Common use of Clearing Account Clause in Contracts

Clearing Account. (A) Each Individual Borrower shall establish and maintain a segregated Eligible Account (each, a “Clearing Account” and collectively, the “Clearing Accounts”) with the Clearing Bank in trust for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Lender. Each Clearing Account shall be entitled in the name of each Individual Borrower, as pledgor, for the sole and exclusive benefit of Lender, as secured party, or such other name as reasonably required by Lender from time to time. Borrower (i) hereby grants to Lender a first priority security interest in the Clearing Accounts and all deposits at any time contained therein and the proceeds thereof, and (ii) will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Clearing Accounts, including, without limitation, the execution of any account control agreements required by Lender. Borrower will not in any way alter, modify or close any Clearing Accounts and will notify Lender of the account numbers thereof. All costs and expenses of the Clearing Bank for establishing and maintaining the Clearing Accounts shall be paid by Borrower. All monies now or hereafter deposited into the Clearing Accounts shall be deemed additional security for the Obligations.

Clearing Account. (Aa) Each Individual Borrower shall establish and maintain a segregated Eligible Account (each, a the “Clearing Account” and collectively, the “Clearing Accounts”) with the Clearing Bank in trust for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Lender. Each The Clearing Account shall be entitled in the name of each Individual Borrower“Xxxxxx Element LA, LLC, as pledgor, for the sole and exclusive benefit of LenderCantor Commercial Real Estate Lending, L.P. and Xxxxxxx Xxxxx Mortgage Company, collectively, as secured party, Secured Party – Clearing Account,” or such other name as reasonably required by Lender from time to time. Borrower (i) hereby grants to Lender a first priority security interest in the Clearing Accounts Account and all deposits at any time contained therein and the proceeds thereof, and (ii) will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Clearing AccountsAccount, including, without limitation, the execution of any account control agreements agreement required by Lender. Borrower will not in any way alter, modify or close any the Clearing Accounts Account and will notify Lender of the account numbers number thereof. All Except as may be expressly permitted in the Clearing Account Agreement, Lender and Servicer shall have the sole right to make withdrawals from the Clearing Account and all costs and expenses of the Clearing Bank for establishing and maintaining the Clearing Accounts Account shall be paid by Borrower. All monies now or hereafter deposited into the Clearing Accounts Account shall be deemed additional security for the ObligationsDebt. As of the date hereof, pursuant to the terms of the Clearing Account Agreement, the Clearing Account has been assigned the following number at Clearing Bank: 4609101241.

Clearing Account. (Aa) Each Individual Borrower shall establish and maintain a segregated Eligible Account (each, a the “Clearing Account” and collectively, the “Clearing Accounts”) with the Clearing Bank in trust for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Lender. Each The Clearing Account shall be entitled in the name of each Individual Borrower“INLAND DIVERSIFIED LAS VEGAS CENTENNIAL CENTER, L.L.C., as pledgor, for the sole and exclusive benefit of LenderCantor Commercial Real Estate Lending, L.P., as secured party, Secured Party — Clearing Account,” or such other name as reasonably required by Lender from time to time. Borrower (i) hereby grants to Lender a first priority security interest in the Clearing Accounts Account and all deposits at any time contained therein and the proceeds thereof, and (ii) will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Clearing AccountsAccount, including, without limitation, the execution of any account control agreements agreement required by Lender. Borrower will not in any way alter, modify or close any the Clearing Accounts Account and will notify Lender of the account numbers number thereof. All Except as may be expressly permitted in the Clearing Account Agreement, Lender and Servicer shall have the sole right to make withdrawals from the Clearing Account and all costs and expenses of the Clearing Bank for establishing and maintaining the Clearing Accounts Account shall be paid by Borrower. All monies now or hereafter deposited into the Clearing Accounts Account shall be deemed additional security for the ObligationsDebt.

Clearing Account. (Aa) Each Individual Borrower shall establish and maintain a segregated Eligible Account (each, a the “Clearing Account” and collectively, the “Clearing Accounts”) with the Clearing Bank in trust for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Lender. Each The Clearing Account shall be entitled in the name of each Individual Borrower“KAUAI COCONUT BEACH, LLC AND KAUAI COCONUT BEACH OPERATOR, LLC, as pledgor, for the sole and exclusive benefit of LenderTH COMMERCIAL MORTGAGE LLC, as secured party, Secured Party – Clearing Account,” or such other name as reasonably required by Lender from time to time. Borrower (i) hereby grants to Lender a first priority security interest in the Clearing Accounts Account and all deposits at any time contained therein and the proceeds thereof, and (ii) will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Clearing AccountsAccount, including, without limitation, the execution of any account control agreements agreement required by Lender. Borrower will not in any way alter, modify or close any the Clearing Accounts Account and will notify Lender of the account numbers number thereof. All Except as may be expressly permitted in the Clearing Account Agreement, Lender and Servicer shall have the sole right to make withdrawals from the Clearing Account and all costs and expenses of the Clearing Bank for establishing and maintaining the Clearing Accounts Account shall be paid by Borrower. All monies now or hereafter deposited into the Clearing Accounts Account shall be deemed additional security for the Obligations.

Clearing Account. (Aa) Each Individual Borrower shall establish and maintain a segregated Eligible Account (each, a the “Clearing Account” and collectively, the “Clearing Accounts”) with the Clearing Bank in trust for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Lender. Each The Clearing Account shall be entitled in the name of each Individual Borrower“INLAND DIVERSIFIED LAS VEGAS EASTERN BELTWAY, L.L.C., as pledgor, for the sole and exclusive benefit of LenderCantor Commercial Real Estate Lending, L.P., as secured party, Secured Party — Clearing Account,” or such other name as reasonably required by Lender from time to time. Borrower (i) hereby grants to Lender a first priority security interest in the Clearing Accounts Account and all deposits at any time contained therein and the proceeds thereof, and (ii) will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Clearing AccountsAccount, including, without limitation, the execution of any account control agreements agreement required by Lender. Borrower will not in any way alter, modify or close any the Clearing Accounts Account and will notify Lender of the account numbers number thereof. All Except as may be expressly permitted in the Clearing Account Agreement, Lender and Servicer shall have the sole right to make withdrawals from the Clearing Account and all costs and expenses of the Clearing Bank for establishing and maintaining the Clearing Accounts Account shall be paid by Borrower. All monies now or hereafter deposited into the Clearing Accounts Account shall be deemed additional security for the ObligationsDebt.