Depositories for Funds. Manager shall maintain one or more accounts in the name of SNH TRS in one or more banks selected by Manager and approved by SNH TRS and may deposit therein all Gross Revenues and other funds collected or received by Manager and due to SNH TRS as owner of the Facility. Manager shall be authorized to access the accounts without the approval of SNH TRS, subject to any limitation on the maximum amount of any check, if any, established between Manager and SNH TRS as part of the Annual Operating Budget. SNH TRS shall be a signatory on all accounts maintained with respect to the Facility, and SNH TRS shall have the right to require that SNH TRS’s signature be required on all checks/withdrawals after the occurrence of an Event of Default by Manager under this Agreement. SNH TRS shall provide such instructions to the applicable bank(s) as are necessary to permit Manager to implement the Manager’s rights and obligations under this Agreement provided, the failure of SNH TRS to provide such instructions shall relieve Manager of its obligations hereunder until such time as such failure is cured.
Depositories for Funds. Manager shall maintain one or more accounts in the name of Owner in one or more banks selected by Manager and approved by Owner and may deposit therein all Gross Revenues and other funds collected or received by Manager and due to Owner as owner of the Community. Manager shall be authorized to access the accounts without the approval of Owner, subject to any limitation on the maximum amount of any check, if any, established between Manager and Owner as part of the Annual Operating Budget. Owner shall be a signatory on all accounts maintained with respect to the Community, and Owner shall have the right to require that Owner’s signature be required on all checks/withdrawals after the occurrence of an Event of Default by Manager under this Agreement. Owner shall provide such instructions to the applicable bank(s) as are necessary to permit Manager to implement Manager’s rights and obligations under this Agreement; provided, the failure of Owner to provide such instructions shall relieve Manager of its obligations hereunder until such time as such failure is cured.
Depositories for Funds. Maintenance of accounts in such banks, savings and loan associations, and other financial institutions as Manager may from time to time select, (including certificates of deposits) with such balances therein (which may be interest-bearing or non-interest-bearing) as Manager shall from time to time deem appropriate, taking into account the cash needs of the Operations, and the disbursement from such accounts of such amounts of the Operations' funds as Manager shall from time to time determine to be appropriate in the discharge of the responsibilities of Manager under this Agreement.
Depositories for Funds. Manager shall maintain one or more accounts in the name of Licensee in one or more banks selected by Manager and approved by Licensee and may deposit therein all Gross Revenues and other funds collected or received by Manager and due to Licensee. Manager shall be authorized to access the accounts without the approval of Licensee, subject to any limitation on the maximum amount of any check, if any, established between Manager and Licensee as part of the Annual Operating Budget. Licensee shall be a signatory on all accounts maintained with respect to the Licensed Facility, and Licensee shall have the right to require that Licensee’s signature be required on all checks/withdrawals after the occurrence of an Event of Default by Manager under this Agreement. Licensee shall provide such instructions to the applicable bank(s) as are necessary to permit Manager to implement the Manager’s rights and obligations under this Agreement provided, the failure of Licensee to provide such instructions shall relieve Manager of its obligations hereunder until such time as such failure is cured. Notwithstanding any provision herein to the contrary, beneficial and legal control of any accounts relating to the operation of the Licensed Facility shall remain with Licensee at all times.
Depositories for Funds. The maintenance of accounts in such banks, savings and loan associations, and other financial institutions as the Board may, from time to time, select (including certificates of deposit) with such balances therein (which may be interest bearing or non-interest bearing) as Manager shall, from time to time, deem appropriate, taking into account the operating needs of the Agency and the disbursements from such accounts of such amounts of the Agency's funds as Manager shall, from time to time, determine is appropriate in the discharge of its responsibilities under this Agreement; PROVIDED, HOWEVER, that Manager shall not, in any case, have any obligation to supply, out of its own funds, working capital for the Agency.
Depositories for Funds. (a) Manager shall maintain accounts and investments in such banks, savings and loan associations, and other financial institutions designated by Manager and reasonably approved by Owner. These accounts shall be in Manager’s name as agent for Owner, and withdrawals from such accounts shall be made solely by representatives of Manager whose signatures have been authorized to access the accounts, and the Manager shall be responsible for reimbursement of any amounts misappropriated from such accounts by its employees. These accounts shall be segregated from other of Manager’s accounts and investments. Manager shall maintain such balances therein as Manager shall deem appropriate, taking into account the cash flow management needs of the Facility and the disbursement from such accounts of such amounts of the Facility’s funds as Manager shall from time to time reasonably determine to be appropriate in the discharge of the responsibilities of Manager under this Agreement, as well as remaining in accordance with the Approved Budget. Any interest earned on the amounts in such funds (but not in the FF&E Reserve) shall be treated as Gross Revenues of the Facility. It is Owner’s responsibility to provide the funds needed to operate the Facility in a manner designed to meet the mutual goals of Owner and Manager set forth in Section 2.02 above, consistent with the terms of this Agreement. Upon Owner’s request, Manager shall provide to Owner a list of all bank accounts maintained by Manager with respect to the Facility. Reasonable xxxxx cash funds shall be maintained at the Facility.
(b) Notwithstanding anything to the contrary contained herein, all accounts and investments maintained by Manager or Owner hereunder shall be subject to the terms and conditions of any Loan Documents. In the event of any conflict between the Loan Documents and this Agreement with respect to such accounts or investments, the Loan Documents shall govern.
Depositories for Funds. Manager shall maintain accounts in the manner set forth in the Cash Management Procedures. Manager shall be authorized to access the accounts without the approval of Owner, subject to a limitation on the maximum amount of any check, which limitation shall be established between Manager and Owner as part of the Annual Budget. It is Owner's responsibility to provide the funds needed to operate the Facility in a manner designed to meet the mutual goals of Owner and Manager set forth in Section 2.02 above. Owner shall be a signatory on all accounts maintained with respect to the Facility, and Owner shall have the right to require that Owner's signature be required on all checks/withdrawals after a default by Manager under this Agreement.
Depositories for Funds. Manager shall maintain accounts and investments in such banks, savings and loan associations, and other financial institutions as reasonably directed by Owner. These accounts shall be in the Facility's name. Subject to the terms of this Agreement, including those relating to the Approved Budget, Manager shall be authorized to access the accounts without the approval of Owner. These accounts shall be segregated from any other Manager's accounts and investments. Distributions shall be made to Owner in the maximum amounts and with the maximum frequency permitted by the applicable regulations and subject to the Approved Budget and any amendments thereto. In the event this Agreement is terminated, Manager shall not make any withdrawal or payment from any depository holding the Facility funds, and its access to any Facility accounts shall be deemed irrevocably terminated.
Depositories for Funds. Owner shall maintain accounts and investments in banks, savings and loan associations, and/or other financial institutions in Owner's
Depositories for Funds. The maintenance of accounts in such banks, savings and loan associations, and other financial institutions as the Board may, from time to time, select (including certificates of deposit) with such balances therein (which may be interest bearing or non-interest bearing) as Manager shall, from time to time, deem appropriate, taking into account the operating needs of the New York Operations and the disbursements from such accounts of such amounts of the Agency's funds as Manager, from time to time, determine is appropriate in the discharge of its responsibilities under this Agreement; provided, however, that Manager shall not, in any case, have any obligation to supply, out of its own funds, working capital for the Agency.
