Clearing Account. The Property Manager shall cause all gross revenue in respect of each Property to be transmitted directly into an individual clearing account (each a “Clearing Account”) controlled by the applicable Owner Subsidiary, established with a financial institution to be determined by the Property Manager (the “Clearing Bank”), except to the extent the payments in respect of a Property are required by a lender to be made into a lockbox account, in which case payments will be deposited in the Clearing Account for such Property after release from such lockbox account. Without in any way limiting the foregoing if the Property Manager receives any gross revenue from a Property, then (i) such amounts shall not be commingled with any other funds or property of the Property Manager, and (ii) the Property Manager shall deposit such amounts in the Clearing Account for such Property within one (1) business day of receipt.
Appears in 6 contracts
Samples: Property Management Agreement (American Realty Capital - Retail Centers of America II, Inc.), Property Management Agreement (American Finance Trust, Inc), Property Management Agreement (American Realty Capital - Retail Centers of America II, Inc.)
