Restricted Securities Account definition
Examples of Restricted Securities Account in a sentence
During any Suspension Period, (i) Pledgor's right to direct such investments under this Section 4(b) shall be suspended, and Securities Intermediary shall not accept Entitlement Orders with respect to the Restricted Securities Account from any person other than Secured Party; and (ii) any credit balances shall be invested and reinvested only as provided in Section 4(c).
For each instance of withdrawal from the Restricted Securities Account, the Company shall deliver to Investor written notice thereof (together with a withdrawal statement with reasonable details relating thereto) immediately, and in any event within the same date as the date of such withdrawal.
Provided that no Event of Default shall then exist under the Construction Loan Agreement, any amounts remaining on deposit in the Restricted Securities Account upon Stabilized Occupancy of the Mortgaged Property (or on the date of any earlier prepayment in full of the Loan in accordance with Section 2.4 of the Construction Loan Agreement) shall be returned to Guarantor or otherwise disbursed at Guarantor’s written direction.
On or before January 15, 2001, Guarantor shall deposit $1,666,666.60 in cash or Acceptable Securities into the Restricted Securities Account.
The Agent shall make amounts on deposit in the Restricted Securities Account available to the Borrower in accordance with Section 2.1.4 of the Construction Loan Agreement; provided, however, that if Guarantor exercises its option to provide Substitute Collateral and obtain a release of this Guaranty in accordance with Section 29 below, the Restricted Securities Account shall be liquidated and converted into a portion of such Substitute Collateral as set forth below.
Notwithstanding the foregoing, Borrower shall also be entitled to request disbursements from the Restricted Securities Account for the same purposes for which the Construction Contingency may be used, on the same terms, conditions and restrictions as set forth in Sections 2.1.2, 2.1.3, 2.1.4, 2.1.7 and 7.1.10 herein.
Pledgor shall have no right to invest funds in a Restricted Securities Account to the extent that free balances have been invested in Overnight Investments pursuant to this Section.
After the payment in full of the Senior Loan, any amounts then on deposit in the Senior Additional Reserve Account shall be deposited into the Restricted Securities Account.
In the event that at any time the aggregate market value of the Acceptable Securities held in the Restricted Securities Account declines such that the Minimum Balance requirement is violated, Guarantor shall, within three (3) Business Days after notice thereof, immediately deposit either additional Cash or additional Acceptable Securities with a market value sufficient to satisfy the Minimum Balance requirement.
On March 15, 2001, and at all times thereafter, the sum of the cash held in the Restricted Securities Account plus the market value of the Acceptable Securities held in the Restricted Securities Account shall be equal to $5,000,000, less any disbursements made by the Agent in respect of Construction Contingency items in accordance with Section 2.1.4 of the Construction Loan Agreement (the “Minimum Balance”).