Maintenance of Operating Account Sample Clauses

Maintenance of Operating Account. Subject to Section 9.4, the Operating Account shall be opened and maintained at all times by Manager and checks and other documents of withdrawal shall be signed only by representatives of Manager who are covered by the insurance required herein. The Operating Account and any other bank accounts approved by Owner shall be in Owner's name (for example, “[Owner’s name] d/b/a/ [trade name of Hotel]”). Manager shall not change the bank or open or close any bank account described in this Article 9 without Owner's prior written approval, which approval Owner shall not unreasonable withhold.
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Maintenance of Operating Account. The Borrower shall --------------------------------- at all times during the Revolving Credit Period maintain a demand deposit account held by Administrative Agent (the "Operating Account") and shall cause funds to be deposited therein in an amount sufficient to permit the Administrative Agent to automatically deduct therefrom the interest payments on the Obligations at 12:00 p.m. on the first day of each month.
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Maintenance of Operating Account. Subject to Section 9.4, the Operating Account shall be opened and maintained at all times by Manager and checks and other documents of withdrawal shall be signed only by representatives of Manager who are covered by the insurance required
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Maintenance of Operating Account. The Borrower shall establish one or more operating accounts, including the Bank Account (as defined in the Management Agreement) into which the Minimum Balance (as defined in the Management Agreement) is to be deposited,
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Maintenance of Operating Account. The Operating Account shall be opened and maintained at all times by Manager and Owner and checks and other documents of withdrawal shall be signed by representatives of Manager who are covered by the required fidelity bond or otherwise insured pursuant to the “Crime – Theft of Money and Securities” coverage set forth on Exhibit E. The Operating Account and any other bank accounts approved by Owner shall be in Owner's name (for example, “[Owner’s name] d/b/a/ [trade name of Hotel]”). Manager shall not change the bank or open or close any bank account described in this Article 9 without Owner's prior written approval. Owner, in its sole and absolute discretion, may in writing direct Manager to change any such bank. The bank in which the Operating Account is located shall be informed by Manager in writing that the funds in such account are held in trust for Owner.
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Maintenance of Operating Account. The Manager shall maintain an Operating Account at a federally insured financial institution and, in so doing, shall use its best efforts to obtain an interest-bearing account. In the event that any deposit shall cause the balance in the Operating Account to exceed the limits of federal insurance, the uninsured, excess amount shall be collateralized or deposited in a separate institution. The Manager shall implement and adhere to such safeguards as are required by the applicable financial institution. All monies deposited in the Operating Account shall be deemed property of the Manager for the Term of this Agreement and subject to the terms hereof, and shall be disbursed from said account strictly pursuant to the terms outlined herein. The Operating Account shall contain the following restrictions, which shall be complied with by the Manager. To carry out the performance of its duties, the Manager shall be authorized to make deposits to and to withdraw sums from the Operating Account for any payment authorized to be made by the Manager to discharge obligations incurred pursuant to this Agreement, including payment of Operating Expenses in accordance with Section 4.1 (m) hereof.
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Related to Maintenance of Operating Account

  • Maintenance of Operations The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including:

  • Maintenance of Account In addition to, and not in lieu of, the obligation of the Securities Intermediary to honor entitlement orders as agreed in Section 3 hereof, the Securities Intermediary agrees to maintain the Account as follows:

  • Maintenance of Accounts If an institution maintaining the Bank Accounts ceases to be a Qualified Institution, the Servicer will, with the Indenture Trustee’s assistance as necessary, move the Bank Accounts to a Qualified Institution within 30 days.

  • Maintenance of Dominion Account Borrowers shall maintain Dominion Accounts pursuant to lockbox or other arrangements acceptable to Agent. Borrowers shall obtain an agreement (in form and substance satisfactory to Agent) from each lockbox servicer and Dominion Account bank, establishing Agent’s control over and Lien in the lockbox or Dominion Account, which may be exercised by Agent during any Sweep Trigger Period, requiring immediate deposit of all remittances received in the lockbox to a Dominion Account, and waiving offset rights of such servicer or bank, except for customary administrative charges. If a Dominion Account is not maintained with Bank of America, Agent may, during any Sweep Trigger Period, require immediate transfer of all funds in such account to a Dominion Account maintained with Bank of America. Agent and Lenders assume no responsibility to Borrowers for any lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank.

  • Payment of Operating Expenses Subject to the provisions of Section 6.08(c), Borrower will (i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added, and (ii) pay Insurance premiums at least 30 days prior to the expiration date of each policy of Insurance, unless applicable law specifies some lesser period.

  • Maintenance of Business Each of the Parent and the Borrower shall, and shall cause each Subsidiary to, preserve and maintain its existence, except as otherwise provided in Section 8.10(c) hereof. Each of the Parent and the Borrower shall, and shall cause each Subsidiary to, preserve and keep in force and effect all licenses, permits, franchises, approvals, patents, trademarks, trade names, trade styles, copyrights, and other proprietary rights necessary to the proper conduct of its business where the failure to do so could reasonably be expected to have a Material Adverse Effect.

  • Maintenance of Accounts and Records Tenant shall keep true records and books of account of Tenant in which full, true and correct entries will be made of dealings and transactions in relation to the business and affairs of Tenant in accordance with GAAP. Tenant shall apply accounting principles in the preparation of the financial statements of Tenant which, in the judgment of and the opinion of its independent public accountants, are in accordance with GAAP, where applicable, except for changes approved by such independent public accountants. Tenant shall provide to Landlord either in a footnote to the financial statements delivered under Section 17.2 which relate to the period in which such change occurs, or in separate schedules to such financial statements, information sufficient to show the effect of any such changes on such financial statements.

  • Maintenance of Loan Account; Statements of Account (a) The Administrative Agent shall maintain an account on its books in the name of the Borrowers (each, the “Loan Account”) which will reflect (i) all Revolving Credit Loans and other advances made by the Lenders to the Borrowers or for the Borrowers’ account, (ii) all Letter of Credit Disbursements, fees and interest that have become payable as herein set forth, and (iii) any and all other monetary Obligations that have become payable.

  • Definition of Operating Expenses (a) Subject to the exclusions and provisions hereinafter contained, the term "

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