Escrow Loans definition

Escrow Loans. Any Mortgage Loan all or a portion of the proceeds of which were originally paid into an escrow account pending completion of improvements to be made to the related Property, but excluding any Mortgage Loan for which $5,000 or less was paid into an escrow account for a period not exceeding 90 days after the date of origination of the Mortgage Loan to cover the cost of specified deferred maintenance on the related Property. The Escrow Loans will be identified in a schedule to be prepared by the Originator and delivered to the Sponsor, the Certificate Insurer and the Trustee pursuant to Section 3.5(j) hereof.
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Escrow Loans shall have the meaning assigned to such term in Section 2.07(b) hereof.
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Examples of Escrow Loans in a sentence

  • No later than the end of the thirteenth month following the Startup Day, the Trustee shall report to the Sponsor, the Originator, the Servicer and the Certificate Insurer whether all Required Escrow Documents relating to the Escrow Loans have been received by the Trustee.

  • The Disbursed Escrow Loans are to be evidenced by, and are repayable in accordance with the terms of, the Disbursed Escrow Note and this Agreement.

  • The Borrowers shall use the proceeds of the Loans (i) to provide a portion of the financing for the Expansion Project, (ii) to pay fees and expenses incurred in connection with this Agreement and the refinancing described in clause (iii), (iii) to refinance certain existing Indebtedness of the Loan Parties, and (iv) to provide for the working capital and general corporate purpose needs of the Loan Parties including Title Company Escrow Loans deposited in the Title Company Escrow Account.

  • In addition if the proceeds (i) of the Escrow Loans (as defined in the Fee Letter) have been received and deposited into the Escrow Account (as defined in the Fee Letter) and/or (ii) of the Escrow Notes (as defined in the Fee Letter) have been received and deposited into the Escrow Account, then the commitments in respect of such Senior Credit Facilities or Bridge Facility shall automatically be reduced by the amount of the gross proceeds from such Escrow Loans or Escrow Notes.

  • With respect to Mortgage Loans other than the Escrow Loans and with respect to which a tax sale has been scheduled prior to the Closing Date, the tax or other charge which resulted in the tax lien has been paid, along with any related penalties.

  • For the avoidance of doubt, immediately after the Tranche 5 Effective Date the Tranche 5 Term Loans shall be outstanding with the same Interest Period as the Interest Period of the Escrow Loans existing immediately prior to the Tranche 5 Effective Date, and any accrued but unpaid interest on the Escrow Loans under the Escrow Credit Agreement shall be deemed accrued and unpaid interest on the Tranche 5 Term Loans under the Amended Credit Agreement.

  • All outstanding Indebtedness of the Target and its Subsidiaries under the Existing Target Credit Facility shall have been repaid, and all commitments and liens with respect thereto shall have been terminated and released, or provision shall have been made, in a manner reasonably satisfactory to the Joint Lead Arrangers, for such payment, terminations and releases, promptly after the release of the Escrow Loans from the Escrow Account.

  • The release of the Escrow Loans from the Escrow Account is subject to the following (the date upon which all such conditions shall be satisfied, the “Closing Date”) prior to the Expiration Date.