Borrower Operating Account Sample Clauses

Borrower Operating Account. The Credit Parties shall cause to be established and maintained a deposit account at the Account Bank in the name of the Borrower designated as the Borrower Operating Account and the Borrower shall provide the account number of the Borrower Operating Account to the Administrative Agent as to which the Administrative Agent shall have control within the meaning of Section 9-104(a)(2) of the UCC pursuant to the Borrower Operating Account Control Agreement. The taxpayer identification number associated with the Borrower Operating Account shall be that of the Borrower and the Borrower will report for federal, state and local income taxes, the income, if any, represented by the Borrower Operating Account. No checks shall be issued, printed or honored with respect to the Borrower Operating Account. In the event that any initial or any successor Account Bank ceases to be a Qualified Institution, the Borrower shall, within thirty (30) days thereof, establish new Accounts at a Qualified Institution, and if the related Account is a Controlled Account, prior to establishing any such new Account, the Borrower shall cause each Qualified Institution with which it seeks to establish such Account to enter into a control agreement similar to the Borrower Operating Account Control Agreement with respect thereto in form and substance reasonably satisfactory to the Administrative Agent.

Borrower Operating Account. Provided no Event of Default has occurred and is continuing, subject to the terms of the Loan Documents, Borrower shall be entitled to cause funds on deposit in the Borrower Operating Account to be applied to the Project Related Costs that are scheduled to be paid during such month pursuant to the Project Budget, and Borrower shall not disburse amounts on deposit in the Borrower Operating Account for any other purpose. On a quarterly basis as of the first Payment Date following each calendar quarter, Borrower shall deliver to Agent a reconciliation of amounts funded into the Borrower Operating Account pursuant to the Loan Documents on account of Project Related Costs with the actual amount expended during such preceding quarter for Project Related Costs, with any resulting surplus or deficiency being credited or debited, as applicable, against amounts to be advanced for Project Related Costs pursuant to the Loan Documents. In no event shall Borrower disburse or direct the disbursement of any amounts in the Borrower Operating Account to a Borrower Related Party, except in connection with the payment of fees pursuant to Affiliate Contracts.