Changes in Marriott FF&E Reserve Account Sample Clauses

Changes in Marriott FF&E Reserve Account. In the event that Marriott exercises any right that Marriott may have to change the account that constitutes the “FF&E Reserve” (as defined in the Property Management Contracts) from the then-existing Marriott FF&E Reserve Account to another account, Borrower shall direct or cause Mortgage Borrower to: (i) enter into, and cause Marriott and the new Marriott FF&E Account Bank to enter into, a replacement Marriott FF&E Account Control Agreement with respect to such account (which account shall thereafter constitute the Marriott FF&E Reserve Account hereunder) in form and substance reasonably acceptable to Mortgage Lender and Lender, (ii) deliver to Mortgage Lender and Lender a new or updated opinion of Borrower’s counsel opining, with respect to the new Marriott FF&E Account Control Agreement, as to due authorization, execution and delivery by Mortgage Borrower, enforceability and perfection, all in form and substance reasonably acceptable to Mortgage Lender and Lender, and (iii) deliver to Mortgage Lender and Lender a new or updated opinion of Marriott’s counsel opining, with respect to the new Marriott FF&E Account Control Agreement, as to due authorization, execution and delivery by Marriott and enforceability, all in form and substance reasonably acceptable to Mortgage Lender and Lender.
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Changes in Marriott FF&E Reserve Account. In the event that Marriott exercises any right that Marriott may have to change the account that constitutes the “FF&E Reserve” (as defined in the Property Management Contracts) from the then-existing Marriott FF&E Reserve Account to another account, Borrower shall: (i) enter into, and cause Marriott and the new Marriott FF&E Account Bank to enter into, a replacement Marriott FF&E Account Control Agreement with respect to such account (which account shall thereafter constitute the Marriott FF&E Reserve Account hereunder) in form and substance reasonably acceptable to Lender, (ii) deliver to Lender a new or updated opinion of Borrower’s counsel opining, with respect to the new Marriott FF&E Account Control Agreement, as to due authorization, execution and delivery by Borrower, enforceability and perfection, all in form and substance reasonably acceptable to Lender, and (iii) deliver to Lender a new or updated opinion of Marriott’s counsel opining, with respect to the new Marriott FF&E Account Control Agreement, as to due authorization, execution and delivery by Marriott and enforceability, all in form and substance reasonably acceptable to Lender.

Related to Changes in Marriott FF&E Reserve Account

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any).

  • Permitted Withdrawals and Transfers from the Master Servicer Collection Account (a) The Master Servicer will, from time to time on demand of a Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the Master Servicer Collection Account pursuant to Section 10.01 and remove amounts from time to time deposited in error.

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

  • Permitted Withdrawals From Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

  • Permitted Withdrawals from the Collection Account The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes:

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • Permitted Withdrawals from the Custodial Account (a) The Master Servicer may, from time to time as provided herein, make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.07 that are attributable to the Mortgage Loans for the following purposes:

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