Intangible Tax Account definition

Intangible Tax Account a deposit account maintained by the Borrower with the Collateral Agent or its designee (to which is credited only cash representing the intangible taxes that would be payable with respect to any Mortgage recorded in the State of Florida if the Obligations secured by such Mortgage were not contingent) in which the Collateral Agent has (for the ratable benefit of the Lenders and the Agents) a first priority security interest and Lien, perfected by control pursuant to a Blocked Account Control Agreement, as collateral security for the Obligations.
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Examples of Intangible Tax Account in a sentence

  • From and after the Closing Date (or in the case of the Interest Reserve Account, if earlier, 30 days after the Effective Date), so long as any Commitment remains in effect or any portion of any Loan or any Letter of Credit remains outstanding, the Borrower agrees at all times to maintain the Borrowing Base Account, the Interest Reserve Account, the Collateral Proceeds Account, the Intangible Tax Account and the Operating Accounts pursuant to arrangements reasonably satisfactory to the Collateral Agent.

  • The Borrower hereby pledges, assigns and grants to the Collateral Agent on behalf of and for the ratable benefit of the Lenders and the Issuing Lender, a security interest in all of the Borrower’s right, title and interest thereto and all funds and amounts from time to time on deposit in the Borrowing Base Account, Interest Reserve Account, Intangible Tax Account, Collateral Proceeds Account and Operating Accounts to secure prompt and complete performance of its Obligations.

  • The Borrowing Base Account, the Intangible Tax Account and the Interest Reserve Account shall be, at all times from and after the date on which they are required to be established hereunder, subject to a Blocked Account Control Agreement, and the Collateral Proceeds Account and the Operating Accounts shall be, at all times from and after the Closing Date, subject to a Contingent Account Control Agreement.