Common use of Transfer of Funds In Mortgage Reserve Accounts Clause in Contracts

Transfer of Funds In Mortgage Reserve Accounts. If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, which reserves or escrow accounts are also required in accordance with the terms of this Article 6, or if the Mortgage Loan is refinanced or paid off in full (without a prepayment of the Loan) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then Borrower shall cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Agent in accordance with the terms of this Article 6 (and Borrower shall enter into a cash management and lockbox agreement for the benefit of Lenders substantially similar to the arrangement entered into at the time of the closing of the Mortgage Loan), and, if any letters of credit have been substituted by Mortgage Borrower for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower shall also cause such letters of credit to be transferred to Lenders to be held by Lenders upon the same terms and provisions as set forth in the Mortgage Loan Agreement.

Transfer of Funds In Mortgage Reserve Accounts. If Mortgage Lender waives any reserves or escrow accounts now or hereafter required in accordance with the terms of the Mortgage Loan AgreementAgreement or any other Mortgage Loan Documents, which reserves or escrow accounts are also required in accordance with the terms of this Article 6VI, or if the Mortgage Loan is refinanced or paid off in full (without a prepayment of the Loan) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then then, subject to the terms and provisions of the Mortgage Loan Documents, Borrower shall promptly cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Agent Lender in accordance with the terms of this Article 6 VI (and Borrower shall promptly enter into a cash management and lockbox agreement for the benefit of Lenders Lender substantially similar to the arrangement entered into at the time of the closing of the Mortgage Loan), and, if any letters Letters of credit Credit have been substituted by Mortgage Borrower for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower shall also promptly cause such letters Letters of credit Credit to be transferred to Lenders Lender to be held by Lenders Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement.

Transfer of Funds In Mortgage Reserve Accounts. If Mortgage Lender waives any reserves or escrow accounts now or hereafter required in accordance with the terms of the Mortgage Loan AgreementAgreement or any other Mortgage Loan Documents, which reserves or escrow accounts are also required in accordance with the terms of this Article 6VI, or if the Mortgage Loan is refinanced or paid off in full (without a prepayment of the Loan) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then Borrower shall promptly cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Agent Lender in accordance with the terms of this Article 6 VI (and Borrower shall promptly enter into a cash management and lockbox agreement for the benefit of Lenders Lender substantially similar to the arrangement entered into at the time of the closing of the Mortgage Loan), and, if any letters Letters of credit Credit have been substituted by Mortgage Borrower for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower shall also promptly cause such letters Letters of credit Credit to be transferred to Lenders Lender to be held by Lenders Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement.