Examples of Insurance Escrow Account in a sentence
All interest paid or other earnings on funds deposited into the Reserve Accounts made hereunder shall be deposited into the Reserve Accounts (other than with respect to the Real Estate Taxes Escrow Account and the Insurance Escrow Account for which Lender and its servicer shall not have any obligation to deposit such interest or earnings into such accounts).
The General Operating Account is used for the deposit of all project income (including rent receipts, housing subsidy payments, and non-residential rental income) and for the disbursement of all necessary project expenses (including deposits to the Real Estate Tax and Insurance Escrow Account and the Reserve Accounts).
The Real Estate Tax and Insurance Escrow Account is established for the annual payment of real estate taxes and insurance.
Each month, the owner must withdraw one-twelfth of the annual anticipated total of these obligations from the General Operating Account and deposit these funds into the Real Estate Tax and Insurance Escrow Account.
If the Borrower elects not to reimburse the Bank on such date, then the Borrower shall be deemed to have requested, and the Bank shall be deemed to have made, a Base Rate Loan to the Borrower on such date in the amount of the applicable drawing (without regard to whether any condition set forth in Section 4 has been satisfied).
Any amount remaining in the Tax and Insurance Escrow Account after the Debt has been paid in full shall be returned to Borrower.
All or a portion of any Moneys in the Reserve Accounts (other than the Real Estate Tax Escrow Account, the Insurance Escrow Account, the Operating Expense Account, the Working Capital Reserve Account and the Debt Service Reserve Account, none of which shall bear interest for the benefit of Borrower) shall, so long as no Event of Default has occurred and is continuing, be held in interest-bearing accounts.
On the basis of such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit in the Working Capital Guarantee and Credit Insurance Escrow Account such amount as SMECA shall have requested.
The Tax and Insurance Escrow Account is not, unless otherwise explicitly required by Applicable Law, an escrow or trust fund.
Additionally, at the time of the closing of the Tax and Insurance Escrow Account, the Capital Expenditure Reserve Account or any of the other accounts established pursuant to the Collection Account Agreement deposits into which are considered Operating Expenses, Cash Flow Contingent Interest shall be due to the Holder on the balances in those accounts except to the extent such balances are paid to the Senior Lender.