Property Management and Cash Management Requirements Sample Clauses

Property Management and Cash Management Requirements. The Master Property Manager shall coordinate the management of each of the Properties by the related Property Managers under each Property Management Agreement and Eligible Property Management Agreement.
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Property Management and Cash Management Requirements. The Master Property Manager shall coordinate the management of each of the Properties by the related Property Managers under each Property Management Agreement and Eligible Property Management Agreement. The Master Property Manager shall require each Property Manager to (i) deposit all Collections in respect of the Properties managed by such Person into an account maintained by such Property Manager (each, a “Property Manager Account”) and (ii) pay all expenses (either from Collections on deposit in the related Property Manager Account or from advances made by the Master Property Manager to such Property Manager for the purpose of paying such Actual Expenses) necessary to maintain each Property managed by such Property Manager and to maintain the title thereto in the related Borrower free and clear of any and all liens other than Permitted Liens, all home owners association dues with respect to each Property managed by such Property Manager, but excluding taxes and other governmental assessments on each Property managed by such Property Manager and insurance premiums necessary to comply with the Insurance Requirements on each Property managed by such Property Manager (collectively, the “Actual Expenses”). Amounts in each Property Manager Account shall be segregated from other funds or amounts of the related Property Manager and any other client of such Property Manager, provided, however, that Collections in respect of the Properties may be commingled in a Property Manager Account with funds received in respect of the real properties owned by any Affiliate of the Operating Partnership. Each Property Manager shall be required to remit all Net Collections in its Property Manager Account received during each Collection Period to the Collection Account no later than ten (10) calendar days after the end of such Collection Period. Each Property Manager shall maintain books and records such that payments and withdrawals from the related Property Manager Account can be traced to each individual Property, reconciled and identified. All Collections, Condemnation Proceeds, Conveyance Proceeds and Insurance Proceeds (to the extent described in Section 6.7(g)) received directly by any Borrower, the Borrower Representative, the Master Property Manager, as well as any interest received from the investment of such Collections prior to such amounts being remitted to the Collection Account, shall be deposited directly into the Collection Account and each of the Borrowers, t...
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Related to Property Management and Cash Management Requirements

  • Cash Management Systems On or prior to the Closing Date, Borrowers will establish and will maintain until the Termination Date, the cash management systems described in Annex C (the “Cash Management Systems”).

  • Cash Management System Each Borrower shall, and shall cause its Subsidiaries to, establish and maintain the Cash Management Systems described below:

  • Cash Management Services Funds received by Transfer Agent in the course of performing its services hereunder will be held in demand deposit bank accounts or money market fund accounts in the name of Transfer Agent (or its nominee) as agent for the Funds.

  • Cash Management Agreement 11 SECTION 7 – TAXES, REPORTS AND RECORDS............................................................ 11

  • Existing Management and Franchise Agreements Seller has furnished to Buyer true and complete copies of the Existing Management Agreement and the Existing Franchise Agreement, which constitutes the entire agreement of the parties thereto with respect to the subject matter thereof and which have not been amended or supplemented in any respect. There are no other management agreements, franchise agreements, license agreements or similar agreements for the operation or management of the Hotel or relating to the Brand, to which Seller is a party or which are binding upon the Property, except for the Existing Management Agreement and the Existing Franchise Agreement. The Improvements comply with, and the Hotel is being operated in accordance with, all requirements of such Existing Management Agreement and the Existing Franchise Agreement and all other requirements of the Existing Manager and the Franchisor, including all “brand standard” requirements of the Existing Manager and the Franchisor. The Existing Management Agreement and the Existing Franchise Agreement are in full force and effect, and shall remain in full force and effect until the termination of the Existing Management Agreement and the Existing Franchise Agreement at Closing, as provided in Article V hereof. No default has occurred and is continuing under the Existing Management Agreement or the Existing Franchise Agreement, and no circumstances exist which, with the giving of notice, the lapse of time or both, would constitute such a default.

  • Property Management Agreement The Property Management Agreement is in full force and effect and, to Borrower's Knowledge, there are no defaults thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

  • Cash Management Arrangements Borrower shall cause all Rents to be transmitted directly by tenants of the Property into an Eligible Account (the “Clearing Account”) maintained by Borrower at a local bank selected by Borrower, which shall at all times be an Eligible Institution (the “Clearing Bank”) as more fully described in the Clearing Account Agreement. A form of tenant direction letter for such purpose is attached hereto as Schedule 1. Without in any way limiting the foregoing, all Rents received by Borrower or Manager shall be deposited into the Clearing Account within one (1) Business Day of receipt. Funds deposited into the Clearing Account shall be swept by the Clearing Bank on a daily basis into Borrower’s operating account at the Clearing Bank, unless a Cash Management Period is continuing, in which event such funds shall be swept on a daily basis into an Eligible Account at the Deposit Bank controlled by Lender (the “Deposit Account”) and applied and disbursed in accordance with this Agreement. Funds in the Deposit Account shall be invested at Lender’s discretion only in Permitted Investments. Lender will also establish subaccounts of the Deposit Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such subaccounts are referred to herein as “Subaccounts”). The Deposit Account and any Subaccount will be under the sole control and dominion of Lender, and Borrower shall have no right of withdrawal therefrom. Borrower shall pay for all expenses of opening and maintaining all of the above accounts.

  • Cash Management (a) Borrowers shall (i) establish and maintain cash management services of a type and on terms satisfactory to Agent at one or more of the banks set forth on Schedule 2.7(a) (each a "Cash Management Bank"), and shall request in writing and otherwise take such reasonable steps to ensure that all of its Account Debtors forward payment of the amounts owed by them directly to such Cash Management Bank, and (ii) deposit or cause to be deposited promptly, and in any event no later than the first Business Day after the date of receipt thereof, all Collections (including those sent directly by Account Debtors to a Cash Management Bank) into a bank account in Agent's name (a "Cash Management Account") at one of the Cash Management Banks.

  • Banking Services and Swap Agreements Each Lender or Affiliate thereof providing Banking Services for, or having Swap Agreements with, any Loan Party or any Subsidiary or Affiliate of a Loan Party shall deliver to the Administrative Agent, promptly after entering into such Banking Services or Swap Agreements, written notice setting forth the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary or Affiliate thereof to such Lender or Affiliate (whether matured or unmatured, absolute or contingent). In furtherance of that requirement, each such Lender or Affiliate thereof shall furnish the Administrative Agent, from time to time after a significant change therein or upon a request therefor, a summary of the amounts due or to become due in respect of such Banking Services Obligations and Swap Agreement Obligations. The most recent information provided to the Administrative Agent shall be used in determining which tier of the waterfall, contained in Section 2.18(b), such Banking Services Obligations and/or Swap Agreement Obligations will be placed.

  • Cash Management Account Borrower hereby represents and warrants to Lender that:

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