Escrow Sub-Account definition
Examples of Escrow Sub-Account in a sentence
Lender may (but shall not be obligated to) withdraw funds from the Debt Service Payment Sub-Account the Engineering Escrow Sub-Account, the FF&E Sub-Account, the Curtailment Reserve Sub-Account or the Capital Expenditure Sub-Account (in each case to the extent funds are available in each such Basic Sub-Account) and pay any deficiency in any other Basic Sub-Account, in such order of priority as Lender determines in Lender's sole discretion.
Disbursements from the Engineering Escrow Sub-Account shall be made in accordance with Section 5.12 hereof.
Lender shall, at Lender's option, pay such funds remaining in the Engineering Escrow Sub-Account applicable to Short-Term Required Repairs at such Individual Property to such Borrower or, upon notice to Borrowers, apply such amount to the amounts payable hereunder on the next Due Date.
Should an Event of Default occur, the sums on deposit in the Engineering Escrow Sub-Account may be applied by Lender in payment of any Required Engineering Work or may be applied to the payment of the Debt or any other charges affecting all or any portion of the Cross-collateralized Properties, as Lender in its sole discretion may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender as herein provided.
If any such Accountant's Certificate shall indicate that amounts disbursed from the Engineering Escrow Sub-Account were misapplied, Borrowers shall immediately deposit in the Central Account, for allocation to the Engineering Escrow Sub-Account, funds equal to the amount so misapplied.
In addition, on the date hereof the Central Account shall also contain a Sub-Account entitled the "Engineering Escrow Sub-Account" which initially shall be funded with the Initial Engineering Deposit (representing sums applicable to certain engineering work as set forth on EXHIBIT D, attached hereto and made a part hereof (collectively, "Required Engineering Work")).
Lender shall, at Lender's option, pay such funds remaining in the Engineering Escrow Sub-Account applicable to such Individual Property to such Borrower or, upon notice to Borrowers, apply such amount to the amounts payable hereunder on the next Due Date, and any Required Repairs Installments with respect to such Individual Property not yet due and payable shall be waived.
In addition to the 0148055.08-01S4a 6 foregoing, on the date hereof, Borrowers shall fund the Escrow Sub-Account in an amount equal to $5,508,000.
Lender shall, at Lender's option, pay such funds remaining in the Engineering Escrow Sub-Account applicable to the Property to Borrower or, upon notice to Borrower, apply such amount to the amounts payable hereunder on the next Due Date, and any Required Repairs Installments with respect to the Property not yet due and payable shall be waived.
Not less than three Business Days prior to Borrower's delivery of a request to the Collateral Agent to withdraw any funds from the Tax and Insurance Escrow Sub-Account, Borrower shall provide the Lender with written notice (with a copy to the Collateral Agent) of such request (including therein a statement of the purpose for the withdrawal and copies of invoices and other materials relating to such Impositions and insurance premiums).