Restoration Subaccount Sample Clauses

Restoration Subaccount. Borrower, the amount certified in such Request Letter to be then due and payable in respect of such Restorations. Each Request Letter delivered pursuant to this Section 5.7(a) regarding Restorations with respect to a Damage Event shall be accompanied by (i) a certificate of a Responsible Officer of the Borrower (A) describing in reasonable detail the work done and materials purchased with respect to such Restorations, (B) stating the amount requested to be transferred to or upon the order of the Borrower for such Restorations, that such amount is requested to reimburse the Borrower for, or to pay, the cost of such Restorations and that such amount, together with amounts remaining in the Restoration Subaccount for such purpose, are sufficient to pay in full the cost of such Restorations, (C) stating that no mechanic's or materialmen's liens have been filed and remain undischarged, except those to be discharged with the amount then requested to be transferred from the Restoration Subaccount and those which have been insured over by the Title Company without indemnification by the Borrower, and (D) stating that no Event of Default has occurred and is continuing, and (ii) if the aggregate amount to be paid for Restorations with respect to such Damage Event exceeds $1,000,000, a certificate of the Independent Engineer stating that (A) the amount requested by the Borrower in such Request Letter is being used to reimburse the Borrower for, or to pay, the cost of Restorations and (B) the amount requested in the Request Letter, together with amounts on deposit in the Restorations Subaccount which are available for such purpose, are sufficient to pay in full the costs of such Restorations. With respect to each Damage Event which is not a Non-Restoration Event, promptly following the completion of Restorations with respect to such Damage Event (and the receipt by the Security Agent of a certificate from a Responsible Officer of the Borrower and the Independent Engineer to such effect), except during a Default Period, the Security Agent shall promptly transfer all remaining funds on deposit in the Restoration Subaccount with respect to such Damage Event to the Project Control Account.
Sample 1
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Related to Restoration Subaccount

  • Deferral Account 3.1 Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

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  • Income Account The Trustee shall collect the dividends and other cash distributions on the Securities in each Trust which would be treated as dividend (other than capital gain dividends) or interest income under the Internal Revenue Code as such become payable (including all monies which would be so treated representing penalties for the failure to make timely payments on the Securities, or as liquidated damages for default or breach of any condition or term of the Securities or of the underlying instrument relating to any Securities and other income attributable to a Failed Contract Obligation for which no Replacement Security has been obtained pursuant to Section 3.12 hereof) and credit such income to a separate account for each Trust to be known as the "Income Account." Any non-cash distributions received by a Trust shall be sold to the extent they would be treated as dividend or interest income under the Internal Revenue Code and the proceeds shall be credited to the Income Account. Except as provided in the preceding sentence, non-cash distributions received by a Trust (other than a non-taxable distribution of the shares of the distributing corporation which shall be retained by a Trust) shall be dealt with in the manner described in Section 3.11, herein, and shall be retained or disposed of by such Trust according to those provisions and the proceeds thereof shall be credited to the Capital (Principal) Account. Neither the Trustee nor the Depositor shall be liable or responsible in any way for depreciation or loss incurred by reason of any such sale. All other distributions received by a Trust shall be credited to the Capital (Principal) Account."

  • SUBACCOUNTS The Separate Account is divided into Subaccounts which invest in shares of mutual funds. Each Subaccount may invest its assets in a separate class or series of a designated mutual fund or funds. The Subaccounts are shown on page 3. Subject to the regulatory requirements then in force, SBL reserves the right to:

  • Expense Account The Corporation shall reimburse Employee for reasonable and customary business expenses incurred in the conduct of the Corporation’s business. Such expenses will include business meals, out-of-town lodging and travel expenses. Employee agrees to timely submit records and receipts of reimbursable items and agrees that the Corporation can adopt reasonable rules and policies regarding such reimbursement. The Corporation agrees to make prompt payment to Employee following receipt and verification of such reports.

  • Account Balance The Servicer must never allow any Custodial T&I Account to become overdrawn as to any individual related Borrower. If there are insufficient funds in the account, the Servicer must advance its own funds to cure the overdraft.

  • Subaccount An investment division of the Separate Account. Each Subaccount, (a “Variable Investment Option” or “Variable Account”) invests its assets in a separate series or class of shares of a designated investment company.

  • Deferred Compensation Account All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation Account of the Participant as provided in Section 8.

  • Retirement Accounts With respect to certain retirement plans or accounts (such as individual retirement accounts (“IRAs”), SIMPLE IRAs, SEP IRAs, Xxxx IRAs, Education IRAs, and 403(b) Plans (such accounts, “Retirement Accounts”), the Transfer Agent, at the request and expense of the Fund, provide or arrange for the provision of various services to such plans and/or accounts, which services may include custodial agent services such as account set-up maintenance, and disbursements as well as such other services as the parties hereto shall mutually agree upon.

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