Common use of Designation of Accounts Clause in Contracts

Designation of Accounts. (a) The Borrower must maintain the following bank accounts in its name: (i) a disbursements account designated the Disbursement Account; and (ii) a master proceeds account designated the Master Proceeds Account. (b) Each Asset Company (other than the Danish Asset Company and the Swedish Asset Company) and each Managing Company must maintain the following bank accounts in its name: (i) a disbursements account designated the Disbursements Account; (ii) a master proceeds account designated the Master Proceeds Account; and (iii) for each Property that it owns, a property proceeds account designated a Property Proceeds Account. (c) The Company, the Danish Asset Company and the Swedish Asset Company must maintain a disbursements account in its name designated the Disbursement Account. (d) The Obligors must not, without the prior consent of the Facility Agent, maintain any other bank accounts other than an expenses account in the Borrower’s name with Société Générale designated the Expenses Account.