba Deposit Account” means the accounts designated as such (and further described) in Schedule 14.

Cash Trap Account means the bank account opened in the name of the Issuer with the

Cash Trap Account has the meaning given such term in Section 4.27(c) hereof.

Cash Trap Account has the meaning set forth in SECTION 3.3(a).

Cash Trap Account means the account referred to as such in clause 21 (Bank Accounts);