Common use of Establishment of Certain Accounts Clause in Contracts

Establishment of Certain Accounts. (a) Borrower shall, simultaneously herewith, establish an Eligible Account (the “Restricted Account”) pursuant to the Restricted Account Agreement in the name of Borrower for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders) into which Borrower shall deposit, or cause to be deposited, all revenue generated by the Property. Pursuant to the Restricted Account Agreement, funds on deposit in the Restricted Account shall be transferred on each Business Day to or at the direction of Borrower unless a Trigger Period exists, in which case such funds shall be transferred on each Business Day to the Cash Management Account. (b) Upon the first occurrence of a Trigger Period, Administrative Agent, on Borrower’s behalf, shall establish an Eligible Account (the “Cash Management Account”) with Administrative Agent or Servicer, as applicable, in the name of Borrower for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders). Upon the first occurrence of a Trigger Period, Administrative Agent, on Borrower’s behalf, shall also establish with Administrative Agent or Servicer (i) an Eligible Account into which the amounts required for the payment of Debt Service under the Loan will be deposited (the “Debt Service Account”), (ii) an Eligible Account into which the amounts required for the payment of Mezzanine A Debt Service under the Mezzanine A Loan will be deposited (the “Mezzanine A Debt Service Account”) and (iii) an Eligible Account into which the amounts required for the payment of Mezzanine B Debt Service under the Mezzanine B Loan will be deposited (the “Mezzanine B Debt Service Account”).

Establishment of Certain Accounts. (a) Borrower shall, simultaneously herewithon the first occurrence of a Trigger Period, establish an Eligible Account (provided that KeyBank National Association shall be permitted to maintain the “Restricted Account so long as its ratings listed in the Restricted Account Agreement are not downgraded after the Closing Date) (the "Restricted Account”") pursuant to the Restricted Account Agreement in the name of Borrower for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders) Lender into which Borrower shall deposit, or cause to be deposited, all revenue generated by the Property. Pursuant to the Restricted Account Agreement, funds on deposit in the Restricted Account shall be transferred on each Business Day to or at the direction of Borrower unless a Trigger Period exists, in which case such funds shall be transferred on each Business Day to the Cash Management Account. (b) Upon the first occurrence of a Trigger Period, Administrative AgentLender, on Borrower’s Xxxxxxxx's behalf, shall establish an Eligible Account (the “"Cash Management Account”") with Administrative Agent Lender or Servicer, as applicable, in the name of Borrower for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders)Lender. Upon the first occurrence of a Trigger Period, Administrative AgentLender, on Borrower’s Xxxxxxxx's behalf, shall also establish with Administrative Agent Lender or 41458-112/Patuxent Crossing (MD) and Coliseum Marketplace (VA) Servicer (i) an Eligible Account into which Borrower shall deposit, or cause to be deposited the amounts required for the payment of Debt Service under the Loan will be deposited (the “"Debt Service Account”), (ii) an Eligible Account into which the amounts required for the payment of Mezzanine A Debt Service under the Mezzanine A Loan will be deposited (the “Mezzanine A Debt Service Account”) and (iii) an Eligible Account into which the amounts required for the payment of Mezzanine B Debt Service under the Mezzanine B Loan will be deposited (the “Mezzanine B Debt Service Account”").

Establishment of Certain Accounts. (a) Borrower Representative Bxxxxxxx shall, simultaneously herewith, establish an Eligible the Restricted Account (the “Restricted Account”) pursuant to the Restricted Account Agreement in the name of the Representative Borrower on behalf of each Borrower for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders) Lender into which Borrower shall deposit, or cause to be deposited, all revenue generated by the Property. Pursuant to the Restricted Account Agreement, funds on deposit in the Restricted Account shall be transferred on each Business Day to or at the direction of the Representative Borrower unless a Trigger Period exists, in which case such funds shall be transferred on each Business Day not less than two (2) times per week to the Cash Management Account. (b) Upon the first occurrence of a Trigger Period, Administrative AgentLender, on BorrowerBxxxxxxx’s behalf, shall establish an Eligible Account (the “Cash Management Account”) with Administrative Agent Lender or Servicer, as applicable, in the name of Borrower for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders)Lender. Upon the first occurrence of a Trigger Period, Administrative AgentLender, on BorrowerBxxxxxxx’s behalf, shall also establish with Administrative Agent Lender or Servicer (i) an Eligible Account into which Borrower shall deposit, or cause to be deposited the amounts required for the payment of Debt Service debt service under the Loan will be deposited (the “Debt Service Account”), ) and (ii) an Eligible Account into which the amounts required for the payment of Mezzanine A Debt Service under the Mezzanine A Loan will be deposited (the “Mezzanine A Debt Service Account”) and (iii) an Eligible Account into which the amounts required for the payment of Mezzanine B Debt Service under the Mezzanine B Loan will be deposited (the “Mezzanine B Debt Service Account”).

Establishment of Certain Accounts. (a) Borrower shall, simultaneously herewith, establish an Eligible Account (the “Restricted Account”) pursuant to the Restricted Account Agreement Agreement, establish (x) one or more Eligible Accounts in the name of Borrower Canal TC LLC (on behalf of itself and each other Borrower) for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders) Lender into which Borrower shall deposit, or cause to be deposited, all revenue generated by the Property. Properties (collectively, the “Restricted Account”). (b) Pursuant to the Restricted Account Agreement, funds on deposit in the Restricted Account in excess of $25,000 shall be transferred on each Business Day to or at the direction of Borrower unless a Trigger Period exists, in which case such funds shall be transferred on each Business Day to the Cash Management Account. (bc) Upon the first occurrence of a Trigger Period, Administrative AgentLender, on BorrowerXxxxxxxx’s behalf, shall establish an Eligible Account (the “Cash Management Account”) with Administrative Agent an Eligible Institution (or Lender or Servicer, as applicable), in the name of Borrower (on behalf of each Borrower) for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders)Lender. Upon the first occurrence of a Trigger Period, Administrative AgentLender, on BorrowerXxxxxxxx’s behalf, shall also establish with Administrative Agent Lender or Servicer (i) an Eligible Account into which Borrower shall deposit, or cause to be deposited the amounts required for the payment of Debt Service debt service under the Loan will be deposited (the “Debt Service Account”), (ii) an Eligible Account into which the amounts required for the payment of Mezzanine A Debt Service under the Mezzanine A Loan will be deposited (the “Mezzanine A Debt Service Account”) and (iii) an Eligible Account into which the amounts required for the payment of Mezzanine B Debt Service under the Mezzanine B Loan will be deposited (the “Mezzanine B Debt Service Account”).

Establishment of Certain Accounts. (a) Borrower Representative Bxxxxxxx shall, simultaneously herewith, establish an Eligible the Restricted Account (the “Restricted Account”) pursuant to the Restricted Account Agreement in the name of Representative Bxxxxxxx on behalf of each Borrower for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders) Lender into which Borrower shall deposit, or cause to be deposited, all revenue generated by the Property. Pursuant to the Restricted Account Agreement, funds on deposit in the Restricted Account shall be transferred on each Business Day to or at the direction of Representative Borrower unless a Trigger Period exists, in which case such funds shall be transferred on each Business Day not less than two (2) times per week to the Cash Management Account. (b) Upon the first occurrence of a Trigger Period, Administrative AgentLender, on BorrowerBxxxxxxx’s behalf, shall establish an Eligible Account (the “Cash Management Account”) with Administrative Agent Lender or Servicer, as applicable, in the name of Borrower for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders)Lender. Upon the first occurrence of a Trigger Period, Administrative AgentLender, on BorrowerBxxxxxxx’s behalf, shall also establish with Administrative Agent Lender or Servicer (i) an Eligible Account into which Borrower shall deposit, or cause to be deposited the amounts required for the payment of Debt Service debt service under the Loan will be deposited (the “Debt Service Account”), (ii) an Eligible Account into which the amounts required for the payment of Mezzanine A Debt Service under the Mezzanine A Loan will be deposited (the “Mezzanine A Debt Service Account”) and (iii) an Eligible Account into which the amounts required for the payment of Mezzanine B Debt Service under the Mezzanine B Loan will be deposited (the “Mezzanine B Debt Service Account”).

Establishment of Certain Accounts. (a) Borrower Representative Xxxxxxxx shall, simultaneously herewith, establish an Eligible the Restricted Account (the “Restricted Account”) pursuant to the Restricted Account Agreement in the name of Representative Xxxxxxxx on behalf of each Borrower for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders) Lender into which Borrower shall deposit, or cause to be deposited, all revenue generated by the Property. Pursuant to the Restricted Account Agreement, funds on deposit in the Restricted Account shall be transferred on each Business Day to or at the direction of Representative Borrower unless a Trigger Period exists, in which case such funds shall be transferred on each Business Day not less than two (2) times per week to the Cash Management Account. (b) Upon the first occurrence of a Trigger Period, Administrative AgentLender, on BorrowerXxxxxxxx’s behalf, shall establish an Eligible Account (the “Cash Management Account”) with Administrative Agent Lender or Servicer, as applicable, in the name of Borrower for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders)Lender. Upon the first occurrence of a Trigger Period, Administrative AgentLender, on Borrower’s behalf, shall also establish with Administrative Agent Lender or Servicer (i) an Eligible Account into which Borrower shall deposit, or cause to be deposited the amounts required for the payment of Debt Service debt service under the Loan will be deposited (the “Debt Service Account”), (ii) an Eligible Account into which the amounts required for the payment of Mezzanine A Debt Service under the Mezzanine A Loan will be deposited (the “Mezzanine A Debt Service Account”) ), and (iii) an Eligible Account into which the amounts required for the payment of Mezzanine B Debt Service under the Mezzanine B Loan will be deposited (the “Mezzanine B Debt Service Account”).

Establishment of Certain Accounts. (a) Representative Borrower and Hawaii MMGD LLC (each, a “Restricted Account Counterparty”) shall, simultaneously herewith, establish an Eligible the Restricted Account (the “Restricted Account”) pursuant to the Restricted Account Agreement in the name of the applicable Restricted Account Counterparty on behalf of each Borrower for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders) into which Borrower shall deposit, or cause to be deposited, all revenue generated by the Property. Pursuant to the Restricted Account Agreement, funds on deposit in the Restricted Account shall be transferred on each Business Day to or at the direction of Borrower the applicable Restricted Account Counterparty unless a Trigger Period exists, in which case such funds shall be transferred on each Business Day not less than two (2) times per week to the Cash Management Account, and Borrower shall not use such funds in violation of Section 2.6(b) hereof. (b) Upon the first occurrence of a Trigger Period, Administrative Agent, on BorrowerBxxxxxxx’s behalf, shall establish an Eligible Account (the “Cash Management Account”) with Administrative Agent or Servicer, as applicable, Servicer in the name of Borrower for the sole and exclusive benefit of Administrative Agent (for the benefit of Lenders)Agent. Upon the first occurrence of a Trigger Period, Administrative Agent, on BorrowerBxxxxxxx’s behalf, shall also establish with Administrative Agent or Servicer (i) an Eligible Account into which Borrower shall deposit, or cause to be deposited the amounts required for the payment of Debt Service debt service under the Loan will be deposited (the “Debt Service Account”), ) and (ii) an Eligible Account into which the amounts required for the payment of Mezzanine A Debt Service under the Mezzanine A Loan will be deposited (the “Mezzanine A Debt Service Account”) and (iii) an Eligible Account into which the amounts required for the payment of Mezzanine B Debt Service under the Mezzanine B Loan will be deposited (the “Mezzanine B Debt Service Account”).