Casualty Proceeds Account definition

Casualty Proceeds Account has the meaning given such term in Section 6.03.
Sample 1Sample 2Sample 3
Casualty Proceeds Account has the meaning assigned to such term in ------------------ Section
Sample 1Sample 2Sample 3
Casualty Proceeds Account has the meaning set forth in Section 7(b).
Sample 1Sample 2

Examples of Casualty Proceeds Account in a sentence

  • If the Lenders determine that such Casualty Proceeds shall be used for restoration, then the proceeds shall be disbursed from the Casualty Proceeds Account for such restoration in accordance with procedures reasonably determined by the Lenders consistent with construction loan funding principles.

  • Notwithstanding the foregoing, if the Lenders determine that the Casualty Proceeds shall be used for restoration and such Casualty Proceeds are less than $50,000, then such amount shall be disbursed from the Casualty Proceeds Account to the Borrower and the Borrower shall utilize such proceeds solely for restoration of such casualty.

  • All Casualty Proceeds (for collateral purposes) are hereby assigned by the Borrower to the Administrative Agent, and the Borrower shall have the right to collect any such payments, and such payments shall be deposited by the Lenders or the Administrative Agent in an account at the Lockbox Bank controlled by Administrative Agent (the "Casualty Proceeds Account").

  • Notwithstanding the foregoing, if the Borrower determines that the Casualty Proceeds shall be used for restoration and such Casualty Proceeds are less than One Hundred Thousand Dollars ($100,000), then such amount shall not be deposited in the Casualty Proceeds Account, but shall be made available to the Borrower and the Borrower shall utilize such proceeds solely for repair, rebuilding or restoration of such Casualty Event.

  • The Borrower hereby grants to the Administrative Agent for the benefit of the Lenders, a Lien in the Term Loan Casualty Proceeds Account to secure the Obligations, and shall execute such security agreements or control agreements as the Administrative Agent may request in order to perfect such first priority Lien in the Term Loan Casualty Proceeds Account.

  • The Administrative Agent may invest funds in the Term Loan Casualty Proceeds Account in a deposit account at Bank of America, N.A. (or such other institution as shall then be acting as Administrative Agent) as depository bank or, at the option of the Administrative Agent, in Cash Equivalents.

  • If no Event of Default exists, the proceeds shall be disbursed from the Casualty Proceeds Account for such restoration in accordance with procedures reasonably determined by the Agent consistent with construction loan funding principles.

  • Any Casualty Proceeds in the Casualty Proceeds Account shall be disbursed upon request made by the Borrower from time to time during the course of the Borrower’s restoration or replacement of the applicable property.

  • If immediately available cash on deposit in any Lien Grantor's Casualty Proceeds Account is not sufficient to make any such distribution to it, the Collateral Agent shall cause to be liquidated, as promptly as practicable, such Liquid Investments in such Casualty Proceeds Account as shall be required to obtain sufficient cash to make such distribution and, notwithstanding any other provision of this Section 7, such distribution shall not be made until such liquidation has taken place.

  • Provided that no Default exists, the Borrower may direct the investment of funds in the Casualty Proceeds Account in such deposit accounts or in Cash Equivalents.


More Definitions of Casualty Proceeds Account

Casualty Proceeds Account is defined in Section 2.20.1 of the ------------------------------ -------------- Securities Accounts Agreement.
Sample 1
Casualty Proceeds Account has the meaning specified in Section 12(b).
Sample 1
Casualty Proceeds Account is defined in the Security Agreement.
Sample 1
Casualty Proceeds Account has the meaning assigned to such term in Section 6.01.
Sample 1
Casualty Proceeds Account has the meaning set forth in Section 6.07(f).
Sample 1
Casualty Proceeds Account has the meaning given such term in Section 2.10.
Sample 1

Related to Casualty Proceeds Account

  • Insurance Proceeds Account has the meaning given to such term in the Accounts Agreement.

  • Loss Proceeds Account has the meaning set forth in Section 3.3(a).

  • Proceeds Account means a bank account of the Issuer, into which the Net Proceeds from the Initial Bond Issue will be transferred and which has been pledged in favour of the Agent and the Bondholders (represented by the Agent) under the Proceeds Account Pledge Agreement.

  • Collateral Proceeds Account a non-interest bearing cash collateral account established and maintained by the relevant Grantor at an office of the Collateral Account Bank in the name, and in the sole dominion and control of, the Collateral Agent for the benefit of the Secured Parties.

  • Asset Sale Proceeds Account means one or more deposit accounts or securities accounts holding only the proceeds of any sale or disposition of any Notes Collateral.

  • Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower, any Parent Guarantor or any of their respective Subsidiaries in connection therewith, but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which holds a first-priority Lien permitted by Section 7.2.3 on the property which is the subject of such Casualty Event.

  • Excess Liquidation Proceeds Account The segregated account (or the sub-account of the Distribution Account) created and maintained by the Certificate Administrator on behalf of the Trustee pursuant to Section 3.04(d) for the benefit of the Certificateholders, which shall be entitled “Xxxxx Fargo Bank, National Association [or the name of any successor Certificate Administrator], as Certificate Administrator on behalf of Wilmington Trust, National Association [or name of any successor Trustee], as Trustee, for the benefit of the registered holders of WFRBS Commercial Mortgage Trust 2014-C22, Commercial Mortgage Pass-Through Certificates, Series 2014-C22, Excess Liquidation Proceeds Account”.

  • Net Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower or any of its U.S. Subsidiaries in connection with such Casualty Event (net of all collection or similar expenses related thereto), but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which holds a first priority Lien permitted by clause (d) of Section 7.2.3 on the property which is the subject of such Casualty Event.

  • Excess Liquidation Proceeds Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

  • LC Collateral Account has the meaning assigned to such term in Section 2.06(j).

  • Collateral Proceeds means the Liquidation Proceeds of the Relevant Collateral or any Undeliverable Assets forming part of the Relevant Collateral (as the case may be) denominated in the Settlement Currency.

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Project Account means the account referred to in Section 3.03 of this Agreement;

  • Net Condemnation Proceeds The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan (including an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto and (ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided that, in the case of an Outside Serviced Mortgage Loan, “Net Condemnation Proceeds” under this Agreement shall be limited to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

  • Swap Collateral Account means a single, segregated trust account in the name of the Indenture Trustee, which shall be designated as the “Swap Collateral Account” which shall be held in trust for the benefit of the Noteholders established pursuant to Section 4.8(e) of the Sale and Servicing Agreement.]

  • Event of Loss Proceeds means, with respect to any proceeds from any Event of Loss, all Satellite insurance proceeds received by the Issuer or any of the Restricted Subsidiaries in connection with such Event of Loss, after

  • Excess Loss Account has the meaning set forth in Reg. Section 1.1502-19.

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Facility LC Collateral Account is defined in Section 2.20.11.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Condemnation Proceeds All awards or settlements in respect of a Mortgaged Property, whether permanent or temporary, partial or entire, by exercise of the power of eminent domain or condemnation, to the extent not required to be released to a Mortgagor in accordance with the terms of the related Mortgage Loan Documents.

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