Common use of Mezzanine Loan Account Clause in Contracts

Mezzanine Loan Account. On or before the Closing Date, Borrower shall establish and maintain with the Bank a mezzanine loan account (the “Mezzanine Loan Account”), which shall be an Eligible Account with a separate and unique identification number and entitled “Citigroup Global Markets Realty Corp. as Agent, as secured party from 515/555 Flower Mezzanine Associates, LLC, pursuant to a Loan Agreement, dated as of July 17, 2006, between 515/555 Flower Mezzanine Associates, LLC, and Citigroup Global Markets Realty Corp.” and execute and deliver the Collection Account Agreement. Borrower shall not have any right to withdraw Money from the Mezzanine Loan Account, which shall be under the sole dominion and control, and the “control” within the meaning of Sections 9-104 and 9-106 of the UCC, of the Lender. So long as an Event of Default has not occurred and is not continuing, the funds on deposit in the Mezzanine Loan Account on each Payment Date shall be applied on such Payment Date by Lender, as follows: first, to the payment to the Lender of (i) the interest then due and payable on the Note with respect to the related Interest Accrual Period, (ii) the Exit Fee and the Extension Fee, if any, then due and payable and (iii) the Principal Indebtedness in an amount equal to any amount to which the Lender is then entitled pursuant to Section 2.7(a) of this Agreement; and second, to Lender for any fees incurred by Lender in connection with amendments or endorsements to Lender’s Eagle 9 insurance policy.

Mezzanine Loan Account. On or before the Closing Date, Borrower shall establish and maintain with the Bank a mezzanine loan account (the “Mezzanine Loan Account”), which shall be an Eligible Account with a separate and unique identification number and entitled “Citigroup Global Markets Realty Corp. as Agent, as secured party from 515/555 Flower Junior Mezzanine Associates, LLC, pursuant to a Loan Agreement, dated as of July 17, 2006, between 515/555 Flower Junior Mezzanine Associates, LLC, and Citigroup Global Markets Realty Corp.” and execute and deliver the Collection Account Agreement. Borrower shall not have any right to withdraw Money from the Mezzanine Loan Account, which shall be under the sole dominion and control, and the “control” within the meaning of Sections 9-104 and 9-106 of the UCC, of the Lender. So long as an Event of Default has not occurred and is not continuing, the funds on deposit in the Mezzanine Loan Account on each Payment Date shall be applied on such Payment Date by Lender, as follows: first, to the payment to the Lender of (i) the interest then due and payable on the Note with respect to the related Interest Accrual Period, (ii) the Exit Fee and the Extension Fee, if any, then due and payable and (iii) the Principal Indebtedness in an amount equal to any amount to which the Lender is then entitled pursuant to Section 2.7(a) of this Agreement; and second, to the Construction Consultant of its fees and expenses for which bills have been submitted, and to Lender for any fees incurred by Lender in connection with amendments or endorsements to Lender’s Eagle 9 insurance policy.

Mezzanine Loan Account. On or before the Closing Date, Borrower shall establish and maintain with the Bank a mezzanine loan account (the “Mezzanine Loan Account”), which shall be an Eligible Account with a separate and unique identification number and entitled “Citigroup Global Markets Realty Corp. as Agent, as secured party from 515/555 Flower Mezzanine Associates, LLC, pursuant to a Loan Agreement, dated as of July 1715, 20062004, between 515/555 Flower Mezzanine Associates, LLC, and Citigroup Global Markets Realty Corp.” and execute and deliver the Collection Account Agreement. Borrower shall not have any right to withdraw Money from the Mezzanine Loan Account, which shall be under the sole dominion and control, and the “control” within the meaning of Sections 9-104 and 9-106 of the UCC, of the Lender. So long as an Event of Default has not occurred and is not continuing, the funds on deposit in the Mezzanine Loan Account on each Payment Date shall be applied on such Payment Date by Lender, as follows: first, to the payment to the Lender of (i) the interest then due and payable on the Note with respect to the related Interest Accrual Period, (ii) the Exit Fee and the Extension Fee, if any, then due and payable and (iii) the Principal Indebtedness in an amount equal to any amount to which the Lender is then entitled pursuant to Section 2.7(a) of this Agreement; and second, to the Construction Consultant of its fees and expenses for which bills have been submitted, and to Lender for any fees incurred by Lender in connection with amendments or endorsements to Lender’s Eagle 9 insurance policy.