Fourth Mezzanine Account definition
Examples of Fourth Mezzanine Account in a sentence
If Mezzanine Lender shall reasonably determine that there will be insufficient amounts in the Fourth Mezzanine Account to pay any Protective Advances as and when the same are due and payable, Mezzanine Lender shall provide written notice of same to Mezzanine Borrower setting forth the basis for such determination.
Within five (5) Business Days of receipt of said notice, Mezzanine Borrower shall deposit into the Fourth Mezzanine Account an amount equal to the shortfall of available funds in the Fourth Mezzanine Account.
The Fourth Mezzanine Account shall be named as follows: "CNL Resort Sub Intermediate Mezz, LP f/b/o German American Capital Corporation, as secured party, Fourth Mezzanine Account" (Account Number 1014253556).
The Fourth Mezzanine Account and the funds deposited therein and securities and other assets credited thereto shall serve as additional security for the Loan.
In recognition of Mezzanine Lender's security interest in the funds deposited into the Fourth Mezzanine Account, Mezzanine Borrower shall identify the Fourth Mezzanine Account with the name of Mezzanine Lender, as secured party.
As used herein, the term NET EXCESS CASH FLOW means the amount available in the Fourth Mezzanine Account after the transfers to the Mezzanine Debt Service Reserve Account required under this Section 3.1.5 have been made and the term NET EXCESS CASH FLOW COMMENCEMENT DATE shall mean the date such amounts have been fully funded or reserved within the Fourth Mezzanine Account in any given calendar month.
Without limiting the Mezzanine Borrower's obligations under the immediately preceding sentence, Mezzanine Borrower shall only establish and maintain the Fourth Mezzanine Account with a financial institution that has executed an agreement substantially in the form of the Account Agreement (Fourth Mezzanine) or in such other form acceptable to Mezzanine Lender in its sole discretion.
If Mezzanine Borrower at any time shall be entitled to receive any payments with respect to the Interest Rate Cap Agreement (Fourth Mezzanine), such amounts shall, immediately upon becoming payable to Mezzanine Borrower, be deposited by Counterparty into the Fourth Mezzanine Account.
Pursuant to the Account Agreement (Fourth Mezzanine), Mezzanine Borrower shall irrevocably instruct and authorize Cash Management Bank (Fourth Mezzanine) to disregard any and all orders for withdrawal from the Fourth Mezzanine Account made by, or at the direction of, Mezzanine Borrower.
Any cost and expenses due and payable to Mezzanine Lender may be paid from any amounts in the Fourth Mezzanine Account if same are not paid by Mezzanine Borrower within ten (10) Business Days after receipt of written notice from Mezzanine Lender.