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 (if any) to, immediately deposit all Required Deposits into the Property Account, (ii) Borrower shall, or shall cause Manager (if any) to, send instructions to the Tenants to pay all Required Deposits into the Property Account, (iii) other than the Accounts, there shall be no other accounts maintained by Borrower or any other Person into which Required Deposits are deposited, and (iv) neither Borrower nor any other Person shall open any other such account with respect to the Required Deposits. Until deposited into the Lockbox Account, or otherwise disbursed as provided herein prior to the occurrence of a Triggering Event, any Required Deposits 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 (if any) to, immediately deposit all Required Deposits into the Property Account, (ii) Borrower shall, or shall cause Manager (if any) to, send instructions to the Tenants Tenant to pay all Required Deposits into the Property Account, (iii) other than the Accounts, there shall be no other accounts maintained by Borrower or any other Person into which Required Deposits are deposited, and (iv) neither Borrower nor any other Person shall open any other such account with respect to the Required Deposits. Until deposited into the Lockbox Account, or otherwise disbursed as provided herein prior to the occurrence of a Triggering Event, any Required Deposits 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 (if any) to, immediately deposit all Required Deposits Gross Income from Operations into the Property AccountLockbox Account within two (2) Business Days of receipt thereof, (ii) Borrower shallshall send a notice, substantially in the form of Exhibit B, to all tenants now or shall cause Manager (if any) to, send instructions to hereafter occupying space at the Tenants Property directing them to pay all Required Deposits Rents and other sums due under the Lease to which they are a party into the Property Lockbox Account, (iii) other than the Accounts, there shall be no other accounts maintained by Borrower or any other Person into which Required Deposits revenues from the ownership and operation of the Property are deposited, except for accounts maintained by Property Manager for the payment of operating expenses or the payment of distributions to Borrower’s equity holders, and (iv) neither Borrower nor any other Person shall open any other such account with respect to the Required Depositsdeposit of income in connection with the Property. Until deposited into the Lockbox Account, or otherwise disbursed as provided herein prior to any Gross Income from Operations from the occurrence of a Triggering Event, any Required Deposits 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.