Common use of Deposits into Lockbox Account Clause in Contracts

Deposits into Lockbox Account. (a) Borrower represents, warrants and covenants that (i) Borrower shall, or shall cause Manager to, immediately deposit all Gross Income from Operations into the Property Account or Lockbox Account; (ii) Borrower shall send a notice, substantially in the form of Exhibit B, to all tenants now or hereafter occupying space at each Individual Property directing them to pay all Rents and other sums due under the Lease to which they are a party into the Property Account; (iii) Borrower or Manager shall instruct the Franchisor to deposit all Accounts Receivable for the Properties and all other sums collected by Franchisor pursuant to the Franchise Agreement into the Property Account, (iv) Borrower or Manager shall deliver a notice substantially in the form of Exhibit D hereto to all credit card companies to pay all Accounts Receivable directly into the Lockbox Account; (v) other than the Accounts, there shall be no other accounts maintained by Borrower or any other Person into which revenues from the ownership and operation of the Properties are deposited; and (vi) neither Borrower nor any other Person shall open any other such account with respect to the deposit of income in connection with the Properties. Until deposited into the Property Account, any Gross Income from Operations from the Properties held by Borrower shall be deemed to be Collateral and shall be held in trust by it for the benefit, and as the property, of Lender and shall not be commingled with any other funds or property of Borrower.

Deposits into Lockbox Account. (a) Borrower representsshall cause all Rents from each Property to be deposited into a segregated Eligible Account (the “Lockbox Account”) with Lockbox Bank pursuant to the Cash Management Agreement, warrants and covenants that Borrower shall, and shall cause the Managers, if applicable, to, (i) Borrower shall, or shall cause Manager to, immediately deposit all Gross Income from Operations into the Property Account or Lockbox Account; deliver written instructions (ii) Borrower shall send a notice, substantially which instructions may be contained in the form of Exhibit B, to all tenants now or hereafter occupying space at each Individual Property directing them to pay all Rents applicable Lease and other sums due under the Lease to which they are a party into the Property Account; (iii) Borrower or Manager shall instruct the Franchisor to deposit all Accounts Receivable for the Properties and all other sums collected by Franchisor pursuant to the Franchise Agreement into the Property Account, (iv) Borrower or Manager shall deliver a notice substantially in the form of Exhibit D hereto to all credit card companies to pay all Accounts Receivable directly into the Lockbox Account; (v) other than the Accounts, there instructions shall be no other accounts maintained irrevocable by Borrower or any other Person into which revenues from the ownership and operation of the Properties are deposited; and (vi) neither Borrower nor any other Person Borrower, unless Lender shall open any other such account have otherwise agreed, until Borrower’s obligations with respect to the deposit of income in connection with the Properties. Until deposited into the Property Account, any Gross Income from Operations Loan have been satisfied) to all tenants under Leases to deliver all Rents or other revenue payable thereunder or otherwise derived from the Properties held directly to the Lockbox Account (to the extent that any such tenants have already been directed to so deliver their respective Rents, no further instructions will be required), and (ii) deposit all amounts received by Borrower or by any Manager, if applicable, on Borrower’s behalf, constituting Rents or other revenue of any kind from the Properties into the Lockbox Account within two (2) Business Days of receipt thereof. Disbursements from the Lockbox Account will be made in accordance with the terms and conditions of this Agreement and the Cash Management Agreement. Lender shall be deemed have the sole dominion and control over the Lockbox Account and, except as set forth in the Cash Management Agreement or in this Agreement, Borrower shall have no rights to be Collateral and shall be held in trust by it for the benefit, and as the property, of Lender and shall not be commingled with any other funds or property of Borrowermake withdrawals therefrom.

Deposits into Lockbox Account. (a) Borrower representsBorrowers warrant and covenant that, warrants and covenants that immediately after establishing the Embassy Property Accounts: (i) Borrower shall, or shall cause Manager to, immediately deposit all Gross Income from Operations into the Property Account or Lockbox Account; (ii) Borrower shall send a notice, substantially unless provided for in the form related Manager’s Consent and Subordination of Exhibit BManagement Agreements, to all tenants now or hereafter occupying space at each Individual Property directing them to pay all Rents and other sums due under the Lease to which they are a party into the Property Account; (iii) Borrower or Embassy Operating Lessee shall irrevocably instruct its respective Embassy Manager shall instruct the Franchisor to deposit all Accounts Receivable for the Properties related Embassy Property, and all other sums any Gross Income from Operations collected by Franchisor pursuant to the Franchise Agreement such Embassy Manager on account of such Embassy Property, directly into the applicable Embassy Property Account, (ivii) Borrower each Embassy Operating Lessee or its respective Embassy Manager shall deliver a notice an irrevocable direction letter substantially in the form of Exhibit D hereto to all credit card companies directing them to pay all Accounts Receivable directly into the Lockbox Account; applicable Embassy Property Account for such Embassy Property, (viii) other than the Accounts, there shall be no other accounts (other than property-level xxxxx cash accounts, so-called “change order” accounts (created for the purpose of permitting the applicable Embassy Manager to make change for hotel guests) or similar type accounts) maintained by any Borrower or any other Person into which revenues from the ownership and operation of the Embassy Properties are deposited; , and (viiv) neither no Borrower nor any other Person shall open any other such account with respect to the deposit of income in connection with the Embassy Properties. Until deposited into the applicable Embassy Property Account, any Gross Income from Operations from the Embassy Properties held by Borrower Borrowers shall be deemed to be Collateral and shall be held in trust by it for the benefit, and as the property, of Lender Administrative Agent for the benefit of the Secured Parties and shall not be commingled with any other funds or property of BorrowerBorrowers or any other Person.

Deposits into Lockbox Account. (a) Borrower represents, warrants and covenants that (i) Borrower shall, or shall cause Manager to, immediately deposit all Gross Income from Operations and forfeited Security Deposits into the Property Account or Lockbox Account; , (ii) Borrower shall send a notice, substantially in the form of Exhibit BW, to all tenants now or hereafter occupying space at each Individual Property directing them to pay all Rents (including, without limitation, all Lease Termination Payments) and other sums due under the Lease to which they are a party into the Property Account; , (iii) Borrower shall deposit, or Manager shall instruct cause the Franchisor Counterparty to deposit deposit, all Accounts Receivable for sums paid under the Properties and all other sums collected by Franchisor pursuant to the Franchise Interest Rate Cap Agreement into the Property Account, (iv) Borrower or Manager shall deliver a notice substantially in the form of Exhibit D hereto to all credit card companies to pay all Accounts Receivable directly into the Lockbox AccountAccount or, if the Lockbox Account is not then required to be in effect, into such account as specified by Lender; (viv) other than the Accounts, there shall be no other accounts maintained by Borrower or any other Person into which revenues from the ownership and operation of the Properties are deposited; , and (viv) neither Borrower nor any other Person shall open any other such account with respect to the deposit of income in connection with the Properties. Until deposited into the Property Account, any Gross Income from Operations from the Properties and forfeited Security Deposits held by Borrower shall be deemed to be Collateral and shall be held in trust by it for the benefit, and as the property, of Lender and shall not be commingled with any other funds or property of Borrower.

Deposits into Lockbox Account. (a) Borrower represents, warrants and covenants that (i) Borrower shall, or shall cause Manager to, immediately deposit all Gross Income from Operations and forfeited Security Deposits into the Property Account or Lockbox Account; , (ii) Borrower shall send a notice, substantially in the form of Exhibit B, to all tenants now or hereafter occupying space at each Individual the Property directing them to pay all Rents (including, without limitation, all Lease Termination Payments) and other sums due under the Lease to which they are a party into the Property Account; , (iii) Borrower or Manager shall instruct the Franchisor to deposit all Accounts Receivable for the Properties and all other sums collected by Franchisor pursuant to the Franchise Agreement into the Property Account, (iv) Borrower or Manager shall deliver a notice substantially in the form of Exhibit D hereto to all credit card companies to pay all Accounts Receivable directly into the Lockbox Account; (v) other than the Accounts, there shall be no other accounts maintained by Borrower or any other Person into which revenues from the ownership and operation of the Properties Property are deposited; , and (viiv) neither Borrower nor any other Person shall open any other such account with respect to the deposit of income in connection with the PropertiesProperty. Until deposited into the Property Account, any Gross Income from Operations from the Properties Property and forfeited Security Deposits held by Borrower shall be deemed to be Collateral and shall be held in trust by it for the benefit, and as the property, of Lender and shall not be commingled with any other funds or property of Borrower.

Deposits into Lockbox Account. (a) Borrower represents, warrants and covenants that (i) Borrower shall, or shall cause Manager to, immediately deposit all Gross Income from Operations and forfeited Security Deposits into the Property Account or Lockbox Account; , (ii) Borrower shall send a notice, substantially in the form of Exhibit BC, to all tenants now or hereafter occupying space at each Individual Property directing them to pay all Rents (including, without limitation, all Lease Termination Payments) and other sums due under the Lease to which they are a party into the Property Account; , (iii) Borrower shall deposit, or Manager shall instruct cause the Franchisor Counterparty to deposit deposit, all Accounts Receivable for sums paid under the Properties and all other sums collected by Franchisor pursuant to the Franchise Interest Rate Cap Agreement into the Property Account, (iv) Borrower or Manager shall deliver a notice substantially in the form of Exhibit D hereto to all credit card companies to pay all Accounts Receivable directly into the Lockbox AccountAccount or, if the Lockbox Account is not then required to be in effect, into such account as specified by Lender; (viv) other than the Accounts, there shall be no other accounts maintained by Borrower or any other Person into which revenues from the ownership and operation of the Properties are deposited; , and (viv) neither Borrower nor any other Person shall open any other such account with respect to the deposit of income in connection with the Properties. Until deposited into the Property Account, any Gross Income from Operations from the Properties and forfeited Security Deposits held by Borrower shall be deemed to be Collateral and shall be held in trust by it for the benefit, and as the property, of Lender and shall not be commingled with any other funds or property of Borrower.

Deposits into Lockbox Account. (a) Borrower represents, warrants and covenants that (i) Borrower shall, or shall cause Manager to, immediately deposit all Gross Income from From Operations and any other sums generated by the Property into the Property Account or Lockbox Account; within one (1) Puerto Rico Business Day of receipt, (ii) Borrower shall instruct the Manager to deposit all Gross Income From Operations and other sums generated by the Property collected by Manager, if any, pursuant to the Management Agreement into the Property Account within one (1) Puerto Rico Business Day of receipt, (iii) Borrower shall deposit, or shall cause the Manager to deposit, all Accounts Receivable for the Property into the Property Account within one (1) Puerto Rico Business Day of receipt, (iv) Borrower shall send a notice, substantially in the form of Exhibit BD, to all tenants now consumer credit/ charge card organizations or hereafter occupying space entities which sponsor or administer such cards (including the American Express Card, the Visa Card and the Mastercard) as are accepted for payment at each Individual Property the Property, directing them to pay all Rents and other sums due under to Borrower (or to Manager, as the Lease case may be), directly to which they are a party into the Property Account; (iii) Borrower or Manager shall instruct the Franchisor to deposit all Accounts Receivable for the Properties and all other sums collected by Franchisor pursuant to the Franchise Agreement into the Property Account, (ivv) Borrower shall deposit or Manager shall deliver a notice substantially in cause Counterparty to deposit all sums payable to Lender under the form of Exhibit D hereto to all credit card companies to pay all Accounts Receivable Interest Rate Cap Agreement directly into the Lockbox Account; (vvi) other than the Accounts, there shall be no other accounts maintained by Borrower or any other Person into which revenues from the ownership and operation of the Properties Property are directly deposited; , and (vivii) neither Borrower nor any other Person shall open any other such account with respect to the direct deposit of income in connection with the PropertiesProperty. Until deposited into the Property Account, any Gross Income from From Operations from the Properties Property held by Borrower shall be deemed to be Collateral and shall be held in trust by it for the benefit, and as the property, of Lender and shall not be commingled with any other funds or property of Borrower.

Deposits into Lockbox Account. (a) Borrower represents, warrants and covenants that (i) Borrower shall, or shall cause Manager or Operating Lessee to, immediately deposit all Gross Income from Operations into the Property Account or Lockbox Account; , (ii) Borrower or Operating Lessee shall send a notice, substantially in the form of Exhibit B, to all tenants now or hereafter occupying space at each Individual the Property directing them to pay all Rents and other sums due under the Lease to which they are a party into the Property Account; , (iii) Borrower or Manager Operating Lessee shall instruct the Franchisor Manager to deposit all Accounts Receivable for the Properties Property and all other sums collected by Franchisor Manager pursuant to the Franchise Management Agreement into the Property Account, (iv) Borrower Borrower, Operating Lessee or Manager shall deliver a notice substantially in the form of Exhibit D C hereto to all credit card companies to pay all Accounts Receivable directly into the Lockbox Property Account; , (v) other than the Accounts, there shall be no other accounts maintained by Borrower Borrower, Operating Lessee or any other Person into which revenues from the ownership and operation of the Properties Property are deposited; , and (vi) neither Borrower nor any other Person shall open any other such account with respect to the deposit of income in connection with the PropertiesProperty. Until deposited into the Property Account, any Gross Income from Operations from the Properties Property held by Borrower Borrower, Operating Lessee or Manager shall be deemed to be Collateral and shall be held in trust by it for the benefit, and as the property, of Lender and shall not be commingled with any other funds or property of Borrower, Operating Lessee or Manager.

Deposits into Lockbox Account. (a) Borrower representsshall cause all Rents from the Property to be deposited into a segregated Eligible Account (the “Lockbox Account”) with the Lockbox Bank pursuant to the Cash Management Agreement, warrants and covenants that Borrower shall, and shall cause the Manager, if applicable, to, (i) Borrower shall, or shall cause Manager to, immediately deposit all Gross Income from Operations into the Property Account or Lockbox Account; deliver written instructions (ii) Borrower shall send a notice, substantially which instructions may be contained in the form of Exhibit B, to all tenants now or hereafter occupying space at each Individual Property directing them to pay all Rents applicable Lease and other sums due under the Lease to which they are a party into the Property Account; (iii) Borrower or Manager shall instruct the Franchisor to deposit all Accounts Receivable for the Properties and all other sums collected by Franchisor pursuant to the Franchise Agreement into the Property Account, (iv) Borrower or Manager shall deliver a notice substantially in the form of Exhibit D hereto to all credit card companies to pay all Accounts Receivable directly into the Lockbox Account; (v) other than the Accounts, there instructions shall be no other accounts maintained irrevocable by Borrower or any other Person into which revenues from the ownership and operation of the Properties are deposited; and (vi) neither Borrower nor any other Person Borrower, unless Lender shall open any other such account have otherwise agreed, until Borrower’s obligations with respect to the Loan have been satisfied) to all tenants under Leases to deliver all Rents or other revenue payable thereunder or otherwise derived from the Property directly to the Lockbox Account (to the extent that any such tenants have already been directed to so deliver their respective Rents, no further instructions will be required), and (ii) deposit all amounts received by Borrower or by the Manager, if applicable, on Borrower’s behalf, constituting Rents or other revenue of income any kind from the Property into the Lockbox Account within two (2) Business Days of receipt thereof. Disbursements from the Lockbox Account will be made in connection accordance with the Propertiesterms and conditions of this Agreement and the Cash Management Agreement. Until deposited into Lender shall have the Property Accountsole dominion and control over the Lockbox Account and, any Gross Income from Operations from except as set forth in the Properties held by Cash Management Agreement or in this Agreement, Borrower shall be deemed have no rights to be Collateral and shall be held in trust by it for the benefit, and as the property, of Lender and shall not be commingled with any other funds or property of Borrowermake withdrawals therefrom.