Approved Operating Account definition

Approved Operating Account means the “Depository Account” and the "Controlled Disbursement Account" established under, and as defined in Section 6.1 of the Xxxxxxx 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.
Sample 1
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.
Sample 1
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.
Sample 1

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.

  • 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.

  • Upon payment in full of the Debt, any funds remaining in the Accounts, the Approved Operating Account, or the Approved FF&E Account shall be disbursed to Borrower or Operating Lessee pursuant to the written instructions of Borrower.

  • To the extent that any Accounts are collected by Borrower or any other cash payments received by Borrower are not sent directly to an Approved Operating Account but are received by Borrower, such collections and proceeds shall be held in trust for the benefit of Lender and immediately remitted (and in any event within five (5) Business Days) to an Approved Operating Account.

  • 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.

  • Until expended or applied in accordance herewith, the Accounts, the Approved Operating Account, and the Approved FF&E Account shall constitute additional security for the payment of the Debt and the performance of the Other Obligations.

  • 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.

  • Borrower hereby grants to Lender a first-priority perfected security interest in each of the Accounts, the Account Collateral, the Approved Operating Account, and the Approved FF&E Account, as additional security for the payment of the Debt and the performance of the Other Obligations.

  • 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.

  • 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.

Related to Approved Operating Account

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

  • Operating Accounts shall have the meaning ascribed to it in Section 4.03.A.

  • Management Accounts means the unaudited balance sheet of the Seller as at the Management Accounts Date and the unaudited statements of profit and loss of the Seller for the period commencing from 1st January 2007 and ended on the Management Accounts Date prepared in accordance with US GAAP and in a manner consistent with past practice, copies of which are annexed hereto as Exhibit B.

  • Management Accounts Date means 30 September 2023;

  • Required Repair Account shall have the meaning set forth in Section 7.1.1 hereof.

  • Project Account means the account referred to in Section 3.04 (a) of this Agreement;

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Loss Proceeds Account has the meaning set forth in Section 3.3(a).

  • Billing Account is the checking account from which all Service fees will be automatically debited.

  • Approved Deposit Account means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Loan Party with a Deposit Account Bank. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Disbursement Account means, in respect of each Tranche, the bank account set out in the most recent List of Authorised Signatories and Accounts.

  • Project Accounts means the accounts referred to in Section 3.03 (a) of this Agreement;

  • Expense Account has the meaning given to such term in Section 3.01(a) hereof.

  • Energy Accounts means the regional energy accounts/state energy accounts as specified in the Grid Code issued by the appropriate agency for each Month (as per their prescribed methodology), including the revisions and amendments thereof;

  • Completion Accounts means the consolidated balance sheet of the Target Group as at the close of business on the date of Completion and a consolidated profit and loss account of the Target Group for the period from the Last Accounts Date up to and including the date of Completion, which shall be prepared in accordance with Schedule 5.

  • Concentration Account Agreement as defined in subsection 4.16(b).

  • Disbursement Accounts has the meaning ascribed to it in Annex C.

  • Subsidy Account If the Trust Estate contains any Subsidy Loans, the deposit account or accounts created and maintained by the Servicer for deposit of Subsidy Funds and amounts payable under interest subsidy agreements relating to mortgage loans other than the Mortgage Loans.

  • Client Account means the unique personalized account of the Client consisting of all Completed Transactions, Open Positions and Orders on the Platform, the Balance of the Client money and deposit/withdrawal transactions of the Client money. It is understood that the Company may use the term Trading Account or Account on its Website or communications, which shall mean your Client Account.

  • Facility Account means the account of Seller at Bank One, Account ---------------- No. 10-36987.

  • Individual development account means a contract between an account holder and a fiduciary organization, for the deposit of funds into a financial institution by the account holder, and the deposit of matching funds into the financial institution by the fiduciary organization, to allow the account holder to accumulate assets for use toward achieving a specific purpose approved by the fiduciary organization.

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Lock-Box Account With respect to any Mortgaged Property, if applicable, any account created pursuant to any documents relating to a Mortgage Loan or Serviced Loan Combination to receive rental or other income generated by the Mortgaged Property. Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Loan Combination and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.

  • Designated Disbursement Account means the account of the Borrower maintained with the Administrative Agent or its Affiliate and designated in writing to the Administrative Agent as the Borrower’s Designated Disbursement Account (or such other account as the Borrower and the Administrative Agent may otherwise agree).

  • Initial Reserve Account Deposit means $3,000,000.