Common use of Changes to Accounts Clause in Contracts

Changes to Accounts. The Loan Parties shall not (i) open or permit to remain open any cash, securities or other account with any bank, custodian or institution other than the Collection Account, the Reserve Accounts, the Property Accounts and any General Operating Accounts, (ii) change or permit to change any account number of the Collection Account, the Reserve Accounts, any Security Deposit Account, any Property Account subject to a Property Account Control Agreement and any General Operating Account subject to a General Operating Account Control Agreement, (iii) open or permit to remain open any sub-account of the Collection Account (except any Reserve Account), the Reserve Accounts, any Property Account subject to a Property Account Control Agreement or any General Operating Account subject to a General Operating Account Control Agreement, (iv) permit any funds of Persons other than the Borrowers to be deposited or held in any of the Collection Account, the Reserve Accounts, the Property Accounts or the General Operating Accounts, (v) permit any cash (including any Collections or other proceeds of any Properties) to be deposited or held in any General Operating Account other than cash and Permitted Investments that could be distributed as a Restricted Junior Payment by a Loan Party pursuant to Section 5.05(m) on such date or (vi) grant any Person signing authority over any Property Account or General Operating Account other than employees of the Manager or a Subcontractor.

Appears in 6 contracts

Samples: Loan Agreement (Invitation Homes Inc.), Loan Agreement (Invitation Homes Inc.), Loan Agreement (Invitation Homes Inc.)

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.