Common use of Operating Account Clause in Contracts

Operating Account. Pinnacle will deposit all rents and other funds collected from the operation of the Project in an interest-bearing account established for the Project (the "Operating Account") in a financial institution approved by Owner. Any such rents and other funds received by Pinnacle on or before 2:00 p.m. on a Business Day shall be deposited on that same day. Any such rents or other funds received after 2:00 p.m. or on a day that is not a Business Day shall be deposited on the next Business Day. Such account shall be in the name of the Owner and shall have such withdrawal restrictions as Owner's may require. Owner will be given written notice of the account number and location of the Operating Account. In accordance with Article 7, Pinnacle will pay out of the Operating Account the operating expenses of the Project and any other payments relating to the Project required by the terms of this Agreement or set forth in the Approved Annual Business Plan. If more than one account is required to operate the Project, each account will have a distinct name.

Operating Account. Pinnacle will deposit all rents and other funds collected from the operation of the Project in an a non-interest-bearing account established for the Project (the "Operating Account") in a financial institution approved by Owner. Any such rents and other funds received by Pinnacle on or before 2:00 p.m. on a Business Day shall be deposited on that same day. Any such rents or other funds received after 2:00 p.m. or on a day that is not a Business Day shall be deposited on the next Business Day. Such account shall be in the name of the Owner and shall have such withdrawal restrictions as Owner's may require. Owner will be given written notice of the account number and location of the Operating Account. In accordance with Article 7, Pinnacle will pay out of the Operating Account the operating expenses of the Project and any other payments relating to the Project required by the terms of this Agreement or set forth in the Approved Annual Business Plan. If more than one account is required to operate the Project, each account will have a distinct name. Owner hereby authorizes the ability to transfer funds electronically from said Operating Account for mortgage payment and owner distribution.

Operating Account. Pinnacle PINNACLE will deposit all rents and other funds collected from the operation of the Project in an interest-bearing account established for the Project (the "Operating Account") in a financial institution approved by Owner. Any such rents and other funds received by Pinnacle PINNACLE on or before 2:00 p.m. on a Business Day shall be deposited on that same day. Any such rents or other funds received after 2:00 p.m. or on a day that is not a Business Day shall be deposited on the next Business Day. Such account shall be in the name of the Owner and shall have such withdrawal restrictions as Owner's may require. Owner will be given written notice of the account number and location of the Operating Account. In accordance with Article 7, Pinnacle PINNACLE will pay out of the Operating Account the operating expenses of the Project and any other payments relating to the Project required by the terms of this Agreement or set forth in the Approved Annual Business Plan. If more than one account is required to operate the Project, each account will have a distinct name.