Owner Accounts Sample Clauses

Owner Accounts. Development Manager shall deposit all funds of each Owner into a separate federally insured operating account (each an “Operating Account”). In addition, Development Manager shall transfer portions of the balance of each Operating Account which are not immediately needed to pay for such Owner’s operations from time to time plus reasonable working capital and reserves in accordance with the Project Budget to a bank controlled investment account (that invests in high grade commercial paper) in accordance with sound cash management principles (“Money Market Account”). The separate Operating Accounts and Money Market Account (collectively, the “Accounts”) shall be maintained in the name of the applicable Owner with a money center financial institution approved by the applicable Owner. Development Manager shall direct the investment of the funds within the Accounts, subject to the approval by the Owner. So long as Development Manager shall comply with this Section 7.11, Development Manager shall have no responsibility or liability for any investment losses or other returns on investment (or lack thereof) in any Operating Account or Money Market Account. Withdrawals from the Accounts shall be made upon such signature or signatures as Development Manager may designate from time to time as approved by Owner in Owner’s sole discretion, and Development Manager is authorized to act as agent for Owner in respect of the Accounts, so long as (1) no event under Section 10.1 of this Agreement shall have occurred, (2) Development Manager shall not have sent a written notice of termination of this Agreement under Section 10.7 of this Agreement, or (3) Owner shall not have provided written notice to Development Manager to the contrary. On or about the execution of this Agreement, the initial funding in the aggregate of all the Operating Accounts shall be not less than Five Million Dollars ($5,000,000).
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Owner Accounts 
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Related to Owner Accounts

  • Set Up Accounts (a) Bank shall establish and maintain the following accounts ("Accounts"):

  • Customer Accounts The Bank agrees to establish and maintain the following accounts ("Accounts"):

  • Other Accounts On the date of withdrawal of any Deposit, the Escrow Agent, or the Pass Through Trustee on behalf of the Escrow Agent, shall be entitled to re-deposit with the Depositary any portion thereof and the Depositary shall accept the same for deposit hereunder. Any sums so received for deposit shall be established as a new Deposit and credited to a new Account, all as more fully provided in Section 2.1 hereof, and thereafter the provisions of this Agreement shall apply thereto as fully and with the same force and effect as if such Deposit had been established on the Deposit Date except that (i) such Deposit may not be withdrawn prior to the date seven days after the establishment thereof and (ii) such Deposit shall mature on June 15, 2000 (as such date may be extended from time to time to the fifteenth day after the Delivery Period Termination Date) and bear interest as provided in Section 2.2. The Depositary shall promptly give notice to the Escrow Agent of the account number assigned to any such re-deposit.

  • Separate Accounts The trustee shall maintain within the trust fund a separate account for each Agricultural Contractor that signs the trust agreement to hold deposits made pursuant to this article.

  • Operating Accounts (a) Maintain its primary operating and other deposit accounts and securities accounts with Bank and Bank’s Affiliates.

  • Collection Accounts Section 3.11 Withdrawals from the Collection Accounts..................... Section 3.12 Investment of Funds in the Collection Accounts and the Distribution Account......................................... Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage........................................ Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements.... Section 3.15

  • Management Accounts The Management Accounts:

  • Completion Accounts 6.1 The Buyer shall procure that the Group prepares drafts of the Completion Accounts and the Statement in the format set out in part 2 of schedule 7 (the “Statement”), on the basis of the accounting policies and procedures set out in schedule 8 and deliver them to the Seller within 40 Business Days of Completion.

  • Lockboxes To the extent items deposited to a Collateral Account have been received in one or more post office lockboxes maintained for Company by Bank (each a “Lockbox”) and processed by Bank for deposit, Company acknowledges that Company has granted Secured Party a security interest in all such items (the “Remittances”). During the term of this Agreement, neither Company nor Servicer will have any right or ability to instruct Bank regarding the receipt, processing or deposit of Remittances, and Secured Party alone will have the right and ability to so instruct Bank. Company, Servicer and Secured Party acknowledge and agree that Bank’s operation of each Lockbox, and the receipt, retrieval, processing and deposit of Remittances, will at all times be governed by Bank’s Master Agreement for Treasury Management Services or other applicable treasury management services agreement, and by Bank’s applicable standard lockbox Service Description.

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