Depository Account. A trust fund account for the benefit of Owner established and maintained in an FDIC insured or guaranteed account to be opened by the Owner.
Depository Account. The term "Depository Account" shall mean the ------------------ bank account referred to in Section 4.8 hereof.
Depository Account. Until the Note and the other Loan Documents are paid in full, each Borrower shall maintain a depository account with the Agent.
Depository Account. To create and maintain a depository account in the name of Group with a banking institution selected by Manager (the "Account"). Group agrees to designate Manager as the sole party authorized to make withdrawals from the Account, which designation may be changed only by written notice to said institution, executed by both Group and Manager; withdrawals from the Account shall be made only in accordance with the terms of Sections 1.12, 2.15 or 3.1.4 of this Management Agreement.
Depository Account. Manager shall establish a “Depository Account” to be used solely for the Property, in the name of the Property which shall be used for the deposit of all funds received from the operation of the Property. Upon Owner’s written request, this account may also be used for reserves and/or impounds for taxes and insurance. The Depository Account shall be an interest bearing account, subject to the terms and conditions imposed by the banking institution. Owner shall be responsible for maintaining a minimum balance of Five Thousand Dollars ($5,000) in the Depository Account. The maximum balance for the Depository Account shall be determined based upon the applicable Approved Budget and desired level of reserves and may be adjusted from time to time as necessary and agreed upon in writing by Manager and Owner.
Depository Account. 7.14.1 Borrower shall maintain an operating and other depository account (the “Depository Account”) with KeyBank, National Association (or any successor thereto), unless otherwise agreed by Administrative Agent in writing.
7.14.2 Administrative Agent is hereby authorized, on or after the due date, to charge such Depository Account of Borrower with the amount of all payments due under this Agreement, the Note or the other Loan Documents, with the Borrower’s obligation to make any required payment being satisfied to the extent there are sufficient collected funds in the Depository Account in the amount of such payment.
Depository Account. In order to facilitate the administration of the Loans and Lender’s security interest in the Loan Parties’ assets, the Borrowers shall work with the Lender (at the sole expense of the Borrowers) to open and maintain a depository bank account (the “Cash Collateral Account”) in the name of the Lender and under the sole and exclusive dominion and control of the Lender) for deposits of cash collateral. The Borrowers may deliver amounts to Lender for deposit in such Cash Collateral Account from time to time (it being understood that the Borrowers are under no obligation to do so, except as required pursuant to Section 6.11). It is hereby agreed and acknowledged that the Lender may apply any amounts of cash collateral deposited in the Cash Collateral Account to the payment of Obligations due and payable hereunder without the consent of or prior notice to the Borrowers. The Lead Borrower may request that the Lender release amounts from the Cash Collateral Account, subject to the following conditions: (i) no more than one (1) request for release shall be sent per week, (ii) on each of the date of such request and the date of the requested disbursement, there shall be no Default or Event of Default that has occurred and is continuing or would occur as a result of the requested disbursement, (iii) after giving effect to the release of such amounts, the Outstanding Amount shall not exceed the Loan Cap.
Depository Account. Each Borrower will maintain its principal operating accounts with one or more of the Lenders (including BBH&Co).
Depository Account. Manager shall open, for the benefit of Owner, a special, separate, FDIC insured, interest bearing account in a savings institution identified by Owner (the "Depository Account") upon which the only persons with signatory authority shall be the following employees of Owner: Xxxxxxx Xxxxxxx, Chairman; Xx Xxxxxxxxx, President; and Xxxxxxx Xxxxxx, Vice President. The Depository Account shall be the sole and exclusive property of the Owner, and Manager shall have no interest (legal or equitable) therein. Owner shall have the right to change the signatories to the Depository Account in its sole discretion.
Depository Account. After acceptance of any tendered Subscription Agreement by the Company, the accompanying Subscription Payment shall, prior to the Impound Release Date, be placed in an interest-bearing escrow account ("Depository Account") at a bank or financial institution selected by the Manager in California for Investor Units and held there until such time ("Impound Release Date") as $1,000,000 in the aggregate of good or collected Subscription Payments for Investor Units have been deposited. Upon receipt of at least $1,000,000 of collected funds from acceptable subscriptions of Investor Units, funds in the Depository Account shall be released to the Company. After the Impound Release Date, any additional Subscription Payments received (a) for Investor Units shall be sent directly to and retained by the Company. Investors in the Company shall be admitted into the Company on the first day of the calendar month following the month in which the Company accepts such subscriber's subscription unless admitted earlier by the Manager, in its sole discretion. All subscriptions shall be accepted or rejected by the Company within 30 days of their actual receipt by the Company. If rejected, all Subscription Payments shall be returned to the subscriber.
