Common use of Establishment and Maintenance of the Controlled Account Clause in Contracts

Establishment and Maintenance of the Controlled Account. (i) Each Controlled Account (A) shall be a separate and identifiable account from all other funds held by the Depository Bank and (B) shall contain only funds required to be deposited pursuant to this Agreement or any other Loan Document. Any interest which may accrue on the amounts on deposit in a Controlled Account shall be added to and shall become part of the balance of such Controlled Account. The Borrower, the Administrative Agent and the applicable Depository Bank shall enter into an agreement (the “Controlled Account Agreement”), substantially in the form of Exhibit O attached hereto (with such changes thereto as may be required by the Depository Bank and satisfactory to the Administrative Agent) which shall govern the Controlled Account and the rights, duties and obligations of each party to the Controlled Account Agreement. (ii) The Controlled Account Agreement shall provide that (A) the Controlled Account shall be established in the name of the Administrative Agent, as agent for the Lenders, (B) the Controlled Account shall be subject to the sole dominion, control and discretion of the Administrative Agent, and (C) neither the Borrower nor any other Person, including, without limitation, any Person claiming on behalf of or through the Borrower, shall have any right or authority, whether express or implied, to make use of or withdraw, or cause the use or withdrawal of, any proceeds from the Controlled Account or any of the other proceeds deposited in the Controlled Account, except as expressly provided in this Agreement or in the Controlled Account Agreement.

Appears in 6 contracts

Samples: Loan Agreement (Douglas Emmett Inc), Loan Agreement (Douglas Emmett Inc), Loan Agreement (Douglas Emmett Inc)

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Establishment and Maintenance of the Controlled Account. (i) Each Controlled Account (A) shall be a separate and identifiable account from all other funds held by the Depository Bank and (B) shall contain only funds required to be deposited pursuant to this Agreement or any other Loan Document. Any interest which may accrue on the amounts on deposit in a Controlled Account shall be added to and shall become part of the balance of such Controlled Account. The Borrower, the Administrative Agent and the applicable Depository Bank shall enter into an agreement (the “Controlled Account Agreement”), substantially in the form of Exhibit O attached hereto (with such changes thereto as may be required by the Depository Bank and satisfactory to the Administrative Agent, including, without limitation, revisions necessary to utilize a separate deposit account control agreement reasonably satisfactory to the Administrative Agent, the Depository Bank and the Borrower) which shall govern the Controlled Account and the rights, duties and obligations of each party to the Controlled Account Agreement. (ii) The Controlled Account Agreement shall provide that (A) the Controlled Account shall be established in the name of the Administrative Agent, as agent for the Lenders, (B) the Controlled Account shall be subject to the sole dominion, control and discretion of the Administrative Agent, and (C) neither the Borrower nor any other Person, including, without limitation, any Person claiming on behalf of or through the Borrower, shall have any right or authority, whether express or implied, to make use of or withdraw, or cause the use or withdrawal of, any proceeds from the Controlled Account or any of the other proceeds deposited in the Controlled Account, except as expressly provided in this Agreement or in the Controlled Account Agreement.

Appears in 4 contracts

Samples: Loan Agreement (Douglas Emmett Inc), Loan Agreement (Douglas Emmett Inc), Loan Agreement (Douglas Emmett Inc)

Establishment and Maintenance of the Controlled Account. (ia) Each Controlled Account required hereunder (Ai) shall be established at, and a separate and identifiable account from all other funds held by the by, a Depository Bank and (Bii) shall contain only funds required to be deposited pursuant to this Agreement or any other Loan DocumentSection 10.5. Any interest which may accrue on the amounts on deposit in a Controlled Account shall be added to and shall become part of the balance of such Controlled Account. The Borrower, the Administrative Agent Lender and the applicable Depository Bank shall enter into an agreement (the a “Controlled Account Agreement”), substantially in the form of Exhibit O Schedule X attached hereto (with such changes thereto as may be required by the such Depository Bank and satisfactory to the Administrative AgentLender) which shall govern the such Controlled Account and the rights, duties and obligations of each party to the such Controlled Account Agreement. (iib) The Each Controlled Account Agreement shall provide that (Ai) the Controlled Account shall be established in the name of the Administrative Agent, as agent for the LendersLender, (Bii) the Controlled Account shall be subject to the sole dominion, control and discretion of the Administrative AgentLender, and (Ciii) neither the Borrower nor any other PersonPerson other than Lender, including, without limitation, any Person claiming on behalf of or through the Borrower, shall have any right or authority, whether express or implied, to make use of or withdraw, or cause the use or withdrawal of, any proceeds from the Controlled Account or any of the other proceeds deposited in the Controlled Account, except as expressly provided in this Agreement or in the Controlled Account Agreement.

Appears in 2 contracts

Samples: Loan Agreement (MPG Office Trust, Inc.), Loan Agreement (Maguire Properties Inc)

Establishment and Maintenance of the Controlled Account. (ia) Each Controlled Account (Ai) shall be established at, and a separate and identifiable account from all other funds held by the by, a Depository Bank and (Bii) shall contain only funds required to be deposited pursuant to this Agreement or any other Loan Document. Any interest which may accrue on the amounts on deposit in a Controlled Account shall be added to and shall become part of the balance of such Controlled Account. The Borrower, the Administrative Agent and the applicable Depository Bank shall enter into an agreement (the a “Controlled Account Agreement”), substantially in the form of Exhibit O G attached hereto (with such changes thereto as may be required by the such Depository Bank and satisfactory to the Administrative Agent) which shall govern the such Controlled Account and the rights, duties and obligations of each party to the such Controlled Account Agreement. (iib) The Controlled Account Agreement shall provide that (A) the Each Controlled Account shall be established in the name of the Administrative Agent, as agent for the Lenders, (B) the Controlled Account Lenders and shall be subject to the sole dominion, control and discretion of the Administrative Agent, and (C) neither provided, however that Administrative Agent shall act in accordance with the provisions of this Agreement. Neither Borrower nor any other Person, including, without limitation, any Person claiming on behalf of or through the Borrower, shall have any right or authority, whether express or implied, to make use of or withdraw, or cause the use or withdrawal of, any proceeds from the any Controlled Account or any of the other proceeds deposited in the Controlled Accounttherein, except as expressly provided in this Agreement or in the applicable Controlled Account Agreement.

Appears in 2 contracts

Samples: Acquisition and Project Loan Agreement (Acadia Realty Trust), Acquisition and Project Loan Agreement (Acadia Realty Trust)

Establishment and Maintenance of the Controlled Account. (ia) Each Controlled Account (Ai) shall be established at, and a separate and identifiable account from all other funds held by the by, a Depository Bank and (Bii) shall contain only funds required to be deposited pursuant to this Agreement or any other Loan Document. Any interest which may accrue on the amounts on deposit in a Controlled Account shall be added to and shall become part of the balance of such Controlled Account. The Borrower, the Administrative Agent and the applicable Depository Bank shall enter into an agreement (the a “Controlled Account Agreement”), substantially in the form of Exhibit O G attached hereto (with such changes thereto as may be required by the such Depository Bank and satisfactory to the Administrative Agent) which shall govern the such Controlled Account and the rights, duties and obligations of each party to the such Controlled Account Agreement. (iib) The Each Controlled Account Agreement shall provide that (Ai) the Controlled Account shall be established in the name of the Administrative Agent, as agent for the Lenders, (Bii) the Controlled Account shall be subject to the sole dominion, control and discretion of the Administrative Agent, and (Ciii) neither the Borrower nor any other Person, including, without limitation, any Person claiming on behalf of or through the Borrower, shall have any right or authority, whether express or implied, to make use of or withdraw, or cause the use or withdrawal of, any proceeds from the Controlled Account or any of the other proceeds deposited in the Controlled Account, except as expressly provided in this Agreement or in the such Controlled Account Agreement.

Appears in 1 contract

Samples: Construction Loan Agreement (Maguire Properties Inc)

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Establishment and Maintenance of the Controlled Account. (i) Each Controlled Account (A1) shall be a separate and identifiable account from all other funds held by the Depository Bank and (B2) shall contain only funds required to be deposited pursuant to this Agreement or any other Loan DocumentAgreement. Any interest which may accrue on the amounts on deposit in a Controlled Account shall be added to and shall become part of the balance of such Controlled Account. The Borrower, the Administrative Agent and the applicable Depository Bank shall enter into an agreement (the "Controlled Account Agreement"), substantially in the form of Exhibit O attached hereto (with such changes thereto as may be required by the Depository Bank and satisfactory content acceptable to the Administrative Agent) Agent which shall govern the Controlled Account and the rights, duties and obligations of each party to the Controlled Account Agreement. (ii) The Controlled Account Agreement shall provide that (A1) the Controlled Account shall be established in the name of the Administrative Agent, as agent for Agent (on behalf of the Lenders), (B2) the Controlled Account shall be subject to the sole dominion, control and discretion of the Administrative Agent, and (C3) neither the Borrower nor any other Person, including, without limitation, any Person claiming on behalf of or through the Borrower, shall have any right or authority, whether express or implied, to make use of or withdraw, or cause the use or withdrawal of, any proceeds from the Controlled Account or any of the other proceeds deposited in the Controlled Account, except as expressly provided in this Agreement or in the Controlled Account Agreement.

Appears in 1 contract

Samples: Construction Loan Agreement (Vail Resorts Inc)

Establishment and Maintenance of the Controlled Account. (i) Each Controlled Account (A) shall be a separate and identifiable account from all other funds held by the Depository Bank and (B) shall contain only funds required to be deposited pursuant to this Agreement or any other Loan DocumentAgreement. Any interest which may accrue on the amounts on deposit in a Controlled Account shall be added to and shall become part of the balance of such Controlled Account. The Borrower, the Administrative Agent and the applicable Depository Bank shall enter into an agreement (the "Controlled Account Agreement"), substantially in the form of Exhibit O attached hereto (with such changes thereto as may be required by the Depository Bank and satisfactory content acceptable to the Administrative Agent) Agent which shall govern the Controlled Account and the rights, duties and obligations of each party to the Controlled Account Agreement. (ii) The Controlled Account Agreement shall provide that (A) the Controlled Account shall be established in the name of the Administrative Agent, as agent for Agent (on behalf of the Lenders), (B) the Controlled Account shall be subject to the sole dominion, control and discretion of the Administrative Agent, and (C) neither the Borrower nor any other Person, including, without limitation, any Person claiming on behalf of or through the Borrower, shall have any right or authority, whether express or implied, to make use of or withdraw, or cause the use or withdrawal of, any proceeds from the Controlled Account or any of the other proceeds deposited in the Controlled Account, except as expressly provided in this Agreement or in the Controlled Account Agreement.

Appears in 1 contract

Samples: Construction Loan Agreement (Vail Resorts Inc)

Establishment and Maintenance of the Controlled Account. (i) Each Controlled Account (A) shall be a separate and identifiable account from all other funds held by the Depository Bank and (B) shall contain only funds required to be deposited pursuant to this Agreement or any other Loan Document. Any interest which may accrue on the amounts on deposit in a Controlled Account shall be added to and shall become part of the balance of such Controlled Account. The BorrowerWhichever of the Borrower or the Westwood Place Borrower (as applicable) shall have opened such account (the “Controlled Account Depositor”), the Administrative Agent and the applicable Depository Bank shall enter into an agreement (the “Controlled Account Agreement”), substantially in the form of Exhibit O attached hereto (with such changes thereto as may be required by the Depository Bank and satisfactory to the Administrative Agent) which shall govern the Controlled Account and the rights, duties and obligations of each party to the Controlled Account Agreement. (ii) The Controlled Account Agreement shall provide that (A) the Controlled Account shall be established in the name of the Administrative Agent, as agent for the Lenders, (B) the Controlled Account shall be subject to the sole dominion, control and discretion of the Administrative Agent, and (C) neither the Borrower Controlled Account Depositor nor any other Person, including, without limitation, any Person claiming on behalf of or through the BorrowerControlled Account Depositor, shall have any right or authority, whether express or implied, to make use of or withdraw, or cause the use or withdrawal of, any proceeds from the Controlled Account or any of the other proceeds deposited in the Controlled Account, except as expressly provided in this Agreement or in the Controlled Account Agreement.

Appears in 1 contract

Samples: Loan Agreement (Douglas Emmett Inc)

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