Clearing Account Agreement Sample Clauses

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.
Sample 1Sample 2
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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.
Sample 1
Clearing Account Agreement. 9. Consent and Subordination of Manager. 10. Environmental Indemnity Agreement.
Sample 1
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.
Sample 1
Clearing Account Agreement. 8. Consent and Subordination of Manager.
Sample 1
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.
Sample 1
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.
Sample 1
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Related to Clearing Account Agreement

  • Clearing Account If the Servicer finds it necessary to use a clearing account, the following guidelines must be followed:

  • Deposit Account Control Agreement control agreement satisfactory to Agent executed by an institution maintaining a Deposit Account for an Obligor, to perfect Agent’s Lien on such account.

  • Deposit Account Control Agreements the Deposit Account control agreements to be executed by each institution maintaining a Deposit Account for an Obligor, in favor of Agent, for the benefit of Secured Parties, as security for the Obligations.

  • Establishment of a Lockbox Account, Dominion Account All proceeds of Collateral shall be deposited by Borrower into either (i) a lockbox account, dominion account or such other “blocked account” (“Blocked Accounts”) established at a bank or banks (each such bank, a “Blocked Account Bank”) pursuant to an arrangement with such Blocked Account Bank as may be selected by Borrower and be acceptable to Agent or (ii) depository accounts (“Depository Accounts”) established at Agent for the deposit of such proceeds. Borrower, Agent and each Blocked Account Bank shall enter into a deposit account control agreement in form and substance satisfactory to Agent directing such Blocked Account Bank, upon notice from Agent, to transfer such funds so deposited to Agent, either to any account maintained by Agent at said Blocked Account Bank or by wire transfer to appropriate account(s) of Agent. All funds deposited in such Blocked Accounts shall immediately become the property of Agent and Borrower shall obtain the agreement by such Blocked Account Bank to waive any offset rights against the funds so deposited. Neither Agent nor any Lender assumes any responsibility for such blocked account arrangement, including any claim of accord and satisfaction or release with respect to deposits accepted by any Blocked Account Bank thereunder. All deposit accounts and investment accounts of Borrower are set forth on Schedule 4.15(g). Notwithstanding anything to the contrary set forth in this Section 4.15(g), Borrower shall be permitted to deposit checks or other payments received at Borrower’s locations in the Ordinary Course of Business in deposit accounts which may not be subject to a blocked account or similar agreements; provided that, at no time shall Borrower have more than $50,000 in the aggregate in all such accounts which are not Blocked Accounts or Depository Accounts.

  • Concentration Account Concentration Account" has the meaning set forth in Section 2.3.

  • Account Control Agreement The provisions of Sections 8.02 and 8.05 are subject to the terms of the Account Control Agreement.

  • Depository Accounts Except to the extent that Manager has not complied with its obligations under Sections 2.4 and 5.2, Owner and Manager agree that Manager shall have no liability for loss of funds of Owner contained in the bank accounts for the Property maintained by Owner or Manager pursuant to this Agreement due to insolvency of the bank or financial institution in which its accounts are kept, whether or not the amounts in such accounts exceed the maximum amount of federal or other deposit insurance applicable with respect to the financial institution in question.

  • Depository Account A trust fund account for the benefit of Owner established and maintained in an FDIC insured or guaranteed account to be opened by the Owner.

  • Account Control Agreements Account Control Agreements for all of Borrower’s deposit accounts and accounts holding securities duly executed by all of the parties thereto, in the forms provided by or reasonably acceptable to Lender.

  • Establishment of Custodial Accounts; Deposits in Custodial Accounts The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts. The creation of any Custodial Account shall be evidenced by a Custodial Account Letter Agreement in the form of Exhibit 7. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:

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