Bank Accounts, Working Capital Sample Clauses

Bank Accounts, Working Capital. (a) Manager, in the Facility's name and on behalf of Owner, shall deposit in a bank account or accounts of the Manager or the Facility (the "Operating Accounts") established in Manager's name all funds received from the operations of the Facility. Manager shall provide sufficient working capital for the start up of the Facility and shall be responsible thereafter for such working capital, which shall be deposited into the Operating Accounts. Manager shall specify the signatory or signatories required on all checks or other documents of withdrawal for the Operating Accounts.
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Bank Accounts, Working Capital. (a) Manager shall deposit in a bank account or accounts of the Manager or the Facility (the "Facility Depository Accounts") established in Manager's name all funds received from the operations of the Facility. Manager may "sweep" these accounts as often as it deems appropriate and consolidate and commingle funds from other facilities owned or managed by Manager into its primary operating account(s) in Louisville, Kentucky, or such other place and with such financial institutions as Manager may determine (the "Operating Accounts"). Manager shall also provide sufficient working capital for the continued operation of the Facility, which shall be deposited into or drawn from the Operating Accounts. Manager shall specify the signatory or signatories required on all checks or other documents of withdrawal for the Depository or Operating Accounts. Manager shall also deposit the personal funds of the Facility's residents into a separate trust account established in Manager's name. Manager shall designate those employees of the Facility with signature authority for all checks or other documents of withdrawal for the Trust Account
Sample 1
Bank Accounts, Working Capital. (a) Manager shall deposit in a bank account or accounts of the Manager or the Facility (the "Facility Depository Accounts) established in Manager's name all funds received from the operations of the Facility. Manager may "sweep" these accounts as often as it deems appropriate and consolidate and commingle funds from other facilities owned or managed by Manager into its primary operating account(s) in Louisville, Kentucky, or such other place and with such financial institutions as Manager may determine (the "Operating Accounts"). Manager and Owner agree that notwithstanding the termination or expiration of this Agreements, the amount of any accounts receivable, prepaids and deposits arising from any transactions occurring during the term of this Agreement shall be for Manager's account and upon collection shall be paid to Manager and that the amount of any accounts payable arising during the term of this Agreement shall be paid by Manager when due. Manager shall have the sole and exclusive right to collect such accounts receivable and the sole and exclusive obligation to pay such accounts payable. Manager shall also provide sufficient working capital for the continued operation of the Facility, which shall be deposited into or drawn from the Operating Accounts. Manager shall specify the signatory or signatories required on all checks or other documents of withdrawal for the Depository or Operating Accounts. Manager shall also deposit the personal funds of the Facility's residents into a separate trust account established in Manager's name. Manager shall designate those employees of the Facility with signature authority for all checks or other documents of withdrawal for the Trust Account.
Sample 1
Bank Accounts, 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 "Facility Depository Accounts") all funds received from the operations of the Facility and such funds shall be disbursed from the Facility Depository Accounts to and by Manager in the manner and order of priority described in subsection (b) below. The Facility Depository Accounts shall be segregated from Manager's other depository and concentration accounts maintained with NationsBank, in Charlotte, North Carolina, Manager shall specify the signatory or signatories required on all checks or other documents of withdrawal for the Facility Depository Accounts. Manager shall also deposit the personal funds of the Facility residents into a separate trust account established in Manager's name. Manager shall designate those employees of the Facility with signature authority for all checks or other documents of withdrawal for the Trust Account. Upon pay down and termination of the Line of Credit (as hereinafter defined), Manager shall specify the required signatory Or signatories with Lessee Is written approval (such approval not to be unreasonably withheld) .
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Bank Accounts, Working Capital 
Sample 1

Related to Bank Accounts, Working Capital

  • Working Capital Upon consummation of the Offering, it is intended that approximately $1,000,000 of the Offering proceeds will be released to the Company and held outside of the Trust Account to fund the working capital requirements of the Company.

  • Net Working Capital At least three (3) business days prior to the Closing Date, Sellers shall deliver to Buyer a certificate (the “Estimated NWC Certificate”), including a consolidated balance sheet of the Company as of the Closing Date, prepared in accordance with the accounting principles, methods, practices, estimates, judgments and assumptions applied in the preparation of the Company’s financial statements, consistently applied (the “Accounting Principles”), which shall include (a) the Sellers’ good faith estimate (such estimate is referred to as the “Estimated Net Working Capital Amount”) of the “Net Working Capital Amount.” As used herein, “Net Working Capital Amount” means the Net Working Capital of the Company as of 11:59 p.m. EST on the day immediately preceding the Closing Date. “Net Working Capital” means the result of (i) all cash of the Company minus (ii) all current liabilities (excluding the Existing Indebtedness) of the Company, in each case determined in accordance with the Accounting Principles. The Purchase Price at Closing shall be increased by the Estimated Net Working Capital Amount. No later than ninety (90) days following the Closing Date, Buyer shall prepare and deliver to Sellers (i) a consolidated balance sheet of the Company dated at the Closing Date, which shall be prepared in accordance with the Accounting Principles and (ii) a reasonably detailed statement (the “Final NWC Certificate”) setting forth Buyer’s calculations of the Net Working Capital Amount. If Sellers have any objections to the Final NWC Certificate, Sellers shall deliver to Buyer a statement setting forth its objections thereto (an “Objections Statement”), provided that the only bases for objections shall be (i) non-compliance with the standards set forth above for preparation of the Final NWC Certificate, or as set forth in the definition of Net Working Capital, and (ii) mathematical errors. If an Objections Statement is not delivered to Buyer within thirty (30) days after delivery of the Final NWC Certificate, the Final NWC Certificate shall be final, binding and non-appealable by the parties hereto. Sellers and Buyer shall negotiate in good faith to resolve any objections set forth in the Objections Statement (and all such discussions related thereto shall, unless otherwise agreed by Buyer and Sellers, be governed by Rule 408 of the Federal Rules of Evidence (and any applicable similar state rule)), but if they do not reach a final resolution within thirty (30) days after the delivery of the Objections Statement, Sellers and Buyer may submit such dispute to one of the “Big Four” accounting firms other than Ernst & Young LLP or PricewaterhouseCoopers LLP, or, in the event that any such auditor is unable to accept such appointment, to any other nationally recognized independent accounting firm mutually acceptable to Buyer and Sellers (the “Independent Auditor”). Each party shall be afforded an opportunity to present to the Independent Auditor material relating to the disputed issues and to discuss the determination with the Independent Auditor. The Independent Auditor shall act as an auditor and not as an arbitrator and shall resolve matters in dispute and adjust and establish any disputed adjustment of the Net Working Capital Amount to reflect such resolution, provided that the Independent Auditor shall not assign a value to any item or amount in dispute greater than the greatest value for such item or amount assigned by Sellers, on the one hand, or Buyer, on the other hand, or less than the smallest value for such item or amount assigned by Sellers, on the one hand, or Buyer, on the other hand. It is the intent of Buyer and Sellers that the process set forth in this Section 11(F) and the activities of the Independent Auditor in connection herewith are not intended to be and, in fact, are not arbitration and that no formal arbitration rules shall be followed (including rules with respect to procedures and discovery). Sellers and Buyer shall use their commercially reasonable efforts to cause the Independent Auditor to resolve all such disagreements as promptly as practicable. The resolution of the dispute by the Independent Auditor shall be final, binding and non-appealable on the parties hereto. The Final NWC Certificate shall be modified if necessary to reflect such determination. The fees and expenses of the Independent Auditor shall be allocated for payment by Buyer, on the one hand, and/or Sellers, on the other hand, based upon the percentage which the portion of the contested amount not awarded to each party bears to the amount actually contested by such party, as determined by the Independent Auditor. If the Net Working Capital Amount as finally determined pursuant to the dispute resolution procedures described above is greater than the Estimated Net Working Capital Amount shown on the Estimated NWC Certificate, then Buyer shall pay to Sellers cash equal to the amount by which the Net Working Capital Amount exceeds the Estimated Net Working Capital Amount. If the Net Working Capital Amount as finally determined pursuant to the dispute resolution procedures described above is less than the Estimated Net Working Capital Amount shown on the Estimated NWC Certificate, then Sellers shall pay to Buyer cash equal to the amount by which the Estimated Net Working Capital Amount exceeds the Net Working Capital Amount.

  • Minimum Working Capital The Borrower shall maintain at all times Working Capital (which shall mean Current Assets less Current Liabilities) of at least $500,000.

  • Bank Accounts; Investments Capital Contributions, revenues and any other Company funds shall, as directed by Preferred, be deposited by the Company in trading accounts (whether “regulated” or “unregulated”) established in the name of the Company. As provided by Rule 4.20(c) of the Commodity Futures Trading Commission (the “CFTC”), no other funds shall be deposited into the Company’s trading accounts or commingled with Company investments. Funds deposited in the Company’s trading accounts may be withdrawn only to be invested in furtherance of the Company’s purposes, to pay Company debts or obligations or to be distributed to the Members pursuant to this Agreement.

  • Bank Accounts; Cash Balances (a) Each Party agrees to take, or cause the members of its Group to take, at the Effective Time (or such earlier time as the Parties may agree), all actions necessary to amend all contracts or agreements governing each bank and brokerage account owned by SpinCo or any other member of the SpinCo Group (collectively, the “SpinCo Accounts”) and all contracts or agreements governing each bank or brokerage account owned by Parent or any other member of the Parent Group (collectively, the “Parent Accounts”) so that each such SpinCo Account and Parent Account, if currently linked (whether by automatic withdrawal, automatic deposit or any other authorization to transfer funds from or to) to any Parent Account or SpinCo Account, respectively, is de-linked from such Parent Account or SpinCo Account, respectively.

  • Bank Accounts; Receivables (a) Part 2.7(a) of the Disclosure Schedule provides accurate information with respect to each account maintained by or for the benefit of the Company at any bank or other financial institution.

  • Bank Accounts, etc A true and correct and complete list as of the ------------------- date of this Agreement of all banks, trust companies, savings and loan associations and brokerage firms in which the Company or any Subsidiary has an account or a safe deposit box and the names of all Persons authorized to draw thereon, to have access thereto, or to authorize transactions therein, the names of all Persons, if any, holding powers of attorney from the Company or any Subsidiary and a summary statement as to the terms thereof has been previously delivered to VIALOG.

  • Working Capital Loans The Sponsor has made loans to the Company in the aggregate amount of up to $300,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form filed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of December 31, 2021 and the consummation of the Offering.

  • Control Accounts; Approved Deposit Accounts Each Loan Party shall (i) deposit in an Approved Deposit Account all Cash it receives, (ii) not establish or maintain any Securities Account or Commodities Account that is not a Control Account and (iii) not establish or maintain any Deposit Account other than an Approved Deposit Account, provided however that notwithstanding the foregoing, each Loan Party may (w) maintain zero-balance accounts for the purpose of managing local disbursements and collections and may maintain payroll, withholding tax and other fiduciary accounts, (x) maintain accounts into which amounts are paid by a governmental entity pursuant to one or more Health Care Laws so long as the amounts on deposit therein are transferred each Business Day to an Approved Deposit Account or any other account permitted to be so utilized under this Section 5.14, (y) maintain other accounts as long as the aggregate monthly average daily balance over the immediately preceding 12-month period for all such Loan Parties in all such other accounts does not exceed $3,000,000 at any time and (z) make pledges or cash deposits permitted by Section 6.02.

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