Advances by Manager Sample Clauses

Advances by Manager. Manager shall have the right, but not the obligation, to advance to Lessee any and all sums required to maintain all necessary licenses and permits and to otherwise keep the Facility operating as a fully insured nursing home in good condition and repair. All such sums advanced by Manager to Lessee shall be repaid by Lessee, with interest commencing on the date such sums were advanced at a rate equal to the announced prime rate of interest of NationsBank of Georgia, N.A., Atlanta, Georgia, plus two percent (2%) per annum ("Advance Rate"), immediately upon written notice thereof to Lessee, and Manager shall have the right at any time and from time to time to instruct the signatories of the Operating Accounts to withdraw and pay to Manager amounts necessary in order to repay such advances.
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Advances by Manager. (a) If the Company does not have sufficient cash to pay its obligations, subject to the approval of the Investment Committee, the Manager shall have the right (but not the obligation) to advance all or part of the needed funds to or on behalf of the Company if necessary to make Investments or otherwise satisfy the Company’s obligations when due. The Company will pay interest to the Manager on any such advances outstanding accruing at the rate of five percent (5%) per annum until paid. The Company shall not make any distributions to the Members until the principal amount and accrued but unpaid interest of any such Manager advance has been paid in full. Any Manager advance described in this Section 4.03 constitutes a loan from the Manager to the Company and is not a Capital Contribution. The Manager shall call for capital contributions from the unfunded Commitments of the Members in accordance with Section 4.05 to repay any such advance by the Manager within one hundred twenty (120) days of the making of such advance.
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Advances by Manager. Manager shall have the right, but not the obligation, to acquire for the benefit of Lessee, under the WCI Loan, any and all sums required to maintain all necessary licenses and permits and to otherwise keep the Facility operating as a fully insured nursing home in good condition and repair. All such sums advanced under the WCI Loan to Lessee shall be repaid by Lessee in accordance with the terms of the Loan Agreement and the Note, and Manager shall have the right at any time and from time to time to instruct the signatories of the Operating Accounts to withdraw and pay such amounts as are necessary to repay such advances.
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Advances by Manager. Manager may, but shall not be required to, advance funds for the operation of the Hospital in the event the revenues of the Hospital are insufficient to meet operating expenses incurred subsequent to the Effective Date. All funds advanced shall be treated as a loan and evidenced by a loan and security agreement and note, in such form as provided by Manager, executed by Camelot and secured by the assets, including, without limitation, all accounts receivable accrued, and the proceeds therefrom, of the Hospital subsequent to the Effective Date. The loan and security agreement and note and financing documents shall be referred to collectively as the "Financing Agreements". Except as otherwise required by law, Manager shall be entitled to and shall have all right, title and interest to any and all payments due from the United States Government under the Medicare Program, the State of Louisiana Medicaid Program, all patients and responsible parties, Health Plans and other third party payors, arising out of the operation of the Hospital subsequent to the Effective Date. Camelot shall promptly account and pay Manager all monies paid to or received by Camelot for services performed after the Effective Date. Manager shall promptly account and pay Camelot all monies paid to or received by Manager for services performed on or before Effective Date. Each party shall cooperate, at no cost or expense to such cooperating party, in all reasonable respect with the other party's efforts to collect its accounts receivable.
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Advances by Manager. Manager shall have the right, but not the obligation, to advance to Owner any and all sums required to maintain all necessary licenses and permits and to otherwise keep the Facility operating as a fully insured nursing home in good condition and repair. All such sums advanced by Manager to Owner shall be repaid by Owner, with interest commencing on the date such sums were advanced at a rate equal to the announced prime rate of interest of NationsBank, N.A., Atlanta, Georgia, plus two percent (2%) per annum ("Advance Rate"), immediately upon written notice thereof to Owner, and Manager shall have the right at any time and from time to time to instruct the signatories of the Operating Accounts to withdraw and pay to Manager amounts necessary in order to repay such advances.
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Advances by Manager. MANAGER will advance the following funds to the Board or the TRIBE as appropriate.
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Advances by Manager. Manager shall have the right, but not the obligation, to acquire for the benefit of Owner, under the CHC Loan, any and all sums required to maintain all necessary licenses and permits and to otherwise keep the Facility operating as a fully insured nursing home in good condition and repair. All such sums advanced under the CHC Loan to Owner shall be repaid by Owner in accordance with the terms of the Loan Agreement and the Loan Documents, and Manager shall have the right at any time and from time to time to instruct the signatories of the Operating Accounts to withdraw and pay such amounts as are necessary to repay such advances.
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Advances by Manager. In the event that Silverleaf Club does not have sufficient funds to cover the expenses of operation, maintenance and administration as are described in paragraphs 2 and 3 hereinabove, Manager may elect to advance such funds on behalf of Silverleaf Club and treat the same as an account receivable without prejudice to any other remedy which may be available to Manager; provided, however, that until receipt of such additional funds, Manager shall not be responsible for payment of any such expenses, and Manager shall have no obligations to advance funds to Silverleaf Club for any purpose whatsoever.
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Advances by Manager. In the event that the Master Club does not have sufficient funds to cover such the expenses of operation, maintenance and administration as are described in paragraphs 2 and 3 hereinabove, Manager may elect to advance such funds on behalf of the Master Club and treat the same as an account receivable without prejudice to any other remedy which may be available to Manager; provided, however, that until receipt of such additional funds, Manager shall not be responsible for payment of any such expenses, and Manager shall have no obligations to advance funds to Master Club for any purpose whatsoever.
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Related to Advances by Manager

  • Advances by Master Servicer If any Servicer fails to remit any Advance required to be made under the applicable Servicing Agreement, the Master Servicer shall itself make, or shall cause the successor Servicer to make, such Advance. If the Master Servicer determines that an Advance is required, it shall on the Business Day preceding the related Distribution Date immediately following such Determination Date remit to the Securities Administrator from its own funds (or funds advanced by the applicable Servicer) for deposit in the Account immediately available funds in an amount equal to such Advance. The Master Servicer and each Servicer shall be entitled to be reimbursed for all Advances made by it. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that an Advance is non-recoverable, the Master Servicer shall be under no obligation to make such Advance. If the Master Servicer determines that an Advance is non-recoverable, it shall, on or prior to the related Distribution Date, deliver an Officer's Certificate to the Trustee to such effect.

  • Advances by Agent The Agent may, unless notified to the contrary by any Bank prior to a Drawdown Date, assume that such Bank has made available to the Agent on such Drawdown Date the amount of such Bank's Commitment Percentage of the Revolving Credit Loans to be made on such Drawdown Date, and the Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If any Bank makes available to the Agent such amount on a date after such Drawdown Date, such Bank shall pay to the Agent on demand an amount equal to the product of (a) the average computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Agent for federal funds acquired by the Agent during each day included in such period, times (b) the amount of such Bank's Commitment Percentage of such Revolving Credit Loans, times (c) a fraction, the numerator of which is the number of days that elapse from and including such Drawdown Date to the date on which the amount of such Bank's Commitment Percentage of such Revolving Credit Loans shall become immediately available to the Agent, and the denominator of which is 365. A statement of the Agent submitted to such Bank with respect to any amounts owing under this paragraph shall be prima facie evidence of the amount due and owing to the Agent by such Bank. If the amount of such Bank's Commitment Percentage of such Revolving Credit Loans is not made available to the Agent by such Bank within three (3) Business Days following such Drawdown Date, the Agent shall be entitled to recover such amount from the Borrower on demand, with interest thereon at the rate per annum applicable to the Revolving Credit Loans made on such Drawdown Date.

  • Advances by Servicer Except as otherwise provided herein, the Servicer shall be entitled to first priority reimbursement pursuant to Section 2.07 hereof for Servicing Advances from recoveries from the related Mortgagor or from all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan.

  • Monthly Advances by Company On the Business Day immediately preceding each Remittance Date, either (a) the Company shall deposit in the Custodial Account from its own funds or (b) if funds are on deposit in the Custodial Account which are not required to be remitted on the related Remittance Date, the Company may make an appropriate entry in its records that such funds shall be applied toward the related Monthly Advance (provided, that any funds so applied shall be replaced by the Company no later than the Business Day immediately preceding the next Remittance Date), in each case, in an aggregate amount equal to all Monthly Payments (with interest adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were delinquent at the close of business on the immediately preceding Determination Date or which were deferred pursuant to Section 4.01. The Company's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the Mortgage Loan. In no event shall the Company be obligated to make an advance under this section 5.03 if at the time of such advance it deems such advance to be non-recoverable. The Company shall promptly deliver an officer's certificate to the Purchaser upon determining that any advance is non-recoverable. In the event that upon liquidation of the Mortgage Loan, the Liquidation Proceeds are insufficient to reimburse the Company for any Monthly Advances, the Company shall notify the Purchaser of such shortfall by registered mail with sufficient supporting documentation. The Purchaser shall respond to the Company within 60 days of receipt of such request. In the event that the Purchaser fails to respond within 60 days, the Company shall have the right to deduct such shortfall from the next remittance to be paid to the Purchaser.

  • Monthly Advances by Servicer On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution, or both, an amount equal to all Monthly Payments (in the case of Simple Interest Mortgage Loans, solely the portion of the Monthly Payment attributable to interest) which were due on the Mortgage Loans during the applicable Due Period and which were Delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than remittances to the Master Servicer required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will provide such records to the Master Servicer and the NIMS Insurer upon request. No provision in this Agreement shall be construed as limiting the Servicer’s right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan unless the Servicer deems such Monthly Advance to be non-recoverable, as evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer.

  • Advances by Administrative Agent Unless the Administrative Agent has been notified in writing by a Lender prior to the Settlement Date for any Advance or Loan that such Lender will not make the amount constituting its Pro Rata share of such Advance or Loan available to the Administrative Agent on or prior to such applicable Settlement Date, then the Administrative Agent may assume (but shall not be required to assume) that such Lender will make such amount available to the Administrative Agent in immediately available funds on or before such Settlement Date, and in reliance upon such assumption, the Administrative Agent may make available to Borrowers a corresponding amount on behalf of such Lender. If the amount of such Pro Rata share is not made available to the Administrative Agent in immediately available funds by a Lender until after the applicable Settlement Date, then such Lender shall pay to the Administrative Agent on demand and in immediately available funds an amount equal to the result of the following equation (which shall be in addition to the amount of such Lender's Pro Rata share of such Advance or Loan): the product of (a) the average (computed for the period determined under clause (c) below) of the weighted average interest rate for Federal Funds as determined by the Administrative Agent during each day included in such period, multiplied by (b) the amount of such Lender's Pro Rata share of such Advance or Loan, multiplied by (c) a fraction (i) the numerator of which is the number of days that elapsed from and including such Settlement Date to and including the date on which such Lender's Pro Rata share of such Advance or Loan is actually received by the Administrative Agent in immediately available funds and (ii) the denominator of which is 360. A statement from the Administrative Agent submitted to any Lender with respect to any amounts owing under this Section shall be conclusive (absent manifest error) as to the amount owed to the Administrative Agent by such Lender. If such Lender's Pro Rata share is not actually received by the Administrative Agent in immediately available funds within three (3) Business Days after the applicable Settlement Date for such Advance or Loan, then the Administrative Agent shall be entitled to recover from such Lender, on demand, the amount of such Pro Rata share with interest thereon for the entire such period since such Settlement Date at the highest interest rate per annum then applicable under the Facilities.

  • Advances; Reimbursement of Advances (a) From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or the Mortgaged Property and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the terms of a Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to make P&I Advances with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to any Non-Lead Note and the related Non-Lead Master Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to any Lead Note, any other Non-Lead Note or any Property Advance. The Lead Servicer, each Non-Lead Master Servicer and any Trustee will be entitled to interest on any Advance made in the manner and from the sources provided in the Note A-1 PSA or the Note A-2 PSA, as applicable.

  • Advances by the Servicer If, on any Determination Date, the Servicer determines that any Monthly Payments due on the immediately preceding Due Date have not been received, the Servicer shall, unless it determines in its sole discretion that such amounts will not be recoverable from Late Collections, Liquidation Proceeds or otherwise, make an Advance on or before the related Distribution Date in an amount equal to the amount of such delinquent Monthly Payments, after adjustment of any delinquent interest payment for the Servicing Fee. For purposes of this Section 6.03, the delinquent Monthly Payments referred to in the preceding sentence shall be deemed to include an amount equal to the Monthly Payments that would have been due on Mortgage Loans which have been foreclosed or otherwise terminated and in connection with which the Servicer acquired and continues to own the Mortgaged Properties on behalf of the Certificateholders. If the Servicer makes an Advance, it shall on or prior to such Distribution Date either (i) deposit in the Collection Account an amount equal to such Advance, (ii) cause to be made an appropriate entry in the records of the Collection Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 6.03, used by the Servicer to make such Advance or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Advance. Any funds being held in the Collection Account for future distribution to Certificateholders and so used pursuant to clause (ii) or (iii) above shall be replaced by the Servicer from its own funds by deposit into the Collection Account on or before any subsequent Distribution Date to the extent that funds in the Collection Account on such Distribution Date shall be less than the amount of payments required to be made to Certificateholders on such Distribution Date. Any such Advance shall be included with the distribution to the Certificateholders on the related Distribution Date. If the Servicer determines not to make a Nonrecoverable Advance, it shall on the related Determination Date furnish to the Trustee, any co-trustee, and each Rating Agency notice of such determination. The Servicer shall be entitled to be reimbursed from the Collection Account for all Advances and Nonrecoverable Advances as provided in Section 5.09.

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