Application of Operating Account Clause Samples

The Application of Operating Account clause defines how funds held in an operating account are to be managed and distributed. Typically, this clause outlines the order in which payments are made from the account, such as covering operating expenses, debt service, and distributions to stakeholders. By establishing a clear hierarchy for the use of funds, this clause ensures that essential obligations are met first and helps prevent disputes over the allocation of available resources.
Application of Operating Account. The Borrower shall procure that there is transferred from the Operating Account to the Lender: 11.4.1 on the due date for repayment of each Drawing, the amount of that Drawing; and 11.4.2 on each Interest Payment Date in respect of a Drawing, the amount of interest due in respect of that Drawing, and the Borrower irrevocably authorises the Lender to make those transfers.
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Application of Operating Account. (a) The Bank shall be entitled (but not obliged) at any time to deduct from the balance for the time being standing to the credit of the Operating Account all other moneys which may fall due to be paid to the Bank under the terms of the Security Documents or otherwise howsoever in connection with the Loan. (b) At any time after the occurrence of an Event of Default, the Bank may, without notice to the Borrower, apply all moneys then standing to the credit of the Operating Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to the Bank under the Security Documents in the manner specified in Clause 15.
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Application of Operating Account. At any time after the occurrence of an Event of Default, the Agent may, and on the instructions of the Majority Banks shall, without notice to the Borrowers, instruct the Account Bank to apply all moneys then standing to the credit of the Operating Accounts or either of them (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to the Creditors or any of them under the Security Documents in the manner specified in clause 13.1.
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Related to Application of Operating Account

  • Cessation of Operations Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

  • Payment of Operating Expenses Subject to the provisions of Section 6.08(c), Borrower will (i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added, and (ii) pay Insurance premiums at least 30 days prior to the expiration date of each policy of Insurance, unless applicable law specifies some lesser period.

  • Definition of Operating Expenses Operating Expenses" shall mean and include all expenses incurred and payable in connection with the ownership, operation, maintenance, repair and management of the Premises and the improvements thereon and, without restricting the generality of the foregoing, shall include:

  • Portfolio Accounting Services (1) Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Fund’s investment adviser. (2) For each valuation date, obtain prices from a pricing source approved by the board of trustees of the Trust (the “Board of Trustees”) and apply those prices to the portfolio positions. For those securities where market quotations are not readily available, the Board of Trustees shall approve, in good faith, procedures for determining the fair value for such securities. (3) Identify interest and dividend accrual balances as of each valuation date and calculate gross earnings on investments for each accounting period. (4) Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains or losses to shareholders and maintain undistributed gain or loss balances as of each valuation date. (5) On a daily basis, reconcile cash of the Fund with the Fund’s custodian. (6) Transmit a copy of the portfolio valuation to the Fund’s investment adviser daily. (7) Review the impact of current day’s activity on a per share basis, and review changes in market value.

  • Duration of Operating Expense Limit The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.