Operating Bank Account Sample Clauses

Operating Bank Account. Subject to the terms and conditions of the Agreement, all sums received from the operation of the Project and all sums advanced by the Company for purposes other than Capital Improvements and Replacement shall be deposited in the Operating Bank Account. The Manager shall disburse funds from the Operating Bank Account on a monthly basis in the following order of priority and to the extent available: (i) when due, all Operating Costs; (ii) when due, the payment of debt service with respect to the Construction Financing, Expansion Financing or Permanent Financing; (iii) when due, the payment of debt service with respect to other loans from third parties; (iv) the Base Management Fee and Incentive Management Fee (including any accrued Base Management Fee and Incentive Management Fee from prior periods); except in the event that Station (A) is no longer a member of Holding, the Base Management Fee and Incentive Management Fee (including any accrued Base Management Fee and Incentive Management Fee from prior periods) shall be paid as an Operating Cost under Clause (i) above, or (B) is in default of its obligations as a member of Holding, in which event the Base Management Fee and Incentive Management Fee that accrues following such default shall be paid after the payment of any debt service due to any lender under Clause (vii) below; (v) the payment for emergency expenditures to the extent paid from the Operating Bank Account or from amounts on deposit in the Reserve Fund; (vi) deposits into the Reserve Fund and any other reserves established by the Executive Committee for anticipated expenditures, liabilities or contingencies; (vii) when due, the payment of debt service with respect to any loans from Holding, GC or Parent; and (viii) the remaining balance thereof shall constitute “Distributable Cash” for purposes of the Agreement. In following the priorities set forth above, the Manager will reserve funds in the Operating Bank Account each Fiscal Month for payment of any Operating Costs for any of the above items which the Manager has a duty to pay that are not paid on a monthly basis (e.g., real estate taxes, insurance premiums and so on). To the extent that there are sufficient funds on deposit in the Operating Bank Account, the Manager shall perform the function of paying all Operating Costs and other items set forth above (including but not limited to debt service, real estate taxes, insurance premiums, etc.) unless otherwise agreed by the Executive Committ...

Operating Bank Account. Deposits for the Association’s operating account (checking) shall be processed at BB&T Bank, a federally insured banking institution in the State of Florida, using this Bank’s Lockbox method of payment via coupon, and/or automatic deposit (ACH).

Operating Bank Account. Maintain a separate operating bank account and money market bank account at a bank designated by Xxxxxxx in the name of the Association for depositing all collections and maintaining funds balances.

Operating Bank Account. Indebtedness that represents a transfer of Designated Asset Sale Proceeds, that neither the principal of, nor interest on, such Indebtedness may be paid until the Secured Obligations are paid in full or otherwise satisfied. All such Indebtedness shall, without any further action, be deemed to be Subordinated.