Common use of Transfer of Collection Account to Citibank Clause in Contracts

Transfer of Collection Account to Citibank. If at any time CapitalSource Inc.’s Consolidated Tangible Net Worth is less than the TNW Test Level or if a Servicer Default occurs pursuant to Section 6.15(j), then the Servicer shall, within ten Business Days following notice from the Administrative Agent, establish, or cause to be established a new account with an office or branch of Citibank, maintained in the name of the Administrative Agent as agent for the Secured Parties pursuant to documentation in form and substance satisfactory to the Administrative Agent and Citibank, which new account shall thereafter constitute the “Collection Account” hereunder for all purposes, and the Collateral Custodian shall thereafter not be responsible for the maintenance of, deposits to or withdrawals from such account. All of the parties hereto hereby consent to any such transfer of the Collection Account.

Transfer of Collection Account to Citibank. If at any time CapitalSource Inc.’s Consolidated Tangible Net Worth is less than the TNW Test Level or if a Servicer Default occurs pursuant to Section 6.15(j), then the Servicer shall, within ten Business Days following notice from the Administrative Agent, establish, or cause to be established established, a new account with an office or branch of Citibank, maintained in the name of the Administrative Agent as agent for the Secured Parties pursuant to documentation in form and substance satisfactory to the Administrative Agent and Citibank, which new account shall thereafter constitute the “Collection Account” hereunder for all purposes, and the Collateral Custodian shall thereafter not be responsible for the maintenance of, deposits to or withdrawals from such account. All of the parties hereto hereby consent to any such transfer of the Collection Account.

Transfer of Collection Account to Citibank. If at any time CapitalSource Inc.’s Consolidated Tangible Net Worth is less than the Unsecured TNW Test Level Threshold or if a Servicer Default occurs pursuant to Section 6.15(j), then the Servicer shall, within ten Business Days following notice from the Administrative Agent, establish, or cause to be established established, a new account with an office or branch of Citibank, maintained in the name of the Administrative Agent as agent for the Secured Parties pursuant to documentation in form and substance satisfactory to the Administrative Agent and Citibank, which new account shall thereafter constitute the “Collection Account” hereunder for all purposes, and the Collateral Custodian shall thereafter not be responsible for the maintenance of, deposits to or withdrawals from such account. All of the parties hereto hereby consent to any such transfer of the Collection Account.

Transfer of Collection Account to Citibank. If at any time CapitalSource Inc.’s Consolidated Tangible Net Worth is less than the Unsecured TNW Test Level Threshold or if a Servicer Default occurs pursuant to Section 6.15(j), then the Servicer shall, within ten Business Days following notice from the Administrative Agent, establish, or cause to be established a new account with an office or branch of Citibank, maintained in the name of the Administrative Agent as agent for the Secured Parties Parties, pursuant to documentation in form and substance satisfactory to the Administrative Agent and Citibank, which new account shall thereafter constitute the “Collection Account” hereunder for all purposes, and the Collateral Custodian shall thereafter not be responsible for the maintenance of, deposits to or withdrawals from such account. All of the parties hereto hereby consent to any such transfer of the Collection Account.