Common use of Manager Account Clause in Contracts

Manager Account. (i) Borrowers shall cause all Rents and all other items of Gross Revenue to be deposited or transferred directly into the related Manager Account immediately upon payment of the same. Without in any way limiting Borrowers' obligations pursuant to the preceding sentence, Borrowers and each Manager shall deposit or cause the transfer of directly into the relevant Manager Account all Rents, other items of Gross Revenue and all Credit Card Receivables received by any Borrower and each Manager in violation or contradiction of the preceding sentence within one (1) Business Day after receipt thereof. (ii) Any breach of this Section by any Borrower shall be an Event of Default; provided, however, that any breach of this Section that arises by reason of any act or omission within the exclusive control or responsibility of a Manager operating under a Management Agreement shall not be an Event of Default hereunder so long as Borrower is taking prompt, diligent and commercially reasonable action to require such Manager to remedy such Event of Default.