Common use of Establishment of Central Account and Sub-Accounts Clause in Contracts

Establishment of Central Account and Sub-Accounts. Lender shall establish and maintain the Central Account with the Bank, in the name of Lender, as secured party. The Central Account shall be an Eligible Account and shall include (a) the Debt Service Payment Sub-Account, (b) the Basic Carrying Costs Sub-Account, (c) the FF&E Sub-Account, (d) the Engineering Escrow Sub-Account, (e) the Operations and Maintenance Expense Sub-Account, (f) the Curtailment Reserve Fund Sub-Account and (g) the Capital Expenditure Sub-Account (collectively, the "Basic Sub-Accounts"), to which certain funds shall be allocated and from which disbursements shall be made pursuant to the terms of this Agreement. The Central Account and the Basic Sub-Accounts shall be under the sole dominion and control of Lender. Borrower hereby irrevocably directs and authorizes Lender to deposit funds into and withdraw funds from the Central Account and the Basic Sub-Accounts in accordance with the terms and conditions of this Agreement. Borrower shall have no direct right of withdrawal in respect of the Central Account or the Basic Sub-Accounts, but shall have the right to receive disbursements as provided herein. Each transfer of funds to be made hereunder shall be made only to the extent that funds are on deposit in the Central Account or the affected Basic Sub-Account and Lender shall have no responsibility to make additional funds available in the event that funds on deposit are insufficient.

Establishment of Central Account and Sub-Accounts. Lender shall establish and maintain the Central Account with the Bank, in the name of Lender, as secured party. The Central Account shall be an Eligible Account and shall include (a) the Debt Service Payment Sub-Account, (b) the Basic Carrying Costs Sub-Account, (c) the FF&E Sub-Account, (d) the Engineering Escrow Sub-Account, (e) the Operations and Maintenance Expense Sub-Account, (f) the Curtailment Reserve Fund Sub-Account and (g) the Capital Expenditure Sub-Account (collectively, the "Basic Sub-Accounts"), to which certain funds shall be allocated and from which disbursements shall be made pursuant to the terms of this Agreement. The Central Account and the Basic Sub-Accounts shall be under the sole dominion and control of Lender. Borrower Borrowers hereby irrevocably directs direct and authorizes authorize Lender to deposit funds into and withdraw funds from the Central Account and the Basic Sub-Accounts in accordance with the terms and conditions of this Agreement. Borrower Borrowers shall have no direct right of withdrawal in respect of the Central Account or the Basic Sub-Accounts, but shall have the right to receive disbursements as provided herein. Each transfer of funds to be made hereunder shall be made only to the extent that funds are on deposit in the Central Account or the affected Basic Sub-Account and Lender shall have no responsibility to make additional funds available in the event that funds on deposit are insufficient.