Tax and Insurance Reserve Fund definition

Tax and Insurance Reserve Fund shall have the meaning set forth in Section 7.2 hereof regardless of whether the funds held therein are held by Lender for the payment of Taxes or Insurance Premiums or both.
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Tax and Insurance Reserve Fund has the meaning assigned to such term in Section 4.1(1).
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Tax and Insurance Reserve Fund shall have the meaning set forth in Section 7.2.
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Examples of Tax and Insurance Reserve Fund in a sentence

  • The Tax and Insurance Reserve Fund shall be held by Lender in an interest-bearing account and shall at Lender’s option be held in Eligible Account at an Eligible Institution.

  • Upon thirty (30) days notice to Lender, Borrower may replace a Letter of Credit with a cash deposit to the Tax and Insurance Reserve Fund if a Letter of Credit has been outstanding for more than six (6) months.

  • Lender will apply the Tax and Insurance Reserve Fund to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.1.2 and Section 6.1.2 and under the Security Instrument.

  • Prior to the return of a Letter of Credit, Borrower shall deposit an amount equal to the amount that would have accumulated in the Tax and Insurance Reserve Fund and not been disbursed in accordance with this Agreement if such Letter of Credit had not been delivered.

  • All interest or other earnings on a Reserve Fund (other than the Tax and Insurance Reserve Fund) shall be added to and become a part of such Reserve Fund and shall be disbursed in the same manner as other monies deposited in such Reserve Fund.

  • Any amount remaining in the Tax and Insurance Reserve Fund after the Debt has been paid in full shall be returned to Borrower.

  • The Tax and Insurance Reserve Fund and the monthly Debt Service amount, shall be added together and shall be paid as an aggregate sum by Borrower to Lender.

  • Lessee shall establish and maintain the Tax and Insurance Reserve Fund at the times required by and pursuant to the terms of Article 13.

  • In making any payment relating to the Tax and Insurance Reserve Fund, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof.

  • Provided that on the date that said real estate taxes are due and payable, no Event of Default exists and sufficient funds are on deposit in the Tax and Insurance Reserve Fund to pay real estate taxes, Borrower shall not be liable to pay and shall not be charged with any late charges, interest and/or penalties imposed by or payable to any Governmental Authority as a result of the Depository Bank’s failure to pay real estate taxes prior to the date that same become delinquent.


More Definitions of Tax and Insurance Reserve Fund

Tax and Insurance Reserve Fund has the meaning assigned in Section 15.2(1)
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Tax and Insurance Reserve Fund has the meaning set forth in Section 3.7(a).
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Tax and Insurance Reserve Fund shall have the meaning set forth in Section 4.4(g).
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Tax and Insurance Reserve Fund and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “
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Tax and Insurance Reserve Fund shall be renamed “Tax, HOA and Insurance Reserve Fund” and shall have the meaning ascribed thereto in Section 5.2(a).
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Related to Tax and Insurance Reserve Fund

  • Tax and Insurance Escrow Fund shall have the meaning set forth in Section 7.2 hereof.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Insurance Account shall have the meaning set forth in Section 8.6 hereof.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Reserve Accounts means the Tax and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Initial Reserve Account Deposit means $3,250,000.

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Reserve Funds means, collectively, the Tax and Insurance Escrow Fund, the Replacement Reserve Fund, the Required Repair Fund, the Initial Renovation Reserve Fund, the Interest Reserve Fund, the General Reserve Fund, any funds on deposit in the Construction Loan Reserve Account, any Shortfall Funds and any other escrow fund established pursuant to the Loan Documents.

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Trustee pursuant to Sections 3.07(b) and 3.07(c) in the name of the Trustee for the benefit of the Regular Certificateholders and designated "Deutsche Bank, National Trust Company in trust for registered Holders of Morgan Stanley ABS Capital I Inc. Trust 2006-HE3, Mortgage Pass-Through Xxxxxfxxxxxx, Series 2006-HE3." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.

  • Initial Reserve Account Deposit Amount means an amount equal to $1,030,941.16.

  • Insurance Premiums shall have the meaning set forth in Section 6.1(b) hereof.

  • Debt Service Reserve Account as defined in the Depositary Agreement.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Capital Reserve Fund means the reserve fund created and established by the Authority in

  • Excess Liquidation Proceeds Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $2,635,875.59.

  • Basis Risk Reserve Fund A fund created as part of the Trust Fund pursuant to Section 5.06 of this Agreement but which is not an asset of any of the REMICs.

  • Principal Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 3.08 in the name of the Trustee for the benefit of the Certificateholders and designated "The Bank of New York in trust for registered Holders of CWABS, Inc., Asset-Backed Certificates, Series 2005-3". Funds in the Principal Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

  • Yield Maintenance Account The separate trust account maintained and held by the Trustee pursuant to Section 3.16, which account shall bear a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Trust on behalf of the Class A Certificateholders, and which account provides that the Trustee may make, or cause to be made, withdrawals therefrom in accordance with Section 3.16.