Establishment of Certain Accounts. (a) Borrower shall, simultaneously herewith, establish an Eligible Account (the “Restricted Account”) pursuant to the Restricted Account Agreement in the name of Borrower for the sole and exclusive benefit of Lender into which Borrower shall deposit, or cause to be deposited, all revenue generated by the Property. Pursuant to the Restricted Account Agreement, funds on deposit in the Restricted Account shall be transferred on each Business Day to or at the direction of Borrower unless a Trigger Period exists, in which case such funds shall be transferred on each Business Day to the Cash Management Account.
Establishment of Certain Accounts. (a) (i) The Securities Administrator shall establish and maintain the Excess Reserve Fund Account as an asset of the Supplemental Interest Trust, on behalf of the Class X Certificateholders, to receive any Basis Risk Payment and to secure their limited recourse obligation to pay to the LIBOR Certificateholders any Basis Risk Carryover Amounts. The Excess Reserve Fund Account shall be funded on the Closing Date with an initial deposit of $1,000 by the Depositor.
Establishment of Certain Accounts. (a) Borrower shall, simultaneously herewith, establish one or more Eligible Accounts (collectively, the “Restricted Account”) pursuant to the Restricted Account Agreements in the name of Borrower for the sole and exclusive benefit of Lender into which Borrower shall deposit, or cause to be deposited, all revenue generated by the Property. Pursuant to each Restricted Account Agreement, funds on deposit in the Restricted Account shall be transferred on each Business Day to the Cash Management Account.
Establishment of Certain Accounts. (a) Representative Bxxxxxxx shall, simultaneously herewith, establish the Restricted Account pursuant to the Restricted Account Agreement in the name of Representative Bxxxxxxx on behalf of each Borrower for the sole and exclusive benefit of Lender into which Borrower shall deposit, or cause to be deposited, all revenue generated by the Property. Pursuant to the Restricted Account Agreement, funds on deposit in the Restricted Account shall be transferred on each Business Day to or at the direction of Representative Borrower unless a Trigger Period exists, in which case such funds shall be transferred not less than two (2) times per week to the Cash Management Account.
Establishment of Certain Accounts. (a) Borrower shall, simultaneously herewith, establish an Eligible Account with Xxxxx Fargo Bank, National Association (the “Restricted Account”) pursuant to the Restricted Account Agreement in the name of ARC NYC123WILLIAM, LLC for the sole and exclusive benefit of Lender into which Borrower shall deposit, or cause to be deposited, all revenue generated by the Property. Pursuant to the Restricted Account Agreement, funds on deposit in the Restricted Account shall be transferred on each Business Day to the Cash Management Account.
Establishment of Certain Accounts. (a) Upon the first occurrence of a Trigger Period, Borrower shall establish an Eligible Account (the “Restricted Account”) pursuant to the Restricted Account Agreement in the name of Borrower for the sole and exclusive benefit of Lender into which Borrower shall deposit, or cause to be deposited, all revenue generated by the Property. Pursuant to the Restricted Account Agreement, funds on deposit in the Restricted Account shall be transferred on each Business Day to or at the direction of Borrower unless a Trigger Period exists, in which case such funds shall be transferred on each Business Day to the Cash Management Account. At closing, Borrower shall have delivered to Lender for Lender to hold in escrow the Restricted Account Agreement with the Bank executed by Borrower, together with all other documents required by the Bank to be executed and completed by Borrower, and upon the occurrence of a Trigger Period, Borrower authorizes Lender, at its option, to complete and deliver said Restricted Account Agreement and other documentation to the Bank and to open the Restricted Account, and Borrower further authorizes Lender to complete and deliver such Tenant Direction Notices as then held by Lender pursuant to Section 3.18 hereof. Upon the expiration of the first Trigger Period, Borrower shall deliver to Lender undated replacement Tenant Direction Notices for each Tenant occupying space at the Property under a non-residential Lease as of the date thereof, and upon the occurrence of the second Trigger Period, Borrower authorizes Lender, at its option, to complete and deliver such Tenant Direction Notices.
Establishment of Certain Accounts. (a) Borrower shall, simultaneously herewith, establish (to the extent not already established) one or more Eligible Accounts (the “Restricted Account”) and the Concentration Account pursuant to the Restricted Account Agreement and each of the Restricted Account and the Concentration Account shall be in the name of one or more Borrowers for the sole and exclusive benefit of Lender. Borrower shall deposit, or cause to be deposited, all revenue generated by the Properties (other than the RIDEA Facilities) and due and payable to Borrower into the Restricted Account. Pursuant to the Restricted Account Agreement, (i) funds on deposit in the Restricted Account shall be transferred on each Business Day to the Concentration Account and (ii) funds on deposit in the Concentration Account shall be transferred to the Cash Management Account on the same Business Day that such funds are received in the Concentration Account from the Restricted Account. With respect to the RIDEA Facilities, which are not subject to a Restricted Account due to Health Care Requirements, Borrower shall deposit, or cause to be deposited, all revenue generated by the RIDEA Facilities and due and payable to Borrower into the applicable RIDEA Account. Pursuant to the Sweep Agreement, funds on deposit in each of the RIDEA Accounts are required to be transferred on an intraday basis (to the extent received prior to 4:00 p.m. New York time on each Business Day to the Cash Management Account.
Establishment of Certain Accounts. (a) The Securities Administrator shall establish and maintain the Distribution Account on behalf of the Certificateholders and retain therein the following:
Establishment of Certain Accounts. (a) Borrower shall cause Mortgage Borrower to comply with the Mortgage Loan Cash Management Provisions and not, without Lender’s prior consent, amend, restate, replace and/or otherwise modify the same. Borrower shall cause (x) Mezzanine A Borrower to comply with the Mezzanine A Cash Management Provisions and not, without Lender’s prior consent, amend, restate, replace and/or otherwise modify the same and (y) Mezzanine B Borrower to comply with the Mezzanine B Cash Management Provisions and not, without Lender’s prior consent, amend, restate, replace and/or otherwise modify the same. If requested by Lender, Borrower will promptly provide evidence reasonably acceptable to Lender of its compliance with the foregoing.
Establishment of Certain Accounts. (a) The Master Servicer shall establish and maintain the Master Servicing Account on behalf of the Certificateholders. The Master Servicer shall, promptly upon receipt, deposit in the Master Servicing Account and retain therein the following:
