Central Cash Management. (a) All amounts paid by the issuer of the Rate Cap Agreement (the “Counterparty”) to Borrower or Lender, together with all rents, issues, profits, insurance proceeds, condemnation proceeds, refinancing proceeds and all other sums received with respect to the Premises or distributed with respect to the Equity Interests after all sums which are then due and payable have been paid to Mortgage Lender pursuant to the terms of the Mortgage Loan Documents (collectively, “Remaining Rents”), shall be paid by federal wire transfer or automatic clearing house funds (“ACH”) to Lender and shall be deposited immediately into an Eligible Account located at a bank satisfactory to Lender (the “Lockbox Account”). Lender has established the Lockbox Account in the name of Lender as secured party. The Lockbox Account shall be under the sole dominion and control of Lender. The Lockbox Account shall have a sub-account on a ledger basis entitled the “Debt Service Payment Account” (the “Debt Service Sub-Account” and together with the other accounts now or hereafter required to be established pursuant to this Section 2.27, collectively, the “Accounts”) to which certain funds shall be allocated and from which disbursements shall be made pursuant to the terms of the Lockbox Agreement. Borrower hereby irrevocably directs and authorizes Lender to withdraw funds from the Lockbox Account, all in accordance with the terms and conditions of the Lockbox Agreement. Borrower shall have no right of withdrawal in respect of the Lockbox Account. Each transfer of funds to be made hereunder shall be made only to the extent that funds are on deposit in the Lockbox Account, and Lender shall have no responsibility to make additional funds available in the event that funds on deposit are insufficient. Borrower shall enter into or shall cause Owner to enter into a substitute cash management agreement and related lockbox agreement (collectively, the “Substitute CMA Agreements”) with substantially the same terms as the agreements entered into as of the date hereof in connection with the Mortgage Loan as a condition to the satisfaction of the Mortgage Loan or if Mortgage Lender is not requiring that sums be deposited into any Sub-Accounts or Escrow Accounts. Such substitute agreements shall provide that all Remaining Rents shall be deposited into the Lockbox Account for disbursement in accordance with the terms of the Substitute CMA Agreements, the Lockbox Agreement (as amended to conform with the Substit...
Central Cash Management. Section 2.13.
Central Cash Management. 46 Section 2.13. Security Agreement.................................... 57 Section 2.14. Securitization........................................ 60 Section 2.15. Supplemental Mortgage Affidavits...................... 63
Central Cash Management. (a) Collection Account; Deposits to and Withdrawals from the Collection Account.
(i) On or before the Closing Date, Borrower shall establish and maintain with the Collateral Agent a collection account (the "Collection Account"), which shall be an Eligible Account with a separate and unique identification number and entitled "North Valley Tech LLC, with a security interest therein granted to Salomon Brothers Realty Corp. as Agent (on behalf of the Lenders) pursuant to a Loan Agreement, dated as of July __, 1999, among North Valley Tech LLC, Salomon Brothers Realty Corp. as Agent and initial Lender and LaSalle Bank National Association, as Collateral Agent". Not later than the Closing Date, the Borrower shall deliver to each tenant under a Lease an irrevocable direction letter in the form attached as Exhibit M to this Agreement requiring the tenant to pay all Rents and Money received from Accounts or under Leases and derived from the Mortgaged Property and Proceeds thereof directly to the Collection Account. Borrower shall provide to Agent proof of such delivery. In addition, Borrower shall deliver an irrevocable direction letter in such form to each tenant under a new Lease entered into after the date hereof prior to the commencement of such Lease. If a tenant under a Lease forwards such Rents, Money or Proceeds to the Borrower rather than directly to the Collection Account, the Borrower shall (i) deliver an additional irrevocable direction letter to the tenant and make other commercially reasonable efforts to cause the tenant to forward such Rents, Money or Proceeds directly to the Collateral Account and (ii) immediately deposit or cause the Manager to deposit in the Collection Account such Rents, Money or Proceeds. Borrower shall not have any right to withdraw Money from the Collection Account.
(ii) In the event that Collateral Agent has received written notice from Agent on behalf of the Lenders has notified the Collateral Agent and the Borrower that an Event of Default has occurred and is continuing,
Central Cash Management. (a) Collection Account, Local Deposit Trust Account, Local Collection Account, Parking Collection Account and Security Deposit Account; Deposits to and Withdrawals from Collection Account, Local Deposit Trust Account, Local Collection Account,
Central Cash Management. (a) (i) shall jointly open and maintain at the Collateral Agent a non-interest-bearing segregated trust account (the "Collection Account"). The Collection Account shall each be opened and maintained in the name of the Collateral Agent. The Borrowers shall direct each lessee and each other account debtor of any Borrower to remit all payments due to any Borrower directly to the Collection Account. The Borrowers shall deposit all Moneys and checks received by the Borrowers in respect of Rent or otherwise in respect of any Accounts within two Business Days after receipt thereof, directly into the Collection Account. The Collection Account shall at all times be an Eligible Account. The Borrowers shall have no right of withdrawal from the Collection Account, and the Collection Account shall be under the sole dominion and control of the Collateral Agent.
Central Cash Management. 65 Section 5.01. Cash Flow................................................ 65 Section 5.02. Establishment of Accounts................................ 65
Central Cash Management. 34 SECTION 2.13. SECURITY AGREEMENT.............................................38 SECTION 2.14.
Central Cash Management. [CONFORM TO LOAN AGREEMENT] -----------------------
Central Cash Management. 48 ARTICLE XLII.....................................................................................................49 42.1
