Common use of Account Name Clause in Contracts

Account Name. (a) The Accounts shall each be in the name of Borrower for the benefit of Lender, provided that Borrower shall be the owner of all funds on deposit in the Accounts for federal and applicable state and local tax purposes. (b) In the event Lender enters into a Secondary Market Transaction, the title of each Account shall, at Lender’s request, be modified to change the name of the applicable Account to reflect the name of the transferee or assignee of the Loan or at the option of Lender, the title of each Account shall, at Lender’s request, be modified to change the name of the applicable Account to substitute the name of the Servicer as agent for Lender in place and stead of Lender. Borrower shall cooperate with Lender in changing the name of the applicable Account as set forth in this Section 3.3(b).

Account Name. (a) The Accounts shall each be in the name of Borrower for the benefit of LenderXxxxxx, provided that Borrower shall be the owner of all funds on deposit in the Accounts for federal and applicable state and local tax purposes. (b) In the event Lender Xxxxxx enters into a Secondary Market Transaction, the title of each Account shall, at LenderXxxxxx’s request, be modified to change the name of the applicable Account to reflect the name of the transferee or assignee of the Loan or at the option of Lender, the title of each Account shall, at LenderXxxxxx’s request, be modified to change the name of the applicable Account to substitute the name of the Servicer as agent for Lender in place and stead of Lender. Borrower shall cooperate with Lender in changing the name of the applicable Account as set forth in this Section 3.3(b).