Common use of Borrower’s Operating Account Clause in Contracts

Borrower’s Operating Account. Borrower shall establish and maintain an account (the “Borrower’s Operating Account”) at a bank selected by ▇▇▇▇▇▇▇▇ and reasonably approved by Lender which shall be an Eligible Institution. Borrower may also establish and maintain subaccounts of the Borrower’s Operating Account (which may be ledger or book entry accounts and not actual accounts). The Borrower’s Operating Account (and any subaccounts thereof) shall be subject to a Property Account Control Agreement in which Borrower and Property Manager shall have access to and may make withdrawals from the Borrower’s Operating Account for any lawful purposes until the occurrence of an Event of Default, after which Lender may exercise sole control and dominion over the Borrower’s Operating Account (and any subaccounts thereof) and none of Borrower or Property Manager shall have the right of withdrawal from or access to the Borrower’s Operating Account (and any subaccounts thereof). To the extent that this Agreement provides for the payment of any amounts to the Borrower’s Operating Account, such amounts shall be paid to Account #4189705933 at PNC Bank, National Association unless otherwise designated by Borrower.

Borrower’s Operating Account. Borrower shall establish and maintain an account (the “Borrower’s Operating Account”) at a bank selected by ▇▇▇▇▇▇▇▇ and reasonably approved by Lender which shall be an Eligible Institution. Borrower may also establish and maintain subaccounts of the Borrower’s Operating Account (which may be ledger or book entry accounts and not actual accounts). The Borrower’s Operating Account (and any subaccounts thereof) shall be subject to a Property Account Control Agreement in which Borrower and Property Manager shall have access to and may make withdrawals from the Borrower’s Operating Account for any lawful purposes until the occurrence of an Event of Default, after which Lender may exercise sole control and dominion over the Borrower’s Operating Account (and any subaccounts thereof) and none of Borrower or Property Manager shall have the right of withdrawal from or access to the Borrower’s Operating Account (and any subaccounts thereof). To the extent that this Agreement provides for the payment of any amounts to the Borrower’s Operating Account, such amounts shall be paid to Account #4189705933 4174799439 at PNC Bank, National Association unless otherwise designated by Borrower.