Manager Payments. The Manager shall maintain funds of Owner in a separate account(s) managed by the Manager and shall not comingle funds of Owner with funds of any other Person. Any funds of Owner maintained by Manager shall be used for the exclusive benefit of Owner as provided in this Agreement. From time to time, Manager shall pay, unless otherwise instructed by Owner, from Owner’s funds administered by the Manager, as and to the extent required by any applicable contract, or Law and, to the Manager’s knowledge, to the extent not previously paid by any purchaser, operator or Third Party, in each case to the extent such liability is attributable to Owner’s interest in a property or otherwise an obligation of Owner, all taxes, royalties, overriding royalties, delay rentals, operating expenses and other charges under operating agreements, debt service on Owner’s debts, the Monthly G&A Reimbursement (which shall be paid to the Manager in accordance with Section 5.1) and other debts and obligations of Owner.
Appears in 4 contracts
Samples: Management Services Agreement (Energy 11, L.P.), Management Services Agreement (Energy 11, L.P.), Management Services Agreement (Energy 11, L.P.)
