Common use of Deposits and Disbursements Clause in Contracts

Deposits and Disbursements. CSM shall cause the establishment of bank accounts insured by the Federal-Deposit Insurance Corporation in the name of the Partnership and shall deposit therein all receipts and monies arising from the operation of the Properties or otherwise received for and on behalf of the Partnership. CSM shall disburse Partnership funds from said accounts on behalf of, in the name of and for the account of the Partnership in such amounts and at such time as disbursement of such revenues for payment of payroll and other obligations of the Partnership is required. CSM shall establish and be responsible for administering a policy for specifying the identity of signatories to the Partnership's bank accounts and establishing the number of signatures required for checks of various amounts. Expenses for deposits and disbursements shall be borne by the Partnership.

Deposits and Disbursements. CSM shall cause the establishment of bank accounts insured by the Federal-Federal Deposit Insurance Corporation in the name of the Partnership and shall deposit therein all receipts and monies arising from the operation of the Properties or otherwise received for and on behalf of the Partnership. CSM shall disburse Partnership funds from said accounts on behalf of, in the name of and for the account of the Partnership in such amounts and at such time as disbursement of such revenues for payment of payroll and other obligations of the Partnership is required. CSM shall establish and be responsible for administering a policy for specifying the identity of signatories to the Partnership's bank accounts and establishing the number of signatures required for checks of various amounts. Expenses for deposits and disbursements shall be borne by the Partnership.