Insurance Reserves Account definition

Insurance Reserves Account means account no. 00000000 established and maintained by the Paying Agent pursuant to Section 2.17 in the name of the Borrower Representative and entitled “Xxxxx Fargo Bank, N.A., as Paying Agent, in trust for the Borrowers - Insurance Reserves Account # 00000000” or such other account established at the Paying Agent (or any successor) as may be designated in writing from time to time by the Administrative Agent.
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Insurance Reserves Account means the account identified as the “Insurance Reserves Account” in the Securities Account Control Agreement established and maintained by the Securities Intermediary pursuant to Section 2.18 or such other account established pursuant to Section 2.18 in replacement thereof by the Securities Intermediary and designated in writing from time to time by the Administrative Agent and the Borrower Representative. The Insurance Reserves Account shall be an Eligible Account.
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Examples of Insurance Reserves Account in a sentence

  • At the time of disbursement of the Property Loan with respect to any Property, the Borrowers shall deposit with the Paying Agent (or such amounts shall be remitted from the proceeds of the Property Loan on such Property pursuant to Section 2.02(c)) for transfer to the Insurance Reserves Account for each Financed Property, an amount equal to one-half (1/2) of Administrative Agent’s estimate of the amount of the annual Insurance Premiums for such Property.

  • In making any payment from the Insurance Reserves Account, the Administrative Agent may do so according to any xxxx, statement or estimate procured from the insurer or its agent, without inquiry into the accuracy of such xxxx, statement or estimate.

  • Provided no Event of Default is continuing, the Administrative Agent shall apply Insurance Reserves in the Insurance Reserves Account to reimburse Borrowers for payments of Insurance Premiums made by the Borrowers upon the presentation to the Diligence Agent of complete invoices therefor that are reasonably satisfactory to the Diligence Agent.

  • In making any payment from the Insurance Reserves Account during an Event of Default, the Administrative Agent may do so according to any xxxx, statement or estimate procured from the insurer or its agent, without inquiry into the accuracy of such xxxx, statement or estimate.

  • Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may direct the Paying Agent in writing to withdraw all or any portion of the Insurance Reserves from the Insurance Reserves Account and apply such funds either to pay (i) Insurance Premiums or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender, in such proportion as between items (i) and (ii) above as the Administrative Agent may determine in its sole discretion.

  • In making any payment from the Insurance Reserves Account during an Event of Default, the Administrative Agent may do so according to any bill, statement or estimate procured from the insurer or its agent, without inquiry into the accuracy of such bill, statement or estimate.

  • Reserves Account and ---------------------------------------------------------- Special Insurance Reserves Account.

  • For the avoidance of doubt, the Insurance Reserves to be deposited into the Insurance Reserves Account on the Closing Date shall be in an aggregate amount equal to $523,144.68.

  • Notwithstanding anything in this Section 5.04 to the contrary, the Borrowers shall be permitted to obtain and maintain insurance policies with deductibles in excess of the amounts specified in this Section 5.04, so long the applicable Borrower shall have deposited an amount equal to the difference between such higher deductible and the applicable deductible specified in this Section 5.04 into the Special Insurance Reserves Account.

  • Notwithstanding anything in this Agreement to the contrary, on each Monthly Transfer Date the Company shall have the right to withdraw any amounts on deposit in the Special Insurance Reserves Account to the extent such amount exceeds the Required Special Insurance Reserves Amount, if any, free and clear of any Security Interests.

Related to Insurance Reserves Account

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

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

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $2,635,875.59.

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

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

  • Reserve Accounts means the Tax and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

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

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

  • 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 [*];

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

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

  • Approved Deposit Account means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Loan Party with a Deposit Account Bank. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • 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.

  • Initial Reserve Account Deposit means $3,250,000.

  • Targeted Accumulation Reserve Subaccount Deposit means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) [0.5]% of the Outstanding Dollar Principal Amount of the Class C( - ) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer.]

  • Security Deposit Account has the meaning given in Section 5.1.

  • Reserve Account Deposit Amount means, with respect to any Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (xviii) of Section 5.7(a).

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

  • Reserve Account Required Amount means, with respect to any Payment Date, the lesser of (i) the excess of (A) the Specified Reserve Balance, over (B) the amount on deposit in the Reserve Account on such Payment Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Payment Date, and (ii) the amount remaining in the Indenture Collections Account after taking into account the distributions therefrom described in clauses (i) through (xiv) of Section 8.3(a) of the Indenture.

  • 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.

  • Initial Reserve Account Deposit Amount means an amount equal to $1,030,941.16.

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • 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.

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

  • Holding Account means an account:

  • Yield Supplement Account Deposit means the initial deposit of cash in the amount of $[_________] made by or on behalf of the Seller into the Yield Supplement Account on the Closing Date.