Deposit and Disbursement of Funds. (i) The Manager shall establish and administer the overall rate structure of the Facility and shall supervise the issuance of bills and the collection of accounts as the true and lawful attorney-in-fact for the Owner. The Manager shall take possession of and endorse the name of the Owner on all notes, checks, money orders, insurance payments, and any other instruments received in payment of accounts described below.
(ii) The Manager shall establish such accounts for the Facility in the Owner's name, separate from all other accounts and funds of the Manager, with a bank or banks whose deposits are insured by the Federal Deposit Insurance Corporation ("FDIC") or with a savings and loan institution or institutions whose deposits are insured by the Federal Savings and Loan Insurance Corporation ("FSLIC") as it deems necessary or desirable. The Manager, on behalf of the Owner, shall use reasonable efforts to collect (using legal counsel approved by the Owner, if necessary) all sums due and owing to Owner in connection with the operation of the Facility. The Manager and the Owner shall deposit into such accounts all monies furnished by the Owner as working funds and all receipts and monies arising from the operation of the Facility or otherwise received by the Owner or by the Manager for or on the behalf of the Owner.
(iii) Draws on such accounts may be made by the sole signature of an authorized representative of the Manager (or by wiring instructions from such authorized representative of the Manager) and shall be paid to the Manager to reimburse the Manager for payments made pursuant to this Agreement by the Manager from its own accounts. The Owner hereby appoints the Manager, for the term of this Agreement, as the Owner's true and lawful attorney-in-fact to withdraw, by writing checks against such accounts, funds for reimbursement of all amounts payable pursuant to this Agreement in connection with the operation of the Facility. The Owner agrees to execute from time to time any additional documents required by any bank wherein such documents are held to effectuate all powers of attorney referred to herein. The Manager shall make disbursements and payments from such accounts, on behalf and in the name of the Owner, in such amounts and at such times as are deemed by the Manager to be appropriate or required in connection with, first, payments required by any Financing Agreement, and second, payments of ownership, maintenance and operating expenses of the Facil...
Deposit and Disbursement of Funds. Manager will deposit all receipts arising from the operation of the Hospital Facility in such accounts as Manager determines, and will disburse and pay funds on behalf and in the name of Owner, in such amounts and at such times as the same are required, in each case consistent with Manager’s cash management practices applicable to all of Manager’s Affiliates.
Deposit and Disbursement of Funds. Manager shall deposit in a banking institution which is a member of the FDIC in accounts in Manager's name, as agent for Owner, all monies arising from the operation of the Facility or otherwise received by Manager for and on behalf of Owner (the "Facility Funds"), and shall disburse and pay the same from said accounts on behalf and in the name of Owner pursuant to the Budget, in the following order of priority, as and when required to be made in connection with:
(A) Payment of all costs and expenses arising out of the administration, maintenance and operation of the Facility, including, without limitation, Taxes, reimbursable expenses of Manager, and all accrued and unpaid interest on any unpaid balances thereon, as set forth in Section 3.16;
(B) Payment of the Facility Rent or debt service on a first mortgage (if any) on the Facility;
(C) Payment of the monthly installment to the capital expense reserve for the Facility described in the Budget;
(D) Payment of interest due on the working capital line of credit for the Facility;
(E) Payment of the letter of credit fee (for the security deposit under the Lease), if required;
(F) Payment of all administrative and operating costs of Lyric;
(G) Payment of the "Annual Continuing Fee" due under the Franchise Agreement;
(H) Payment of Manager's Base Management Fee provided for in Article V hereof (including any accrued and unpaid Base Management Fees, plus all accrued and unpaid interest thereon, for prior periods);
(I) Payment of subordinated mortgage debt (if any) with respect to the Facility;
(J) Payment of the monthly installments to any supplemental capital expense and working capital escrows and reserves described in the Budget;
(K) Payment of Manager's Incentive Management Fee provided for in Article V hereof (including any accrued and unpaid Incentive Management Fees, plus all accrued and unpaid interest thereon, for prior periods); and
(L) The balance of such funds shall be distributed to Owner, at Owner's request, subject to the retention of an appropriate operating reserve, as determined in Manager's reasonable judgment. In this Agreement, the term "Facility Rent" means the scheduled payments of Rent, as defined in the Lease, and all other applicable costs for the maintenance or operation of the Facility and other payments required of Owner under the Lease.
Deposit and Disbursement of Funds. Upon the implementation of this Agreement, Owner shall initiate an operating reserve fund in a financial institution and available to Manager as Owner's agent hereunder in an amount to be a upon by the parties. Such reserve fund shall be used by Manager to meet the financial payments noted below until sufficient revenues are generated by operation of the Facility to reasonably meet those financial obligations on a monthly basis. Manager shall promptly deposit in a banking institution acceptable to Owner, which is a member of the FDIC, in accounts in Manager's name as agent for Owner, all Gross Revenues, as defined below, and moneys and Facility income arising from the operation of the Facility, or otherwise received by Manager for and on behalf of Owner ("Facility Funds"), which funds shall be Owner's funds. No amounts deposited with Facility Funds shall in any event be co-mingled with any other funds of Manager. Manager shall pay from the reserve amount and/or, once sufficient Facility Funds are generated and received to meet the monthly operating expenses of the Facility, Manager shall pay from Facility Funds on behalf of and in the name of Owner, and in the following order of priority, and in each case, in such amounts and at such times as are required to be made in connection with: (a) all costs and expenses arising out of the ownership, maintenance, and operation of the Facility, including the reimbursable expenses of Manger hereunder pursuant to Exhibit A attached hereto; (b) payment of Facility Debt Services; (c) Manager's Base Management Fee provided for in Article 5, below 9including any accrued and unpaid Base Management Fees for prior periods); and 5
Deposit and Disbursement of Funds. The Manager shall deposit in a banking institution which is a member of the FDIC in accounts in the Manager's name as agent for Owner, all monies arising from the operation of the Business or otherwise received by the Manager for and on behalf of the Owner ("Business Funds"), and shall disburse and pay the same from said accounts on behalf and in the name of Owner in the following order of priority and, in each case, such amounts and at such times as the same are required to be made in connection with:
(a) Payment of Debt Service (as hereinafter defined) and all costs and expenses arising out of the ownership, maintenance, expansion, and operation of the Business, including, without limitation, the reimbursable expenses of the Manager hereunder set forth in Exhibit A hereto;
(b) Payment of the Manager's Management Fee (as hereinafter defined) provided for in Article V, below (including any accrued and unpaid Management Fees for prior periods);
(c) The balance of such funds, after provision for such adequate working capital reserves on a monthly basis as shall be determined by the Manager in its reasonable business judgment, shall be invested by the Manager on behalf of the Owner or, if directed by the Owner, shall be used to reduce existing debt of the Owner (including, without limitation, any debt due to Manager or any of its affiliates or subsidiaries), to make distributions to the Owner's stockholders or to repurchase outstanding shares of its capital stock.
Deposit and Disbursement of Funds. 2.17.1 Manager shall open and maintain an Operating Account and such other bank accounts in Physicians Care's name in accordance with requirements of state and federal laws and as authorized by the Board of Directors, shall deposit in such Operating Account all monies received arising from the operation of Physicians Care and shall make disbursements from such Operating Account and other bank accounts on behalf of Physicians Care in such amounts and at such times as the same are required and as directed by the Board of Directors. Signatories and approvals as to amounts on all checks shall be in accordance with the duly adopted policies of the Board of Directors, which policies shall not adversely affect the Manager's ability to perform its duties hereunder.
2.17.2 Physicians Care agrees to establish an Administrative Services Account and to deposit monthly in advance into such account the amounts estimated pursuant to the Administrative Services Budget to be due for such month to the Manager for Services hereunder.
2.17.3 Manager shall recommend to the Board of Directors reasonable and prudent investment guidelines that comply with applicable state and federal laws and shall have authority to invest any surplus funds on behalf of Physicians Care subject to guidelines approved by its Board of Directors.
Deposit and Disbursement of Funds. All revenues from the Operation of the Hotel shall be deposited by Manager in the Bank Accounts. Unless the Parties agree otherwise, Manager shall disburse to Owner each day, as directed by Owner, any funds remaining in the Bank Accounts and the Accounts in excess of the sum of (a) all Operating Costs (including any installments of the Base Management Fee and Incentive Management Fee) then due and unpaid and (b) $10,000,000.
Deposit and Disbursement of Funds. All income or other monies received from the operation of the Facility together with all accounts and all other assets or property generated, created or which shall accrue from the operation of the Facility shall belong to Owner and shall be its property absolutely. Payment of all operating costs, wages, salaries, expenses, and fees incurred or sustained in the operation of the Facility is solely the obligation of Owner. Owner shall designate the depository to be used by Manager in connection with the operation of the Facility. All monies received from the property shall be deposited in a control account accessible only by owner. A separate account also belonging to Owner but accessible by Manager shall be used to pay operating expenses. In all events, appropriate accounting safeguards to ensure the integrity of the accounts will be instituted by Owner and complied with by Manager.
Deposit and Disbursement of Funds. 2.17.1 Manager shall open and maintain bank accounts in Physicians Care's name in accordance with requirements of state and federal laws, shall deposit in such bank accounts all monies received arising from the operation of Physicians Care and shall make disbursements from such accounts on behalf of Physicians Care in such amounts and at such times as the same are required. Signatories and approvals as to amounts on all checks shall be in accordance with the duly adopted policies of Physicians Care's
Deposit and Disbursement of Funds. All income or other monies received from the operation of the Community, together with all accounts and all other assets or property generated, created or which shall accrue from the operation of the Community shall belong to Owner and shall be its property absolutely. Payment of all operating costs, wages, salaries, expenses, and fees incurred or sustained in the operation of the Community is solely the obligation of Owner. Owner shall designate the depository to be used by Manager in connection with the operation of the Community. All monies received from the property shall be deposited in a control account accessible only by Owner. A separate account also belonging to Owner but accessible by Manager shall be used to pay operating expenses. In ‘all events appropriate accounting safeguards to ensure the integrity of the accounts will be instituted by Owner and complied with by Manager.
