Mortgage Loan Cash Management; Establishment of Certain Accounts. (a) Borrower shall cause Mortgage Borrower to comply with the Mortgage Loan Cash Management Provisions and not, without Xxxxxx’s prior consent, amend, restate, replace and/or otherwise modify the same. If requested by Xxxxxx, Borrower will promptly provide evidence reasonably acceptable to Lender of its compliance with the foregoing. (b) If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, or waives any of the other provisions in Article 8 or Article 9 of the Mortgage Loan Agreement (such terms and provisions in such Articles 8 and 9, collectively, the “Mortgage Loan Cash Management Provisions”), or if the Mortgage Loan is refinanced or paid off in full (without a prepayment of the Loan) and any of the Cash Management Provisions are not required under the new mortgage loan, if any, or the Cash Management Provisions cease to exist or are reduced, waived or modified in any respect (such accounts, the “Waived Cash Management Accounts” and such provisions, the “Waived Cash Management Provisions”), then Borrower shall promptly (i) notify Lender of the same and, at the direction of Lender, establish and maintain with Lender and for the benefit of Lender in replacement and substitution thereof, substitute accounts (the “Substitute Cash Management Accounts”), which Substitute Cash Management Accounts shall be subject to all of the same terms and conditions applicable under the Mortgage Loan Documents, (ii) execute any amendments to this Agreement and/or the Loan Documents implementing the Waived Cash Management Provisions as may be required by Lender (provided such amendments are identical to the provisions set forth in the Mortgage Loan Agreement relating to the same, but for non-substantive conforming changes) and shall cause Mortgage Borrower to acknowledge and agree to the same and (iii) remit to Lender (and shall cause Mortgage Borrower to remit to Lender) any funds remaining in the Waived Cash Management Accounts. Borrower shall pledge the Substitute Cash Management Accounts to Lender as additional collateral for the Loan such that Lender has the same legal and economic rights and remedies as Mortgage Lender under the Mortgage Loan Cash Management Provisions, including, without limitation, the Cash Management Agreement and Section 9.3 of the Mortgage Loan Agreement.
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Samples: Mezzanine Loan Agreement (Industrial Logistics Properties Trust)
Mortgage Loan Cash Management; Establishment of Certain Accounts. (a) Borrower shall cause Mortgage Borrower to comply with the Mortgage Loan Cash Management Provisions and not, without XxxxxxLxxxxx’s prior consent, amend, restate, replace and/or otherwise modify the same. If requested by XxxxxxLxxxxx, Borrower will promptly provide evidence reasonably acceptable to Lender of its compliance with the foregoing.
(b) If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, or waives any of the other provisions in Section 2.6(b), Article 8 or Article 9 of the Mortgage Loan Agreement (such terms and provisions in such Section 2.6(b), Articles 8 and 9, collectively, the “Mortgage Loan Cash Management Provisions”), or if the Mortgage Loan is refinanced or paid off in full (without a prepayment of the Loan) and any of the Mortgage Loan Cash Management Provisions are not required under the new mortgage loan, if any, or the Cash Management Provisions cease to exist or are reduced, waived or modified in any respect (such accounts, the “Waived Cash Management Accounts” and such provisions, the “Waived Cash Management Provisions”), then Borrower shall promptly (i) notify Lender of the same and, at the direction of LenderLxxxxx, establish and maintain with Lender and for the benefit of Lender in replacement and substitution thereof, substitute accounts (the “Substitute Cash Management Accounts”), which Substitute Cash Management Accounts shall be subject to all of the same terms and conditions applicable under the Mortgage Loan Documents, (ii) execute any amendments to this Agreement and/or the Loan Documents implementing the Waived Cash Management Provisions as may be required by Lender (provided such amendments are identical to the provisions set forth in the Mortgage Loan Agreement relating to the same, but for non-substantive conforming changes) and shall cause Mortgage Borrower to acknowledge and agree to the same and (iii) remit to Lender (and shall cause Mortgage Borrower to remit to Lender) any funds remaining in the Waived Cash Management Accounts. Borrower shall pledge the Substitute Cash Management Accounts to Lender as additional collateral for the Loan such that Lender has the same legal and economic rights and remedies as Mortgage Lender under the Mortgage Loan Cash Management Provisions, including, without limitation, the Cash Management Agreement and Section 9.3 of the Mortgage Loan Agreement.
Appears in 1 contract
Samples: Mezzanine Loan Agreement (Industrial Logistics Properties Trust)
Mortgage Loan Cash Management; Establishment of Certain Accounts. (a) Borrower shall cause Mortgage Borrower to comply with the Mortgage Loan Cash Management Provisions and shall cause Mezzanine A Borrower to comply with Articles 8 and 9 of the Mezzanine A Loan Agreement and not, without Xxxxxx’s prior consent, amend, restate, replace and/or otherwise modify the same. If requested by Xxxxxx, Borrower will promptly provide evidence reasonably acceptable to Lender of its compliance with the foregoing.
(b) If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, or waives any of the other provisions in Article 8 or Article 9 of the Mortgage Loan Agreement (such terms and provisions in such Articles 8 and 9, collectively, the “Mortgage Loan Cash Management Provisions”), or if the Mortgage Loan is refinanced or paid off in full (without a prepayment of the Loan) and any of the Cash Management Provisions are not required under the new mortgage loan, if any, or the Cash Management Provisions cease to exist or are reduced, waived or modified in any respect (such accounts, the “Waived Cash Management Accounts” and such provisions, the “Waived Cash Management Provisions”), then then, subject to the rights of Mezzanine A Lender under Section 9.1(b) of the Mezzanine A Loan Agreement, Borrower shall promptly (i) notify Lender of the same and, at the direction of Lender, establish and maintain with Lender and for the benefit of Lender in replacement and substitution thereof, substitute accounts (the “Substitute Cash Management Accounts”), which Substitute Cash Management Accounts shall be subject to all of the same terms and conditions applicable under the Mortgage Loan Documents, (ii) execute any amendments to this Agreement and/or the Loan Documents implementing the Waived Cash Management Provisions as may be required by Lender (provided such amendments are identical to the provisions set forth in the Mortgage Loan Agreement relating to the same, but for non-substantive conforming changes) and shall cause Mortgage Borrower to acknowledge and agree to the same and (iii) remit to Lender (and shall cause Mortgage Borrower to remit to Lender) any funds remaining in the Waived Cash Management Accounts. Borrower shall pledge the Substitute Cash Management Accounts to Lender as additional collateral for the Loan such that Lender has the same legal and economic rights and remedies as Mortgage Lender under the Mortgage Loan Cash Management Provisions, including, without limitation, the Cash Management Agreement and Section 9.3 of the Mortgage Loan Agreement.
Appears in 1 contract
Samples: Mezzanine Loan Agreement (Industrial Logistics Properties Trust)
Mortgage Loan Cash Management; Establishment of Certain Accounts. (a) Borrower shall cause Mortgage Borrower to comply with the Mortgage Loan Cash Management Provisions and not, without XxxxxxLender’s prior consent, amend, restate, replace and/or otherwise modify the same. Borrower shall cause Mezzanine A Borrower to comply with the Mezzanine A Cash Management Provisions and not, without Lender’s prior consent, amend, restate, replace and/or otherwise modify the same. If requested by XxxxxxLender, Borrower will promptly provide evidence reasonably acceptable to Lender of its compliance with the foregoing.
(b) If Mortgage Lender waives Notwithstanding anything to the contrary contained in this Agreement, if at any reserves or escrow accounts required in accordance with the terms time and for any reason each of the Mortgage Loan Agreement, or waives any of Cash Management Accounts and the other provisions in Article 8 or Article 9 of Mezzanine A Cash Management Accounts are no longer being maintained and/or the Mortgage Loan Agreement (such terms and provisions in such Articles 8 and 9, collectively, the “Mortgage Loan Cash Management Provisions”), or if Provisions and the Mortgage Loan is refinanced or paid off in full (without a prepayment of the Loan) and any of the Cash Management Provisions are not required under the new mortgage loan, if any, or the Mezzanine A Cash Management Provisions cease to exist or are reduced, waived or modified in any material respect (in each case, including, without limitation, due to any waiver, amendment or refinance) (such accounts, the “Waived Cash Management Accounts” and such provisions, the “Waived Cash Management Provisions”), then to the extent permitted to do so pursuant to the Mortgage Loan Documents and the Mezzanine A Loan Documents (in each case, if applicable), Borrower shall promptly (i) notify Lender of the same and, at the direction of Lender, and establish and maintain with Lender and for the benefit of Lender in replacement and substitution thereof, substitute accounts (the “Substitute Cash Management Accounts”), which Substitute Cash Management Accounts shall be subject to all of the same terms and conditions applicable under the Mortgage Loan Documents, (ii) execute any amendments to this Agreement and/or the Loan Documents implementing the Waived Cash Management Provisions as may be required by Lender (provided such amendments are identical substantially similar to the provisions set forth in the Mortgage Loan Agreement relating to the same, but for non-substantive conforming changes) and shall cause Mortgage Borrower and Mezzanine A Borrower to acknowledge and agree to the same and (iii) remit to Lender (and shall cause Mortgage Borrower and Mezzanine A Borrower, as applicable, to remit to Lender) any funds remaining in the Waived Cash Management Accounts. Borrower In the event that the Mortgage Lender or Mezzanine A Lender, as applicable, subsequently reinstates all or any Waived Cash Management Accounts, then the Lender shall pledge the cooperate to transfer such Substitute Cash Management Accounts to Lender as additional collateral for the Loan such that Lender has the same legal and economic rights and remedies as Mortgage Lender under the Mortgage Loan or Mezzanine A Lender, as applicable, and Borrower shall no longer be required to deposit funds into such Substitute Cash Management Provisions, including, without limitation, the Accounts until such time as any such Waived Cash Management Agreement and Section 9.3 of the Mortgage Loan AgreementAccounts subsequently exists.
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Mortgage Loan Cash Management; Establishment of Certain Accounts. (a) Borrower shall cause Mortgage Borrower to comply with the Mortgage Loan Cash Management Provisions and not, without XxxxxxLender’s prior consent, amend, restate, replace and/or otherwise modify the same. If requested by XxxxxxLender, Borrower will promptly provide evidence reasonably acceptable to Lender of its compliance with the foregoing.
(b) If Mortgage Lender waives any reserves or escrow accounts required Notwithstanding anything to the contrary contained in accordance with the terms of the Mortgage Loan this Agreement, or waives if at any of time and for any reason the other provisions in Article 8 or Article 9 of the Mortgage Loan Agreement (such terms and provisions in such Articles 8 and 9, collectively, the “Mortgage Loan Cash Management Provisions”), or if Accounts are no longer being maintained and/or the Mortgage Loan is refinanced or paid off in full (without a prepayment of the Loan) and any of the Cash Management Provisions are not required under the new mortgage loan, if any, or the Cash Management Provisions cease to exist or are reduced, waived or modified in any material respect (in each case, including, without limitation, due to any waiver, amendment or refinance) (such accounts, the “Waived Cash Management Accounts” and such provisions, the “Waived Cash Management Provisions”), then to the extent permitted to do so pursuant to the Mortgage Loan Documents (if applicable), Borrower shall promptly (i) notify Lender of the same and, at the direction of Lender, and establish and maintain with Lender and for the benefit of Lender in replacement and substitution thereof, substitute accounts (the “Substitute Cash Management Accounts”), which Substitute Cash Management Accounts shall be subject to all of the same terms and conditions applicable under the Mortgage Loan Documents, (ii) execute any amendments to this Agreement and/or the Loan Documents implementing the Waived Cash Management Provisions as may be required by Lender (provided such amendments are identical substantially similar to the provisions set forth in the Mortgage Loan Agreement relating to the same, but for non-substantive conforming changes) and shall cause Mortgage Borrower to acknowledge and agree to the same and (iii) remit to Lender (and shall cause Mortgage Borrower to remit to Lender) any funds remaining in the Waived Cash Management Accounts. Borrower In the event that the Mortgage Lender subsequently reinstates all or any Waived Cash Management Accounts, then the Lender shall pledge the cooperate to transfer such Substitute Cash Management Accounts to Lender as additional collateral for the Loan such that Lender has the same legal and economic rights and remedies as Mortgage Lender under the Mortgage Loan Lender, and Borrower shall no longer be required to deposit funds into such Substitute Cash Management Provisions, including, without limitation, the Accounts until such time as any such Waived Cash Management Agreement and Section 9.3 of the Mortgage Loan AgreementAccounts subsequently exists.
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Mortgage Loan Cash Management; Establishment of Certain Accounts. (a) Borrower shall cause Mortgage Borrower to comply with the Mortgage Loan Cash Management Provisions and not, without XxxxxxLxxxxx’s prior consent, amend, restate, replace and/or otherwise modify the same. If requested by XxxxxxLxxxxx, Borrower will promptly provide evidence reasonably acceptable to Lender of its compliance with the foregoing.
(b) If Mortgage Lender Administrative Agent waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, or waives any of the other provisions in Section 2.6(b), Article 8 or Article 9 of the Mortgage Loan Agreement (such terms and provisions in such Section 2.6(b), Articles 8 and 9, collectively, the “Mortgage Loan Cash Management Provisions”), or if the Mortgage Loan is refinanced or paid off in full (without a prepayment of the Loan) and any of the Cash Management Provisions are not required under the new mortgage loan, if any, or the Cash Management Provisions cease to exist or are reduced, waived or modified in any respect (such accounts, the “Waived Cash Management Accounts” and such provisions, the “Waived Cash Management Provisions”), then Borrower shall promptly (i) notify Lender of the same and, at the direction of LenderLxxxxx, establish and maintain with Lender and for the benefit of Lender in replacement and substitution thereof, substitute accounts (the “Substitute Cash Management Accounts”), which Substitute Cash Management Accounts shall be subject to all of the same terms and conditions applicable under the Mortgage Loan Documents, (ii) execute any amendments to this Agreement and/or the Loan Documents implementing the Waived Cash Management Provisions as may be required by Lender (provided such amendments are identical to the provisions set forth in the Mortgage Loan Agreement relating to the same, but for non-substantive conforming changes) and shall cause Mortgage Borrower to acknowledge and agree to the same and (iii) remit to Lender (and shall cause Mortgage Borrower to remit to Lender) any funds remaining in the Waived Cash Management Accounts. Borrower shall pledge the Substitute Cash Management Accounts to Lender as additional collateral for the Loan such that Lender has the same legal and economic rights and remedies as Mortgage Lender Administrative Agent under the Mortgage Loan Cash Management Provisions, including, without limitation, the Cash Management Agreement and Section 9.3 of the Mortgage Loan Agreement.
Appears in 1 contract
Samples: Mezzanine Loan Agreement (Industrial Logistics Properties Trust)