Transfer of Reserve Funds under Mortgage Loan. If Borrower is required to deposit with Lender reserves pursuant to this Article 9, Borrower shall enter into a cash management agreement for the benefit of Lender for the purpose of covering deposits to the required reserve accounts substantially similar to the terms of the Cash Management Agreement
Transfer of Reserve Funds under Mortgage Loan. 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 VII, or if the Mortgage Loan is refinanced or paid off in full (without a repayment 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 Lender in accordance with the terms of this Article VII (and Borrower shall enter into property account agreements and cash management arrangements for the benefit of Lender substantially similar to the arrangements 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 (or replaced and delivered) to Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement. In the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to a Non-Minority Property.
Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender or Senior Mezzanine Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement or Senior Mezzanine Loan Agreement which reserves or escrow accounts are also required in accordance with the terms of this Article VII, or if the Mortgage Loan or Senior Mezzanine 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 or Senior Mezzanine Loan Agreement to be paid to and deposited with Lender in accordance with the terms of this Article VII (and Borrower shall enter into lockbox and cash management agreements for the benefit of Lender in form and substance acceptable to Lender).
Transfer of Reserve Funds under Mortgage Loan. 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 VII, 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 paid to and deposited with Lender in accordance with the terms of this Article VII (and Borrower shall enter into lockbox and cash management agreements for the benefit of Lender in form and substance acceptable to Lender).
Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender waives the requirement of any of the Mortgage Loan Reserve Funds, reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, or if the Mortgage Loan is refinanced or repaid in full (without a prepayment of the Loan) and any of the Mortgage Loan Reserve Funds, reserve or escrow accounts required under the terms of the original Mortgage Loan Agreement are not required under the terms of a 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 Lender in accordance with the terms of this Article 7 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 Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement.
Transfer of Reserve Funds under Mortgage Loan. If the Mortgage Loan is refinanced with Lender’s consent or paid off in full and the funds described in Section 6.1.1 that are required hereunder are not required under the new mortgage loan and First Mezzanine Loan is paid off or First Mezzanine Lender is not requiring this transfer under Section 6.5 of the First Mezzanine Loan Agreement, 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 Documents to be transferred to and deposited with Lender in accordance with the terms of this Article VI (under a substitute cash management and lockbox arrangement in form substantially similar to the then existing arrangements), 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 Documents, then Borrower shall also cause such letters of credit to be transferred to Lender and to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Documents.
Transfer of Reserve Funds under Mortgage Loan. If each of Mortgage Lender and each Senior Mezzanine Lender waives (other than any waivers specifically set forth in the Mortgage Loan Agreement or in any Senior Mezzanine Loan Agreement as of the Closing Date thereof) 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 VII, or if the Mortgage Loan or any Senior Mezzanine 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 Lender in accordance with the terms of this Article VII (and Borrower shall enter into a cash management agreement for the benefit of Lender substantially similar to the arrangement entered into at the time of the closing of the Mortgage Loan).
Transfer of Reserve Funds under Mortgage Loan. If Borrower is required to deposit with Lender reserves pursuant to this Article 9, Borrower shall enter into a cash management agreement for the benefit of Lender for the purpose of covering deposits to the required reserve accounts substantially similar to the terms of the Cash Management Agreement. In the event that any Mortgage Loan Reserve Account or the Cash Management Account is required to be established and maintained by Borrower in accordance with the foregoing, Borrower shall cause any amounts, if any, that would have been deposited into the applicable Mortgage Loan Reserve Accounts, Mezzanine A Loan Reserve Accounts, Mezzanine B Loan Reserve Accounts or the Cash Management Account, Mezzanine A Cash Management Account or Mezzanine B Cash Management Account in accordance with the terms of the Mortgage Loan Agreement, the Mezzanine A Loan Agreement or the Mezzanine B Loan Agreement, as applicable, to be deposited with Lender in accordance with the terms of this Article 9 (and Borrower shall execute any and all amendments to the Cash Management Agreement, the Deposit Account Agreement and Article 10 of this Agreement as shall be necessary in connection with establishing and maintaining the applicable Mortgage Loan Reserve Accounts or the Cash Management Account, as applicable).
Transfer of Reserve Funds under Mortgage Loan. If Borrower is required to deposit with Lender reserves pursuant to this Article VII, Borrower shall enter into a cash management and lockbox agreement for the benefit of Lender for the purpose of covering deposits to the required reserve accounts substantially similar to the Lockbox Agreement and the Mortgage Cash Management Agreement. Upon cancellation by Mortgage Lender of any reserve fund obligation under Article VII of the Mortgage Loan Agreement, Borrower shall to the extent permitted under the Mortgage Loan Documents cause the related reserve fund balance held by Mortgage Lender to be transferred directly to Lender to be held by Lender in the comparable Reserve Fund account.
Transfer of Reserve Funds under Mortgage Loan. If Borrower is required to deposit with Lender reserves pursuant to this Article 9, Borrower shall enter into a cash management agreement for the benefit of Lender for the purpose of covering deposits to the required reserve accounts substantially similar to the terms of the Cash Management Agreement. In the event that any Mortgage Loan Reserve Account or the Cash Management Account is required to be established and maintained by Borrower in accordance with the foregoing, Borrower shall cause any amounts, if any, that would have been deposited into the applicable Mortgage Loan Reserve Accounts or the Cash Management Account in accordance with the terms of the Mortgage Loan Agreement to be deposited with Lender in accordance with the terms of this Article 9 (and Borrower shall execute any and all amendments to the Cash Management Agreement, the Deposit Account Agreement and Article 10 of this Agreement as shall be necessary in connection with establishing and maintaining the applicable Mortgage Loan Reserve Accounts or the Cash Management Account, as applicable).
