Loss Proceeds Account. (a) Upon the occurrence of a Casualty or Condemnation, Lender will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management 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 3 contracts
Samples: Loan Agreement (Chesapeake Lodging Trust), Loan Agreement (Chesapeake Lodging Trust), Loan Agreement (Chesapeake Lodging Trust)
Loss Proceeds Account. (a) Upon the occurrence of a Casualty or Condemnation, Lender will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management 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 account shall be applied in accordance with Section 5.16.
Appears in 2 contracts
Samples: Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.), Loan Agreement (New York REIT, Inc.)
Loss Proceeds Account. (a) Upon the occurrence of a Casualty or Condemnation, Lender will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management 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 account shall be applied in accordance with Section 5.16.
Appears in 2 contracts
Samples: Loan Agreement (Stratus Properties Inc), Loan Agreement (Stratus Properties Inc)
Loss Proceeds Account. (a) Upon the occurrence of a Casualty or Condemnation, Lender will establish and maintain with an Eligible Account (which may be a subaccount of the Cash Management 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 account shall be applied in accordance with Section 5.16.
Appears in 1 contract
Samples: Loan Agreement (Carter Validus Mission Critical REIT, Inc.)
Loss Proceeds Account. (a) Upon Promptly after the occurrence of a Casualty or Condemnation, Lender will the Obligors shall establish and thereafter maintain an Eligible Account (which may be a subaccount of with the Cash Management Account) 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 account shall be applied in accordance with Section 5.165.17.
Appears in 1 contract
Loss Proceeds Account. (a) Upon the occurrence of a Casualty or Condemnation, Lender will establish and maintain with an Eligible Account (which may be a subaccount of the Cash Management 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 account shall be applied in accordance with Section 5.16.
Appears in 1 contract
Samples: Loan Agreement (American Realty Capital - Retail Centers of America, Inc.)
