Operating Bank Account definition

Operating Bank Account means that certain bank account or accounts in which the City deposits the revenues it receives from the PFC and the Airport System.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Operating Bank Account for the Province, means a bank account used only for amounts accredited to the Provincial Fund;

Operating Bank Account means the Bank Accounts in the name of Owner for the payment of Operating Costs and any other costs to be paid pursuant to this Agreement and the deposit of monies related to the Property, which accounts shall be (i) separate and distinct from any other accounts, reserves or deposits required by this Agreement, and (ii) interest bearing accounts if such an account is reasonably available (all interest earned shall be retained in the Operating Bank Account).

Examples of Operating Bank Account in a sentence

• In following the priorities set forth above, 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 Manager has a duty to pay that are not paid on a monthly basis (e.g., real estate taxes, insurance premiums and so on).

• Except as otherwise mutually agreed by the Parties, Manager shall remit to the Owner Account, on a daily basis, any funds in the Operating Bank Account in excess of the Working Capital Balance.

• Owner shall approve, as part of the Approved Annual Plan and Operating Budget, the maximum aggregate amount of Working Capital that may be retained in the Operating Bank Account on a daily basis for the day-to-day operation of the Property (the “Working Capital Balance”).

• Expenditures made by Manager in connection with an emergency shall be paid from the Operating Bank Account.

• The cost of any expenditures provided for in this Section 8.5 shall be paid for first from the Operating Bank Account and, if sufficient funds are not available, Manager shall request such necessary amounts from Owner.

• So long as the Landco Credit Agreement remains in effect, the Manager shall cause all Operating Bank Account to be subject to a control agreement in accordance with the requirements of the Landco Credit Agreement.

• The Servicing Fees shall be paid monthly from the Operating Bank Account, on the Remittance Date of each month, for all Alarm Accounts as of the last Business Day of the immediately preceding month.

• Expenditures made by the Manager in connection with an emergency shall be paid for first by the Company from the Reserve Fund to the extent funds are available, and then from the Operating Bank Account.

• The Servicer shall segregate and hold in trust for Owner all Collections received directly from the Obligors under the Alarm Accounts and shall deposit such Collections, duly endorsed or with duly executed instruments of transfer, in the Operating Bank Account, as the case may be, on or before the Business Day following receipt.

• Servicer shall have no authority to withdraw funds from the Operating Bank Account, the Owner Account or any other bank account of Owner, except as otherwise expressly directed and consented to in writing by Owner.

More Definitions of Operating Bank Account

Operating Bank Account means a Bank Account of an Operating Bank Account Subsidiary that is listed on Amended Schedule 8.29(a) to Amendment No. 11.

Operating Bank Account means such separate operating bank account of the Issuer held with the Paying Agent as is agreed in writing between the Issuer and the Paying Agent from time to time;

Operating Bank Account means the account with the Bank established by Owner pursuant to Section 3.3 and designated on Schedule 1.3, or such other account as may be designated by Owner to Servicer and including bank lock boxes established by Owner and assigned to such account(s).

Operating Bank Account means the Euroaccount held by the Issuer with the Account Bank pursuant to the Account Bank Agreement (or such replacement account as the Trustee may approve from time to time);

Operating Bank Account means the Bank Account maintained by and in the name of the Company for the payment of Operating Costs and the deposit of monies related to the business, which account shall be separate and distinct from any other accounts, reserves or deposits required by this Agreement. The Operating Bank Account shall be an interest bearing account if such an account is reasonably available and all interest earned shall be retained in the Operating Bank Account.