Common use of Bank Accounts and Cash Balance Clause in Contracts

Bank Accounts and Cash Balance. (a) Management Company shall deposit all Revenues received into a separate, segregated bank account (the “Operating Account”) established in Tenant’s name at a bank approved by Tenant and Management Company, and shall supervise the disbursements from the Operating Account on behalf of Tenant of such amounts and at such times as the same are required in Management Company’s reasonable business judgment, and in accordance with the provisions of this Agreement. Management Company shall discharge such supervisory responsibilities in accordance with reasonable and customary business standards and practices. All Operating Expenses shall be paid out of the Operating Account. The Management Fees shall be paid out of the Operating Account. Tenant and Management Company shall specify the signatory or signatories of Management Company required on all checks or other documents of withdrawal submitted by Management Company on the Operating Account. Funds in the Operating Accounts shall not be commingled with any other funds controlled by Management Company, unless approved by Tenant and will be disbursed only in accordance with this Agreement and, from time to time, upon the specific instructions of Tenant. Management Company shall not withdraw any monies from the Operating Account to pay any item other than Operating Expenses permitted pursuant to the Approved Operating Budget or the Approved Capital Budget, as applicable, including the Management Fee and all amounts due Management Company or its affiliates pursuant to any other agreement in respect of the Facility, or any emergency expenses pursuant to Section 2.4 hereof. (b) Landlord shall establish a reserve account (the “FF&E Reserve”) at a bank approved by Manager, such approval not to be unreasonably withheld or delayed. Each month during the Term, Management Company shall transfer into the FF&E Reserve an amount equal to one twelfth (1/12) of the FF&E Reserve Payment. Transfers into the FF&E Reserve shall be made on or before the fifteenth (15th) day of each month. Funds deposited into the FF&E Reserve shall be disbursed in accordance with the Approved Capital Budget. Manager and Tenant or Landlord shall each be signatories on the FF&E Reserve, but the Landlord shall be the account holder and all funds contained therein shall be the property of Landlord. (c) All rights granted to Management Company under the terms of this Agreement, including the payment of Management Fees, are and shall be subordinate to the liens of lenders securing the current indebtedness of Tenant (however, any Management Fees which are not paid due to the foregoing subordination provision shall accrue and Manager shall have the right to terminate this Agreement in accordance with the terms of Section 7.2(d)). (d) Tenant will maintain a minimum cash balance of $50,000 in the Operating Account. Tenant will also fund all reasonable cash requests of the Management Company to maintain the foregoing cash balance in the Operating Account. Without limiting the foregoing, on the Effective Date, Tenant will fund the Operating Account with $50,000.

Bank Accounts and Cash Balance. (a) Upon receipt, Management Company shall deposit all Revenues received into a separate, segregated bank account (the “Operating Account”) established in Tenant’s name at a bank approved by Tenant and Management Company, and shall supervise the disbursements from the Operating Account on behalf of Tenant of such amounts and at such times as the same are required in Management Company’s reasonable business judgment, and in accordance with the provisions of this Agreement. Management Company shall discharge such supervisory responsibilities in accordance with reasonable and customary business standards and practices. All Operating Expenses shall be paid out of the Operating Account. The Management Fees shall be paid out of the Operating Account. Tenant and Management Company shall specify the signatory or signatories of Management Company required on all checks or other documents of withdrawal submitted by Management Company on the Operating Account. Funds in the Operating Accounts shall not be commingled with any other funds controlled by Management Company, unless approved by Tenant and will be disbursed only in accordance with this Agreement and, from time to time, upon the specific instructions of Tenant. Management Company shall not withdraw any monies from the Operating Account to pay any item other than Operating Expenses permitted pursuant to the Approved Operating Budget or the Approved Capital Budget, as applicable, including but specifically excluding the Management Fee and all amounts due Management Company or its affiliates pursuant to any other agreement in respect of the Facility, or any emergency expenses pursuant to Section 2.4 hereof. (b) Landlord Tenant shall, or Management Company shall at Tenant’s direction, establish a reserve account (the “FF&E Reserve”) at a bank approved by ManagerManagement Company, such approval not to be unreasonably withheld or delayed. Each month during the Term, Management Company shall transfer into the FF&E Reserve an amount equal to one twelfth (1/12) of the FF&E Reserve Payment. Transfers into the FF&E Reserve shall be made on or before the fifteenth (15th) day of each month. Funds deposited into the FF&E Reserve shall be disbursed in accordance with the Approved Capital Budget. Manager Management Company and Tenant or Landlord shall each be signatories on the FF&E Reserve; provided, but however, Management Company’s rights as a signatory shall cease upon, and continue until the Landlord shall be the account holder and all funds contained therein shall be the property of Landlordcure of, a Management Company Default. (c) All rights granted to Management Company under the terms of this Agreement, including the payment of Management Fees, are and shall be subordinate to the liens of lenders securing the current indebtedness of Tenant (Tenant, provided, however, that any Management Fees which are not paid when due to as a result of the foregoing subordination provision shall accrue and Manager shall have the right continue to terminate this Agreement in accordance with the terms of Section 7.2(d))accrue. (d) Tenant will maintain a minimum cash balance of fifty thousand and NO/100 dollars ($50,000 50,000.00) in the Operating Account. Tenant will also fund all reasonable cash requests of the Management Company to maintain the foregoing cash balance in the Operating Account. Without limiting the foregoing, on the Effective Date, Tenant will fund the Operating Account with $50,000.

Bank Accounts and Cash Balance. (a) Management Company shall deposit all Revenues received into a separate, segregated bank account (the “Operating Account”) established in Tenant’s name at a bank approved by Tenant and Management Company, and shall supervise the disbursements from the Operating Account on behalf of Tenant of such amounts and at such times as the same are required in Management Company’s reasonable business judgment, and in accordance with the provisions of this Agreement. Management Company shall discharge such supervisory responsibilities in accordance with reasonable and customary business standards and practices. All Operating Expenses shall be paid out of the Operating Account. The Management Fees shall be paid out of the Operating Account. Tenant and Management Company shall specify the signatory or signatories of Management Company required on all checks or other documents of withdrawal submitted by Management Company on the Operating Account. Funds in the Operating Accounts shall not be commingled with any other funds controlled by Management Company, unless approved by Tenant and will be disbursed only in accordance with this Agreement and, from time to time, upon the specific instructions of Tenant. Management Company shall not withdraw any monies from the Operating Account to pay any item other than Operating Expenses permitted pursuant to the Approved Operating Budget or the Approved Capital Budget, as applicable, including the Management Fee and all amounts due Management Company or its affiliates pursuant to any other agreement in respect of the Facility, or any emergency expenses pursuant to Section 2.4 hereof. (b) Landlord shall establish a reserve account (the “FF&E Reserve”) at a bank approved by ManagerManagement Company, such approval not to be unreasonably withheld or delayed. Each month during the Term, Management Company shall transfer into the FF&E Reserve an amount equal to one twelfth (1/12) of the FF&E Reserve Payment. Transfers into the FF&E Reserve shall be made on or before the fifteenth (15th) day of each month. Funds deposited into the FF&E Reserve shall be disbursed in accordance with the Approved Capital Budget. Manager Management Company and Tenant or Landlord shall each be signatories on the FF&E Reserve, but the Landlord shall be the account holder and all funds contained therein shall be the property of Landlord. (c) All rights granted to Management Company under the terms of this Agreement, including the payment of Management Fees, are and shall be subordinate to the liens of lenders securing the current indebtedness of Tenant (however, any Management Fees which are not paid due to the foregoing subordination provision shall accrue and Manager Management Company shall have the right to terminate this Agreement in accordance with the terms of Section 7.2(d)). (d) Tenant will maintain a minimum cash balance of $50,000 in the Operating Account. Tenant will also fund all reasonable cash requests of the Management Company to maintain the foregoing cash balance in the Operating Account. Without limiting the foregoing, on the Effective Date, Tenant will fund the Operating Account with $50,000.

Bank Accounts and Cash Balance. (a) Management Company shall deposit all Revenues received into a separate, segregated bank account (the “Operating Account”) established in Tenant’s name at a bank approved by Tenant and Management Company, and shall supervise the disbursements from the Operating Account on behalf of Tenant of such amounts and at such times as the same are required in Management Company’s reasonable business judgment, and in accordance with the provisions of this Agreement. Management Company shall discharge such supervisory responsibilities in accordance with reasonable and customary business standards and practices. All Operating Expenses shall be paid out of the Operating Account. The Management Fees shall be paid out of the Operating Account. Tenant and Management Company shall specify the signatory or signatories of Management Company required on all checks or other documents of withdrawal submitted by Management Company on the Operating Account. Funds in the Operating Accounts shall not be commingled with any other funds controlled by Management Company, unless approved by Tenant and will be disbursed only in accordance with this Agreement and, from time to time, upon the specific instructions of Tenant. Management Company shall not withdraw any monies from the Operating Account to pay any item other than Operating Expenses permitted pursuant to the Approved Operating Budget or the Approved Capital Budget, as applicable, including the Management Fee and all amounts due Management Company or its affiliates pursuant to any other agreement in respect of the Facility, or any emergency expenses pursuant to Section 2.4 hereof. (b) Landlord shall establish a reserve account (the “FF&E Reserve”) at a bank approved by Manager, such approval not to be unreasonably withheld or delayed. Each month during the Term, Management Company shall transfer into the FF&E Reserve an amount equal to one twelfth (1/12) of the FF&E Reserve Payment. Transfers into the FF&E Reserve shall be made on or before the fifteenth (15th) day of each month. Funds deposited into the FF&E Reserve shall be disbursed in accordance with the Approved Capital Budget. Manager and Tenant or Landlord shall each be signatories on the FF&E Reserve, but the Landlord shall be the account holder and all funds contained therein shall be the property of Landlord. (c) All rights granted to Management Company under the terms of this Agreement, including the payment of Management Fees, are and shall be subordinate to the liens of lenders securing the current indebtedness of Tenant (however, any Management Fees which are not paid due to the foregoing subordination provision shall accrue and Manager shall have the right to terminate this Agreement in accordance with the terms of Section 7.2(d)). (d) Tenant will maintain a minimum cash balance of $50,000 in the Operating Account. Tenant will also fund all reasonable cash requests of the Management Company to maintain the foregoing cash balance in the Operating Account. Without limiting the foregoing, on the Effective Commencement Date, Tenant will fund the Operating Account with $50,000.

Bank Accounts and Cash Balance. (a) Management Company shall deposit all Revenues received into a separate, segregated bank account (the “Operating Account”) established in Tenant’s name at a bank approved by Tenant and Management CompanyCompany (unless a specific bank is required by Tenant’s lender, in which case Tenant’s lender shall control), and shall supervise the disbursements from the Operating Account on behalf of Tenant of such amounts and at such times as the same are required in Management Company’s reasonable business judgment, and in accordance with the provisions of this Agreement. Management Company shall discharge such supervisory responsibilities in accordance with reasonable and customary business standards and practices. All Operating Expenses shall be paid out of the Operating Account. The Expenses, including Management Fees Fees, shall be paid out of the Operating Account. Tenant and Management Company shall specify the signatory or signatories of Management Company required on all checks or other documents of withdrawal submitted by Management Company on the Operating Account. Funds in the Operating Accounts shall not be commingled with any other funds controlled by Management Company, unless approved by Tenant and will be disbursed only in accordance with this Agreement and, from time to time, upon the specific instructions of Tenant. Management Company shall not withdraw any monies from the Operating Account to pay any item other than Operating Expenses permitted pursuant to the Approved Operating Budget or the Approved Capital Budget, as applicable, including the Management Fee and all amounts due Management Company or its affiliates pursuant to any other agreement in respect of the FacilityCommunity, or any emergency expenses pursuant to Section 2.4 hereof. (b) Landlord shall establish a reserve account (the “FF&E Reserve”) at a bank approved by ManagerManagement Company, such approval not to be unreasonably withheld or delayeddelayed (unless a specific bank is required by Tenant’s lender, in which case Tenant’s lender shall control). Each month during the Term, Management Company shall transfer into the FF&E Reserve an amount equal to one twelfth (1/12) of the FF&E Reserve Payment. Transfers into the FF&E Reserve shall be made on or before the fifteenth (15th) day of each month. Funds deposited into the FF&E Reserve shall be disbursed in accordance with the Approved Capital Budget. Manager Management Company [and Tenant or Landlord Landlord] shall each be signatories on the FF&E Reserve, but the Landlord shall be the account holder and all funds contained therein shall be the property of Landlord. (c) All rights granted to Management Company under the terms of this Agreement, including the payment of Management Fees, are and shall be subordinate to the liens of lenders securing the current indebtedness of Tenant (however, any Management Fees which are not paid due to the foregoing subordination provision shall accrue and Manager shall have the right to terminate this Agreement in accordance with the terms of Section 7.2(d)). (d) Tenant will maintain a minimum cash balance of $50,000 in the Operating Account. Tenant will also fund all reasonable cash requests of the Management Company to maintain the foregoing cash balance in the Operating Account. Without limiting the foregoing, on the Effective Date, Tenant will fund the Operating Account with $50,000. (d) Tenant may sweep, on a monthly basis, all cash in excess of the above-described minimum cash balance, by the 20th calendar day of the following month.

Bank Accounts and Cash Balance. (a) Management Company, in the Community’s name and on behalf of Tenant, shall transfer all gross revenue of the Community daily or within a reasonable time period, upon receipt, for deposit into the bank account established for the Community (“Operating Account” as hereinafter defined). (b) Upon receipt, Management Company shall deposit all Revenues received into such monies in a separate, segregated bank account (unless approved differently by the Tenant) (the “Operating AccountAccounts”) established in Tenant’s name at a bank or at any one or more other banks approved by Tenant and Management Company, and shall supervise the disbursements from the Operating Account Accounts on behalf of Tenant of such amounts and at such times as the same are required in Management Company’s reasonable business judgment, and in accordance with the provisions of this Agreement. Management Company shall discharge such supervisory responsibilities in accordance with reasonable and customary business standards and practices. All Operating Expenses shall be paid out of the Operating AccountAccounts. The Management Fees shall be paid out of the Operating Account. Tenant and Management Company shall specify the signatory or signatories of Management Company required on all checks or other documents of withdrawal submitted by Management Company on the Operating AccountAccounts. Funds in the Operating Accounts shall not be commingled with any other funds controlled by Management Company, unless approved by Tenant and will be disbursed only in accordance with this Agreement and, from time to time, upon the specific instructions of Tenant. Management Company shall not withdraw any monies from the Operating Account Accounts to pay any item other than Operating Expenses permitted normal and customary expenses and costs of operation of the Community pursuant to the Approved Operating Budget or the Approved Capital Budget, as applicable, including or any emergency expenses pursuant to paragraph 2.4 hereof, specifically excluding the Management Fee and all amounts due Management Company or its affiliates pursuant to any other agreement in respect of the Facility, or any emergency expenses pursuant to Section 2.4 hereofCommunity. (bc) Landlord Tenant shall, or Management Company shall at Tenant’s direction, establish a reserve account for the deposit of the FF&E Reserve Payment (the “FF&E Reserve”) at a bank approved by Manager, such approval not to be unreasonably withheld or delayed). Each month during the Term, Management Company shall transfer into the FF&E Reserve an amount equal to one twelfth (1/12) of the FF&E Reserve Payment. Transfers into the FF&E Reserve shall be made on or before the fifteenth tenth (15th10th) day Business Day of each month. Funds deposited into the FF&E Reserve shall be disbursed in accordance with the Approved Capital Budget. Manager and Tenant or Landlord shall each be signatories on the FF&E Reserve, but the Landlord shall be the account holder and all funds contained therein shall be the property of Landlord. (cd) All rights granted to Management Company under the terms of this Agreement, including the payment of any fees due to Management FeesCompany, are and shall be subordinate to the liens of lenders securing the current indebtedness indebtednesses of Tenant (however, any Management Fees management fees which are not paid due to the foregoing subordination provision shall accrue and Manager shall have the right to terminate this Agreement in accordance with the terms of Section 7.2(d)accrue). (d) Tenant will maintain a minimum cash balance of $50,000 in the Operating Account. Tenant will also fund all reasonable cash requests of the Management Company to maintain the foregoing cash balance in the Operating Account. Without limiting the foregoing, on the Effective Date, Tenant will fund the Operating Account with $50,000.

Bank Accounts and Cash Balance. (a) Management Company shall deposit all Revenues received into a separate, segregated bank account (the “Operating Account”) established in Tenant’s name at a bank approved by Tenant and Management Company, and shall supervise the disbursements from the Operating Account on behalf of Tenant of such amounts and at such times as the same are required in Management Company’s reasonable business judgment, and in accordance with the provisions of this Agreement. Management Company shall discharge such supervisory responsibilities in accordance with reasonable and customary business standards and practices. All Operating Expenses shall be paid out of the Operating Account. The Expenses, including Management Fees Fees, shall be paid out of the Operating Account. Tenant and Management Company shall specify the signatory or signatories of Management Company required on all checks or other documents of withdrawal submitted by Management Company on the Operating Account. Funds in the Operating Accounts shall not be commingled with any other funds controlled by Management Company, unless approved by Tenant and will be disbursed only in accordance with this Agreement and, from time to time, upon the specific instructions of Tenant. Management Company shall not withdraw any monies from the Operating Account to pay any item other than Operating Expenses permitted pursuant to the Approved Operating Budget or the Approved Capital Budget, as applicable, including the Management Fee and all amounts due Management Company or its affiliates pursuant to any other agreement in respect of the Facility, or any emergency expenses pursuant to Section 2.4 hereof. (b) Landlord shall establish a reserve account (the “FF&E Reserve”) at a bank approved by ManagerManagement Company, such approval not to be unreasonably withheld or delayed. Each month during the Term, Management Company shall transfer into the FF&E Reserve an amount equal to one twelfth (1/12) of the FF&E Reserve Payment. Transfers into the FF&E Reserve shall be made on or before the fifteenth (15th) day of each month. Funds deposited into the FF&E Reserve shall be disbursed in accordance with the Approved Capital Budget. Manager Management Company and Tenant or Landlord shall each be signatories on the FF&E Reserve, but the Landlord shall be the account holder and all funds contained therein shall be the property of Landlord. (c) All rights granted to Management Company under the terms of this Agreement, including the payment of Management Fees, are and shall be subordinate to the liens of lenders securing the current indebtedness of Tenant (however, any Management Fees which are not paid due to the foregoing subordination provision shall accrue and Manager Management Company shall have the right to terminate this Agreement in accordance with the terms of Section 7.2(d7.2(a)(iv)). (d) Tenant will maintain a minimum cash balance of $50,000 in the Operating Account. Tenant will also fund all reasonable cash requests of the Management Company to maintain the foregoing cash balance in the Operating Account. Without limiting the foregoing, on the Effective Date, Tenant will fund the Operating Account with a minimum of $50,000. (e) Tenant may sweep, on a monthly basis, all cash in excess of the above-described minimum cash balance, by the 20th calendar day of the following month.