Common use of Operating Revenues Clause in Contracts

Operating Revenues. In the event the Project produces gross operating revenues, Borrower shall establish with Lender or, at Lender's option, B▇▇▇ Bank, an interest bearing operating account for the Project (the "Project Operating Account") into which Borrower shall deposit, on the Business Day received or, if received on a day which is not a Business Day, the first Business Day following the day of receipt, all revenue associated with the Project (including any Net Operating Income distributed by Hotel Operator to the Borrower), and from which Borrower shall make withdrawals to pay all operating expenses (other than interest on the Loan) of the Project and, to the extent of any remaining Net Operating Income, payments on the Loan pursuant to Section 4.5 if accepted by Lender and to fund the Additional Interest Reserve if required by Section 10.4. Borrower's failure to deposit operating revenues or Net Operating Income into the Project Operating Account as set forth above shall constitute an Event of Default hereunder. In the event that there is excess Net Operating Income in the Project Operating Account after satisfaction of the requirements of this paragraph, they may be retained by Borrower and disbursed at Borrower's discretion pursuant to and upon satisfaction of the requirements of Section 4.5. Borrower hereby pledges the Project Operating Account and all funds on deposit therein to Lender subject, however, to Borrower's rights to excess Net Operating Income under Section 4.5. Borrower hereby pledges, to the extent permitted by, and subject to the limits of, the Hotel Operating Agreement and the Non-Disturbance Agreement, all other accounts to be established in accordance with the terms and provisions of the Hotel Operating Agreement, and all funds on deposit therein to Lender. Prior to the opening of the Hotel, Borrower shall deliver, or shall cause to be delivered, to Lender, a control agreement from each depository bank with which each such Hotel operating account has been established substantially similar in form and substance to the reasonable form of same prepared by Lender's legal counsel to the extent a pledge is permitted under the Hotel Operating Agreement and the Non-Disturbance Agreement.

Operating Revenues. In the event the Project produces gross operating revenues, Borrower shall establish with Senior Lender or, at Lender's option, Bor ▇▇▇▇ Bank, an interest bearing operating account for the Project (the "“Project Operating Account"”) into which Borrower shall deposit, on the Business Day received or, if received on a day which is not a Business Day, the first Business Day following the day of receipt, all revenue associated with the Project (including any Net Operating Income distributed by Hotel Operator to the Borrower), and from which Borrower shall make withdrawals to pay all operating expenses (other than interest on the Loan) of the Project and, to the extent of any remaining Net Operating Income, payments on the Senior Loan pursuant to Section 4.5 if accepted by Lender as set out in the Senior Loan Agreement. Effective upon the payment in full of the Senior Loan and to fund the Additional Interest Reserve if required by Section 10.4. Borrower's failure to deposit operating revenues or Net Operating Income into release of Senior Lender’s lien on the Project Operating Account as set forth above shall constitute an Event of Default hereunder. In the event that there is excess Net Operating Income in the Project Operating Account after satisfaction of the requirements of this paragraphAccount, they may be retained by Borrower and disbursed at Borrower's discretion pursuant to and upon satisfaction of the requirements of Section 4.5. Borrower hereby pledges to Lender, (A) the Project Operating Account and all funds on deposit therein to Lender subjecttherein, howeverand, to Borrower's rights to excess Net Operating Income under Section 4.5. Borrower hereby pledges, (B) to the extent permitted by, and subject to the limits of, the Hotel Operating Agreement and the Non-Disturbance Agreement, all other accounts to be established in accordance with the terms and provisions of the Hotel Operating Agreement, and all funds on deposit therein to Lendertherein. Prior to the opening of the Hotel, Borrower shall deliver, or shall cause to be delivered, to Senior Lender, a control agreement from each depository bank with which each such Hotel operating account has been established substantially similar in form and substance to the reasonable form of same prepared by Senior Lender's ’s legal counsel to the extent a pledge is permitted under the Hotel Operating Agreement and the Non-Disturbance Agreement. Upon payment in full of the Senior Loan and the release of all of Senior Lender’s liens and security interests against the Property, Borrower shall deliver, or shall cause to be delivered, to Lender, a control agreement from each depository bank with which the Project Operating Account and each such Hotel operating account has been established substantially similar in form and substance to the reasonable form of same prepared by Senior Lender’s legal counsel to the extent a pledge is permitted under the Hotel Operating Agreement and the Non-Disturbance Agreement.

Operating Revenues. In the event the Project produces gross operating revenues, Borrower shall establish with Lender or, at Lender's option, B▇▇▇ Bank, (i) an interest bearing operating account for the Project (other than the "Project Operating Account"Hotel) into which Borrower shall deposit, on the Business Day received or, if received on a day which is not a Business Day, the first Business Day following the day of receipt, deposit all revenue associated with the Project (including any Net Operating Income distributed by Hotel Operator to other than the BorrowerHotel), and from which Borrower shall make withdrawals to pay all operating expenses of the Project (other than interest on the LoanHotel) of the Project and, to the extent of any remaining Net Operating Income, payments interest due on the Loan pursuant in accordance with Section 10.4, and (ii) an interest bearing Hotel revenue account into which Borrower shall deposit or shall cause to Section 4.5 if accepted be deposited all Net Operating Income distributed by Lender Hotel Operator to Borrower, and to fund from which Borrower shall pay interest due on the Additional Interest Reserve if required by Loan in accordance with Section 10.4. Borrower's ’s failure to deposit operating revenues or Net Operating Income into the Project Operating Account such accounts as set forth above shall constitute an Event of Default hereunder. In the event that there is excess Net Operating Income Income, together, in such accounts exceeds the monthly interest due, the then excess shall remain in the Project Operating Account after satisfaction applicable account for the payment of the requirements of this paragraph, they may be retained by Borrower and disbursed at Borrower's discretion pursuant to and upon satisfaction of the requirements of Section 4.5future month’s interest. Borrower hereby pledges the Project Operating Account each such account and all funds on deposit therein to Lender subject, however, to Borrower's rights to excess Net Operating Income under Section 4.5Lender. Borrower hereby pledges, to the extent permitted by, and subject to the limits of, the Hotel Operating Agreement and the Non-Disturbance Agreement, all other accounts to be established in accordance with the terms and provisions of the Hotel Operating Agreement, and all funds on deposit therein to Lender. Prior to the opening of the Hotel, Borrower shall deliver, or shall cause to be delivered, to Lender, a control agreement from each depository bank with which each such Hotel operating account has been established substantially similar in form and substance to the reasonable form of same prepared by Lender's ’s legal counsel to the extent a pledge is permitted under the Hotel Operating Agreement and the Non-Disturbance Agreementcounsel.