Common use of Control of Reserve Accounts Clause in Contracts

Control of Reserve Accounts. On the Closing Date, each of the Reserve Accounts shall be established by Lender. Each Reserve Account required under this Loan Agreement shall be a custodial account established by Lender, and, at Lender's option, funds deposited into a Reserve Account may be commingled with other money held by Lender. Each Reserve Account shall be under the sole dominion and control of Lender, and Borrower shall not have any right to withdraw funds from a Reserve Account. Unless required by the laws of the state which govern this Loan Agreement or otherwise expressly provided in this Loan Agreement, Borrower shall not be entitled to any earnings or interest on funds deposited in the Tax Escrow Account and the Insurance Premium Escrow Account. The Reserve Accounts, other than the Tax Escrow Account and the Insurance Premium Escrow Account, shall be interest-bearing accounts, provided, however, that interest paid or payable with respect to any Reserve Account held by or on behalf of Lender may not be based on the highest rate of interest payable by Lender on deposits and shall not be calculated based on any particular external interest rate or interest rate index, nor shall any such interest reflect the interest rate utilized by Lender to calculate interest payable on deposits held with respect to any particular loan or borrower or class of loans or borrowers, and Lender shall have no liability with respect to the amount of interest paid and/or loss of principal. All interest earned on the Reserve Accounts (other than the Tax Escrow Account and Insurance Premium Escrow Account) by Lender shall be credited to such accounts. Subject to the provisions of Section 4.07, upon the occurrence of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in any or all of the Reserve Accounts to the payment of the Debt in any order as determined by Lender in its sole discretion; provided, however, that Lender may not apply sums held in the Recourse Carveout Reserve Account to the payment of Debt unless (and then only to the extent that) Borrower has personal liability for the Loan pursuant to Section 12.02 of this Loan Agreement or has personal liability for Lender's losses, costs and expenses pursuant to Section 12.03 of this Loan Agreement. If and to the extent that, as of the Maturity Date, Borrower has previously deposited into any of the Reserve Accounts any sums that have (a) not been applied to the payment of the amounts with respect to which such Reserve Accounts were created or to the payment of subsequent monthly deposits required to be made into the applicable Reserve Accounts or (b) not repaid by Lender to Borrower, then such amounts shall be applied to the then-outstanding principal balance of the Loan, together with all accrued and unpaid interest and other charges then payable thereon.

Control of Reserve Accounts. On the Closing Date, each of the Reserve Accounts shall be established by Lender. Each Reserve Account required under this Loan Agreement shall be a custodial account established by Lender, and, at Lender's option, funds deposited into a Reserve Account may be commingled with other money held by Lender. Each Reserve Account shall be under the sole dominion and control of Lender, and Borrower shall not have any right to withdraw funds from a Reserve Account. Unless required by the laws of the state which govern this Loan Agreement or otherwise expressly provided in this Loan Agreement, Borrower shall not be entitled to any earnings or interest on funds deposited in the Tax Escrow Account and the Insurance Premium Escrow Account. The Reserve Accounts, Accounts other than the Tax Escrow Account and the Insurance Premium Escrow Account, shall be interest-bearing accounts, ; provided, however, that interest paid or payable with respect to any Reserve Account held by or on behalf of Lender may not be based on the highest rate of interest payable by Lender on deposits and shall not be calculated based on any particular external interest rate or interest rate index, nor shall any such interest reflect the interest rate utilized by Lender to calculate interest payable on deposits held with respect to any particular loan or borrower or class of loans or borrowers, and Lender shall have no liability with respect to the amount of interest paid and/or loss of principal. All interest earned on the Reserve Accounts (other than the Tax Escrow Account and Insurance Premium Escrow Account) by Lender shall be credited to such accounts. Subject to the provisions of Section 4.07, upon Upon the occurrence of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums suins then present in any or all of the Reserve Accounts to the payment of the Debt in any order as determined by Lender in its sole discretion; provided, however, that Lender may not apply sums held in the Recourse Carveout Reserve Account to the payment of Debt unless (and then only to the extent that) Borrower has personal liability for the Loan pursuant to Section 12.02 of this Loan Agreement or has personal liability for Lender's losses, costs and expenses pursuant to Section 12.03 of this Loan Agreement. If and to the extent that, as of the Maturity Date, Borrower has previously deposited into any of the Reserve Accounts any sums that have (a) not been applied to the payment of the amounts with respect to which such Reserve Accounts were created or to the payment of subsequent monthly deposits required to be made into the applicable Reserve Accounts or (b) not repaid by Lender to Borrower, then such amounts shall be applied to the then-outstanding principal balance of the Loan, together with all accrued and unpaid interest and other charges then payable thereon.

Control of Reserve Accounts. On the Closing Date, each of the Reserve Accounts shall be established by Lender. Each Reserve Account required under this Loan Agreement shall be a custodial account established by Lender, and, at Lender's option, funds deposited into a Reserve Account may be commingled with other money held by Lender. Each Reserve Account shall be under the sole dominion and control of Lender, and Borrower shall not have any right to withdraw funds from a Reserve Account. Unless required by the laws of the state which govern this Loan Agreement or otherwise expressly provided in this Loan Agreement, Borrower shall not be entitled to any earnings or interest on funds deposited in the Tax Escrow Account and the Insurance Premium Escrow Account. The Reserve Accounts, Accounts other than the Tax Escrow Account and the Insurance Premium Escrow Account, shall be interest-bearing accounts, ; provided, however, that interest paid or payable with respect to any Reserve Account held by or on behalf of Lender may not be based on the highest rate of interest payable by Lender on deposits and shall not be calculated based on any particular external interest rate or interest rate index, nor shall any such interest reflect the interest rate utilized by Lender to calculate interest payable on deposits held with respect to any particular loan or borrower or class of loans or borrowers, and Lender shall have no liability with respect to the amount of interest paid and/or loss of principal. All interest earned on the Reserve Accounts (other than the Tax Escrow Account and Insurance Premium Escrow Account) by Lender shall be credited to such accounts. Subject to the provisions of Section 4.07, upon Upon the occurrence of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in any or all of the Reserve Accounts to the payment of the Debt in any order as determined by Lender in its sole discretion; provided, however, that Lender may not apply sums held in the Recourse Carveout Reserve Account to the payment of Debt unless (and then only to the extent that) Borrower has personal liability for the Loan pursuant to Section 12.02 of this Loan Agreement or has personal liability for Lender's losses, costs and expenses pursuant to Section 12.03 of this Loan Agreement. If and to the extent that, as of the Maturity Date, Borrower has previously deposited into any of the Reserve Accounts any sums that have (a) not been applied to the payment of the amounts with respect to which such Reserve Accounts were created or to the payment of subsequent monthly deposits required to be made into the applicable Reserve Accounts or (b) not repaid by Lender to Borrower, then such amounts shall be applied to the then-outstanding principal balance of the Loan, together with all accrued and unpaid interest and other charges then payable thereon.

Control of Reserve Accounts. On the Closing Date, each of the Reserve Accounts shall be established by Lender. Each Reserve Account required under this Loan Agreement shall be a custodial account established by Lender, and, at Lender's ’s option, funds deposited into a Reserve Account may be commingled with other money held by Lender. Each Reserve Account shall be under the sole dominion and control of Lender, and Borrower shall not have any right to withdraw funds from a Reserve Account. Unless required by the laws of the state which govern this Loan Agreement or otherwise expressly provided in this Loan Agreement, Borrower shall not be entitled to any earnings or interest on funds deposited in the Tax Escrow Account and the Insurance Premium Escrow Account. The Reserve Accounts, other than the Tax Escrow Account and the Insurance Premium Escrow Account, shall be interest-bearing accounts, provided, however, that interest paid or payable with respect to any Reserve Account held by or on behalf of Lender may not be based on the highest rate of interest payable by Lender on deposits and shall not be calculated based on any particular external interest rate or interest rate index, nor shall any such interest reflect the interest rate utilized by Lender to calculate interest payable on deposits held with respect to any particular loan or borrower or class of loans or borrowers, and Lender shall have no liability with respect to the amount of interest paid and/or loss of principal. All interest earned on the Reserve Accounts (other than the Tax Escrow Account and Insurance Premium Escrow Account) by Lender shall be credited to such accounts. Subject to the provisions of Section 4.07, upon the occurrence of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in any or all of the Reserve Accounts to the payment of the Debt in any order as determined by Lender in its sole discretion; provided, however, that Lender may not apply sums held in the Recourse Carveout Reserve Account to the payment of Debt unless (and then only to the extent that) Borrower has personal liability for the Loan pursuant to Section 12.02 of this Loan Agreement or has personal liability for Lender's losses, costs and expenses pursuant to Section 12.03 of this Loan Agreement. If and to the extent that, as of the Maturity Date, Borrower has previously deposited into any of the Reserve Accounts any sums that have have (a) not been applied to the payment of the amounts with respect to which such Reserve Accounts were created or to the payment of subsequent monthly deposits required to be made into the applicable Reserve Accounts or (b) not repaid by Lender to Borrower, then such amounts shall be applied to the then-outstanding principal balance of the Loan, together with all accrued and unpaid interest and other charges then payable thereon.

Control of Reserve Accounts. On the Closing Date, each of the Reserve Accounts shall be established by Lender. Each Reserve Account required under this Loan Agreement shall be a custodial account established by Lender, and, at Lender's option, funds deposited into a Reserve Account may be commingled with other money held by Lender. Each Reserve Account shall be under the sole dominion and control of Lender, and Borrower shall not have any right to withdraw funds from a Reserve Account. Unless required by the laws of the state which govern this Loan Agreement or otherwise expressly provided in this Loan Agreement, Borrower shall not be entitled to any earnings or interest on funds deposited in the Tax Escrow Account and the Insurance Premium Escrow Account. The Reserve Accounts, other than the Tax Escrow Account and the Insurance Premium Escrow Account, shall be interest-bearing accounts, provided, however, that interest paid or payable with respect to any Reserve Account held by or on behalf of Lender may not be based on the highest rate of interest payable by Lender on deposits and shall not be calculated based on any particular external interest rate or interest rate index, nor shall any such interest reflect the interest rate utilized by Lender to calculate interest payable on deposits held with respect to any particular loan or borrower or class of loans or borrowers, and Lender shall have no liability with respect to the amount of interest paid and/or loss of principal. All interest earned on the Reserve Accounts (other than the Tax Escrow Account and Insurance Premium Escrow Account) by Lender shall be credited to such accounts. Subject to the provisions of Section 4.07, upon Upon the occurrence of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in any or all of the Reserve Accounts to the payment of the Debt in any order as determined by Lender in its sole discretion; provided, however, that Lender may not apply sums held in the Recourse Carveout Reserve Account to the payment of Debt unless (and then only to the extent that) Borrower has personal liability for the Loan pursuant to Section 12.02 of this Loan Agreement or has personal liability for Lender's losses, costs and expenses pursuant to Section 12.03 of this Loan Agreement. If and to the extent that, as of the Maturity Date, Borrower has previously deposited into any of the Reserve Accounts any sums that have have (a) not been applied to the payment of the amounts with respect to which such Reserve Accounts were created or to the payment of subsequent monthly deposits required to be made into the applicable Reserve Accounts or (b) not repaid by Lender to Borrower, then such amounts shall be applied to the then-outstanding principal balance of the Loan, together with all accrued and unpaid interest and other charges then payable thereon.

Control of Reserve Accounts. On the Closing Date, each of the Reserve Accounts shall be established by Lender. Each Reserve Account required under this Loan Agreement shall be a custodial account established by Lender, and, at Lender's ’s option, funds deposited into a Reserve Account may be commingled with other money held by LenderLender or may be an Eligible Account. Each Reserve Account shall be under the sole dominion and control of Lender, and Borrower shall not have any right to withdraw funds from a Reserve Account. Unless required by the laws of the state which govern this Loan Agreement or otherwise expressly provided in this Loan Agreement, Borrower shall not be entitled to any earnings or interest on funds deposited in the Tax Escrow Account and the Insurance Premium Escrow Account. The Reserve Accounts, other than the Tax Escrow Account and the Insurance Premium Escrow Account, shall be interest-bearing accounts, provided, however, that interest paid or payable with respect to any Reserve Account held by or on behalf of Lender said accounts may not be based on the highest rate of interest payable by Lender on deposits and shall not be calculated based on any particular external interest rate or interest rate index, nor shall any such interest reflect the interest rate utilized by Lender to calculate interest payable on deposits held with respect to any particular loan or borrower or class of loans or borrowers, and Lender shall have no liability with respect to the amount of interest paid and/or loss of principal. All interest earned on , and the parties agree that with respect to each Reserve Accounts (Account other than the Tax Escrow Account and Insurance Premium Escrow Account) by , Earnout Reserve Account, and the Vacant Space Reserve Account, Lender shall be credited entitled to such accounts. Subject retain an administrative fee equal to the provisions lesser of Section 4.07(i) one percent (1%) per annum on the amounts on deposit in the Tax Escrow Account, upon Immediate Repair Escrow Account, Replacement Reserve Account, TI/LC Reserve Account and TI/LC Designated Reserve Account, or (ii) the amount of interest earned per annum on the amounts on deposit in the Tax Escrow Account, Immediate Repair Escrow Account, Replacement Reserve Account, TI/LC Reserve Account, and TI/LC Designated Reserve Account. Upon the occurrence of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in any or all of the Reserve Accounts to the payment of the Debt in any order as determined by Lender in its sole discretion; provided, however, provided that Lender may shall not apply sums held in the Recourse Carveout Reserve Account Accounts to the payment prepayment of Debt unless (and then only to the extent that) Borrower has personal liability for principal amount of the Loan pursuant to Section 12.02 of this Loan Agreement or has personal liability for Lender's losses, costs and expenses pursuant to Section 12.03 of this Loan Agreement. If and to the extent that, as of the Maturity Date, Borrower has previously deposited into any of the Reserve Accounts any sums that have (a) not been applied to the payment of the amounts with respect to which such Reserve Accounts were created or to the payment of subsequent monthly deposits required to be made into the applicable Reserve Accounts or (b) not repaid by Lender to Borrower, then such amounts shall be applied to the then-outstanding principal balance until acceleration of the Loan, together with all accrued and unpaid interest and other charges then payable thereon.

Control of Reserve Accounts. On the Closing Date, each of the Reserve Accounts shall be established by Lender. Each Reserve Account required under this Loan Agreement shall be a custodial account established by Lender, and, at Lender's option, funds deposited into a Reserve Account may be commingled with other money held by Lender. Each Reserve Account shall be under the sole dominion and control of Lender, and Borrower shall not have any right to withdraw funds from a Reserve Account. Unless required by the laws of the state which govern this Loan Agreement or otherwise expressly provided in this Loan Agreement, Borrower shall not be entitled to any earnings or interest on funds deposited in the Tax Escrow Account and the Insurance Premium Escrow Account. The Reserve Accounts, other than the Tax Escrow Account and the Insurance Premium Escrow Account, shall be interest-bearing accounts, provided, however, that interest paid or payable with respect to any Reserve Account held by or on behalf of Lender may not be based on the highest rate of interest payable by Lender on deposits and shall not be calculated based on any particular external interest rate or interest rate index, nor shall any such interest reflect the interest rate utilized by Lender to calculate interest payable on deposits held with respect to any particular loan or borrower or class of loans or borrowers, and Lender shall have no liability with respect to the amount of interest paid and/or loss of principal. All interest earned on the Reserve Accounts (other than the Tax Escrow Account and Insurance Premium Escrow Account) by Lender shall be credited to such accounts. Subject to the provisions of Section 4.07, upon Upon the occurrence of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in any or all of the Reserve Accounts to the payment of the Debt in any order as determined by Lender in its sole discretion; provided, however, that Lender may not apply sums held in the Recourse Carveout Reserve Account to the payment of Debt unless (and then only to the extent that) Borrower has personal liability for the Loan pursuant to Section 12.02 of this Loan Agreement or has personal liability for Lender's losses, costs and expenses pursuant to Section 12.03 of this Loan Agreement. If and to the extent that, as of the Maturity Date, Borrower has previously deposited into any of the Reserve Accounts any sums that have (a) not been applied to the payment of the amounts with respect to which such Reserve Accounts were created or to the payment of subsequent monthly deposits required to be made into the applicable Reserve Accounts or (b) not repaid by Lender to Borrower, then such amounts shall be applied to the then-outstanding principal balance of the Loan, together with all accrued and unpaid interest and other charges then payable thereon.