T&I Account definition
Examples of T&I Account in a sentence
The Servicer must never allow any Custodial T&I Account to become overdrawn as to any individual related Borrower.
Each Custodial T&I Account is to be designated in the name of the Servicer acting as an agent for the individual related Borrowers to make such Escrow Item payments in order to show that the account is custodial in nature.
During litigation, bankruptcy proceedings or foreclosure proceedings pertaining to any Mortgage Loan or while REO transferred to the Trustee through foreclosure or a deed-in-lieu of foreclosure is held by the Trustee, the Servicer must continue to make required T&I Advances in respect of each such Mortgage Loan or REO to the respective Custodial T&I Account.
The Servicer shall prepare reconciliations for each Custodial P&I Account, Custodial T&I Account and Custodial Buydown Account on a monthly basis and shall forward the same to the Master Servicer upon request.
If a Borrower's Escrow Funds are insufficient to pay taxes or insurance premiums, the Servicer must advance from its own funds to the respective Custodial T&I Account an amount sufficient to cover the shortage and so as to assure the maintenance of a first lien position of the related Security Instrument on the related Mortgaged Property.
Custodial T&I Account............................................
The Servicer shall instruct the Lockbox Bank to remit by wire transfer of immediately available funds (x) Escrow Amounts to the appropriate T&I Account, as directed by the Servicer, and (y) all other Collections in the Lockbox Account to the Principal and Interest Account, in each case on the next Business Day following the Business Day of their receipt by the Lockbox Bank.
Custodial T&I Account.............................................
Disbursements of the Tenant Improvement Allowance shall be made pari passu with disbursements of the Tenant’s Contribution Deposit from the TI Account provided that such disbursements of the Tenant Improvement Allowance are otherwise permissible pursuant to this Work Letter.
The Final TI Cost Budget and, accordingly, Tenant’s Contribution, shall be adjusted from time to time based on Changes approved by Landlord and Tenant as provided for in Section 2.7(c) above.” The parties acknowledge that the last sentence of Section 4.1(e) applies only with respect to disbursements from the TI Account and that, as of the Effective Date, Landlord’s construction lender is not requiring a TI Account.