Lockbox Account and Cash Management Account. (a) Borrower acknowledges and confirms that Borrower has established, and Borrower covenants that it shall maintain, (i) pursuant to the Lockbox Agreement, a non-interest bearing Eligible Account into which Borrower shall, and shall cause Manager to, deposit or cause to be deposited, all Rents and other revenue from the Property (such account, all funds at any time on deposit therein and any proceeds, replacements or substitutions of such account or funds therein, are referred to herein as the “Lockbox Account”), and (ii) an interest bearing Eligible Account into which funds in the Lockbox Account shall be transferred pursuant to the terms of Section 10.2(b) hereof (such account, the sub-accounts thereof, all funds at any time on deposit therein and any proceeds, replacements or substitutions of such account or funds therein, are referred to herein as the “Cash Management Account”).
Lockbox Account and Cash Management Account. (a) Borrower acknowledges and confirms that Borrower has established, and Borrower covenants that it shall maintain, (i) pursuant to the Lockbox Agreement, an Eligible Account into which Borrower shall, and shall cause Manager to, deposit or cause to be deposited, all Rents and other revenue from the Property (such account, all funds at any time on deposit therein and any proceeds, replacements or substitutions of such account or funds therein, are referred to herein as the "LOCKBOX ACCOUNT"), and (ii) an Eligible Account with Lender or any Loan servicer, as applicable, into which funds in the Lockbox Account shall be transferred pursuant to the terms of Section 10.2(b) hereof (such account, the sub-accounts thereof, all funds at any time on deposit therein and any proceeds, replacements or substitutions of such account or funds therein, are referred to herein as the "CASH MANAGEMENT ACCOUNT").
Lockbox Account and Cash Management Account. (f) Borrower acknowledges and confirms that Borrower has established, and Borrower covenants that it shall maintain, pursuant to the Lockbox Agreement, a non‑interest bearing Eligible Account into which Borrower shall deposit or cause to be deposited, all Rents and other revenue from the Property (such account, all funds at any time on deposit therein and any proceeds, replacements or substitutions of such account or funds therein, are collectively referred to herein as the “Lockbox Account”). In the event Lockbox Bank ceases to qualify as an Eligible Institution, Borrower shall cooperate with Lender in designating a successor financial institution that meets such qualifications and is otherwise acceptable to Lender and transferring the Lockbox Account to such institution, each within thirty (30) days after request by Lender. In the event Borrower fails to do so, Lender shall have the right, and Borrower hereby grants to Lender a power of attorney (which power of attorney shall be coupled with an interest and irrevocable so long as any portion of the Debt remains outstanding), to designate a successor institution to serve as Lockbox Bank.
Lockbox Account and Cash Management Account. The Borrowers shall have established the Lockbox Account and the Cash Management Account.
Lockbox Account and Cash Management Account. (a) Other than in connection with the Loan Documents and except for Permitted Encumbrances, neither Borrower nor Operating Lessee has sold, pledged, transferred or otherwise conveyed the Lockbox Account and Cash Management Account;
Lockbox Account and Cash Management Account. (a) During the term of the Loan, Borrower shall cause Mortgage Borrower to establish and maintain an account (the “Lockbox Account”) with Lockbox Bank in trust for the benefit of Mortgage Lender, which Lockbox Account shall be under the sole dominion and control of Mortgage Lender. Except as otherwise provided in the Mortgage Loan Agreement, Mortgage Lender and its servicer shall have the sole right to make withdrawals from the Lockbox Account and all costs and expenses for establishing and maintaining the Lockbox Account shall be paid by Mortgage Borrower.
Lockbox Account and Cash Management Account. (a) Borrower acknowledges and confirms that Borrower has established, and Borrower covenants that it shall maintain, pursuant to the Countryside Lockbox Agreement, a non-interest bearing Eligible Account into which Borrower shall deposit or cause to be deposited, all Rents and other revenue from the Countryside Parcel (such account, all funds at any time on deposit therein and any proceeds, replacements or substitutions of such account or funds therein, are collectively referred to herein as the “Countryside Lockbox Account”). Borrower acknowledges and confirms that Borrower has established, and Borrower covenants that it shall maintain, pursuant to the Knollwood Lockbox Agreement, a non-interest bearing Eligible Account into which Borrower shall deposit or cause to be deposited, all Rents and other revenue from the Knollwood Parcel (such account, all funds at any time on deposit therein and any proceeds, replacements or substitutions of such account or funds therein, are collectively referred to herein as the “Knollwood Lockbox Account”). Borrower acknowledges and confirms that Borrower has established, and Borrower covenants that it shall maintain, pursuant to the River Ridge Lockbox Agreement, a non-interest bearing Eligible Account into which Borrower shall deposit or cause to be deposited, all Rents and other revenue from the River Ridge Parcel (such account, all funds at any time on deposit therein and any proceeds, replacements or substitutions of such account or funds therein, are collectively referred to herein as the “River Ridge Lockbox Account”; together with the Countryside Lockbox Account, the Knollwood Lockbox Account, and individually or collectively, as the context may require, the “Lockbox Account”). In the event Lockbox Bank ceases to qualify as an Eligible Institution, Borrower shall cooperate with Lender in designating a successor financial institution that meets such qualifications and is otherwise acceptable to Lender and transferring the Lockbox Account to such institution, each within thirty (30) days after request by Lender. In the event Borrower fails to do so, Lender shall have the right, and Borrower hereby grants to Lender a power of attorney (which power of attorney shall be coupled with an interest and irrevocable so long as any portion of the Debt remains outstanding), to designate a successor institution to serve as Lockbox Bank.
Lockbox Account and Cash Management Account. The Property is not subject to any cash management system (other than pursuant to the Mortgage Loan Documents), and any and all existing tenant instruction letters issued in connection with any previous financing have been duly terminated prior to the date hereof.
Lockbox Account and Cash Management Account. (a) Borrower acknowledges and confirms that Borrower has established, and Borrower covenants that it shall maintain (or cause to be maintained), (i) pursuant to the Lockbox Agreements, one or more non-interest bearing Eligible Accounts into which Borrower shall, and shall cause Manager to, deposit or cause to be deposited, all Rents and other revenue from each Individual Property (each such account, all funds at any time on deposit therein and any proceeds, replacements or substitutions of such account or funds therein, are individually and collectively, as the context may require, referred to herein as the “Lockbox Account”), and (ii) an interest bearing Eligible Account with Lender or Lender’s servicer into which funds in the Lockbox Account shall be transferred pursuant to the terms of Section 10.2(b) hereof (such account, the sub-accounts thereof, all funds at any time on deposit therein and any proceeds, replacements or substitutions of such account or funds therein, are referred to herein as the “Cash Management Account”).
Lockbox Account and Cash Management Account. (a) Borrower acknowledges and confirms that Borrower has established, and Borrower covenants that it shall maintain, (i) pursuant to the Lockbox Agreement, an Eligible Account into which Borrower shall, and shall cause Manager to, deposit or cause to be deposited, all Rents and other revenue from the Property (such account, all funds at any time on deposit therein and any proceeds, replacements or substitutions of such account or funds therein, are referred to herein as the “Lockbox Account”), and (ii) an Eligible Account into which funds in the Lockbox Account shall be transferred pursuant to the terms of Section 10.2(b) hereof, named “First States Investors 239, LLC for the benefit of Bank of America N.A.”, with account number 12354-65879 (such account, the sub-accounts thereof, all funds at any time on deposit therein and any proceeds, replacements or substitutions of such account or funds therein, are referred to herein as the “Cash Management Account”); provided, however, that so long as the FFIC Lease remains in full force and effect with no material defaults thereunder, then (x) Borrower need not establish or maintain the Lockbox Account and (y) the deposits required pursuant to subsection (i) of this Section 10.1(a) shall be made directly to the Cash Management Account. In the event that the FFIC Lease is terminated or a material default thereunder has occurred and is continuing beyond any grace period set forth in the FFIC Lease, upon request by Lender, Borrower shall establish and maintain the Lockbox Account as provided herein within thirty (30) calendar days of Lender’s request.
