Common use of Cash Management and Reserves Clause in Contracts

Cash Management and Reserves. Borrower shall cause all Rents and any other amounts received by Borrower, Sole Member, Guarantor or Key Principals related to the Property ("Property Revenue") to be transmitted directly into an Eligible Account (the "Clearing Account") maintained by Borrower at a bank selected by Borrower, which shall at all times be an Eligible Institution (the "Clearing Bank") as more fully described in the Clearing Account Agreement. Without in any way limiting the foregoing, all Rents received by Borrower or Manager shall be deposited into the Clearing Account within two (2) Business Day of receipt. Funds deposited into the Clearing Account shall be swept by the Clearing Bank on a daily basis into an Eligible Account controlled by the Lender pursuant to the Cash Management Agreement at the Cash Management Bank (the "Cash Management Account") and applied and disbursed in accordance with this Agreement. Funds in the Cash Management Account shall be invested at Lender's discretion only in Permitted Investments. Lender will also establish reserves pursuant to the Cash Management Agreement which shall at all times be Eligible Accounts (such reserves are referred to herein as "Reserves"). The Cash Management Account and any Reserve will be under the sole control and dominion of Lender, and Borrower shall have no right of withdrawal therefrom. Borrower shall pay for all expenses of opening and maintaining all of the above accounts. Subject to Lender's rights and remedies hereunder upon the occurrence and during the continuance of an Event of Default, all interest and earnings on the Clearing Account, Cash Management Account and any Reserve shall be the property of Borrower and credited to the applicable accounts for the purposes such account is maintained.

Cash Management and Reserves. Cash Management Arrangements . Borrower and Operating Lessee shall cause (x) all Rents and any other amounts received by Borrower, Sole Member, Guarantor or Key Principals related to the Property ("Property Revenue") to be transmitted directly by all Tenants of each Individual Property (if any) and (y) the immediate direct deposit by all Credit Card Companies of all credit card receipts with respect to each Individual Property, in each case, into an Eligible the Clearing Account (the "Clearing Account") maintained by Borrower at a bank selected by Borrower, which shall at all times be an Eligible Institution (the "Clearing Bank") for such Individual Property as more fully described in the each Clearing Account Agreement. Without in any way limiting the foregoing, all Rents (including Rents in the nature of sums payable by Credit Card Companies) received by Borrower Borrower, Operating Lessee or Manager shall be deposited into the applicable Clearing Account within two (2) one Business Day of receipt. Funds deposited into the each Clearing Account shall be swept by the Clearing Bank on a daily basis into an Eligible the Deposit Account controlled by the Lender pursuant to the Cash Management Agreement at the Cash Management Bank (the "Cash Management Account") and applied and disbursed in accordance with this Agreement. Funds in the Cash Management Deposit Account shall be invested at Lender's discretion only in Permitted Investments, which Permitted Investments shall be selected by Lender in its sole discretion. Lender will also establish reserves pursuant to subaccounts of the Cash Management Agreement Deposit Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such reserves subaccounts are referred to herein as "Reserves"“Subaccounts”). The Cash Management Deposit Account and any Reserve Subaccount will be under the sole control and dominion of LenderLender and administered in accordance with the terms and conditions of this Agreement and the other applicable Loan Documents and the Project Loan Documents, and neither Borrower nor Operating Lessee shall have no any right of withdrawal therefrom. Borrower shall pay for all expenses of opening and maintaining all of the above accounts. Subject Lender may, in its discretion with prior notice thereof to Lender's rights Borrower and remedies hereunder upon Operating Lessee and provided the occurrence same form of Deposit Account Agreement is utilized, elect to maintain the deposits and during reserves required under this Agreement in an Eligible Account at a bank or other depository selected by Lender other than the continuance of an Event of DefaultDeposit Bank in which case, all interest and earnings on references to the Clearing Account, Cash Management Deposit Account and any Reserve Subaccounts hereunder shall be deemed to include such Eligible Account and the property subaccounts of any such Eligible Account and all funds in such Eligible Account shall be invested at Lender’s discretion only in Permitted Investments. Notwithstanding anything to the contrary contained in this Article 3, in the event that any Subaccount described in this Article 3 is being held and enforced by Lender under the corresponding provisions contained in the Project Loan Agreement, the provisions of this Article 3 with respect to the requirement of Borrower to deposit monies with Lender into such Subaccount shall be deemed satisfied so long as the same requirement appears in the Project Loan Agreement and credited to the applicable accounts for the purposes Borrower satisfies such account is maintainedrequirement, in full, thereunder. 35 Payment Direction Letters .

Cash Management and Reserves. Cash Management Arrangements . Borrower and Operating Lessee shall cause (x) all Rents and any other amounts received by Borrower, Sole Member, Guarantor or Key Principals related to the Property ("Property Revenue") to be transmitted directly by all Tenants of each Individual Property (if any) and (y) the immediate direct deposit by all Credit Card Companies of all credit card receipts with respect to each Individual Property, in each case, into an Eligible the Clearing Account (the "Clearing Account") maintained by Borrower at a bank selected by Borrower, which shall at all times be an Eligible Institution (the "Clearing Bank") for such Individual Property as more fully described in the each Clearing Account Agreement. Without in any way limiting the foregoing, all Rents (including Rents in the nature of sums payable by Credit Card Companies) received by Borrower Borrower, Operating Lessee or Manager shall be deposited into the applicable Clearing Account within two (2) one Business Day of receipt. Funds deposited into the each Clearing Account shall be swept by the Clearing Bank on a daily basis into an Eligible the Deposit Account controlled by the Lender pursuant to the Cash Management Agreement at the Cash Management Bank (the "Cash Management Account") and applied and disbursed in accordance with this Agreement. Funds in the Cash Management Deposit Account shall be invested at Lender's discretion only in Permitted Investments, which Permitted Investments shall be selected by Lender in its sole discretion. Lender will also establish reserves pursuant to subaccounts of the Cash Management Agreement Deposit Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such reserves subaccounts are referred to herein as "Reserves"“Subaccounts”). The Cash Management Deposit Account and any Reserve Subaccount will be under the sole control and dominion of LenderLender and administered in accordance with the terms and conditions of this Agreement and the other applicable Loan Documents and the Term Loan Documents, and neither Borrower nor Operating Lessee shall have no any right of withdrawal therefrom. Borrower shall pay for all expenses of opening and maintaining all of the above accounts. Subject Lender may, in its discretion with prior notice thereof to Lender's rights Borrower and remedies hereunder upon Operating Lessee and provided the occurrence same form of Deposit Account Agreement is utilized, elect to maintain the deposits and during reserves required under this Agreement in an Eligible Account at a bank or other depository selected by Lender other than the continuance of an Event of DefaultDeposit Bank in which case, all interest and earnings on references to the Clearing Account, Cash Management Deposit Account and any Reserve Subaccounts hereunder shall be deemed to include such Eligible Account and the property subaccounts of any such Eligible Account and all funds in such Eligible Account shall be invested at Lender’s discretion only in Permitted Investments. Notwithstanding anything to the contrary contained in this Article 3, in the event that any Subaccount described in this Article 3 is being held and enforced by Lender under the corresponding provisions contained in the Term Loan Agreement, the provisions of this Article 3 with respect to the requirement of Borrower to deposit monies with Lender into such Subaccount shall be deemed satisfied so long as the same requirement appears in the Term Loan Agreement and credited to the applicable accounts for the purposes Borrower satisfies such account is maintainedrequirement, in full, thereunder. Payment Direction Letters .