Deposit of Gross Revenues. All revenue from operations at the Property (“Gross Revenue”) shall be deposited daily by Manager into (i) a bank account that has been established for the benefit of Owner (the “Deposit Account”) and maintained by Manager (or its parent company); or (ii) a collective bank account (the “Collective Account”) maintained by Manager (or its parent company) for the benefit of multiple property owners. In either case, although the account may be in Owner’s name, Owner’s right to the proceeds therein only extends to Owner’s Revenue. Within 3 business days after receipt, Manager shall transfer Owner’s Revenue in the Deposit Account or Collective Account, as the case may be, to Owner’s separately identified depositary account pledged to Lender (“Blocked Account”). To the extent that Gross Revenue is deposited into a Collective Account, Manager (or its parent company) shall on a daily basis reconcile such Collective Account and maintain such records as shall clearly identify the respective interest of each property owner in such account. Manager shall not, and shall not permit any other property owner or any affiliate of Manager to, borrow, lend, or use Owner’s Revenue prior to the deposit of such revenue into the Blocked Account. The payment of Owner’s U-Move Commissions shall be governed by the terms of the Dealer Contract. Nothing in this Section shall be construed to limit Owner’s access to Owner’s Revenue. All funds shall be deposited and applied as required pursuant to Owner’s loan documents with Xxxxxx.
Deposit of Gross Revenues. All revenue from operations at the Property (“Gross Revenue”) shall be deposited daily by Manager into (i) a bank account (the “Deposit Account”) maintained by Manager (or its parent company) solely for the benefit of Owner; or (ii) a collective bank account (the “Collective Account”) maintained by Manager (or its parent company) for the benefit of multiple property owners. Manager shall transfer daily all Owner’s Revenue in the Deposit Account and all Owner’s Revenue in the Collective Account to Owner’s separately identified depositary account (“Owner’s Account”). To the extent that Gross Revenue is deposited into a Collective Account, Manager (or its parent company) shall reconcile such Collective Account daily and maintain such records as shall clearly identify each day the respective interest of each property owner in such account. Manger shall not, and shall not permit any other property owner or any affiliate of Manager to borrow, lend or use Owner’s Revenue while it is in a Collective Account. Owner shall apply Owner’s Revenue first to the repayment of Owner’s senior debt with respect to the Property, and then to Manager in reimbursement of documented expenses and for management fees as provided under Section 4 below.
Deposit of Gross Revenues. All Gross Revenues (as hereinafter defined) shall be deposited into a bank account maintained by U-Haul (or its parent company) as for the benefit of the Owner. To the extent that the Gross Revenues are deposited into a collective account maintained by U-Haul (or its parent company) for the benefit of multiple property owners, U-Haul (or its parent company) shall reconcile such account daily and maintain such records as shall clearly identify each day the respective interest of each owner in such collective account. Gross Revenues of the Owner shall be applied first to the repayment of Owner's senior debt with respect to the Property, and then to U-Haul in reimbursement of expenses and for management fees as provided under Section 4 below.
Deposit of Gross Revenues. All Gross Revenues (as hereinafter defined) shall be remitted by U-Haul (or its parent company) on a daily basis to a bank account maintained by UBS Warburg Real Estate Investments Inc. ("Lender") (or an affiliate thereof) and the funds therein shall be applied in the manner specified in that Cash Management Agreement dated the date hereof among Owner, U-Haul and Lender. U-Haul shall maintain such records and systems as are necessary or appropriate to enable U-Haul to clearly identify the amount of Gross Revenue generated by each Property on a daily basis.
Deposit of Gross Revenues. All Gross Revenues (as hereinafter defined) shall be deposited into a trust bank account maintained by U-Haul (or its parent company) as trustee for the benefit of the Owner. To the extent that the Gross Revenues are deposited into a collective trust account maintained by U-Haul (or its parent company) for the benefit of multiple property owners, such trust account will clearly identify the beneficiaries and U-Haul (or its parent company) shall reconcile such account daily and maintain such records as shall clearly identify each day the respective interest of each beneficiary in such collective trust account. Gross Revenues of the Owner shall be applied first to the repayment of Owner's senior debt with respect to the Property, and then to U-Haul in reimbursement of expenses and for management fees as provided under Section 4 below.
Deposit of Gross Revenues. All Gross Revenues (as hereinafter defined) shall be deposited into a "lock box account" maintained by U-Haul International, Inc., parent company of U-Haul, in accordance with the terms of a certain Cash Management Agreement dated as of the date hereof among Owner, Xxxxx Fargo Bank, National Association (as lender and agent) and U-Haul (the "CMA"). Borrower and U-Haul each hereby covenant and agree that they shall comply with the terms and provisions of the CMA.
Deposit of Gross Revenues. All revenue from operations at the Property (“Gross Revenue”) shall be deposited daily by Manager into (i) a bank account that has been established for the benefit of Owner (the “Deposit Account”) and maintained by Manager (or its parent company); or (ii) a collective bank account (the “Collective Account”) maintained by Manager (or its parent company) for the benefit of multiple property owners. In either case, although the account may be in Owner’s name, Owner’s right to the proceeds therein only extends to Owner’s Revenue. On a daily basis, Manager shall transfer Owner’s Revenue in the Deposit Account or Collective Account, as the case may be, to Owner’s separately identified depositary account pledged to Lender (“Blocked Account”). To the extent that Gross Revenue is deposited into a Collective Account, Manager (or its parent company) shall on a daily basis reconcile such Collective Account and maintain such records as shall clearly identify the respective interest of each property owner in such account. Manager shall not, and shall not permit any other property owner or any affiliate of Manager to borrow, lend, use, pledge or otherwise encumber Owner’s Revenue while it is in a Deposit Account or Collective Account. Pursuant to the terms and conditions of that certain Cash Management Agreement dated as of the date hereof between Owner, U.S. Bank National Association as Agent and Administrative Agent, and Manager (the “Cash Management Agreement”), during a Cash Sweep Period (as defined in the Cash Management Agreement), the Owner’s Revenue shall be transferred to the Cash Management Account and shall be governed by the terms of the Cash Management Agreement. The payment of Owner’s U-Move Commissions shall be governed by the terms of the Dealer Contract. Except as otherwise expressly set forth above or in the Cash Management Agreement or Blocked Account Agreement (as defined in the Cash Management Agreement), nothing in this Section shall be construed to limit Owner’s access to Owner’s Revenue, except during a Cash Sweep Period. Manager shall not deposit any Gross Revenues into any deposit accounts except as expressly permitted under this paragraph.
Deposit of Gross Revenues. All Gross Revenue (as defined in Section 4 hereof) shall be deposited into a lockbox bank account (the "Lockbox Account"), controlled by Lessor and/or Lessor’s mortgage lender, within three (3) days of receipt by Manager. To the extent that the Gross Revenue is deposited into a collection account maintained by Manager (or its parent company) for the benefit of multiple property owners or lessees (which deposits shall be made within two (2) days of receipt by Manager), Manager (or its parent company) shall reconcile such account daily and maintain such records as shall clearly identify each day the Gross Revenue derived from the Property and shall sweep the Gross Revenue derived from the Property into the Lockbox Account on a daily basis. Gross Revenue shall be applied in the following order: (i) first, to Rent (as that term is defined in the Lease) due under the Lease; (ii) second, to any other sums due Lessor under the Lease, including any reserves; and (iii) third to the reimbursement of expenses as required under Section 4 of this Agreement. Thereafter, any remaining Gross Revenue shall be owned by, and released from the Lockbox Account and remitted to, Tenant; and Tenant shall have the right to distribute such funds to Parent. Parent shall pay the management fees as required under Section 4 of this Agreement. Manager shall assure that the foregoing deposits, reconciliations and applications comply with the cash management requirements of the Lessor under the Lease or its mortgage lender under any Cash Management Agreement or similar instrument (a "CMA").
Deposit of Gross Revenues. All Gross Revenues (as hereinafter defined) shall be remitted by U-Haul (or its parent company) on a daily basis to a bank account and U-Haul shall maintain such records and systems as are necessary or appropriate to enable U-Haul to clearly identify the amount of Gross Revenue generated by each Property on a daily basis.
Deposit of Gross Revenues. All Gross Revenue (as hereinafter defined) shall be deposited by Manager unto bank accounts at local depository institutions and thereafter may be swept by UHI into a UHI concentration account. Manager shall assure that Owner's funds are tracked and segregated electronically from other UHI funds on a property by property basis. Any such funds of the Owner in the UHI concentration account shall be used solely to pay costs and expenses of the Properties as contemplated by this Agreement and shall otherwise be for the benefit of the Properties and Owner. No funds of Owner contained in the UHI concentration account may be used for the benefit of any property or person (including, without limitation, UHI and Manager) other than Owner and the Properties. Subject to the terms and conditions of the Loan Documents, Gross Revenue of the Owner shall be applied first to the repayment of Owner's senior mortgage debt with respect to the Property and other requirements of Owner's senior mortgage loan agreements, and then to Manager in reimbursement of expenses and for management fees as provided under Section 4 below.
