Clearing Account Agreement individually and collectively, each of the seven (7) agreements by and among Lender, the applicable Borrower, the applicable Operating Lessee and Clearing Bank setting forth such Borrower’s, such Operating Lessee’s and Clearing Bank’s obligations relating to the establishment of the applicable Clearing Account and the direct deposit by Tenants (if any) and Credit Card Companies (and the direct deposit by such Borrower or such Operating Lessee, as applicable) of all Rents related the applicable Individual Property to such Clearing Account.
Clearing Account Agreement. Without in any way limiting the foregoing, all Rents received by any Borrower or Manager shall be deposited into the Clearing Account within one Business Day of receipt. Funds deposited into the Clearing Account shall be swept by the applicable Clearing Bank on a daily basis into the Borrowers’ operating account at such Clearing Bank, unless a Cash Management Period is continuing, in which event such funds shall be swept on a daily basis into an Eligible Account at the Deposit Bank controlled by Lender (the "Deposit Account") and applied and disbursed in accordance with this Agreement. Funds in the Deposit Account shall be invested at Lender’s discretion only in Permitted Investments. Lender will also establish subaccounts of the Deposit Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such subaccounts are referred to herein as "Subaccounts"). The Deposit Account and any Subaccount will be under the sole control and dominion of Lender, and Borrowers shall have no right of withdrawal therefrom. Borrowers shall pay for all expenses of opening and maintaining all of the above accounts.
Clearing Account Agreement. 9. Consent and Subordination of Manager. 10. Environmental Indemnity Agreement.
Clearing Account Agreement. 8. Consent and Subordination of Manager.
Clearing Account Agreement. New Borrower agrees and acknowledges that (i) the Clearing Account Agreement, as amended hereby, is in full force and effect and (ii) all actions have been taken to open any new accounts required thereunder for the New Borrower.
Clearing Account Agreement during a Cash Management Period, that agreement on Lender’s then-current form among Lender, Borrower, Manager and Clearing Bank setting forth Borrower’s, Clearing Bank’s and Manager’s obligations relating to the establishment of the Clearing Bank Account, the direct deposit by Tenants of all Rents to the Clearing Bank Account and the daily sweep of Rents by the Clearing Bank to the Deposit Account. Code: the Internal Revenue Code of 1986, as amended and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. Control: with respect to any Person, either (i) ownership, directly or indirectly, of forty-nine percent (49%) or more of all equity interests in such Person or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities, by contract or otherwise. Debt: the unpaid Principal, all interest accrued and unpaid thereon, any Yield Maintenance Premium and all other sums due to Lender in respect of the Loan or under any Loan Document.
Clearing Account Agreement. (a) Borrower represents, warrants and covenants that it shall deposit or cause to be deposited within one Business Day after receipt thereof all Rents collected from the Properties into separate accounts (the "CLEARING ACCOUNTS") established and maintained with one or more banks designated by Borrower. Funds deposited into the Clearing Accounts shall be swept into the Deposit Account on a daily basis. Any amounts deposited into the Deposit Account will be disbursed in accordance with Section 2.2 and the Deposit Account Agreement.
