Borrower’s Accounts Clause Samples

Borrower’s Accounts. Except as prohibited by law, Borrower grants Bank a security interest in all of Borrower’s deposit accounts and investment property with Bank and any of its affiliates. Swap Agreements. All swap agreements (as defined in 11 U.S.C. § 101, as in effect from time to time), if any, between Borrower and Bank or its affiliates are independent agreements governed by the written provisions of said swap agreements, which will remain in full force and effect, unaffected by any repayment, prepayment, acceleration, reduction, increase or change in the terms of this Note, except as otherwise expressly provided in said written swap agreements, and any payoff statement from Bank relating to this Note shall not apply to said swap agreements except as otherwise expressly provided in such payoff statement.

Borrower’s Accounts. The Borrowers hereby authorize the Administrative Agent to charge the Borrowers’ accounts with the Administrative Agent in order to cause timely payment to be made to the Administrative Agent of all principal, interest, fees and expenses due hereunder (subject to sufficient funds being available in its accounts for that purpose).

Borrower’s Accounts. Borrower shall maintain any and all operating, security deposit, and reserve accounts for the Property with Lender and pledge the same to Lender as security for the Loan.

Borrower’s Accounts. Except as prohibited by law, Borrower grants B▇▇▇ ▇ ▇▇curity interest in all of Borrower's accounts with Bank and any of its affiliates.

Borrower’s Accounts. The Borrower's Accounts for the year ending 31 December 2005 and all other annual financial statements relating to the Borrower required to be delivered under Clause 10.2.18 of this Agreement, were each prepared in accordance with GAAP, give (in conjunction with the notes thereto) a true and fair view of (in the case of annual financial statements) or fairly represent (in the case of quarterly accounts) the financial condition of the Borrower Group at the date as of which they were prepared and the results of the Borrower Group’s operations during the financial period then ended.

Borrower’s Accounts. Borrower shall be required to maintain all of its accounts associated with the Project with Bank. Without limitation of the foregoing, Borrower shall have established and shall maintain the following accounts with Bank: (i) its primary operating account for the Project (the “Operating Account”), (ii) the Insurance Reserve Account, (iii) the Capital Reserve Account, and (iv) the Tax Reserve Account, and (v) the TI/LC Reserve Account. Each Operating Account, Insurance Reserve Account, Capital Reserve Account, TI/LC Reserve Account, and all other accounts maintained by Borrower in Borrower’s name in connection with the Loan, shall be referred to herein as the “Accounts”. The Accounts shall not be co-mingled with each other or any other accounts or investments of any Borrower or its owners or Affiliates. Borrower shall pay all reasonable expenses of opening and maintaining the Accounts in amounts not to exceed those generally charged by Bank to similarly situated customers of Bank. Borrower hereby pledges and assigns to Bank, and grants to Bank a first priority security interest in, all funds at any time on deposit in the Accounts as additional Collateral for the Loan. Borrower will take, or authorizes Bank to take, all actions necessary to maintain in favor of Bank a perfected first priority security interest in the Accounts, including, without limitation, filing UCC 1 financing statements and continuations thereof. All monies now or hereafter deposited into the Accounts shall be deemed additional security for the Loan. Borrower shall not, further pledge, assign or grant any security interest in the Accounts, or permit any Lien to attach thereto, except a Permitted Encumbrance. This Agreement is, among other things, intended by the parties to be a security agreement for purposes of the Uniform Commercial Code. Borrower and Bank further agree that it is the intent of the parties that this Agreement is an authenticated record evidencing Bank’s “control” of the Accounts (within the meaning of Section 9-104 of the Uniform Commercial Code as in effect in the State of Florida. Without limitation of the foregoing, upon the occurrence of an Event of Default, Bank shall have the right to apply funds in the Accounts to one or more of the following items, in Bank’s sole discretion, (i) to reduce the outstanding principal balance of the Loan, (ii) to pay debt service, fees and costs due under the Loan Documents, (iii) to the payment of real estate taxes and/or insurance ...

Borrower’s Accounts. Borrower has established and shall maintain during the term of this Loan the Borrower’s Funds Account in connection with the acquisition, development, marketing and operation of the Projects:

Borrower’s Accounts. Borrower and Lender hereby acknowledge that time is of the essence in performance of Borrower’s obligations hereunder, in particular with respect to the timing of funding Advances by Lender. In recognition of this and to facilitate the transfer of funds to permit the making of Advances to occur smoothly and rapidly, Borrower shall establish Borrower’s Accounts. Lender shall have the right to automatically deduct all principal, interest, fees and costs and expenses due hereunder from time to time as and when such amounts are due from the Operating Account or such other of the Borrower’s Accounts as Lender shall deem appropriate for such purpose, but, for the avoidance of doubt, specifically excluding monies held by Borrower in trust for third parties. Borrower agrees to maintain positive balances in Operating Account at all times sufficient to permit the transactions contemplated hereunder to be carried out and, upon failure to do so, Lender may assess and collect from Borrower (whether by setoff or otherwise) such penalties and fees as are established by Lender from time to time as set forth on Annex 1 attached hereto. Lender hereby agrees to provide Borrower with notice (which may be by email or other electronic means) within one (1) Business Day of Lender’s deduction of any principal, interest, fees, expenses or other costs due and payable hereunder from Borrower’s Accounts.

Borrower’s Accounts. Borrower has established (or, as required herein, shall establish) and shall maintain during the term of this Loan the Funding Disbursement Account for the purposes set forth below: