Use of Operating Account Sample Clauses

Use of Operating Account. CCP shall draw upon each Project Participant’s Operating Account each month in an amount equal to the Monthly Costs multiplied by such Project Participant’s Entitlement Share. As required by Section 9.5, each Project Participant must deposit sufficient funds into such Project Participant’s Operating Account by the deadline specified in Section 9.5.
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Use of Operating Account. To the extent there are adequate funds' available therein, the Operating Account shall be used to pay any and all direct or indirect expenses or Reimbursable Costs (as defined in Schedule 7.1) of Owner relative to the operation of the Center. This shall include, without limitation, those costs and expenses incurred by Manager on behalf of Owner hereunder to the extent authorized herein. The right of Manager to withdraw funds from the Operating Account for the purposes set forth herein IS a material inducement to Manager to enter into this Agreement, and is a material factor in Manager's ability to perform hereunder.
Sample 1
Use of Operating Account. To the extent there are adequate funds available therein, the Operating Account shall be used to pay any and all direct or indirect expenses or Reimbursable Costs (as defined in Schedule 7. 1) of the Owner relative to the operation of the Center. This shall include, without limitation, those costs and expenses incurred by Consultant on behalf of Owner hereunder and those costs and expenses incurred by Manager on behalf of Owner as set forth in the Management Agreement, in each case to the extent authorized herein and therein. The right of Consultant to withdraw funds from the Operating Account for the purposes set forth herein is a material inducement to Consultant to enter into this Agreement, and is a material factor in Consultant's ability to perform hereunder. Therefore, Manager and Owner hereby each agree that, until the termination of this Agreement as set forth herein, appropriate representatives of Consultant shall have authority to withdraw funds from the Operating Account for the payment of such direct expenses and Reimbursable Costs, and Manager and Consultant agree to coordinate with each other and keep each other reasonably informed with respect to their activities relative to the Operating Account. Consultant hereby acknowledges and agrees that Manager, pursuant to the Management Agreement, and Owner shall also have concurrent authority to withdraw funds from the Operating Account for similar purposes.
Sample 1

Related to Use of Operating Account

  • Hours of Operation Tenant will carry on its business diligently and continuously in the Premises and will keep the Premises open for business not less than sixteen (16) consecutive hours each day seven (7) days per week, including holidays. Director or his/her representative may, from time to time, change such required hours of operation, in which event, Tenant will remain open during such revised hours. Similarly, Tenant may, from time to time, request to revise its hours of operation. Such change must be approved by Director or his/her representative, in writing, prior to its occurrence. Tenant may not, at any time, vacate or abandon the Premises.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Management Accounts The Management Accounts:

  • Cessation of Operations Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

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