Bank Accounts and Working Capital. Manager shall deposit all funds received from the operation of the Facility in and Operating Account in a bank or banks presently being used by the Facility or such other banks as are designated from time to time by Owner. Owner shall provide sufficient working capital for the operation of the Facility and shall made deposits in the Operating Accounts of such working capital from time to time upon the request of Manager. All costs and expenses incurred in operation of the Facility shall be paid out of the Operating Accounts. All checks or other documents withdrawal must be signed by the Owner. Deposits may be made by Comptroller of the Manager or his designee.
Bank Accounts and Working Capital. Manager shall deposit all funds received from the operation of the Facility in an Operating Account in a bank or banks presently being used by the Facility or such other banks as are designated from time to time by Manager. Operator shall provide sufficient working capital for the operation of the Facility and shall make deposits in the Operating Account of such working capital from time to time.
Bank Accounts and Working Capital. CCMC shall deposit all funds received from the operation of the Facility in an Operating Account in a bank or banks presently being used by the Facility or such other banks as are designated from time to time by CCMC. Owner shall provide sufficient working capital for the operation of the Facility and shall make deposits in the Operating Accounts of such working capital from time to time upon the request of CCMC. All costs and expenses incurred in the operation of the Facility shall be paid out of the Operating Accounts. All checks or other documents withdrawal must be signed by the Comptroller of CCMC or his designate. Deposits may be made by the Comptroller of CCMC or his designate.
Bank Accounts and Working Capital. Manager, in the Facility's name and on behalf of Lessee, shall deposit in a bank account or accounts of the Facility (the "Operating Accounts") established in Lessee's name all funds received from the operations of the Facility. Lessee shall provide sufficient working capital for the operation of the Facility, which shall be deposited into or drawn from the Operating Accounts. All costs and expenses incurred in the operation of the Facility shall be paid out of the Operating Accounts. Manager shall specify the signatory or signatories required on all checks or other documents of withdrawal for the Operating Accounts.
Bank Accounts and Working Capital. 7.1 Manager, in the name and on behalf of Owner, shall transfer all revenues of the Business as promptly as practicable following receipt thereof, but in no event less frequently than weekly, for deposit into a bank account or accounts established exclusively for that purpose (the "Operating Accounts") established in Owner's name. Manager shall supervise the disbursements from the Operating Accounts on behalf of Owner of such amounts and at such times as the same are required in Manager's reasonable business judgment. Manager shall discharge such supervisory responsibilities in accordance with reasonable and customary business standards and practices. All costs and expenses (including the Management Fee and other
Bank Accounts and Working Capital. Manager, in the Facility's name and on behalf of Owner, shall deposit in a bank account or accounts of the Facility (the "Operating Accounts") established in Owner's name all funds received from the operations of the Facility. Owner shall provide sufficient working capital for the operation of the Facility and shall make deposits in the Operating Account of such working capital from time to time upon the request of Manager. All costs and expenses incurred in the operation of the Facility shall be paid out of the Operating Accounts. Manager shall specify with the approval of the Owner the signatory or signatories required on all checks or other documents of withdrawal for the Operating Accounts.
Bank Accounts and Working Capital. (a) Manager shall deposit on Lessee's behalf in a bank account or accounts of the Manager or the Facility established in Manager's name (the "Operating Accounts") all funds received from the operations of the Facility and such funds shall be disbursed from the Operating Accounts to and by Manager in the manner and order of priority described in subsection (b) below. The Operating Accounts shall be segregated from Manager's other depository and concentration accounts maintained with NationsBank in Atlanta, Georgia, or such other banking institution as Manager shall choose. Manager shall specify the signatory or signatories required on all checks or other documents of withdrawal for the Operating Accounts. Manager shall also deposit the personal funds of the Facility residents into a separate trust account established in Manager's name (the "Trust Account"). Manager shall designate those employees of the Facility with signature authority for all checks or other documents of withdrawal for the Trust Account. Manager shall specify the required signatory or signatories with Lessee' s written approval (such approval not to be unreasonably withheld).
(b) All funds deposited in the Facility Depository Accounts shall be disbursed in the following order of priority and, in each case, in such amounts and at such times as required to be made in connection with the payment of:
(i) the Facility's Lease payments;
(ii) the costs and expenses of operating the Facility;
(iii) all accrued and unpaid interest on the WCI Loan;
(iv) the Management Fee payable under Section 3.01 hereof;
(v) principal and all accrued but unpaid interest on Advances made by Manager pursuant to Section 6.11 of this Agreement or otherwise;
(vi) funding of reasonable reserves for ordinary and necessary operating expenses, including, without limitation, taxes, insurance, working capital needs and Lease payments, such reserves to be held in such subaccounts of the Operating Accounts as Manager shall in its discretion deem necessary or desirable;
(vii) such payments and prepayments of principal on the WCI Loan as Manager shall in its discretion deem necessary or desirable from funds available;
(viii) funding of a capital improvements reserve; and
(ix) any balance shall be paid to or held on behalf of Lessee.
Bank Accounts and Working Capital. Except as stated in Section 4(7) of Exhibit XII,
(i) the Target Companies have provided to the Purchasers full and accurate details of each bank, or other financial institution at which the Target Companies have an account and the names of the Persons authorized to have access there or to draw thereon;
(ii) the Target Companies have the necessary working capital to continue to carry out their Business in accordance with their status quo and their current turnover level, and to perform and complete all contracts and obligations they have assumed or borne in accordance with the terms.
Bank Accounts and Working Capital. 7.1 Manager, in the Facilities' name and on behalf of Age, shall transfer immediately upon receipt, but in no event less frequently than weekly, all Gross Revenues (as defined below) of the Facilities for deposit into a bank account established exclusively for that purpose by Age ("Gross Revenue Account").
7.2 Upon receipt from the Gross Revenue Account of moneys in respect of operating expenses, Manager shall deposit all of such moneys in a bank account of the Facilities (the "Operating Account") established in Age's name, and shall supervise the disbursements from the Operating Account on behalf of Age of such amounts and at such times as the same are required in Manager's reasonable business judgment. Manager shall discharge such supervisory responsibilities in accordance with reasonable and customary business standards and practices. Manager shall specify, with the approval of Age, the signatory or signatories of Manager required on all checks or other documents of withdrawal submitted by Manager on the Operating Account, but a signatory designated by Age may also be an authorized signatory on the Operating Account. All costs and expenses (including Manager's Management Fee as defined in Section 5.1 of this Agreement) incurred in the operation of the Facilities shall be paid out of the Operating Account. Such costs and expenses shall be paid in the following order of priority:
(i) ordinary and necessary expenses and costs of operation of the Facilities, including, without limitation, payroll expenses and utility charges and the payment to Age of "Home Office Fees," as that term is defined in Section 4.18 of the Acquisition Loan and Security Agreement, dated as of August 31, 1996, between Age and Genesis (the "Acquisition Loan Agreement");
(ii) principal and interest due on outstanding indebtedness, if any, under the Acquisition Loan Agreement;
(iii) the Management Fee (as defined in Section 5.1);
(iv) principal and interest due on outstanding indebtedness, if any, under the Working Capital Loan and Security Agreement, dated as of August 31, 1996, between Age and Genesis;
(v) payments with respect to capital improvements; and
(vi) transfers into a debt service reserve fund in an amount not to exceed Five Million Dollars ($5,000,000.00). Any funds remaining in the Operating Account after payment of the foregoing costs and expenses ("Excess Cash") shall be distributed to Age.
Bank Accounts and Working Capital. 6.1 Separate bank accounts will be maintained for the casino business.
6.2 Surplus funds generated by the casino business will either be placed on deposit with approved banking institutions or may be lent to the remaining Bidco business on terms and conditions as to the repayment of capital and interest only which reflect an arm's length basis.
6.3 If any working capital facilities are arranged by the remaining Bidco business for the casino business, the casino business will be charged with the cost of providing those facilities.
6.4 If any additional working capital is provided by the remaining Bidco business to the casino business, the casino business will be charged for these funds on an arm s length basis and will be required to repay such working capital together with interest prior to any payments of dividends to the minority shareholders.
