Local Accounts. (a) If in connection with any proposed Acceptable Charter or Alternative Charter, a Borrower requires any bank account for the purposes of receiving or making payment of amounts in a currency other than Dollars or otherwise requires any modification to any Account of such Borrower (or to the manner in which payments are required or permitted to be made to or from any such Account), at the same time that it submits the proposed Acceptable Charter or Alternative Charter to the Intercreditor Agent for approval in accordance with this Agreement, such Borrower shall submit to the Intercreditor Agent a reasonably detailed description of any such proposed Local Account or other modification to its Accounts (or to the manner in which payments are required or permitted to be made to or from any such Account), that it proposes be opened or made in relation to the entry by it into the proposed Acceptable Charter or Alternative Charter. Any such proposal as it relates to any Local Account shall be in accordance with the requirements set out in Schedule 35 (a “Local Account Proposal”).
(b) If the Intercreditor Agent approves any Local Account Proposal made in accordance with Clause 26.16(a), and the relevant proposed Acceptable Charter or Alternative Charter also is approved as an Acceptable Charter or Alternative Charter (as the case may be), the Relevant Borrower shall be permitted to open and maintain the Local Accounts in accordance with the Local Account Proposal, the requirements set out in Schedule 35, any other instructions of the Intercreditor Agent in respect of such Local Account Proposal and otherwise in accordance with this Agreement.
(c) If the Intercreditor Agent approves any modification to the Accounts or to the manner in which payments are required or permitted to be made to or from any Account, in each case in accordance with Clause 26.16(a), and the relevant proposed Acceptable Charter or Alternative Charter also is approved as an Acceptable Charter or Alternative Charter (as the case may be), then such modifications shall be made to this Agreement and any other Finance Document as may be necessary to effect such modifications.
Local Accounts. See Section 8.15.
Local Accounts. See §8.15.1.
Local Accounts. The Depositary Bank shall, pursuant to a Withdrawal Certificate delivered by the Borrower for such purpose in accordance with Section 2.19(e)(iii), transfer to the applicable Local Account the amount requested by the Borrower in the applicable Withdrawal Certificate for payment of Borrower Liquidity Shortfalls and Project Liquidity Shortfalls as, when and to the extent specified in such Withdrawal Certificate.
Local Accounts. With respect to Local Accounts, on or prior to the Effective Date, the Borrower and the other Loan Parties shall assist the Administrative Agent in (i) establishing, and during the term of this Agreement, maintaining one or more depository accounts in the name of a Loan Party and identified on Schedule 8.01(b) hereto (a "Depository Account" and collectively, the "Depository Accounts") with the financial institutions set forth on Schedule 8.01(b) hereto or such other financial institutions selected by Borrower, as the case may be, and acceptable to the Administrative Agent in its reasonable business judgment (each being referred to as a "Depository Bank") and (ii) establishing, and during the term of this Agreement, maintaining an account in the name of the Administrative Agent (the "Cash Concentration Account") with a financial institution that is selected by the Borrower and that is acceptable to the Administrative Agent in its reasonable business judgment (the "Cash Concentration Bank"). On or prior to the Effective Date, the Cash Concentration Bank will enter into a cash concentration account agreement with the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent (the "Cash Concentration Agreement"). The Borrower and the other Loan Parties shall irrevocably instruct its Account Debtors with respect to Local Accounts, to remit all payments to be made by checks or other drafts to the Depository Accounts or deposit all payments with respect to the Local Accounts made by check or other drafts into the Depository Accounts and within 30 days of the Effective Date shall send a direction letter, substantially in the form of Exhibit K hereto, that irrevocably instructs each Depository Bank to transfer all amounts received in its Depository Account to the Cash Concentration Account at the Cash Concentration Bank on the day received or, if such day is not a Business Day, on the next succeeding Business Day. The Borrower shall promptly, and in any event not later than 5 days after the opening of any new Depository Account of the Borrower or any other Loan Party, notify the Administrative Agent in writing of the creation of such new Depository Account and shall at the time of such notice send a direction letter, substantially in the form of Exhibit K hereto, that irrevocably instructs each Depository Bank to transfer all amounts received in its Depository Account to the Cash Concentration Account at the Cash Concentration Ba...
Local Accounts. Deposit Accounts maintained for the benefit of a single retail location of the Borrowers. Loan Account. See ss.2.7.1.
Local Accounts. In addition to the Project Accounts, the Company may at any time from and after the date hereof establish and maintain one or more other deposit accounts (each hereinafter referred to as a "Local Account") with (i) The Chase Manhattan Bank (or such other commercial bank which shall from time to time act as the Collateral Agent hereunder) (the "Chase Local Account") and (ii) any other depository institution designated by the Company located in the United States of America (the "Other Local Account"); provided that (x) the maximum aggregate amount of cash or other property at any time held in or credited to the Other Local Account shall be $7,500,000; and (y) each Local Account shall be and at all times remain subject to the security interest created under this Agreement and the Security Agreement, and the Company shall cause each such depositary institution therefor to execute and deliver such acknowledgment, agreement or other documentation, and/or establish such control arrangements, as the Collateral Agent may reasonably request to give effect to the purposes of this Section. All funds held in the Local Accounts may be used by the Company from time to time to make payment of Project Costs as the Company shall direct (subject to the last sentence of Section 4.01(b)(i)). The Local Accounts shall not constitute Project Accounts and, except as provided in this Section 4.01(c), shall not be subject to the terms of this Agreement.
Local Accounts. The Manager shall be entitled to establish, from time to time, segregated accounts in the name of the Manager or the name under which an individual Property operates, which are not required to be Eligible Accounts, at financial institutions located in the vicinity of individual Properties or the Manager's principal business offices (each a "Local Account"), solely for the ------------- purpose of (i) receiving deposits of Gross Revenues, other than payments from credit card companies, received by the Manager and (ii) paying certain operating expenses for such Properties that, in the ordinary course of the Manager's business, are customarily paid from such Local Accounts. Funds on deposit in the Local Accounts shall not be commingled with funds related to any other properties owned or managed by the Manager or any Person other than the Borrower. At least twice each week, the Manager shall transfer, by federal wire, automated clearing house funds, or other transfer of next-day available funds, into the Manager's Account or, if the procedures described in Section 7 hereof are then applicable, into the Lockbox Account, all available funds held on deposit in each Local Account, less amounts required to pay Property operating expenses previously incurred that in the ordinary course of the Manager's business are customarily paid from such Local Accounts, not previously reserved for, plus an amount to be held as xxxxx cash or as a reserve for operating expenses not yet incurred that are customarily paid out of the Local Accounts; provided, however, that the aggregate amount of such xxxxx cash and reserves for -------- ------- the Local Account for each Property shall not exceed $25,000 (subject to adjustment at the end of each Fiscal Year for increases in the CPI since the end of the preceding Fiscal Year) and for all of the Local Accounts shall not exceed $375,000 (subject to such adjustment and reduction by $15,000 for each Property that is sold or otherwise released from the applicable Mortgage) after giving effect to all transfers made from the Local Accounts on any day.
Local Accounts. Any Local Account shall be funded from:
Local Accounts. In addition to the Accounts, the Company may at any time from and after the date hereof establish and maintain one or more other deposit accounts (each hereinafter referred to as a "Local Account") with (i) The Chase Manhattan Bank (or such other commercial bank which shall from time to time act as the Collateral Agent hereunder) (the "Chase Local Accounts"), (ii) any other depository institution designated by the Company Depositary Agreement 242 -9- located in the United States of America (the "Other Domestic Local Accounts" and, together with the Chase Local Accounts, the "Domestic Local Accounts") and (iii) one or more deposit accounts with any depository institution designated by the Company located outside of the United States (the "Foreign Local Accounts" and, together with the Other Domestic Local Accounts, the "Other Local Accounts"); provided that (x) the maximum aggregate amount of cash or other property at any time held in or credited to the Other Local Accounts shall be $15,000,000 and (y) each Domestic Local Account shall be and at all times remain subject to the security interest created under this Agreement and the Security Agreement, and the Company shall cause each such depositary institution therefor to execute and deliver such acknowledgment, agreement or other documentation, and/or establish such control arrangements, as the Collateral Agent may reasonably request to give effect to the purposes of this Section. All funds held in the Local Accounts may be used by the Company from time to time to make payment or reimbursement of Costs as the Company shall direct (subject to the last sentence of Section 4.01(b)(i)); provided that funds held in any Foreign Local Account may be used by the Company only for the payment of operating expenses (including taxes) owing by the Company in the jurisdiction in which such Foreign Local Account is located. The Local Accounts shall not constitute Accounts and, except as provided in this Section 4.01(c), shall not be subject to the terms of this Agreement.
