Loss Proceeds Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of depositing any Loss Proceeds (the “Loss Proceeds Account”). (b) Provided no Event of Default is continuing, funds in the Loss Proceeds account shall be applied in accordance with Section 5.16.
Appears in 10 contracts
Samples: Loan Agreement (Brixmor Property Group Inc.), Loan Agreement (Pebblebrook Hotel Trust), Loan Agreement (Glimcher Realty Trust)
Loss Proceeds Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of depositing any Loss Proceeds (the “"Loss Proceeds Account”").
(b) Provided no Event of Default is continuing, funds in the Loss Proceeds account shall be applied in accordance with Section 5.16.
Appears in 2 contracts
Samples: Loan Agreement (Glimcher Realty Trust), Loan Agreement (Glimcher Realty Trust)
Loss Proceeds Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of depositing any Loss Proceeds in accordance with Section 5.16(c) (the “Loss Proceeds Account”).
(b) Provided no Event of Default is continuing, funds in the Loss Proceeds account shall be applied in accordance with Section 5.16.
Appears in 1 contract
Samples: Loan Agreement (American Casino & Entertainment Properties LLC)
Loss Proceeds Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account (which may be a subaccount of the Cash Management Account maintained on a ledger basis) for the purpose of depositing any Loss Proceeds in accordance with Section 5.16(c) (the “Loss Proceeds Account”).
(b) Provided no Event of Default is continuing, funds in the Loss Proceeds account shall be applied in accordance with Section 5.16.
Appears in 1 contract
Samples: Loan Agreement (American Casino & Entertainment Properties LLC)
Loss Proceeds Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of depositing any Loss Proceeds (the “"Loss Proceeds Account”"), subject to the terms of the Condominium Documents.
(b) Provided no Event of Default is continuing, funds in the Loss Proceeds account shall be applied in accordance with Section 5.16.
Appears in 1 contract
Samples: Loan Agreement (Alexanders Inc)
Loss Proceeds Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of depositing any Loss Proceeds (the “Loss Proceeds Account”).
(b) Provided no Event of Default is continuing, funds in the Loss Proceeds account shall be applied in accordance with Section 5.16.
Appears in 1 contract
Loss Proceeds Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of depositing any Loss Proceeds in accordance with Section 5.16 (the “Loss Proceeds Account”).
(b) Provided no Event of Default is continuing, funds in the Loss Proceeds account Account shall be administered and applied in accordance with Section 5.16.
Appears in 1 contract
Loss Proceeds Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of depositing any Loss Proceeds with respect to any Casualty or Condemnation where the Loss Proceeds exceeds the Loss Proceeds Threshold Amount (the “Loss Proceeds Account”).
(b) Provided no Event of Default has occurred and is continuing, funds in the Loss Proceeds account Account shall be applied in accordance with Section 5.16.
Appears in 1 contract
Samples: Loan Agreement (Cole Credit Property Trust III, Inc.)