Common use of Clearing Account Clause in Contracts

Clearing Account. individually and collectively, each of the seven (7) accounts established by Operating Lessee for the benefit of Lender at the Clearing Bank for the direct deposit by Tenants (if any) and Credit Card Companies (and the direct deposit by Borrower, Operating Lessee or Manager, as applicable) of all Rents for each Individual Property.

Clearing Account. individually and collectively, each of the seven (7) accounts established by Operating Lessee for the benefit of Mortgage Lender at the Clearing Bank for the direct deposit by Tenants (if any) and Credit Card Companies (and the direct deposit by Mortgage Borrower, Operating Lessee or Manager, as applicable) of all Rents for each Individual Property.