Receipts and Disbursements. If, after the Closing, Buyer receives any funds relating to operations on or production from the Interests prior to the Effective Time, including, without limitation, any joint interest account credits relating to operations prior to the Effective Time, or Seller receives any funds relating to operations on or production from the Interests after the Effective Time, then the party receiving such funds shall account therefor and pay the same to the other party promptly after receipt thereof. Likewise, if Buyer shall be required to pay any amount relating to items of the Interests which accrued to the owner of the Interests before the Effective Time, or if Seller shall be required to pay any amount (not otherwise prohibited by the terms of this Agreement) relating to items of the Interests which accrued to the owner of the Interests after the Effective Time, then the party making such payment shall invoice the other party for the amount of such payment and the party receiving such invoice promptly shall pay the same. Notwithstanding the foregoing, there shall be no accounting for amounts received or paid which have already been taken into account in calculating the Purchase Price. In determining the amount paid by a party accruing during a period of time in respect of ad valorem taxes, the taxes shall be prorated as provided in Section 7.7.
Receipts and Disbursements. All monies received by Property Manager for or on behalf of Owner in connection with the operation or management of the Project shall be promptly deposited by Property Manager in a bank account or accounts established by Property Manager (collectively, the “Operating Account”). Property Manager shall withdraw and pay from the Operating Account such amounts at such times as the same are required in connection with the management and operation of the Project in accordance with the provisions of this Agreement. All monies in the Operating Account are the property of Owner, to be held by Property Manager in trust for Owner in an account designated as “Agent for Owner” and disbursed in accordance with this Agreement. A separate account for tenant security deposits shall be established if required by applicable law or Owner.
Receipts and Disbursements. Xxxxxx Xxxxxx Soccer Club shall properly maintain records, receipts and disbursements of all funds for each season completed. The appropriate invoice or documentation shall support all disbursements.
Receipts and Disbursements. Xxxxxx Youth Baseball Association shall properly maintain records, receipts and disbursements of all funds for each season completed. The appropriate invoice or documentation shall support all disbursements.
Receipts and Disbursements. If, after the Closing, Buyer receives any funds relating to operations on or production from the Merger-Target prior to the Effective Time, or Seller receives any funds relating to operations on or production from the Merger-Target after the Effective Time, then the party receiving such funds shall account therefor and pay the same to the other party promptly after receipt thereof. Oil produced and in the tanks prior to closing shall be measured by both parties prior to closing and if Seller wishes it picked-up by purchaser shall cause it to be done prior to closing. Otherwise, Buyer will pay the net amount to Seller when payment therefore is received by Buyer following closing.
Receipts and Disbursements. The CRWA will ensure strict accountability for all funds of the organization and will require reports on all receipts and disbursements made to, or on behalf of the CRWA.
Receipts and Disbursements. The South Central WorkForce Council will ensure strict accountability for all funds of the organization and will require reports on all receipts and disbursements made on behalf of the Joint Powers Board.
Receipts and Disbursements. (a) Operator shall establish and maintain in one or more depositories, one or more operating, payroll and other bank accounts for the operation, management, and promotion of CII, in the name of Owner, with Operator as agent and with signature authority in such employees of Operator as Operator shall determine. Operator shall also arrange for signature authority in persons designated by Owner for each such account and shall include monthly statements for each such account in Operator’s monthly reports to Owner pursuant to Exhibit “E” Financial Reporting Procedure. All Gross Revenues collected by Operator shall be deposited into such accounts and Operating Expenses shall be paid by Operator as agent for Owner from such accounts.
(b) In addition to the bank accounts described in Section 6.2(a), Operator shall establish an account for the sole purpose of attracting, promoting, marketing, and developing Event activity at CII (“Event Development & Marketing Fund”). Operator shall make available $100,000 for the establishment of the Event Development & Marketing Fund. The Event Development & Marketing Fund shall be replenished from net Event profits, if any, and only from Events that utilize the Event Development & Marketing Fund; the Parties shall mutually agree upon a detailed P&L for each such Event to determine the amount of replenishment. If this Agreement is terminated for any reason, then the amount remaining in the Event Development & Marketing Fund in excess of $100,000.00 shall be paid by Operator to Owner within 90 days of such termination or non-renewal. Any remaining balance in the Event Development & Marketing Fund shall belong to Operator upon such payment by Operator to Owner, if any.
(c) In addition to the accounts described in Section 6.2(a), Operator shall make a $400,000.00 capital contribution to the City (“Operator Contribution”). The purpose of the capital contribution shall be for capital equipment and improvement purchases, customer service enhancements, or other projects which help generate revenue for Century II. The parties shall endeavor to mutually agree on the deployment of the capital contribution; however, the City shall ultimately have sole discretion as to how the capital contribution shall be spent. Operator shall pay the Operator Contribution or portions thereof at such time or times as directed by the City to be used for the purposes described in this Section 6.2(c). The amount of each specific portion of the Operator Contrib...
Receipts and Disbursements. 6.8.1 In the event that Buyer receives any payments subsequent to the Closing Date relating to any Receivables, such payment shall be immediately forwarded and remitted to Seller. Seller agrees that it shall not, and shall ensure that its Affiliates and Representatives do not, contact any customer of the Company with respect to any unpaid Receivable owed by such customer until at least sixty (60) days after the due date for payment of such Receivable, and at that time makes best efforts to contact the customer with a Representative of Buyer.
6.8.2 In the event that Seller receives any payments subsequent to the Closing Date relating to any amount due to Buyer, such payment will be the property of, and will be immediately forwarded and remitted to Buyer.
Receipts and Disbursements. Adjournment
