Property Accounts. (a) All funds received by Property Manager derived from the operation of the Property, as well as working capital furnished by Owner, shall be deposited in an account (the "Property Bank Account") in Property Manager’s name, as agent for Owner, in an FDIC-insured bank designated or approved by Owner, which such account will be in compliance with applicable law. Owner may direct Property Manager to change depository banks or the depository arrangements. All funds so deposited shall be deemed to be trust funds held by Property Manager for the benefit of Owner and shall be held and disbursed as provided herein. Property Manager shall establish another custodial and/or trust account as required by applicable law or the Owner for the deposit of tenant security deposits (the "TSD Account").
Property Accounts. (a) All funds received by Agent derived from the operation of the Property, as well as working capital furnished by Owner, shall be deposited in an account (the “Property Bank Account”) in Agent’s name, as agent for Owner, in an FDIC-insured bank designated or approved by Owner, which such account will be in compliance with applicable law. Owner may direct Agent to change depository banks or the depository arrangements. All funds so deposited shall be deemed to be trust funds held by Agent for the benefit of Owner and shall be held and disbursed as provided herein. Agent shall establish another custodial and/or trust account as required by applicable law or the Owner for the deposit of tenant security deposits (the “TSD Account”).
Property Accounts. (a) All funds received by Property Manager derived from the operation of the Property, as well as working capital furnished by Owner, shall be deposited in an account (the “Property Bank Account”) in the Property’s name, as established by Legacy, which such account will be in compliance with applicable law. All funds so deposited shall be deemed to be trust funds held for the benefit of Owner. Legacy shall establish another custodial and/or trust account as required by applicable law or the Owner for the deposit of tenant security deposits (the “TSD Account”).
Property Accounts. (a) All funds received by Property Manager derived from the operation of the Property, as well as working capital furnished by Owner, shall be deposited in an account (the “Property Bank Account”) in Property Manager’s name, as agent for Owner, in an FDIC-insured bank designated or approved by Owner, which such account will be in compliance with applicable law. The Property Bank Account will include, if available, services to deter check fraud and other unauthorized bank transactions. Owner may direct Property Manager to change depository banks or the depository arrangements. All funds so deposited shall be deemed to be trust funds held by Property Manager for the benefit of Owner and shall be held and disbursed as provided herein. Property Manager shall establish another custodial and/or trust account as required by applicable law or the Owner for the deposit of tenant security deposits (the “TSD Account”).
Property Accounts. Manager shall open a bank account, to be known as the “Operating Account”, or a name of similar import. Owner shall designate the bank in which such account shall be established. Manager shall deposit all rent, proceeds or other sums received by Manager from tenants or occupants of the Property or collected by Manager in connection with the management and operation of the Property (“Gross Income”) into the Operating Account to be held in trust for the benefit of Owner. The Operating Account shall be used to pay Manager’s compensation and to pay the normal and reasonable expenses incurred in the operation of the Property. If at any time Gross Income from the Property is not sufficient to pay the expenses incurred in connection with the management and operation of the Property as authorized by this Agreement, Manager shall submit to Owner a statement of such expenses and the funds that will be required to satisfy the same and Owner shall deposit sufficient moneys into the Operating Account to pay such expenses. At Owner’s request, Manager shall keep the Operating Account open for a period of three (3) months from the date of termination of this Agreement. Manager will verify and pay all appropriate invoices relating to the period prior to termination and will furnish monthly financial statements as specified in Section 6.1 below.
Property Accounts. For so long as Tenant shall elect to have Landlord perform the following service, Landlord will, as agent of Tenant, maintain on behalf of PPPC a checking account (the “Operating Account”) and an investment or market account (the “Grant Account”, and the Operating and the Grant Account are collectively called , the “Property Account”). In connection with performing this service, Landlord shall cause to be delivered to Tenant (i) monthly statement of such accounts, and (ii) such other reports and information as shall be reasonably required by Tenant. Checks drawn against the Operating Account may at the direction of Tenant, be made upon the signature of a duly authorized representative of Landlord and shall be made for the following when due:
Property Accounts. (a) All funds received by Property Manager derived from the operation of the Property, as well as working capital furnished by Owner, shall be deposited in an account (the "Property Bank Account") in Property Manager’s name, as agent for Owner, in an FDIC-insured bank designated or approved by Owner, which such account will be in compliance with applicable law. Owner may direct Property Manager to change depository banks or the depository arrangements. All funds so deposited shall be deemed to be trust funds held by Property Manager for the benefit of Owner and shall be held and disbursed as provided
Property Accounts. Borrower will set up and maintain all operating accounts and other accounts related to the Property with Agent and shall maintain monthly minimum balances sufficient to cover demand deposit account activities.
Property Accounts. Schedule 4.29 hereof contains as of the Closing Date a complete and accurate list of all Property Accounts maintained with any bank or other financial institution by the Borrower, each of which financial institutions shall be an Approved Bank and shall have executed a Deposit Account Control Agreement.
Property Accounts. [The Financing Documents impose certain terms, conditions and restrictions on the accounts used in connection with the operation and ownership of the Premises and the application of any revenues or receipts from the Premises, including the Operating Account. The Manager shall be subject to and be bound by such terms, and conditions and provisions. Without the prior written consent of the Administrative Agent, the Manager shall not close any Property Account or open or use any other account in connection with the operation or ownership of the Premises or the application of any revenues or receipts from the Premises. The Manager acknowledges that all accounts created by the Manager pursuant to the Management Agreement or by the Owner are subject to the superior priority lien and effect of the Financing Documents.](1)
