Repayment Account definition

Repayment Account means the bank account to which a debtor is obliged to repay its debt, as recorded in an information utility;

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Repayment Account means the deposit account established, owned and controlled by Bank, into which all proceeds from each sale of any Participated Mortgage Loan by Bank and Seller to a Take-Out Purchaser shall be funded and deposited, and such account and all funds deposited or maintained therein shall be disbursed and applied by Bank pursuant to the terms of this Agreement. The account number for the Repayment Account is [***] or such other deposit account number designated by Bank from time to time as the Repayment Account in a written notice delivered by Bank to Seller pursuant to this Agreement.

Repayment Account means the Account by that name created and established by Section 4.1 hereof.

Examples of Repayment Account in a sentence

• The RMB Revenue Account shall not be used for any purpose other than (and in accordance with the following priority): (i) the transfer of funds to the RMB Checking Account for the payment of O&M Costs and (ii) after conversion into U.S. Dollars, the transfer of funds to the Foreign Debt Repayment Account for the payment of the principal of and interest on the Loans or reserves in respect thereof.

• In connection with each sale of a Participated Mortgage Loan by Seller and Bank to a Take-Out Purchaser, Seller shall cause the Take-Out Purchase Price to be paid by the Take-Out Purchaser for the purchase of the Participated Mortgage Loan to be paid by the Take-Out Purchaser, in immediately available funds, directly to Bank into the Repayment Account.

• A Revenue Fund, within which there shall be a Repayment Account and an Income Account.

• Loan Disbursement and Repayment Account: the Borrower shall open an account as follows with the Lender as the loan disbursement and repayment account, which shall be used for loan disbursement, payment and repayment.

• The Borrower irrevocably authorizes the Company to auto-debit the Repayment Account on the payment due date for instalment repayment on monthly basis, subject however to full repayment on demand and undertakes to keep the Repayment Account with adequate funds to meet each monthly repayment as it falls due.

More Definitions of Repayment Account

Repayment Account means the account (if appropriate) detailed on your Application Form into which the monthly or annually (whichever is applicable) capitalised interest will be paid by us in accordance with Condition 3.1.6 and 3.2.6 (as applicable) and into which the Maturity Amount will be paid by us on the Maturity Date unless you advise us otherwise in accordance with Condition 2.1.4 or we do not receive your instructions as described in Condition 2.1.6;

Repayment Account shall have the meaning assigned to such term in Section 7.1(g).

Repayment Account means an account:

Repayment Account refers to the bank account that the borrower applies for and uses this loan service and provides the lender with deduction (including the bank account set up by Party A for Party B Special internal account for repayment), and the repayment account shall be subject to Article 1 of this contract. Before Party B has paid off all the loan principal, interest and expenses under this contract and the quota contract (if any, the expenses include but are not limited to all expenses paid by Party A for realizing the creditor's rights, such as attorney fees, legal fees, arbitration fees, travel expenses, announcement fees, delivery fees, execution fees, transfer fees, entrustment fees of third-party collection agencies, etc.), Party B shall not change or cancel the repayment account.

Repayment Account has the meaning given to such term in Section 3.01(a) hereof.

Repayment Account is to refer to the promissory notes of an individual Student Loan Borrower under the terms of which the repayment period has commenced, and includes Accounts in deferment or forbearance.

Repayment Account has the meaning ascribed to such term in Section 1.1 of the Depositary Agreement.