Common use of Operating Expense Account, Working Capital Reserve Account and the Debt Service Reserve Account Clause in Contracts

Operating Expense Account, Working Capital Reserve Account and the Debt Service Reserve Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank three accounts for the remittance of funds by Lender or its servicer in its sole discretion after an Event of Default has occurred and is continuing, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The three accounts shall be designated the “Operating Expense Account” (the “Operating Expense Account”), the “Working Capital Reserve Account” (the “Working Capital Reserve Account”) and the “Debt Service Reserve Account” (the “Debt Service Reserve Account”). On any Business Day after the occurrence and during the continuance of an Event of Default, Lender or its servicer may in its sole discretion deposit into the Operating Expense Account, the Working Capital Reserve Account or the Debt Service Reserve Account any funds then on deposit in the Local Collection Account or the Collection Account. Any and all Moneys remitted to the Operating Expense Account, the Working Capital Reserve Account or the Debt Service Reserve Account shall, until otherwise applied by Lender from time to time at Lender’s sole discretion during the existence of any Event of Default, be held in the Operating Expense Account, the Working Capital Reserve Account or the Debt Service Reserve Account, as applicable, and applied, if Lender elects in its sole discretion to make such funds available for such application,

Operating Expense Account, Working Capital Reserve Account and the Debt Service Reserve Account. On or before the Closing Date, Lender Collateral Agent shall on behalf of the Borrower establish and maintain with the Collection Account Bank three accounts for the remittance of funds by Lender or its servicer in its sole discretion after an Event of Default has occurred and is continuing, each of which shall be an Eligible Account and shall have the same title as the Collection Account for the benefit of Lender until the Loan is paid in full. The three accounts shall be designated the “"Operating Expense Account” " (the “"Operating Expense Account”"), the “"Working Capital Reserve Account” " (the “"Working Capital Reserve Account”") and the “"Debt Service Reserve Account” " (the “"Debt Service Reserve Account”"). On any Business Day after the occurrence and during the continuance of an Event of Default, Lender or its servicer may in its sole discretion deposit into the Operating Expense Account, the Working Capital Reserve Account or the Debt Service Reserve Account any funds then on deposit in the Local Collection Account or the Collection Account. Any and all Moneys remitted to the Operating Expense Account, the Working Capital Reserve Account or the Debt Service Reserve Account shall, until otherwise applied by Lender Collateral Agent from time to time at Lender’s 's sole discretion during the existence of any Event of Default, be held in the Operating Expense Account, the Working Capital Reserve Account or the Debt Service Reserve Account, as applicable, and applied, if Lender elects in its sole discretion to make such funds available for such application,