Borrower’s Operating Account. Borrower shall establish and maintain an account (the “Borrower’s Operating Account”) at a bank selected by Borrower and reasonably approved by Lender which shall be an Eligible Institution. Borrower may also establish and maintain subaccounts of Borrower’s Operating Account (which may be ledger or book entry accounts and not actual accounts).
Borrower’s Operating Account. Borrower shall establish and maintain an account (the “Borrower’s Operating Account”) at a local bank selected by Borrower and reasonably approved by Lender which shall be an Eligible Institution. Borrower may also establish and maintain subaccounts of Borrower’s Operating Account (which may be ledger or book entry accounts and not actual accounts). Borrower’s Operating Account (and any subaccounts thereof) shall be subject to a Property Account Control Agreement in which Borrower and Manager shall have access to and may make withdrawals from Borrower’s Operating Account until the occurrence of an Event of Default, after which Lender may exercise sole control and dominion over Borrower’s Operating Account (and any subaccounts thereof) and neither Borrower nor Manager shall have the right of withdrawal from or access to Borrower’s Operating Account (and any subaccounts thereof).
Borrower’s Operating Account. Borrower shall establish and maintain an account (the “Borrower’s Operating Account”) at a bank selected by Borrower. Borrower may also establish and maintain subaccounts of Borrower’s Operating Account (which may be ledger or book entry accounts and not actual accounts). Any Funds distributed to Borrower’s Operating Account pursuant to Section 6.8.1(i)(B)(1) shall be used by Borrower only to pay for Operating Expenses and Capital Expenditures set forth in the Approved Annual Budget or reimburse Borrower for such Operating Expenses and Capital Expenditures, as applicable.
Borrower’s Operating Account. Borrower shall establish and maintain an account (the “Borrower’s Operating Account”) at a bank selected by Xxxxxxxx and reasonably approved by Lender which shall be an Eligible Institution. Borrower may also establish and maintain subaccounts of the Borrower’s Operating Account (which may be ledger or book entry accounts and not actual accounts). The Borrower’s Operating Account (and any subaccounts thereof) shall be subject to a Property Account Control Agreement in which Borrower and Property Manager shall have access to and may make withdrawals from the Borrower’s Operating Account for any lawful purposes until the occurrence of an Event of Default, after which Lender may exercise sole control and dominion over the Borrower’s Operating Account (and any subaccounts thereof) and none of Borrower or Property Manager shall have the right of withdrawal from or access to the Borrower’s Operating Account (and any subaccounts thereof). To the extent that this Agreement provides for the payment of any amounts to the Borrower’s Operating Account, such amounts shall be paid to Account #4174799439 at PNC Bank, National Association unless otherwise designated by Borrower.
Borrower’s Operating Account. Borrower shall maintain the Borrower’s Operating Account and not change the location from U.S. Bank National Association throughout the term of the Loan.
Borrower’s Operating Account. Within Sixty (60) days following the date hereof, Borrower shall establish and maintain a segregated Eligible Account (the “Operating Account”) with a bank or depositary institution acceptable to Lender in its sole, discretion (“Operating Account Bank”), which Operating Account shall be maintained subject to and in accordance with the terms of a deposit account control agreement acceptable to Lender in its sole, good faith discretion the (“Operating Account Control Agreement”). The Operating Account shall be entitled “Xxxxxxxx Lyon, LLC, as pledgor, for the benefit of Qina, LLC, as Secured Party – Operating Account,” or such other name as required by Lender from time to time. Borrower (i) hereby grants to Lender a first priority security interest in the Operating Account and all deposits at any time contained therein and the proceeds thereof, and (ii) will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Operating Account, including, without limitation, the execution of any account control agreement which is consistent with the terms of this Agreement and the other Loan Documents, as may be required by Lender, including without limitation the Operating Account Control Agreement Borrower will not in any way alter, modify or close the Operating Account and will notify Lender of the account number thereof. As more fully set forth in the Operating Account Control Agreement, Borrower shall have the right to use the Borrower’s Funds on deposit in the Operating Account in accordance with the terms of this Agreement and the Loan Documents, provided, however, that from and after the occurrence of and during the continuance of a Default, Lender shall have the sole right to access and utilize the Borrower’s Funds then on deposit in the Operating Account, and all costs and expenses for establishing and maintaining the Operating Account shall be paid by Borrower. All monies now or hereafter deposited into the Operating Account shall be deemed additional security for the Loan and all other amounts owing under the Loan Documents.
Borrower’s Operating Account. Borrowers have established the Borrowers’ Operating Account. Borrowers shall maintain the Borrowers’ Operating Account until satisfaction of all of the Secured Obligations, the Second Mortgage Secured Obligations and the Third Mortgage Secured Obligations. Wiring instructions for Borrowers’ Operating Account are attached hereto as Exhibit B (as may be amended by Borrowers from time to time following reasonable, advance written notice to Administrative Agent and Servicer).
Borrower’s Operating Account
