Payment Reserve Account definition

Payment Reserve Account shall have the meaning specified in subsection 4.16(a) of the Agreement.
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Payment Reserve Account has the meaning provided in Section 6.9 hereof.
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Payment Reserve Account shall have the meaning specified in subsection 4.22 of the Agreement.
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Examples of Payment Reserve Account in a sentence

  • The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Payment Reserve Account and in all proceeds thereof.

  • If, at any time, the institution holding the Payment Reserve Account ceases to be a Qualified Institution, the Trustee shall within 10 Business Days establish a new Payment Reserve Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Payment Reserve Account.

  • Funds on deposit in the Payment Reserve Account on any Business Day, after giving effect to any withdrawals from the Payment Reserve Account, shall be invested in Cash Equivalents that will mature so that such funds will be available for withdrawal on or prior to the following Business Day.

  • The Payment Reserve Account shall be under the sole dominion and control of the Trustee for the benefit of the Securityholders.

  • These payments designated by Lender are called the “Monthly Payment Reserve Account.” If the amount in the Monthly Payment Reserve Account is not enough to pay in full a payment of principal and interest or Escrow Item, I will pay those amounts directly to Lender from my own funds.


More Definitions of Payment Reserve Account

Payment Reserve Account. The account created and maintained by the Trustee pursuant to Section 3.05(e), which shall be entitled "LaSalle National Bank, as Trustee, in trust for Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 1998-C1, Payment Reserve Account" and which shall be an Eligible Account.
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Payment Reserve Account means deposit account number 3100031073 established with the Lender in the name of “PlainsCapital Bank for the benefit of Clean Energy.”
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Payment Reserve Account means an account to be opened by Borrower at Liberty Bank for purposes of Section 6.19, and more specifically identified in the Reserve Accounts Supplement.
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Payment Reserve Account shall have the meaning as set forth in Clause 24.1.1]34;
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Payment Reserve Account shall have the meaning set forth in Section 8.01(b) of this Loan Agreement.
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Payment Reserve Account has the meaning set out in Section 4.1. Performance Bond -- that certain Performance Bond dated August 12, 1999, executed by RBF II, as Principal, and Travelers Casualty and Surety Company of America and American Home Assurance Company, as Sureties, being Bond nos. 61 SB 103206545 BCM and 21-45-09 in favor of Issuer, as Owner, and the Trustees in the maximum penal sum of $265,000,000. Performance Guarantee -- that certain Performance Guarantee dated as of August 12, 1999 made by Parent in favor of Issuer and the Trustee. Pension Plans -- employee pension benefit plans (as defined in Section 3 of ERISA) to which from time to time the Issuer is required to contribute. Permitted Investments -- (a) direct obligations of the United States of America (including obligations issued or held in book-entry form on the books of the Department of the Treasury of the United States of America and certificates or other instruments evidencing ownership interests in such direct obligations of the United States of America such as CATS, TIGRS, Treasury Receipts and Stripped Treasury Coupons) which mature within one (1) year after the acquisition thereof; (b) obligations for which the timely payment of the principal thereof are fully guaranteed by the United States of America or the Federal Deposit Insurance Corporation, which mature within one (1) year after the acquisition thereof; (c) certificates of deposit of, or time deposits in, any bank (including any Trustee) or trust company organized under the laws of the United States of America or any state thereof whose unsecured obligations are accorded one of the two highest ratings by Standard & Poor's Ratings Services, a division of The McGraw Hill Companies, Inc. or Moody's Investors Service, Inc. and by Duff & Phelps Credit Xxxxxx Co. (if such unsecured obligations are xxxxx by Duff & Phelps Credit Rating Co.) and which have capital and unimpaired xxxxxxs of at least Five Hundred Million Dollars ($500,000,000), maturing within ninety (90) days after the acquisition thereof; (d) readily marketable commercial paper of corporations doing business in and incorporated under the laws of the United States of America or any State thereof given on the date of the investment a credit rating of at least P-1 by Moody's Investor Services, Inc., or A-1 by Standard & Poor's Ratxxxx Services, a division of The McGraw Hill Companies, Inc. and D-1 by Duff & Phelps Credit Rating Co. (if Duff & Phelps Credit Rating Co. is xxxx rating such comm...
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Payment Reserve Account shall have the meaning as set forth in Clause 22.1.1 of this Agreement; Draft Concession Agreement
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