Expansion Account Sample Clauses

Expansion Account. Beneficiary shall establish the Expansion Account in the name of Beneficiary or its successors and assigns. The Expansion Account shall be an Eligible Account under the sole dominion and control of Beneficiary. Grantor hereby irrevocably directs and authorizes Beneficiary to withdraw funds from the Expansion Account in accordance with the terms and conditions in this Section 5.10. Grantor shall not have any right of withdrawal with respect to the Expansion Account and Grantor shall so notify the bank in which the Expansion Account is located by an irrevocable written instrument, a copy of which, receipted by such bank, shall be promptly forwarded to Beneficiary. Grantor hereby grants Beneficiary a security interest in all amounts to be deposited in the Expansion Account. Each transfer of funds to be made from the Expansion Account under this Section 5.10 shall be made only to the extent that funds are on deposit in the Expansion Account and Beneficiary shall have no responsibility to make additional funds available in the event that funds on deposit are insufficient. Grantor agrees that Grantor shall include all earnings on the Expansion Account as income of Grantor for federal and applicable state tax purposes. Provided that (a) Beneficiary has received a Notice of Borrowing at least thirty (30) days prior to the date upon which Grantor would like an Expansion Funding, and not more than one such notice has been made in such calendar month, (b) no Event of Default has occurred and is continuing, (c) there are sufficient funds available in the Expansion Account, (d) the Completion Date for the Expansion Space in connection with which Grantor has requested a disbursement from the Expansion Account has occurred, (e) Grantor shall have furnished Beneficiary (i) lien waivers, copies of bills and invoices evidencing that all work on the portion of the Expansion Space which is occupied by tenants has been paid for in full (exclusive of retainage up to ten percent (10%) of the cost of such work and such other de minimus amounts acceptable to Beneficiary), together with summaries of all Leases relating to the Expansion Space which shall specify, inter alia, any termination rights under such Leases, and (ii) such other documentation as may be reasonably required by Beneficiary or the Rating Agencies, all of which are satisfactory, in form and substance, to Beneficiary, (f) the Aggregate Debt Service Coverage, calculated by subtracting from Net Operating Income any E...