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Account to pay any Required Debt Service Payment, Borrowers shall, upon demand, repay to Lender the amount of such withdrawn funds to replenish such Sub-Account or Non-Marriott Property Operating Account , and if Borrowers fail to repay such amounts within five (5) days after notice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

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • Funds may be transferred out of the Development Operating Account and Property Operating Account using cheques or electronic payments.