Common use of Deposit of Gross Revenues Clause in Contracts

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.