Rental Property Operating Account definition

Rental Property Operating Account means the segregated account or accounts established by the Sellers and the SFR Subsidiary at the Rental Property Operating Account Bank exclusively for the benefit of the Sellers and the SFR Subsidiary (and, with respect to Security Deposits, Tenants to the extent required under applicable law) into which (i) Income received with respect to the Contributed Rental Properties (other than Security Deposits), (ii) all taxes and insurance escrow amounts Contributed Rental Properties and (iii) all Security Deposits with respect to the Contributed Rental Properties, will be deposited and held, and which shall be subject to the Rental Property Operating Account Control Agreement.
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Examples of Rental Property Operating Account in a sentence

  • 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.

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

  • One (1) Business Day prior to each Payment Date, the Property Manager shall remit all amounts in the Rental Property Operating Account and REO Liquidation Account into the Collection Account.