Mortgage Cash Management Account Sample Clauses

Mortgage Cash Management Account. (a) During the term of the Loan, Borrowers shall cause Mortgage Borrowers to establish and maintain a segregated Eligible Account (the “Mortgage Cash Management Account”), which Mortgage Cash Management Account shall be under the sole dominion and control of Mortgage Lender and shall comply with all of the terms and conditions set forth in Section 2.6.2 of the Mortgage Loan Agreement.
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Mortgage Cash Management Account. In connection with the Mortgage Loan, Mortgage Borrowers established, and during the term of the Loan, Borrowers shall cause Mortgage Borrowers to maintain, a segregated Eligible Account (the “Mortgage Cash Management Account”) pursuant to the Mortgage Loan Documents to be held by and in trust for the benefit of Mortgage Lender, which Mortgage Cash Management Account is and shall remain under the sole dominion and control of Mortgage Lender. Borrowers shall not cause or permit Mortgage Borrowers in any way to alter or modify the Mortgage Cash Management Account and will notify Lender of the account number thereof. Mortgage Lender shall have the sole right to make withdrawals from the Mortgage Cash Management Account to be applied in accordance with the Mortgage Loan Documents. All costs and expenses for establishing and maintaining the Mortgage Cash Management Account shall be paid by Mortgage Borrowers. So long as the Mortgage Loan is outstanding, on each Payment Date, Borrowers shall cause Mortgage Borrowers to enforce the cash distribution priorities and procedures set forth in Section 2.7.2 of the Mortgage Loan Agreement. Borrowers shall direct or cause Mortgage Borrowers to direct that all cash distributions from the Mortgage Cash Management Account to be paid to Borrowers in accordance with the Mezzanine Cash Management Agreement (including the Net Liquidation Proceeds After Debt Service) be deposited into the Mezzanine Cash Management Account.
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Mortgage Cash Management Account. (a) Borrower shall cause Mortgage Borrower and Maryland Owner to establish and maintain the Mortgage Cash Management Account and the Mortgage Sub-accounts with Mortgage Lender in accordance with Section 2.7.3 of the Mortgage Loan Agreement for the benefit of Mortgage Lender, each of which Accounts shall be under the sole dominion and control of Mortgage Lender. Borrower shall not cause or permit Mortgage Borrower in any way to alter or modify the Mortgage Cash Management Account and will notify Lender of the account number thereof. Borrower shall direct or cause Mortgage Borrower and Maryland Owner to direct that all cash distributions from the Mortgage Cash Management Account to be paid to Mortgage Borrower in accordance with the Mortgage Cash Management Agreement (including the Net Liquidation Proceeds After Debt Service) be deposited into the First Mezzanine Deposit Account maintained in accordance with the Cash Management Agreement.
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Related to Mortgage Cash Management Account

  • Cash Management Account Borrower hereby represents and warrants to Lender that:

  • Cash Management (a) Borrowers shall (i) establish and maintain cash management services of a type and on terms satisfactory to Agent at one or more of the banks set forth on Schedule 2.7(a) (each a "Cash Management Bank"), and shall request in writing and otherwise take such reasonable steps to ensure that all of its Account Debtors forward payment of the amounts owed by them directly to such Cash Management Bank, and (ii) deposit or cause to be deposited promptly, and in any event no later than the first Business Day after the date of receipt thereof, all Collections (including those sent directly by Account Debtors to a Cash Management Bank) into a bank account in Agent's name (a "Cash Management Account") at one of the Cash Management Banks.

  • Deposit Accounts; Credit Card Arrangements (a) Annexed hereto as Schedule 5.21(a) is a list of all DDAs maintained by the Loan Parties as of the Closing Date, which Schedule includes, with respect to each DDA (i) the name and address of the depository; (ii) the account number(s) maintained with such depository; (iii) a contact person at such depository, and (iv) the identification of each Blocked Account Bank.

  • Cash Management System Each Borrower shall, and shall cause its Subsidiaries to, establish and maintain the Cash Management Systems described below:

  • Collateral Accounts Evidence that the Collateral Accounts have been established;

  • Cash Management Agreement 11 SECTION 7 – TAXES, REPORTS AND RECORDS............................................................ 11

  • Cash Management Systems On or prior to the Closing Date, Borrowers will establish and will maintain until the Termination Date, the cash management systems described in Annex C (the “Cash Management Systems”).

  • Deposit Account Payments Subsection (b) is amended to read as follows:

  • Management Accounts The Management Accounts:

  • Cash Management Arrangements Borrower shall cause all Rents to be transmitted directly by tenants of the Property into an Eligible Account (the “Clearing Account”) maintained by Borrower at a local 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. A form of tenant direction letter for such purpose is attached hereto as Schedule 1. Without in any way limiting the foregoing, all Rents received by Borrower or Manager shall be deposited into the Clearing Account within one (1) Business Day of receipt. Funds deposited into the Clearing Account shall be swept by the Clearing Bank on a daily basis into Borrower’s operating account at the Clearing Bank, unless a Cash Management Period is continuing, in which event such funds shall be swept on a daily basis into an Eligible Account at the Deposit Bank controlled by Lender (the “Deposit Account”) and applied and disbursed in accordance with this Agreement. Funds in the Deposit Account shall be invested at Lender’s discretion only in Permitted Investments. Lender will also establish subaccounts of the Deposit Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such subaccounts are referred to herein as “Subaccounts”). The Deposit Account and any Subaccount 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.

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