Operating and Reserve Account. Revenues collected to fund Operating Reserves shall be deposited in an Operating and Reserve Account until such account reaches a level specified by the ISO Governing Board. If the Operating and Reserve Account is fully funded, surplus revenues will be considered revenues in the next fiscal year’s operating budget.
Operating and Reserve Account. Agent shall establish a separate general operating account ("General Operating Account") and a separate replacement reserve account ("Replacement Reserve Account") for the Property. Any and all bank accounts, including the General Operating Account and Replacement Reserve Account, established under this Agreement shall be trust accounts in Owner’s name but under Agent’s management. Each account shall be created and maintained as a segregated interest-bearing account held by the Agent. During the Term, the Agent’s designees shall be the only parties authorized to draw upon such accounts. No amounts deposited in any accounts established under this Agreement shall in any event be commingled with any other funds of Agent or any other party. All such accounts shall be opened at such bank(s), under such designation(s) and with such authorized signatures as Agent shall direct from time to time. All such accounts shall be insured by the Federal Deposit Insurance Corporation (“FDIC”). All interest earned on funds in the General Operating Account and Replacement Reserve Account shall be added to and become part of the General Operating Account and Replacement Reserve Account, respectively.
