Security Deposit Accounts definition
Examples of Security Deposit Accounts in a sentence
Borrower shall pay for all expenses of opening and maintaining the Security Deposit Accounts.
Borrower shall maintain complete and accurate records of all transactions pertaining to security deposits of Tenants and the Security Deposit Accounts, with sufficient detail to identify all security deposits of Tenants separate and apart from other payments received from or by Tenants.
Funds in Discover Bank Security Deposit Accounts are insured by the Federal Deposit Insurance Corporation ("FDIC") up to the maximum allowable limits.
Any penalties imposed on the Development or Owner for the failure to comply with the laws and regulations governing the maintenance of Tenants' Security Deposit Accounts shall be the sole responsibility of the Owner.
To the extent allowed by law while any Event of Default exists, Lender may withdraw funds from the Security Deposit Accounts and apply such funds to satisfy Borrower's obligations under the Loan Documents.
Manager shall furnish to Lender written notice, within two (2) Business Days after receipt by Manager, of any Rents, Money or other items of Gross Revenue that Manager is not required by this Agreement to deposit in the Clearing Account, Deposit Account or the Security Deposit Accounts, together with such other documents and materials relating to such Rents, Money or other items of Gross Revenue as Lender requests in Lender's reasonable discretion.
Bank agrees not to charge any fees in connection with the Security Deposit Accounts or its services hereunder.
No Pledgor shall cancel or cause any of the Security Deposit Accounts to be canceled, nor shall any Pledgor establish any other account with Bank or any other bank, mutual fund, investment banking firm or similar institution into which any Rents (other than security deposits) shall be deposited.
Borrower shall, and shall cause Manager to, maintain complete and accurate books and records of all transactions pertaining to security deposits and the Security Deposit Accounts, with sufficient detail to identify all security deposits separate and apart from other payments received from or by Tenants.
The foregoing shall not be construed to limit, in any respect, Bank’s right to correct any error it discovers with respect to the Security Deposit Accounts or to withdraw from the Security Deposit Accounts cash or other property deposited therein by Bank in error.