Procedure for Handling Receipts and Operating Capital Sample Clauses

Procedure for Handling Receipts and Operating Capital. 4.01. BANK DEPOSITS. All monies received by Manager for or on behalf of Owner shall be deposited by Manager with the Depository. Manager shall maintain a separate account for the Project consistent with the system of accounting of the Project, in the name of the Project (the "Operating Account"). All funds on deposit shall be and remain under the control of Manager and Owner, subject to the provisions of this Agreement. Manager shall cause all rents, security deposits (unless by law such security deposits must be retained in a separate account), revenues, issues and profits from the Project to be deposited and maintained in the Operating Account. Any interest earned on the Operating Account shall accrue solely to the benefit of and be paid to Owner. All monies of Owner held by Manager pursuant to the terms of this Agreement shall be held by Manager in trust for the benefit of Owner to be held and disbursed as provided in this Agreement, and shall not, unless Owner otherwise has agreed or directed, be commingled with the funds of any other person, including Manager or any affiliate of Manager.

Procedure for Handling Receipts and Operating Capital. 6.01 BANK DEPOSITS. Agent shall establish and maintain, at cost of Owner, separate bank accounts in the name of the Property, as Agent deems appropriate, into which all monies received by Agent for or on behalf of Owner in connection with the operation and management of the Property shall be deposited by Agent.

Procedure for Handling Receipts and Operating Capital. 4.1 BANK DEPOSITS All monies received by Manager for or on behalf of Bluerock shall be deposited by Manager with the Depository. Manager shall maintain separate accounts for such funds consistent with the system of accounting of the Project. All funds on deposit shall be managed by Manager subject to the terms hereof. All monies of Bluerock held by Manager pursuant to the terms hereof shall be held by Manager in trust for the benefit of Bluerock to be held and disbursed as herein provided and shall not, unless Bluerock otherwise has agreed or directed, be commingled with the funds of any other person, including Manager or any affiliate of Manager. In no event shall Manager be responsible for any loss to amounts on deposit caused by the insolvency or other similar event or occurrence with respect to the Depository.

Procedure for Handling Receipts and Operating Capital. 4.01 BANK DEPOSITS All monies received by Manager for, or on behalf of, Owner shall be deposited by Manager with the Depository in one or more accounts under Owner’s name (but with respect to each certain employees of Manager designated by Manager shall, in addition to Owner, have signature authority). Manager shall maintain separate accounts for such funds consistent with the system of accounting of the Project and in accordance with any lender requirements. All funds on deposit shall be managed by Manager subject to the terms hereof. All monies of Owner held by Manager pursuant to the terms hereof shall be held by Manager in trust for the benefit of Owner to be held and disbursed as herein provided. In no event shall Manager be responsible for any loss to amounts on deposit caused by the insolvency or other similar event or occurrence with respect to the Depository.

Procedure for Handling Receipts and Operating Capital. Subject to the terms and conditions of the Operating Agreement and the Acquisition Loan Documents, all funds relating to the management and operation of the Property shall be administered as follows:

Procedure for Handling Receipts and Operating Capital. 4.01 BANK DEPOSITS All monies received by Manager for, or on behalf of, Owner shall be deposited by Manager with the Depository. Manager shall maintain separate accounts for such funds consistent with the system of accounting of the Project. All funds on deposit shall be managed by Manager subject to the terms hereof. All monies of Owner held by Manager pursuant to the terms hereof shall be held by Manager in trust for the benefit of Owner to be held and disbursed as herein provided. In no event shall Manager be responsible for any loss to amounts on deposit caused by the insolvency or other similar event or occurrence with respect to the Depository.

Procedure for Handling Receipts and Operating Capital