Common use of The Accounts Generally Clause in Contracts

The Accounts Generally. (a) Borrower grants to Lender a first-priority security interest in each of the Accounts and any and all sums now or hereafter deposited in the Accounts as additional security for payment of the Debt. Until expended or applied in accordance herewith, Accounts and the funds deposited therein shall constitute additional security for the Debt. The provisions of this Section 8.3 are intended to serve as a “security agreement” with respect to the Accounts and Account Collateral within the meaning of the UCC. Xxxxxxxx acknowledges and agrees that the Accounts are subject to the sole dominion, control and discretion of Lender, its authorized agents or designees, subject to the terms hereof, and Borrower shall have no right of withdrawal with respect to any Account except with the prior written consent of Lender or as otherwise provided herein. The funds on deposit in the Accounts shall not constitute trust funds and may be commingled with other monies held by Xxxxxx.

Appears in 2 contracts

Samples: Mezzanine B Loan Agreement (Industrial Logistics Properties Trust), Mezzanine a Loan Agreement (Industrial Logistics Properties Trust)

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The Accounts Generally. (a) Borrower grants to Lender a first-priority perfected security interest in each of the Accounts and any and all sums now or hereafter deposited in the Accounts as additional security for payment of the Debt. Until expended or applied in accordance herewith, the Accounts and the funds deposited therein shall constitute additional security for the Debt. The provisions of this Section 8.3 8.7 are intended to serve as a give Lender and/or Servicer security agreementcontrolwith respect to of the Accounts and the Account Collateral within the meaning of the UCC. Xxxxxxxx Borrower acknowledges and agrees that the Accounts are subject to the sole dominion, control and discretion of Lender, its authorized agents or designees, subject to the terms hereof, and Borrower shall have no right of withdrawal with respect to any Account except with the prior written consent of Lender or as otherwise provided herein. The funds on deposit in the Accounts shall not constitute trust funds and may be commingled with other monies held by XxxxxxLender.

Appears in 1 contract

Samples: Loan Agreement (American Realty Capital Trust III, Inc.)

The Accounts Generally. (a) Borrower grants to Lender a first-priority perfected security interest in each of the Accounts and any and all sums now or hereafter deposited in into the Accounts as additional security for payment of the Debt. Until expended or applied in accordance herewith, the Accounts and the funds deposited therein shall constitute additional security for the Debt. The provisions of this Section 8.3 8.7 are intended to serve as a give Lender and/or Servicer security agreementcontrolwith respect to of the Accounts and the Account Collateral within the meaning of the UCC. Xxxxxxxx Borrower acknowledges and agrees that the Accounts are subject to the sole dominion, control and discretion of Lender, its authorized agents or designees, subject to the terms hereof, and Borrower shall have no right of withdrawal with respect to any Account except with the prior written consent of Lender or as otherwise provided herein. The funds on deposit in the Accounts shall not constitute trust funds and may be commingled with other monies held by XxxxxxLender.

Appears in 1 contract

Samples: Loan Agreement (Moody National REIT I, Inc.)

The Accounts Generally. (a) Borrower grants to Lender a first-priority security interest in each of the Accounts and any and all sums now or hereafter deposited in the Accounts as additional security for payment of the Debt. Until expended or applied in accordance herewith, the Accounts and the funds deposited therein shall constitute additional security for the Debt. The provisions of this Section 8.3 are intended to serve as a “security agreement” with respect to the Accounts and Account Collateral within the meaning of the UCC. Xxxxxxxx Bxxxxxxx acknowledges and agrees that the Accounts are subject to the sole dominion, control and discretion of Lender, its authorized agents or designees, subject to the terms hereof, and Borrower shall have no right of withdrawal with respect to any Account except with the prior written consent of Lender or as otherwise provided herein. The funds on deposit in the Accounts shall not constitute trust funds and may be commingled with other monies held by XxxxxxLxxxxx.

Appears in 1 contract

Samples: Mezzanine Loan Agreement (Industrial Logistics Properties Trust)

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The Accounts Generally. (a) Borrower grants to Lender a first-priority security interest in each of the Accounts and any and all sums now or hereafter deposited in the Accounts as additional security for payment of the Debt. Until expended or applied in accordance herewith, the Accounts and the funds deposited therein shall constitute additional security for the Debt. The provisions of this Section 8.3 8.4 are intended to serve as a give Lender and/or Servicer security agreementcontrolwith respect to of the Accounts and the Account Collateral within the meaning of the UCC. Xxxxxxxx Borrower acknowledges and agrees that the Accounts are subject to the sole dominion, control and discretion of Lender, its authorized agents or designees, subject to the terms hereof, and Borrower shall have no right of withdrawal with respect to any Account except with the prior written consent of Lender or as otherwise provided herein. The funds on deposit in the Accounts shall not constitute trust funds and may be commingled with other monies held by XxxxxxLender.

Appears in 1 contract

Samples: Mezzanine Loan Agreement (Cole Corporate Income Trust, Inc.)

The Accounts Generally. (a) Borrower grants to Lender a first-priority security interest in each of the Accounts and any and all sums now or hereafter deposited in the Accounts as additional security for payment of the Debt. Until expended or applied in accordance herewith, Accounts and the funds deposited therein shall constitute additional security for the Debt. The provisions of this Section 8.3 are intended to serve as a “security agreement” with respect to the Accounts and Account Collateral within the meaning of the UCC. Xxxxxxxx Bxxxxxxx acknowledges and agrees that the Accounts are subject to the sole dominion, control and discretion of Lender, its authorized agents or designees, subject to the terms hereof, and Borrower shall have no right of withdrawal with respect to any Account except with the prior written consent of Lender or as otherwise provided herein. The funds on deposit in the Accounts shall not constitute trust funds and may be commingled with other monies held by XxxxxxLxxxxx.

Appears in 1 contract

Samples: Mezzanine Loan Agreement (Industrial Logistics Properties Trust)

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