Bank-Controlled Account definition

Bank-Controlled Account means the bank-controlled account in Xxxxxxxx’s name held by the Lender into which the Funding Sources, including Construction Equity Deposits and any portion of the Loan which Lender elects to deposit in the Bank-Controlled Account, will be deposited.
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Bank-Controlled Account has the meaning assigned in Section 6.11.
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Examples of Bank-Controlled Account in a sentence

  • Commencing with the calendar quarter ending June 30, 2016, and continuing during each calendar quarter thereafter until the Maturity Date, within fifteen (15) days following the end of each such quarter, Borrower shall deposit an amount equal to lesser of (x) $ or (y) the Net Operating Income from the Property for the immediately preceding calendar quarter, into the Bank-Controlled Account.

  • Borrower shall establish the Bank-Controlled Account at the Lender.

  • Security Agreement 56 10.1 Tenant Security Deposit Account 56 10.2 Tax Escrow Account 56 10.3 Insurance Escrow Account 56 10.4 Operating Account 56 10.5 Bank-Controlled Account 56 10.6 Intentionally Omitted 56 10.7 Construction Disbursement Account 56 10.8 Security Agreement for Required Accounts 57 11.

  • In the event that, notwithstanding the “lender’s loss payable endorsement” requirement set forth in Exhibit L, the proceeds of any casualty insurance policy described herein are paid to Borrower, Borrower shall deliver such proceeds to Lender immediately upon receipt for deposit in the Bank-Controlled Account.

  • Borrower and General Partner shall take all actions necessary to satisfy any conditions necessary for the timely payments of the Capital Contributions, the proceeds of which shall be promptly deposited by Borrower in the Bank-Controlled Account, to be disbursed by Lender pursuant to this Agreement.

  • Borrower authorizes Xxxxxx, in Xxxxxx’s discretion (but without any obligation to do so), to charge any of Borrower’s accounts maintained at Lender, including the Bank-Controlled Account, for the amount of any payment or prepayment on the Note or other amounts owing pursuant to any of the other Loan Documents.

  • Borrower authorizes Lender, in Lender’s discretion (but without any obligation to do so), to charge any of Borrower’s accounts maintained at Lender, including the Bank-Controlled Account, for the amount of any payment or prepayment on the Note or other amounts owing pursuant to any of the other Loan Documents.

Related to Bank-Controlled Account

  • Controlled Account has the meaning specified therefor in Section 7(k).

  • Controlled Accounts means the Collection Account and the Unfunded Exposure Account.

  • Controlled Account Agreement has the meaning specified therefor in the Security Agreement.

  • Controlled Account Bank has the meaning specified therefor in Section 7(k).

  • Controlled Deposit Account means a Deposit Account (i) that is subject to a Deposit Account Control Agreement or (ii) as to which the Collateral Agent is the Depositary Bank’s “customer” (as defined in UCC Section 4-104).

  • Related Account means an Account with respect to which a new account number has been issued by the applicable Account Owner or the Servicer (a)(i) resulting from a lost or stolen credit or charge card relating to such Account (if such Account is a credit or charge card account) or (ii) under circumstances not requiring the standard application and credit evaluation procedures under the Credit Guidelines applicable to such Account, and (b) that can be traced or identified by reference to or by way of Schedule 1 to this Agreement and the computer or other records of the applicable Account Owner or the Servicer.

  • Excluded Account means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s employees and (b) any Xxxxx Cash Accounts.

  • Designated Accounts as used in any security agreement means both the Designated Accounts hereunder and the “Designated Accounts” in the comparable agreement entered into with respect to any other Pledgor.

  • Linked Account means any controlled disbursement account or other deposit account at any time linked to any of the Collection Accounts maintained at Truist Financial Corp. by a zero balance account connection or other automated funding mechanism.

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Collection Account Control Agreement means that certain Collection Account Control Agreement, to be entered into by and among the Borrower, the Lender and Bank, with respect to the Collection Account, in form and substance acceptable to the Lender and the Borrower, as the same may be amended, modified or supplemented from time to time.

  • Collateral Deposit Account shall have the meaning set forth in Section 7.1(a).

  • Investment Account As defined in Section 3.12(a).

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Deposit Account Control Agreement means an agreement, in form and substance satisfactory to the Agent (in its Permitted Discretion), among any Loan Party, a banking institution holding such Loan Party’s funds, and the Agent with respect to collection and control of all deposits and balances held in a deposit account maintained by any Loan Party with such banking institution, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.

  • Restricted Account means an account at Xxxxx Fargo Bank, N.A. associated with the Loan to which Borrower’s access is restricted. Capitalized terms used in these Additional Terms and Conditions to Disbursement Instruction Agreement and not otherwise defined herein shall have the meanings given to such terms in the body of the Agreement.

  • Collateral Account Agreement means the Collateral Account Agreement executed and delivered by Company and Administrative Agent on the Closing Date, substantially in the form of EXHIBIT XXIII annexed hereto, as such Collateral Account Agreement may hereafter be amended, supplemented or otherwise modified from time to time.

  • Approved Deposit Account means a Deposit Account maintained by any Loan Party that is the subject of an effective Deposit Account Control Agreement. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Deposit Account Agreement means the Deposit Account Agreement and Disclosure, as may be amended from time to time, issued by the Custodian and available on the Custodian’s internet customer portal, “xx.xxxxxxxxxxx.xxx”.

  • Eligible Deposit Account means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each Rating Agency in one of its generic rating categories that signifies investment grade.

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Deposit Account means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

  • Designated Account means the Deposit Account of Borrower identified on Schedule D-1 to the Agreement (or such other Deposit Account of Borrower located at Designated Account Bank that has been designated as such, in writing, by Borrower to Agent).

  • Controlled Disbursement Account means any account of the Borrowers maintained with the Administrative Agent as a zero balance, cash management account pursuant to and under any agreement between a Borrower and the Administrative Agent, as modified and amended from time to time, and through which all disbursements of a Borrower, any other Loan Party and any designated Subsidiary of a Borrower are made and settled on a daily basis with no uninvested balance remaining overnight.

  • Blocked Account Control Agreement means the Cash Management Agreement among Borrower, Collection Account Bank and Lender providing for the exclusive control of the Collection Account and all other Accounts by Lender, substantially in the form of Exhibit A or such other form as may be reasonably acceptable to Lender.

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