Common use of Remittances to Owner Clause in Contracts

Remittances to Owner. On or before the fifteenth (15th) day of each calendar month of each Operating Year, subject to the requirements of any Mortgage or other applicable loan documents (with Owner to provide copies, of any such Mortgage or other applicable loan documents to Manager), Manager shall remit to Owner all sums in the Operating Accounts in excess of the then working capital requirements of the Project determined in accordance with Section 3.3 of this Agreement.

Remittances to Owner. On or before the fifteenth (15th) day of each calendar month of each Operating Year, subject to the requirements of any Mortgage or other applicable loan documents (with Owner to provide copies, copies of any such Mortgage or other applicable loan documents to Manager), Manager shall remit to Owner all sums in the Operating Accounts in excess of the then working capital requirements of the Project determined in accordance with Section 3.3 of this Agreement.