Common use of Separation of Owner’s Monies Clause in Contracts

Separation of Owner’s Monies. Manager shall establish and maintain, in a bank of Manager’s choice and reasonably acceptable to Owner, whose deposits are insured by the Federal Deposit Insurance Corporation (an “Acceptable Bank”), and in a manner to indicate the custodial nature thereof, a separate bank account for the deposit of all monies of Owner. Manager shall also establish such other special bank accounts as may be reasonably required by Owner. Notwithstanding the foregoing, Manager shall comply with the cash management provisions contained in any lockbox or cash management agreement in favor of a first mortgagee identified to Manager in writing.