Remittance of Funds to Owner. No later than the 25th day of each calendar month Manager shall remit to Owner all funds collected as part of Manager’s obligations hereunder in excess of (i) anticipated expenditures for the calendar month that Manager is authorized to make pursuant to the Budget, (ii) any reserves approved by Owner and (iii) the Management Fee payable pursuant to Section 9.1. Owner shall have the right to require the transfer to Owner at any time of funds in the Bank Account considered by Owner to be in excess of an amount reasonably required by Manager for disbursement and compensation purposes in connection with the operation and management of the Premises.
Appears in 2 contracts
Samples: Management Agreement, Limited Liability Company Agreement (KBS Strategic Opportunity REIT, Inc.)
Remittance of Funds to Owner. No later than the 25th 10th day of each calendar month Manager shall remit to Owner all funds collected as part of Manager’s 's obligations hereunder in excess of (i) anticipated expenditures for the calendar month that Manager is authorized to make pursuant to the Budget, (ii) any reserves approved by Owner and (iii) the Management Fee payable pursuant to Section 9.1. Owner shall have the right to require the transfer to Owner at any time of funds in the Bank Account considered by Owner to be in excess of an amount reasonably required by Manager for disbursement and compensation purposes in connection with the operation and management of the Premises.
Appears in 2 contracts
Samples: Management Agreement (KBS Real Estate Investment Trust III, Inc.), Limited Liability Company Agreement (KBS Strategic Opportunity REIT II, Inc.)
Remittance of Funds to Owner. No later than the 25th 15th day of each calendar month Manager shall remit to Owner all funds collected as part of Manager’s 's obligations hereunder in excess of (i) anticipated expenditures for the calendar month that Manager is authorized to make pursuant to the Approved Budget, (ii) any reserves approved by Owner and (iii) the Management Fee payable pursuant to Section 9.1. Owner shall have the right to require the transfer to Owner at any time of funds in the Bank Account considered by Owner to be in excess of an amount reasonably required by Manager for disbursement and compensation purposes in connection with the operation and management of the Premises.Property. MANAGEMENT AGREEMENT
Appears in 1 contract
Samples: Management Agreement (American Realty Capital New York Recovery Reit Inc)
