Operation of the Escrow Accounts. 2.3.1 The Escrow Accounts will be opened by the Escrow Agent and will be at all times under the sole control and authority of the Escrow Agent. The Escrow Agent shall manage the Escrow Accounts and release the relevant Escrow Amounts therefrom strictly in accordance with the provisions of this Escrow Agreement.
Operation of the Escrow Accounts. (a) The Issuer shall ensure that all Receivables (Asset SPV) shall only be deposited in the Escrow Account and shall ensure that all monies deposited into and lying to the credit of the Escrow Account are used in the manner as set out in this Deed, the Account Agreement and other REIT NCD Transaction Documents. For the removal of doubts, the common area maintenance charges with respect to the maintenance of the Mortgaged Properties payable by the Asset SPV shall not be required to be deposited into the Escrow Account and shall not constitute the Mortgaged Properties for the purposes of the REIT NCD Transaction Documents.
Operation of the Escrow Accounts
