Common use of Clearing Account Clause in Contracts

Clearing Account. (a) Upon the occurrence of any Cash Sweep Event and thereafter for the duration of the related Cash Sweep Period, Borrower shall establish and maintain an Eligible Account (the “Clearing Account”) with Clearing Bank for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Lender. The Clearing Account shall be entitled in the name of Borrower for the benefit of Lender. Borrower hereby grants to Lender a first-priority security interest in the Clearing Account and all deposits at any time contained therein and the proceeds thereof and shall take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Clearing Account, including filing UCC-1 Financing Statements and continuations thereof. Lender and Servicer shall have the sole right to make withdrawals from the Clearing Account. All costs and expenses for establishing and maintaining the Clearing Account shall be paid by Borrower. All monies now or hereafter deposited into the Clearing Account shall be deemed additional security for the Debt. The Clearing Account Agreement and, after its establishment, the Clearing Account, shall remain in effect until the Loan has been repaid or defeased in full.

Clearing Account. (a) Upon During the occurrence of any Cash Sweep Event and thereafter for the duration term of the related Cash Sweep PeriodLoan, Borrower shall establish and maintain an Eligible Account (the “Clearing Account”) with Clearing Bank for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Lender. The Subject to Section 2.5.2(e), the Clearing Account shall be entitled in the name of Borrower ARC AMWCHKS001, LLC Et. Al. for the benefit of Lender. Borrower hereby grants to Lender a first-priority security interest in the Clearing Account and all deposits at any time contained therein and the proceeds thereof and shall take all actions reasonably necessary to maintain in favor of Lender a perfected first priority security interest in the Clearing Account, including (at Lxxxxx’s request) filing UCC-1 Financing Statements and continuations thereof. Lender and Servicer shall have the sole right to make withdrawals from the Clearing Account. All actual, reasonable costs and expenses for establishing and maintaining the Clearing Account shall be paid by BorrowerBxxxxxxx. All monies now or hereafter deposited into on deposit in the Clearing Account shall be deemed additional security for the Debt. The Clearing Account Agreement and, after its establishment, the and Clearing Account, Account shall remain in effect until the Loan has been repaid or defeased in full.

Clearing Account. (a) Upon During the occurrence of any Cash Sweep Event and thereafter for the duration term of the related Cash Sweep PeriodLoan, Borrower shall establish and maintain an Eligible Account (the “Clearing Account”) with Clearing Bank for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Lender. The Subject to Section 2.5.2(e), the Clearing Account shall be entitled in the name of Borrower ARC LCROWTX001, LLC Et. Al. for the benefit of Lender. Borrower hereby grants to Lender a first-priority security interest in the Clearing Account and all deposits at any time contained therein and the proceeds thereof and shall take all actions reasonably necessary to maintain in favor of Lender a perfected first priority security interest in the Clearing Account, including (at Lxxxxx’s request) filing UCC-1 Financing Statements and continuations thereof. Lender and Servicer shall have the sole right to make withdrawals from the Clearing Account. All actual, reasonable costs and expenses for establishing and maintaining the Clearing Account shall be paid by BorrowerBxxxxxxx. All monies now or hereafter deposited into on deposit in the Clearing Account shall be deemed additional security for the Debt. The Clearing Account Agreement and, after its establishment, the and Clearing Account, Account shall remain in effect until the Loan has been repaid or defeased in full.