Manager Account Clause Samples

The Manager Account clause defines the establishment and use of a specific account managed by a designated party, typically for handling funds related to a project or service. This clause outlines who controls the account, the types of transactions permitted, and the procedures for deposits and withdrawals. Its core function is to centralize financial management, ensuring transparency and accountability in the handling of funds, and reducing the risk of misappropriation or confusion over financial responsibilities.
Manager Account. (i) Borrowers and Operating Lessee shall cause all Rents and all other items of Gross Revenue to be deposited or transferred directly into the related Manager Account immediately upon payment of the same. Without in any way limiting Borrowers' obligations pursuant to the preceding sentence, Borrowers, Operating Lessee and each Manager shall deposit or cause the transfer of directly into the relevant Manager Account all Rents, other items of Gross Revenue and all Credit Card Receivables received by any Borrower, Operating Lessee and each Manager in violation or contradiction of the preceding sentence within one (1) Business Day after receipt thereof. (ii) Any breach of this Section by any Borrower shall be an Event of Default; provided, however, that any breach of this Section that arises by reason of any act or omission within the exclusive control or responsibility of a Manager operating under a Management Agreement shall not be an Event of Default hereunder so long as Borrower is taking prompt, diligent and commercially reasonable action to require such Manager to remedy such Event of Default.
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Manager Account. (i) Borrowers shall cause all Rents and all other items of Gross Revenue to be deposited or transferred directly into the related Manager Account immediately upon payment of the same. Without in any way limiting Borrowers' obligations pursuant to the preceding sentence, Borrowers and each Manager shall deposit or cause the transfer of directly into the relevant Manager Account all Rents, other items of Gross Revenue and all Credit Card Receivables received by any Borrower and each Manager in violation or contradiction of the preceding sentence within one (1) Business Day after receipt thereof. (ii) Any breach of this Section by any Borrower shall be an Event of Default; provided, however, that any breach of this Section that arises by reason of any act or omission within the exclusive control or responsibility of a Manager operating under a Management Agreement shall not be an Event of Default hereunder so long as Borrower is taking prompt, diligent and commercially reasonable action to require such Manager to remedy such Event of Default.
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Manager Account. Collectively, the bank accounts maintained by Manager and/or the Sub-Manager, into which all receipts of Gross Revenue, Miscellaneous Owner Proceeds, Casualty Proceeds and Sales Proceeds relating to the Manager Fleet are deposited. Such bank accounts need not be segregated from the general account maintained by Manager and/or the Sub-Manager for the conduct of its normal business operations so long as Manager separately accounts for sums due to Issuer under the Management Agreement and agrees that such sums are held by Manager in trust for Issuer as provided under the Management Agreement.
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Related to Manager Account

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Separate Account If Student-Generated Content is stored or maintained by the Provider, Provider shall, at the request of the LEA, transfer, or provide a mechanism for the LEA to transfer, said Student- Generated Content to a separate account created by the student.

  • Separate Accounts If the Fund has more than one series or portfolio, the Bank will segregate the assets of each series or portfolio to which this Agreement relates into a separate account for each such series or portfolio containing the assets of such series or portfolio (and all investment earnings thereon). Unless the context otherwise requires, any reference in this Agreement to any actions to be taken by the Fund shall be deemed to refer to the Fund acting on behalf of one or more of its series, any reference in this Agreement to any assets of the Fund, including, without limitation, any portfolio securities and cash and earnings thereon, shall be deemed to refer only to assets of the applicable series, any duty or obligation of the Bank hereunder to the Fund shall be deemed to refer to duties and obligations with respect to such individual series and any obligation or liability of the Fund hereunder shall be binding only with respect to such individual series, and shall be discharged only out of the assets of such series.

  • Investment Funds Unregistered general or limited partnerships or pooled investment vehicles and/or registered investment companies in which the Company (directly, or indirectly through the Master Fund) invests its assets that are advised by an Investment Manager.

  • Operating Accounts (a) Maintain all of Borrower’s Collateral Accounts in accounts which are subject to a Control Agreement in favor of Collateral Agent, which Control Agreement must be in such form and substances as is reasonably acceptable to Collateral Agent (it being agreed and understood that the Control Agreements that Collateral Agent is entering into with respect to Borrower’s Collateral Accounts maintained with Bank of America on the Effective Date are not in such form and substance as is not reasonably satisfactory to Collateral Agent). (b) Borrower shall provide Collateral Agent five (5) days’ prior written notice before Borrower or any of its Subsidiaries establishes any Collateral Account. In addition, for each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution at or with which such Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Collateral Agent’s Lien in such Collateral Account in accordance with the terms hereunder prior to the establishment of such Collateral Account, which Control Agreement must be in such form and substance as is reasonably satisfactory to Collateral Agent and may not be terminated without prior written consent of Collateral Agent. The provisions of the previous sentence and subsection (a) above shall not apply to (i) deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Collateral Agent by Borrower as such in the Perfection Certificates and (ii) BofA Credit Card Account so long as such account is maintained exclusively for the purpose of securitizing Borrower’s Indebtedness described in clause (g) of the definition of Permitted Indebtedness and the balance in such account does not exceed Three Hundred One Thousand Dollars ($301,000.00). (c) Neither Borrower nor any of its Subsidiaries shall maintain any Collateral Accounts except Collateral Accounts maintained in accordance with Sections 6.6(a) and (b); provided, however, Borrower may continue to maintain its Collateral Accounts, set forth on the Perfection Certificates on the Effective Date, with Bank of America; provided, further, that Borrower shall close all of its Collateral Accounts maintained with Bank of America on the Effective Date (other than the BofA Credit Card Account) and deliver to Collateral Agent evidence (in such form and substance as is reasonably acceptable to Collateral Agent) of closure of all of such Collateral Accounts within thirty (30) days after the Effective Date.