Default Escrow Account definition

Default Escrow Account shall have the meaning as set forth in Clause 13.1.1; “Default Escrow Agreement” shall have the meaning as set forth in Clause 13.1.1;
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Default Escrow Account means the default Escrow account opened with the Default Escrow Agent pursuant to Article 2.2.1 of this Agreement for the purposes of this Agreement;
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Examples of Default Escrow Account in a sentence

  • As a further support for the Procurers‟ obligations, on or prior to the Effective Date, the Procurers and the Seller shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of the Seller, through which the revenues of the Procurers shall be routed and used as per the terms of the Default Escrow Agreement.

  • Under this arrangement an Default Escrow Account in favour of NHPC shall be established through which the incremental receivables of bulk power customer shall be routed as per the terms of Default Escrow Agreement.

  • Provided further that the Franchisee shall ensure that [WESCO Utility] has first ranking charge on the revenues routed through the Default Escrow Account except for charges assigned ranking above WESCO Utility’s charge by means of any statutory authority / court order.

  • The Parties agree and acknowledge that the Default Escrow Account shall be established and maintained at a bank where at least 30% (thirty per cent) of the Utility‟s total monthly Revenues are normally deposited (the “Default Escrow Bank”).

  • As a further support for the SECI’s obligations, not later than (1) month before the start of supply, the SPD and SECI shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of SPD, through which the Incremental Receivables of the SECI shall be routed and used as per the terms of the Default Escrow Agreement.

  • The Parties agree and acknowledge that upon Termination and on failure of the Utility to make the Termination Payment within 30 (thirty) days of demand by the Supplier, Revenues equal to the Maximum Monthly Payment, deposited into the Default Escrow Account in accordance with the provisions of this Agreement and the Default Escrow Agreement, shall be appropriated every month and paid to the Supplier until discharge of the Termination Payment and any interest thereon.

  • The minimum revenue flow in any Month in the Default Escrow Account shall be at least equal to the amount required for the Letter of Credit as per Article 12.1 and 12.4.Provided further that the Franchisee shall ensure that JVVNL has first ranking charge on the revenues routed through the Default Escrow Account.

  • Exclusive Charge of up to 1.2 times of instalment of IREDA repayment obligation, on Default Escrow Account by earmarking unencumbered specific revenue stream2.

  • The Default Escrow Agent shall not be entitled to deduct any amount due and payable by the Seller to the Default Escrow Agent from monies deposited in the Default Escrow Account and the Procurer Account established pursuant to this Agreement.

  • As a further support for Buying Entity’s obligations, on or prior to the Effective Date, Buying Entity and Buyer shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of Buyer, through which the revenues of Buying Entity shall be routed and used as per the terms of the Default Escrow Agreement.

Related to Default Escrow Account

  • Indemnity Escrow Account has the meaning set forth in Section 2.3(c).

  • Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).

  • Adjustment Escrow Account has the meaning set forth in Section 2.4(a)(i).

  • Professional Fee Escrow Account means an interest-bearing account funded by the Debtors with Cash on the Effective Date in an amount equal to the Professional Fee Amount.

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

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Escrow Accounts means any escrow account in which Escrowed Proceeds are deposited and held.

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $2,802,496.17.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • 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 [*];

  • Escrow Deposit has the meaning set forth in Section 3.3.

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

  • Interest Reserve Account As defined in Section 3.4(d).

  • Deposit Escrow Agreement has the meaning set forth in Section 2.2.

  • Initial Deposit shall have the meaning set forth in Section 2.5(a).

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

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

  • Escrow Payment Any payment received by the Master Servicer or the Special Servicer for the account of any Mortgagor for application toward the payment of real estate taxes, assessments, insurance premiums, ground lease rents and similar items in respect of the related Mortgaged Property, including amounts for deposit to any reserve account.

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

  • Escrow Payments With respect to any Mortgage Loan, the amounts constituting ground rents, taxes, assessments, water rates, sewer rents, municipal charges, mortgage insurance premiums, fire and hazard insurance premiums, condominium charges, and any other payments required to be escrowed by the Mortgagor with the mortgagee pursuant to the Mortgage or any other document.

  • Disbursement Account means any Deposit Account maintained by Borrower with a financial institution for the purpose of receiving and disbursing the proceeds of Loans made pursuant hereto.

  • Indemnity Escrow Fund means the Indemnity Escrow Amount deposited with the Escrow Agent, as such sum may be increased or decreased as provided in this Agreement and the Escrow Agreement, including any remaining interest or other amounts earned thereon.

  • Reserve Funds means, collectively, the Tax and Insurance Reserve Fund, the Replacement Reserve Fund, the Required Repair Fund, the Rollover Reserve Fund, the Ground Lease Reserve Fund, the Excess Cash Flow Reserve Fund and any other escrow fund established by the Loan Documents.