IR Account definition
IR Account means the interest reserve account maintained by Borrower with Account Bank in New York City and subject to the Account Control Agreement, or any other account that replaces such account with the approval of Offshore Collateral Agent (acting at the instruction of the Requisite Lenders).
Examples of IR Account in a sentence
Borrower shall ensure that, commencing on the initial Funding Date and at all times thereafter, the IR Account has a Cash balance equal to the Required IR Account Balance.
Borrower shall have caused to be established with Account Bank the IR Account and the Cash Collateral Account.