Special Loan Account definition

Special Loan Account means the demand deposit account -------------------- established pursuant to Section 3.3 hereof.
Sample 1
Special Loan Account means the account opened and maintained by the Borrower with the Security Account Bank under account number *** pursuant to and in accordance with the terms of the Deed of Assignment;
Sample 1
Special Loan Account means a deposit account established by the Borrower -------------------- with the Lender which is subject to the Lender's rights (i) to debit and apply all or any part of the Available Balance to payment of interest, fees, expenses and other amounts to which the Lender may be entitled from time to time, without the consent or approval of the Borrower being required, or (ii) to debit and apply all or any part of the Available Balance to reduce the principal balance of the Revolving Loan from time to time, without the consent or approval of the Borrower being required.
Sample 1

Examples of Special Loan Account in a sentence

  • Upon receipt of written instructions from the Bank after an Event of Default, the Borrower shall direct (by instruction on invoices and otherwise) all Account Debtors to make payments to a designated post office box under the control of the Bank, which payments shall be deposited directly into the Special Loan Account.

  • Unless the Bank shall agree to other arrangements, the Borrower shall direct (by instruction on invoices and otherwise) all Account Debtors to make payments to a designated post office box under the control of the Bank, which payments shall be deposited directly into the Special Loan Account.

  • The Borrower shall notify the Bank if any Account includes any sales or other similar tax and the Bank may at Bank's option either disburse amounts to Borrower from the Special Loan Accounts for payment to the taxing authority if the Special Loan Account contains sufficient amounts to pay or remit any such taxes directly to the taxing authority and make Advances or charge the Special Loan Account therefor.

  • From and after occurrence of an Event of Default, the Borrower shall deposit in the Special Loan Account, as received, all proceeds from the sale of Inventory and collection of Accounts and other Collateral in the form of checks, drafts, cash or the like, and all such proceeds shall constitute Collateral.

  • The Borrower shall notify the Bank if any Account includes any sales or other similar tax and the Bank may, but shall not be obligated to, remit any such taxes directly to the taxing authority and make Advances or charge the Special Loan Account therefor.

  • The Borrower shall establish and maintain with the Bank, during the term of the Loan, a demand deposit account (the "Special Loan Account") into which the Borrower shall deposit, as received, all proceeds from the sale of Inventory and collection of Accounts and other Collateral in the form of checks, drafts, cash or the like, and all such proceeds shall constitute Collateral.

  • The Bank may debit the Special Loan Account and/or make Advances to the Borrower (whether or not in excess of the Maximum Loan Amount and/or the Borrowing Base) and apply such amounts to the payment of interest, fees, expenses and other amounts to which the Bank may be entitled from time to time and the Bank is hereby irrevocably authorized to do so without consent of the Borrower.

  • Until an Event of Default has occurred, all collected funds remaining on deposit in the lockbox deposit account after application of funds in accordance with the preceding sentence shall be deposited into the Special Loan Account.

  • Such Advances, if the Borrower is entitled thereto, shall be deposited in the Special Loan Account.

  • If on ---------------------------------------------------- any Business Day following the payment of all Items presented for payment against the Special Loan Account the Available Balance is greater than zero ($0.00), the Lender shall credit such excess amount as a reduction of the outstanding principal balance of the Revolving Loan.


More Definitions of Special Loan Account

Special Loan Account means the demand deposit account established pursuant to Section 3.8 hereof ("SPECIAL LOAN ACCOUNT").
Sample 1

Related to Special Loan Account

  • Project Loan Account means any of the Accounts within the Project Fund so designated and established by Article V.

  • Revolving Loan Account has the meaning described in Section 2.1.9 (Revolving Loan Account).

  • Loan Account has the meaning set forth in Section 2.10.

  • Whole Loan Custodial Account means the “Whole Loan Custodial Account” established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • Prepayment Account for any Class of Loans shall mean an account (which may include the Prepayment Account established under the Security Agreement) established by the Borrower with the Collateral Agent and over which the Collateral Agent shall have exclusive dominion and control, including the exclusive right of withdrawal for application in accordance with this subsection (viii). The Collateral Agent will, at the request of the Borrower, invest amounts on deposit in the Prepayment Account for any Class of Loans in Cash Equivalents that mature prior to the last day of the applicable Interest Periods of the Eurodollar Loans of such Class to be prepaid; provided, however, that (i) the Collateral Agent shall not be required to make any investment that, in its sole judgment, would require or cause the Collateral Agent to be in, or would result in any, violation of any Law, (ii) such Cash Equivalents shall be subjected to a First Priority Lien in favor of the Collateral Agent and (iii) if any Event of Default shall have occurred and be continuing, the selection of such Cash Equivalents shall be in the sole discretion of the Collateral Agent. The Borrower shall indemnify the Collateral Agent for any losses relating to such investments in Cash Equivalents so that the amount available to prepay Eurodollar Loans on the last day of the applicable Interest Periods is not less than the amount that would have been available had no investments been made pursuant thereto. Other than any interest or profits earned on such investments, the Prepayment Accounts shall not bear interest. Interest or profits, if any, on the investments in any Prepayment Account shall accumulate in such Prepayment Account until all outstanding Loans of any applicable Class with respect to which amounts have been deposited in the Prepayment Accounts have been prepaid in full, at which time so much thereof as is not required to make payment of the Senior Credit Obligations which have become due and payable (whether by scheduled maturity, acceleration or otherwise) shall be withdrawn by the Collateral Agent on the next Business Day following the day on which the Collateral Agent considers the funds deposited therein to be collected funds and disbursed to the Borrower or its order. If the maturity of the Loans has been accelerated pursuant to Section 8.02, the Administrative Agent may, in its sole discretion, cause the Collateral Agent to withdraw amounts on deposit in the Prepayment Account for the applicable Class of Loans and, subject to Section 8.03, apply such funds to satisfy the Senior Credit Obligations of the applicable Class or Classes.

  • Master Servicer Advance Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Funding Loan Agreement means this Funding Loan Agreement, of even date herewith, by and among the Funding Lender, the Governmental Lender and the Fiscal Agent, as it may from time to time be supplemented, modified or amended by one or more funding loan agreements, indentures or other instruments supplemental hereto entered into pursuant to the applicable provisions hereof.

  • Servicer Advance or "Servicing Advance" as defined in the applicable Purchase and Servicing Agreement.

  • Disbursement Account means, in respect of each Tranche, the bank account set out in the most recent List of Authorised Signatories and Accounts.

  • Servicer Advance Date As to any Distribution Date, 11:30 a.m., Eastern time, on the Business Day immediately preceding such Distribution Date.

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

  • Special Agent Advances shall have the meaning set forth in Section 12.11 hereof.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Custodian Account means an account subject to a Custodian Agreement.

  • Original Loan shall have the meaning set forth in the recitals hereto.

  • Disbursement Accounts has the meaning ascribed to it in Annex C.

  • Letter of Credit Collateral Account means a special deposit account maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Bank and the Lenders, and under the sole dominion and control of the Administrative Agent.

  • Failed Bank Advances means the total sums paid by the Failed Bank to (i) protect its lien position, (ii) pay ad valorem taxes and hazard insurance, and (iii) pay credit life insurance, accident and health insurance, and vendor's single interest insurance.

  • Borrower’s Account shall have the meaning set forth in Section 2.8.

  • Mortgagor Accounts As defined in Section 3.07(a) of this Agreement.

  • Loans means the loans made by the Lenders to the Borrower pursuant to this Agreement.

  • Noteless Loan means a Loan with respect to which (i) the related loan agreement does not require the obligor to execute and deliver an Underlying Note to evidence the indebtedness created under such Loan and (ii) no Underlying Notes are outstanding with respect to the portion of the Loan transferred by the issuer or the prior holder of record.

  • Agent Account means such account of the Administrative Agent as is designated in writing from time to time by the Administrative Agent to the Borrower and the Lenders for such purpose.

  • Term Loan Advances are each defined in Section 2.1.1(a).

  • Loan Combination Custodial Account means the “Loan Combination Custodial Account” or analogous account established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.