Common use of Transfer to Borrower’s Account Clause in Contracts

Transfer to Borrower’s Account. So long as no Event of Default has occurred and is continuing under this Agreement and no Trigger Period is continuing, Borrower hereby irrevocably authorizes Agent to transfer (and, pursuant to the HSBC Account Control Agreement, shall irrevocably authorize HSBC Collection Bank to execute any corresponding instructions of Agent), and Agent hereby authorizes HSBC Collection Bank to transfer, from the HSBC Collection Account by 11:00 a.m. (New York time) on each Business Day commencing on the date hereof, all funds in the HSBC Collection Account (except for Advance Pay Rent which is not then being applied as provided in Section 6.5.1) to the Borrower’s Account; provided, however, that Agent shall have the right to suspend remittances to the Borrower’s Account during the continuance of (i) an Event of Default or (ii) a Trigger Period, upon notice to the HSBC Collection Bank and the JP Collection Bank and Borrower (it being acknowledged that during the continuance of a Trigger Period such funds will be transferred to the Deposit Account and, so long as no Event of Default then exists, allocated in accordance with Section 6.5.6); and provided, further, that upon the termination of the Trigger Period, provided that no Event of Default shall have occurred and be continuing, or at any time after an Event of Default is no longer in effect, Agent shall promptly instruct the HSBC Collection Bank to resume transfers of all funds in the HSBC Collection Account (except for Advance Pay Rent which is not then being applied as provided in Section 6.5.1) to Borrower’s Account in accordance with this Section 6.5.5 (including any monies then on deposit in any subaccounts under Section 6.5.6). So long as no Event of Default has occurred and is continuing under this Agreement and no Trigger Period is continuing, Borrower hereby irrevocably authorizes Agent to transfer (and, pursuant to the JP Account Control Agreement, shall irrevocably authorize JP Collection Bank to execute any corresponding instructions of Agent), and Agent hereby authorizes JP Collection Bank to transfer, from the JP Collection Account by 11:00 a.m. (New York time) on the last Business Day of each month, all funds in the JP Collection Account to any account designated by Observatory Tenant; provided, however, that Agent shall have the right to suspend remittances to Observatory Tenant’s account during the continuance of (i) an Event of Default or (ii) a Trigger Period, upon notice to the JP Collection Bank and Borrower (it being acknowledged that during the continuance of a Trigger Period such funds will be transferred to the Deposit Account and, so long as no Event of Default then exists, allocated in accordance with Section 6.5.6); and provided, further, that upon the termination of the Trigger Period, provided that no Event of Default shall have occurred and be continuing, or at any time after an Event of Default is no longer in effect, Agent shall promptly instruct the JP Collection Bank to resume transfers of all funds in the JP Collection Account to Borrower’s Account in accordance with this Section 6.5.5.