Insurance Policy Proceeds Account definition

Insurance Policy Proceeds Account. The segregated account established in the name of the Indenture Trustee pursuant to Section 2.15(b) of the Indenture and Section 2.04.
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Insurance Policy Proceeds Account. As defined in Section 2.15(b).
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Examples of Insurance Policy Proceeds Account in a sentence

  • Amounts held in the Insurance Policy Proceeds Account shall be held uninvested.

  • The Indenture Trustee shall deposit all amounts received from the Insurer under such Insurance Policy in such Insurance Policy Proceeds Account, which shall be used solely to pay the applicable Insured Obligations.

  • The Issuer will ensure that the bank or securities intermediary maintaining the Collection Account, the Lease Security Deposit Account, the Insurance Policy Proceeds Account, the Property Proceeds Retention Account, the Lockbox Accounts, or any other account held as part of the Collateral, on or promptly after the establishment of such account, executes and delivers to the Indenture Trustee an Account Control Agreement with respect to such account.

  • Such Insurance Policy Proceeds Account may be a sub-account of the Payment Account.

  • Any and all funds at any time on deposit in, or otherwise to the credit of, such Insurance Policy Proceeds Account shall be held uninvested (unless otherwise specified in the applicable Series Supplement).

  • The Indenture Trustee shall deposit or cause to be deposited in the Payment Account, upon receipt, all payments and other collections received from the Property Manager, the Collection Account (including the proceeds of investments therein), or the Insurance Policy Proceeds Account on or in respect of the Mortgaged Properties and Leases subsequent to the commencement of the initial Collection Period.

  • Any funds held in an Insurance Policy Proceeds Account after the distributions made pursuant to Section 2.11 hereof on any Payment Date shall promptly be remitted to the applicable Insurer.

  • The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, such Insurance Policy Proceeds Account shall be to make payments of the applicable Insured Obligations due on the related Payment Date in respect of which such funds are paid, to the extent such Insured Obligations are not paid pursuant to Section 2.11 or Section 4.05 hereof.

Related to Insurance Policy 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.

  • 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”.

  • Insurance Account shall have the meaning set forth in Section 8.6 hereof.

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • Mortgage Impairment Insurance Policy A mortgage impairment or blanket hazard insurance policy as described in Section 4.11.

  • 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.

  • Bond Insurance Policy means the municipal bond insurance policy, if any, issued by the Bond Insurer that guarantees payment of principal of and interest on the Bonds and constitutes a Bond Facility under the Indenture.

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

  • Insurance Policies has the meaning set forth in Section 3.16.

  • 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.

  • 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.

  • Certificate Insurance Policy The Financial Guaranty Insurance Policy No. CA01172A, and all endorsements thereto dated the Closing Date, issued by the Certificate Insurer for the benefit of the Class AF-3 Certificateholders.

  • Facility LC Collateral Account is defined in Section 2.20.11.

  • R&W Insurance Policy has the meaning set forth in Section 6.15.

  • Policy Payments Account means a separate special purpose trust account that is an Eligible Account, for the benefit of Holders of the Notes and the Credit Enhancer over which the Indenture Trustee has exclusive control and sole right of withdrawal.

  • Life Insurance Policy has the meaning given in Section 6.11.

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

  • Collateral Deposit Account shall have the meaning set forth in Section 7.1(a).

  • Collections Account has the meaning given to such term in Section 3.01(a) hereof.

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • Investment Property Control Agreement means an agreement in writing, in form and substance satisfactory to Agent, by and among Agent, any Borrower or Guarantor (as the case may be) and any securities intermediary, commodity intermediary or other person who has custody, control or possession of any investment property of such Borrower or Guarantor acknowledging that such securities intermediary, commodity intermediary or other person has custody, control or possession of such investment property on behalf of Agent, that it will comply with entitlement orders originated by Agent with respect to such investment property, or other instructions of Agent, and has such other terms and conditions as Agent may require.

  • Insurance and Condemnation Proceeds shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

  • Collateral Account Agreement means the Collateral Account Agreement executed and delivered by Company and Administrative Agent on the Closing Date, substantially in the form of EXHIBIT XXIII annexed hereto, as such Collateral Account Agreement may hereafter be amended, supplemented or otherwise modified from time to time.