LIP Account definition
Examples of LIP Account in a sentence
No funds from any other source (other than interest or earnings on the LIP Funds) shall be commingled in the LIP Account.
The Company shall not permit withdrawals from the LIP Account for any other purpose.
The Company shall, and hereby is authorized to, establish and maintain or cause to be established and maintained the LIP Account in accordance with the Participation and Servicing Agreement, and the funds deposited therein shall be disbursed and used solely as provided therein.
The Servicer shall not permit withdrawals from the LIP Account for any other purpose.
On the Servicing Transfer Date, the Receiver shall be reimbursed from the LIP Account an amount equal to the Authorized Funding Draws made by it at any time after the Cut-Off Date and on or before the Servicing Transfer Date.
To the extent the Initial Member makes advances of its own funds to make Authorized Funding Draws (rather than withdrawing such funds from the LIP Account) or Post-Cut-Off Date Advances after the Cut-Off Date, the Company shall reimburse the Initial Member for all such advances.
The LIP Account (and all funds therein) shall be subject to the security interest granted to the Participant in Section 2.06 and, prior to or concurrently with the establishment of the LIP Account, and in any event prior to making any withdrawals therefrom, the Company, the Participant and the Eligible Institution that will hold such LIP Account shall have executed and delivered an account control agreement in substantially the form attached hereto as Exhibit F.
The Company shall establish and, until such time as the Servicer is retained, maintain and, thereafter, cause the Servicer to maintain the LIP Account, held in trust for the benefit of the Participant and the Company.
On the date that is one (1) year after the Effective Date, unless otherwise agreed by the parties, the LIP Account shall be liquidated (and no further Authorized Funding Draws may be made on or after such date), and all remaining LIP Funds then on deposit in the LIP Account, including all interest and earnings thereon, shall be distributed.
The Participant and the Company shall, promptly upon the Company’s request therefor, deposit additional amounts into the LIP Account as may be necessary to reflect any adjustment to the Maximum Authorized Funding Draw with respect to any Loan that is permitted under the definition of the term “Maximum Authorized Funding Draw” in Section 1.01 hereof.