LIP Account definition

LIP Account means a segregated trust or custodial account established and maintained with an Eligible Institution for the sole purpose of holding and distributing the LIP Funds.
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LIP Account means an Eligible Account established and maintained with an Eligible Institution for the sole purpose of holding and distributing the LIP Funds.
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LIP Account shall have the meaning assigned thereto in the Participation and Servicing Agreement.
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Examples of LIP Account in a sentence

  • No funds from any other source (other than interest or earnings on the LIP Funds) shall be commingled in the LIP Account.

  • The Company shall not permit withdrawals from the LIP Account for any other purpose.

  • The Servicer shall not permit withdrawals from the LIP Account for any other purpose.

  • The Company shall, and hereby is authorized to, establish and maintain or cause to be established and maintained the LIP Account in accordance with the Participation and Servicing Agreement, and the funds deposited therein shall be disbursed and used solely as provided therein.

  • Prior to the Servicing Transfer Date, the Initial Member shall be (and hereby is) authorized by the Company to use and withdraw funds from the Collection Account, the LIP Account and the Borrower escrow accounts in the performance of its interim servicing duties under this Section 3.3. The Company hereby ratifies any and all actions taken by the Initial Member in performance of interim servicing activities prior to the Closing Date.

  • The LIP Account (and all funds therein) shall be subject to the security interest granted to the Participant in Section 2.06 and, prior to or concurrently with the establishment of the LIP Account, and in any event prior to making any withdrawals therefrom, the Company, the Participant and the Eligible Institution that will hold such LIP Account shall have executed and delivered an account control agreement in substantially the form attached hereto as Exhibit B.

  • As provided in Section 4.03(c), the Company shall cause Authorized Funding Draws to be disbursed from the LIP Account (i) as and when requested by or on behalf of the Borrower in accordance with the Loan Documents, and (ii) to reimburse the Receiver for Authorized Funding Draws made by the Receiver at any time after the Cut-Off Date and on or before the Servicing Transfer Date.

  • The LIP Account (and all funds therein) shall be subject to the security interest granted to the Participant in Section 2.06 and, prior to or concurrently with the establishment of the LIP Account, and in any event prior to making any withdrawals therefrom, the Company, the Participant and the Eligible Institution that will hold such LIP Account shall have executed and delivered an account control agreement in substantially the form attached hereto as Exhibit F.

  • The Company shall, and hereby is authorized to, cause to be established and maintained the LIP Account in accordance with the Participation Agreement, and the funds deposited therein shall be disbursed and used solely as provided therein.

  • On the date that is the last date on which Authorized Funding Draws are permitted to be made pursuant to the Loan Documents, unless otherwise agreed by the parties, the LIP Account shall be liquidated (and no further Authorized Funding Draws may be made on or after such date), and all remaining LIP Funds then on deposit in the LIP Account, including all interest and earnings thereon, shall be distributed.


More Definitions of LIP Account

LIP Account has the meaning given in the Participation Agreement.
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LIP Account shall have the meaning assigned thereto in the Participation Agreement. “Litigation Reserve Account” shall have the meaning assigned thereto in the Participation Agreement.
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LIP Account has the meaning given in the Participation Agreement. “LLC Interest” has the meaning given in the recitals.
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Related to LIP Account

  • Rollover Contribution Account means the separate Account maintained for a Member to record such Member's share of the Trust Fund attributable to any Rollover Contribution made to the Plan on his behalf.

  • Contribution Account means an account, or accounts, into which the Accountholder and employer contributions are deposited by the TPA, and from which HSA dollars are swept into the Cash Account.

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Company Contribution Account means (i) the sum of the Participant’s Company Contribution Amounts, plus (ii) amounts credited or debited to the Participant’s Company Contribution Account in accordance with this Plan, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant’s Company Contribution Account.

  • Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • frozen account means an account with a relevant institution which is held or controlled (directly or indirectly) by a designated person;

  • Matching Account means the account maintained on the books of the Employer for the purpose of accounting for the Matching Amount and for the amount of investment return credited thereto for each Participant pursuant to Article V.

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Deferred Account means the participant's Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account, Deferred Cash Account and/or Deferred Stock Account.

  • Retirement Account means any retirement or pension fund or account, listed in Iowa Code section 627.6(8)“f” as exempt from execution, regardless of the amount of contribution, the interest generated, or the total amount in the fund or account.

  • ESOP Account means a Participant’s account to which are credited Matching Contributions made to the Plan after March 31, 1989, and earnings and losses thereon.

  • Company Matching Account means (i) the sum of all of a Participant's Annual Company Matching Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant's Company Matching Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant's Company Matching Account.

  • Rollover Account means the account established hereunder to which amounts transferred from a qualified plan or individual retirement account in accordance with Section 4.6 are allocated.

  • Sub-Account means any of the individual sub-accounts of a Participant's Separate Account that is maintained as provided in Article VIII.

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

  • Transfer Account means the account established hereunder to which amounts transferred to this Plan from a direct plan-to-plan transfer in accordance with Section 4.7 are allocated.

  • Pre-Funding Account means the account designated as the Pre-Funding Account in, and which is established and maintained pursuant to Section 7.07.

  • Employer Account The Participant's Matching 401(k) Contributions Account, Matching Thrift Contributions Account, Employer Contributions Account, Qualified Matching Contributions Account and Qualified Nonelective Contributions Account, as the case may be.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Payroll Deduction Account means the bookkeeping account established for a Participant in accordance with Section 6.

  • Separate Account shall have the respective meanings assigned to such terms in Section 3 of ERISA.

  • Investment Account As defined in Section 3.12(a).

  • Retirement Accounts has the meaning ascribed thereto in Section 2.1(F)(7) hereof.

  • Profit Sharing Account means any one of the accounts so designated and provided for in Section 6.01.

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