Owner to Maintain Minimum Required Amount in Trust Account Sample Clauses

Owner to Maintain Minimum Required Amount in Trust Account. Owner agrees to maintain in Manager’s trust account a minimum required balance of $ so that Manager has sufficient funds to pay for the above-referenced Expenses. Upon notice from Manager, Owner agrees to immediately send funds to Manager whenever the balance in the trust account(s) is anticipated to have fallen below or has actually fallen below the minimum required balance because of pending or actual Expenses. The amount to be sent to Manager shall at least be sufficient to pay the actual or pending Expense(s) plus restore the minimum required balance in the trust account(s). Manager shall have the right but not the obligation to fund any deficit or shortfall from the minimum required balance in the trust account(s). If Owner fails to fund such deficit shortfall, Manager shall have no liability for failing to do the same. If Manager funds such deficit or shortfall after not receiving payment of the required funds from Owner within fifteen (15) days of Manager’s notice to Owner, Manager shall have the right to charge Owner an administrative fee of $ for each such occurrence where Manager has advanced funds on behalf of Owner without being timely repaid plus interest on the funds advanced in an amount of % per annum pro-rated for that portion of a year(s) that the funds remain unpaid. If Manager has Expenses that exceed Owner’s funds in the escrow account(s), Manager may in its sole discretion pay all, some or a portion of the Expenses. Owner expressly consents to Manager paying from the funds being held by Manager in trust the commissions, fees, charges and out-of-pocket expenses of Manager it is owed before paying other Expenses hereunder. In the event Expenses of Owner exceed the funds of Owner in Manager’s trust account, Manager, after paying all amounts owed to Manager, is authorized, in Manager’s sole discretion, to pay the oldest Expenses owed byOwner first.
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Related to Owner to Maintain Minimum Required Amount in Trust Account

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