Property Account Bank definition

Property Account Bank means the Eligible Institution at which a Property Account is maintained.

Property Account Bank means Xxxxx Fargo Bank, N.A., provided that it remains an Eligible Institution, and any successor Eligible Institution or other Eligible Institution selected by Borrower, subject to Lender’s approval.

Property Account Bank means for each Individual Property, that certain property account bank set forth on Schedule X, provided that such bank remains an Eligible Institution, and any successor Eligible Institution or other Eligible Institution selected by Borrower, subject to Lender's approval.

Examples of Property Account Bank in a sentence

• Borrower acknowledges and agrees that the Accounts are subject to the sole dominion, control and discretion of Lender, its authorized agents or designees, including Property Account Bank and Lockbox Bank, subject to the terms hereof; and Borrower shall have no right of withdrawal with respect to any Account except with the prior written consent of Lender or as otherwise provided herein.

• Notwithstanding anything to the contrary contained herein (including this Article 6), upon the occurrence and during the continuance of an Event of Default, Lender, at its option, may apply any Collections then in the possession of Lender, Servicer or the Collection Account Bank (including any Reserve Funds on deposit in the Accounts) or any Property Account Bank to the payment of the Debt in such order, proportion and priority as Lender may determine in its sole and absolute discretion.

• Borrower shall, and Borrower shall cause Property Account Bank and Lockbox Account Bank to, maintain each Account as an Eligible Account.

• Borrower shall, and Borrower shall cause Property Account Bank and Lockbox Bank to maintain each Account as an Eligible Account.

• Borrower hereby irrevocably authorizes and directs Property Account Bank or Lockbox Bank, as the case may be, to hold any income earned from Permitted Investments as part of the Accounts.

More Definitions of Property Account Bank

Property Account Bank means an Eligible Institution for each Individual Property designated by Mortgage Borrower.

Property Account Bank means PNC Bank, National Association, provided that it remains an Eligible Institution, and any successor Eligible Institution or other Eligible Institution selected by Borrower, subject to Lender’s approval.

Property Account Bank means Wxxxx Fargo, or another Eligible Institution acceptable to Administrative Agent.

Property Account Bank means Banco Popular, provided that the ratings assigned to their long term debt obligations are at least one level below the current ratings assigned to Banco Popular as of the date hereof by the Rating Agencies or any other bank located and principally doing business in Puerto Rico, provided the long term debt obligation of such other local bank is rated at least A- by S&P, A2 by Xxxxx’x and A by Fitch or any other bank, provided that such other bank remains an Eligible Institution, and any successor Eligible Institutions or other Eligible Institutions or banks selected by Borrower, subject to Lender’s reasonable approval.

Property Account Bank shall have the meaning set forth in the Mortgage Loan Agreement.

Property Account Bank means for each Collateral Property, each property account bank set forth on Schedule 3.01(a), from time to time, provided that such bank remains an Eligible Institution, and any successor Eligible Institution or other Eligible Institution selected by the applicable Borrower, subject to Administrative Agent’s approval.

Property Account Bank means the Eligible Institution at which a Property Account is maintained. “Property Account Control Agreement” means, (i) the Deposit Account Control Agreement (Springing Agreement) dated the date hereof among Borrower, Lender and a Property Account Bank, providing for springing control by Lender, substantially in the form set forth as Exhibit B attached hereto or such other form as may be reasonably acceptable to Lender, and (ii) the Deposit Account Control Agreement (Springing Agreement) dated the date hereof among Borrower, Lender and a Property Account Bank, providing for springing control by Lender, substantially in the form set forth as Exhibit B attached hereto or, in each case, such other form as may be reasonably acceptable to Lender, as each may be amended, restated, replaced, supplemented or otherwise modified from time to time. “Property Accounts” means the Rent Deposit Account and the Borrower’s Operating Account.