Lock-Box Account definition
Lock-Box Account. With respect to any Mortgaged Property, if applicable, any account created pursuant to any documents relating to a Mortgage Loan or Serviced Loan Combination to receive rental or other income generated by the Mortgaged Property. Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Loan Combination and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.
Lock-Box Account has the meaning set forth in Section 8.3(g).
Lock-Box Account means each account listed on Schedule II to this Agreement and maintained, in each case in the name of the Seller and maintained by the Seller at a bank or other financial institution acting as a Lock-Box Bank pursuant to a Lock-Box Agreement for the purpose of receiving Collections.
Examples of Lock-Box Account in a sentence
On or before the Closing Date, the Servicer shall have instructed all Obligors to make all payments in respect of Loans included in the Collateral to a Lock-Box or directly to a Lock-Box Account, the Collection Account or, solely in the case of Originator-Agented Loans, the GLAD Agent Account.
On or before the Closing Date, the Servicer shall have instructed all Obligors to make all payments in respect of Transferred Loans to a Lock-Box or directly to a Lock-Box Account or the Collection Account.
More Definitions of Lock-Box Account
Lock-Box Account means an account in the name of the Seller and maintained by the Seller at a bank or other financial institution for the purpose of receiving Collections.
Lock-Box Account means each account maintained by the Collection Agent at a Lock-Box Bank for the purpose of receiving or concentrating Collections.
Lock-Box Account means each account maintained at a bank or other financial institution for the purpose of receiving Collections.
Lock-Box Account shall have the meanings specified in subsection 8(a) hereof.
Lock-Box Account means an account, subject to a Deposit Account Control Agreement, maintained in the name of the Borrower for the purpose of receiving Collections at a Lock-Box Bank.
Lock-Box Account. With respect to any Mortgaged Property, if applicable, any account created pursuant to any documents relating to a Mortgage Loan to receive revenues therefrom. Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan and Section 3.06, which Person shall be taxed on all reinvestment income or gain thereon. The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Accounts.
Lock-Box Account. The account maintained at the Lock-Box Bank for the purpose of receiving Collections, the details of which are contained in Schedule II, as such schedule may be amended from time to time.