Common use of Account Name Clause in Contracts

Account Name. (a) The Lockbox Account shall be in the name of Lender and shall also reference the Borrower’s name in the account name. (b) In the event Lender transfers or assigns the Loan, Borrower acknowledges that (i) the Lockbox Bank, at Lender’s request, shall change the name of the Lockbox Account to reference the name of the transferee or assignee; and (ii) the Property Account Bank, at Lender’s request, shall change the name of Lender under the Property Account Control Agreement to reference the name of the transferee or assignee. In the event Lender retains a servicer to service the Loan, Borrower acknowledges that (i) the Lockbox Bank, at Lender’s request, shall change the name of the Lockbox Account to reference the name of the servicer, as agent for Lender; and (ii) the Property Account Bank, at Lender’s request, shall change the name of Lender under the Property Account Control Agreement to reference the name of the servicer, as agent for Lender.