Common use of Operating Reserve Account Clause in Contracts

Operating Reserve Account. Owner shall maintain a reserve account operating balance of $ in the PMTA to meet 109. obligations in the event of a shortage of current rental income or emergencies. Broker, in Broker’s sole discretion, may, but shall 110. not be obligated to, advance Broker funds on behalf of Owner to keep Owner’s account open or to avoid charges for an insufficient 111. minimum balance. Owner shall reimburse Broker for all advanced funds, interest or fees upon demand and remit any funds to Broker 112. necessary to maintain reserve account at the agreed upon amount.

Operating Reserve Account. Owner shall maintain a reserve account operating balance of $ in the PMTA to meet 109. obligations in the event of a shortage of current rental income or emergencies. Broker, in BrokerXxxxxx’s sole discretion, may, but shall 110. not be obligated to, advance Broker funds on behalf of Owner to keep Owner’s account open or to avoid charges for an insufficient 111. minimum balance. Owner shall reimburse Broker for all advanced funds, interest or fees upon demand and remit any funds to Broker 112. necessary to maintain reserve account at the agreed upon amount.