Property Operating Account definition

Property Operating Account means a depositary account in the name of a Borrower or the Equity Owner maintained at a Property Account Bank into which operating funds of the Borrowers are held or deposited.
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Property Operating Account shall have the meaning set forth in Section 10.1 hereof.
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Property Operating Account. As defined in Section 3.02.
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Examples of Property Operating Account in a sentence

  • During the continuance of any Non-Marriott Property Operating Account Cash Trap Period, no Borrower or Operating Lessee shall have any right of withdrawal in respect to the Non-Marriott Property Operating Account.

  • Provided that no Non-Marriott Property Operating Account Cash Trap Period is continuing, the Non-Marriott Property Operating Account shall be under the sole dominion and control of Borrower, and Borrower shall have full access thereto and right of withdrawal therefrom for payment of operating expenses relating to the Non-Marriott Properties.

  • All amounts received by the Borrower Representative hereunder shall be deposited into the applicable Borrower’s Property Operating Account or General Operating Account; provided that the foregoing requirement shall not restrict any Borrower from making any Restricted Junior Payment of funds received by the Borrower Representative pursuant to Section 2.06(c)(viii) if such funds could be distributed as a Restricted Junior Payment by such Borrower pursuant to Section 5.05(m) on such date.

  • One Business Day prior to each Payment Date, the Property Manager shall cause the Bank to remit all amounts in the Rental Property Operating Account and REO Liquidation Account into the Collection Account.

  • Each Seller shall not and shall cause each Seller Party Subsidiary to not pledge, transfer or convey any security interest in the Collection Account, Rental Property Operating Account or the REO Liquidation Account to any Person without the express written consent of Buyer.

  • Unless notified otherwise by Owner, Manager will pay all sums out of the Property Operating Account from time to time due from the Owner of the Properties and otherwise comply with the obligations of such Owner under any mortgages, deed of trust, leases, easements, restrictions, service contracts and other agreements now or hereafter affecting each Property, copies of which have been supplied to Manager (the "Property Documents").

  • Borrower shall, or shall cause its Material Subsidiaries to, deposit all income from an Eligible Property into the applicable Eligible Property Operating Account.

  • Manager shall give Owner prompt notice of any expenses for the payment of which Manager does not have sufficient funds from collections and the Property Operating Account.

  • If no Default exists at the time of any deletion of a Property from qualifying as an Eligible Property, any Material Subsidiary which owned such Property, but that does not otherwise own any other Eligible Property, shall be released from its obligations under its Guaranty, and the Mortgage encumbering such Eligible Property and the Security Agreement re: Operating Account for the applicable Eligible Property Operating Account shall be released.

  • Any amount which Owner may dispute shall not be payable until the dispute has been resolved, but shall be retained in the Property Operating Account pending resolution; provided, that the undisputed portion shall be paid as scheduled.

Related to Property Operating Account

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

  • Operating Accounts shall have the meaning ascribed to it in Section 4.03.A.

  • Project Account means the account referred to in Section 3.04 (a) of this Agreement;

  • Property Owners association" or "association" means an incorporated or unincorporated entity upon

  • Property Manager means an entity that has been retained to perform and carry out at one or more of the Properties property-management services, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid by the tenant at such Property.

  • Property Management Fee means the fee payable to the Manager for its day-to-day management of the Property pursuant to the Management Agreement.

  • Project Accounts means accounts referred to in and required to be established under the Senior Funding Agreements;

  • Property Owner means any person shown as the owner of land on the last equalized assessment roll or otherwise known to be the owner of land by the city council. “Business owner” means any person recognized by the city as the owner of the business. “Owner” means either a business owner or a property owner. The city council has no obligation to obtain other information as to the ownership of land or businesses, and its determination of ownership shall be final and conclusive for the purposes of this part. Wherever this part requires the signature of the property owner, the signature of the authorized agent of the property owner shall be sufficient. Wherever this part requires the signature of the business owner, the signature of the authorized agent of the business owner shall be sufficient.

  • Management Accounts means unaudited accounts which shall incorporate a profit and loss statement, cash flow statement and balance sheet.

  • Debt Service Reserve Account shall have the meaning given to it in the Depository Agreement.

  • Construction Account means the account by that name established in the FGR Subordinated Indebtedness Fund pursuant to the Second Resolution.

  • Seller Account shall have the meaning set forth in the preamble of this Agreement.

  • Billing Account is the checking account from which all Service fees will be automatically debited.

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Expense Account The account established pursuant to Section 10.3(c).

  • Debt Service Fund means the fund so designated in, and created pursuant to, Section 502 hereof.

  • Required Repair Account shall have the meaning set forth in Section 7.1.1 hereof.

  • Hotel Property means a Property on which there is located an operating hotel.

  • Retained asset account means any mechanism whereby the settlement of proceeds payable under a policy or contract is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer or its agent, pursuant to a supplementary contract not involving annuity benefits other than death benefits.

  • Net operating loss means a loss incurred by a person in the operation of a trade or business. "Net operating loss" does not include unutilized losses resulting from basis limitations, at-risk limitations, or passive activity loss limitations.

  • Debt Service Account means the Debt Service Account for General Obligation Temporary Notes, Series 2017-1 (within the Bond and Interest Fund) created pursuant to Section 501 hereof.