Common use of GENERAL REQUIREMENTS FOR FUNDS IN SEGREGATED ACCOUNTS Clause in Contracts

GENERAL REQUIREMENTS FOR FUNDS IN SEGREGATED ACCOUNTS. Borrower shall irrevocably instruct and shall cause all depositories maintaining any segregated accounts required under the terms of this Agreement (including the Charges Account, the Security Deposits and Lease Buy Out Consideration accounts and accounts in respect of any Impaired Properties) to, within five (5) days after demand from Lender, deposit all funds deposited in such segregated accounts maintained by Borrower into segregated accounts maintained by Lender. Thereafter, Borrower shall cause all deposits which Borrower otherwise would have been required to make into Borrower's segregated accounts to be deposited in such accounts maintained by Lender. Borrower shall contemporaneously with the delivery of such deposits to Lender, deliver to Lender any security deposit in the form of a letter of credit, certificate of deposit or similar non-cash form of credit enhancement which exceeds $50,000. Upon any Event of Default, Lender may apply any funds deposited in the accounts maintained by Lender or Borrower to the payment of or to the performance of any Obligation, except for any Security Deposit which, under the terms of the Lease to which it relates, must be maintained in a segregated account. Borrower hereby designates Lender as its attorney-in-fact, which designation is irrevocable and coupled with an interest, to draw upon the accounts of Borrower in the name of Borrower and to apply the funds therein as provided in the immediately preceding sentence. As additional security for the Obligations, Borrower hereby pledges to Lender, and grants to Lender a security interest in, all Charges Accounts and all other segregated accounts required under this Agreement (including the accounts maintained by Lender to the extent Borrower has any interest therein), and all funds at any time on deposit therein. Prior to the Closing Date, Borrower and Lender shall have executed and delivered a notice to the depository at which any such account is held (if such account is located in any state in which Lender determines such notice is necessary or appropriate in connection with the pledge of, and grant of security interest in, such account), which notice shall be substantially in the form of Exhibit "B" hereto. Borrower shall deliver to Lender monthly reports of all balances and activity with respect to each of the segregated accounts required by the terms of this Agreement and any other information reasonably requested by Lender.

GENERAL REQUIREMENTS FOR FUNDS IN SEGREGATED ACCOUNTS. Borrower shall irrevocably instruct and shall cause all depositories maintaining any segregated accounts required under the terms of this Agreement (including the Charges Account, the Security Deposits and Lease Buy Out Consideration accounts and accounts in respect of any Impaired Properties) to, within five (5) days after demand from Lender, deposit all funds deposited in such segregated accounts maintained by Borrower into segregated accounts maintained by Lender. Thereafter, Borrower shall cause all deposits which Borrower otherwise would have been required to make into Borrower's segregated accounts to be deposited in such accounts maintained by Lender. Borrower shall contemporaneously Contemporaneously with the delivery of such deposits to Lender, Borrower shall deliver to Lender any security deposit Security Deposit in the form of a letter of creditcredit (including any Tenant Deposit Letters of Credit), certificate of deposit or similar non-cash form of credit enhancement which exceeds $50,000. Upon any Event of Default, Lender may apply any funds deposited in the accounts maintained by Lender or Borrower to the payment of or to the performance of any Obligation, except for any Security Deposit which, under the terms of the Lease to which it relatesrelates or pursuant to applicable state Law, must be maintained in a segregated account. Borrower hereby designates Lender as its attorney-in-fact, which designation is irrevocable and coupled with an interest, to draw upon the accounts of Borrower in the name of Borrower and to apply the funds therein as provided in the immediately preceding sentence. As additional security for the Obligations, Borrower hereby pledges and assigns to Lender, and grants to Lender a first priority security interest in, all Charges Accounts and all other segregated accounts required under this Agreement (including the accounts maintained by Lender to the extent Borrower has any interest therein), and all funds at any time on deposit therein, and any and all Security Deposits in the form of a letter of credit, certificate of deposit or similar form of non-cash credit enhancement. Prior to the Closing Date, Borrower Borrower, Lender and Lender shall have executed and delivered a notice to the depository at which any such account is held (if such shall have entered into a deposit account is located in any state in which Lender determines such notice is necessary or appropriate in connection with the pledge of, and grant of security interest in, such account), which notice shall be agreement substantially in the form of Exhibit "B" heretohereto (provided that if, based upon the jurisdiction in which such account is located, Lender determines that an agreement of different form or substance is necessary or appropriate to perfect Lender's security interest in such account, then such deposit account agreement shall be of such other form and substance as Lender determines is reasonably necessary or appropriate for such jurisdiction). Borrower shall deliver to Lender monthly reports of (a) all balances and activity with respect to each of the segregated accounts required by the terms of this Agreement Agreement, (b) all Tenant Deposit Letters of Credit then held by Borrower and any draws made by Borrower thereon, and (c) any other information reasonably requested by Lender.