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

  • If Lender elects to apply funds of any such Sub-Account or Non-Marriott Property Operating Account to pay any Required Debt Service Payment, Borrowers shall, upon demand, repay to Lender the amount of such withdrawn funds to replenish such Sub-Account or Non-Marriott Property Operating Account , and if Borrowers fail to repay such amounts within five (5) days after notice of such withdrawal, an Event of Default shall exist hereunder.

  • 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.

  • If a Non-Marriott Property Operating Account Cash Trap Period has occurred and exists, Lender may, in its sole discretion, in addition to any other rights and remedies available hereunder, withdraw funds from the Non-Marriott Property Operating Account to apply to payment of the Indebtedness.

  • 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.

  • Manager may terminate this Agreement if Owner fails to respond to Manager's notice of shortfall to maintain the Minimum Balance in the Property Operating Account or if Owner fails to fund the Property's share of Multi Property Expenses to the Property Operating Account within 5 days from receipt of notice from Manager to do so.

  • In the event that the balance in the Property Operating Account is at any time insufficient to pay expenses or to maintain such Minimum Balance, Manager shall inform Owner of that fact and Owner shall then remit to Manager sufficient funds to cover the deficiency.

  • 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.

  • Manager shall, monthly, no later than the 25th day of each month disburse to Owner all funds in the Property Operating Account in excess of those necessary to pay all expenses and to maintain the Minimum Balance.

  • Manager will establish and maintain, at a local bank designated by Owner, an operating account from which all operating expenses associated with the Property shall be paid (the "Property Operating Account").

  • Manager shall have a right to retain a reasonable amount (not less than the Minimum Balance) of funds from the Property Operating Account to cover any unpaid operating expenses related to the period prior to termination and Owner's obligations under this Agreement provided that Manager shall use commercially reasonable efforts to close such matters as promptly as possible after termination, and return any excess funds to Owner.

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 3.03 of this Agreement;

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

  • At-home recovery visit means the period of a visit required to provide at home recovery care, without limit on the duration of the visit, except each consecutive four (4) hours in a twenty-four-hour period of services provided by a care provider is one visit.

  • 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 the Revenue Account, the Operating Account, the Maintenance Capital Expense Account, the Debt Service Reserve Account, the Insurance and Condemnation Proceeds Accounts and the Extraordinary Proceeds Account, including any sub-account within such accounts.

  • 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, in relation to any Reporting Period, the Franchisee’s management accounts which: (a) comply with paragraph 3.10 of Schedule 13 (Information and Industry Initiatives); and (b) are required to be delivered to the Secretary of State by the Franchisee in accordance with paragraphs 3.2 and 3.3 of Schedule 13 (Information and Industry Initiatives);

  • Debt Service Reserve Account as defined in the Depositary 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.

  • Individual development account means a contract between an account holder and a fiduciary organization, for the deposit of funds into a financial institution by the account holder, and the deposit of matching funds into the financial institution by the fiduciary organization, to allow the account holder to accumulate assets for use toward achieving a specific purpose approved by the fiduciary organization.

  • 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 and maintained pursuant to Section 3.25.

  • 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.

  • Collateral Proceeds Account a non-interest bearing cash collateral account established and maintained by the relevant Grantor at an office of the Collateral Account Bank in the name, and in the sole dominion and control of, the Collateral Agent for the benefit of the Secured Parties.

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

  • Property Owner Association Property means, for each Fiscal Year, any property within the boundaries of IA No. 1 that was owned by a property owner association, including any master or sub-association, as of January 1 of the prior Fiscal Year.

  • 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.