Approved Operating Account definition

Approved Operating Account means one or more accounts established by the Approved Property Manager pursuant to an Approved Management Agreement, which account or accounts are (i) owned by Operating Lessee and pledged to Lender and (ii) subject to an Account Control Agreement, pursuant to which Lender shall have the right to control the disbursement of the funds contained therein, in the event the Approved Management Agreement is terminated.
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Approved Operating Account means the Hyatt Operating Account or any other comparable account or accounts established by the Approved Property Manager pursuant to an Approved Management Agreement, which account or accounts are (i) owned by Operating Lessee and pledged to Lender and (ii) subject to an Account Control Agreement, pursuant to which Lender shall have the right to control the disbursement of the funds contained therein, in the event the Approved Management Agreement is terminated.
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Approved Operating Account means the “Depository Account” and the "Controlled Disbursement Account" established under, and as defined in Section 6.1 of the ▇▇▇▇▇▇▇ Hospitality Management Agreement, and any other comparable accounts established by the Approved Manager pursuant to an Approved Management Agreement, which accounts shall be at an Eligible Institution and which account shall be (i) owned by Operating Lessee and pledged to Lender, and (ii) subject to an Account Control Agreement, pursuant to which Lender shall have the right to control the disbursement of the funds contained therein in the event that the Approved Management Agreement is terminated and is not replaced with another Approved Management Agreement.
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Examples of Approved Operating Account in a sentence

  • Borrower shall not permit the amounts contained in the Approved Operating Account, the Approved FF&E Account or any other account owned by Borrower or Operating Lessee to be commingled with the funds of any other Person.

  • The Approved FF&E Account and the Approved Operating Account are pledged to Lender pursuant to Section 3.10.

  • All costs and expenses incurred in connection with the operation of the Property shall be paid solely from the Approved Operating Account or, solely with respect to FF&E, from the Approved FF&E Account (or, to the extent permitted or required herein, the Cash Management Account), and no other account.

  • Subject and pursuant to the Approved Management Agreement and the Starwood SNDA, the Approved Manager shall be permitted to pay all costs and expenses incurred in connection with the operation of the Property and all other amounts required or permitted to be paid by the Approved Manager in the performance of its duties and obligations with respect to the Property out of the Approved Operating Account or the Approved FF&E Account.

  • Borrower and Operating Lessee shall not make any withdrawals out of, or transfers from, the Approved FF&E Account and the Approved Operating Account during the continuance of an Event of Default.

  • All costs and expenses incurred in connection with the operation of the Property shall be paid solely from the Approved Operating Account or the Approved FF&E Account (or, to the extent permitted or required herein, the Cash Management Account), and no other account.

  • All credit card receivables, all cash Revenues and all other money received by Borrower, Operating Lessee or the Approved Property Manager with respect to the Property shall be deposited into the Approved Operating Account, which account has been pledged to Lender pursuant to this Agreement.

  • Subject and pursuant to the Approved Management Agreement and the Subordination of Management Agreement, the Approved Manager shall be permitted to pay all costs and expenses incurred in connection with the operation of the Property and all other amounts required or permitted to be paid by the Approved Manager in the performance of its duties and obligations with respect to the Property out of the Approved Operating Account or the Approved FF&E Account.

  • Operating Lessee shall not, without obtaining the prior written consent of Lender, assign or grant any security interest in the Approved Operating Account, or permit any Lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC Financing Statement.

  • Subject and pursuant to the Approved Management Agreement and Assignment of Management Agreement, the Approved Manager shall be permitted to pay all costs and expenses incurred in connection with the operation of the Property and all other amounts required or permitted to be paid by the Approved Manager in the performance of its duties and obligations with respect to the Property out of the Approved Operating Account or the Approved FF&E Account.