Examples of Management Account in a sentence
Borrower shall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in any Cash Management Account, or permit any Lien to attach thereto, or any levy to be made thereon, or any UCC Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto.
Lender and Servicer shall have the sole right to make withdrawals from the Cash Management Account and all costs and expenses for establishing and maintaining the Cash Management Account shall be paid by Borrower.
Borrower will not in any way alter or modify the Cash Management Account and will notify Lender of the account number thereof.
The Trustee shall have no duty or responsibility to monitor the amounts of deposits into or withdrawals from any Management Account.
There are several caveats to this approach that must be kept in mind.