Advances by Manager Clause Samples

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 MangerManager 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. (b) In lieu of making advances to the Company to make Investments, subject to the approval of the Investment Committee, the Manager will have the right to make Investments itself and to sell such Investments within one hundred twenty (120) days after closing to the Company, subject to the approval of such Investment by the Investment Committee as provided in Section 10.02, for a purchase price equal to 100% of principal plus accrued interest to the date of purchase. (c) Thehe Manager will have the right to sell the Specified Investments to the Company for a purchase price equal to 100% of principal plus accrued interest to the date of purchase.
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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 will advance the following funds to the Board or the TRIBE as appropriate. (i) SIGNING ADVANCE. MANAGER will advance TRIBE the sum of $250,000.00 upon the funding of the project pursuant to the Management Agreement.
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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. 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 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. 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. 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

  • 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 Borrower or any Lender has notified the Administrative Agent, prior to the time any payment is required to be made by it to the Administrative Agent hereunder, that the Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent may assume that the Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent in immediately available funds, then: (i) if the Borrower failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent the portion of such assumed payment that was made available to such Lender in immediately available funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent to such Lender to the date such amount is repaid to the Administrative Agent in immediately available funds at the Federal Funds Rate from time to time in effect; and (ii) if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent the amount thereof in immediately available funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent to the Borrower to the date such amount is recovered by the Administrative Agent (the “Compensation Period”) at a rate per annum equal to the Federal Funds Rate from time to time in effect. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent may make a demand therefor upon the Borrower, and the Borrower shall pay such amount to the Administrative Agent, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to such Borrowing. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or the Borrower may have against any Lender as a result of any default by such Lender hereunder. A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection (c) shall be conclusive, absent manifest error.

  • Advances by Master Servicer and Trustee (a) In the event an Other Servicer fails to make any required Periodic Advances of principal and interest on a Mortgage Loan as required by the related Other Servicing Agreement prior to the Business Day preceding the Distribution Date occurring in the month during which such Periodic Advance is due, the Master Servicer shall make Periodic Advances to the extent provided hereby. In the event Wells Fargo Bank in its capacity as Servicer fails to make any requir▇▇ ▇▇riodic Advances of principal and interest on a Mortgage Loan as required by the Wells Fargo Bank Servicing Agreement prior to the Business Day preced▇▇▇ ▇he Distribution Date occurring in the month during which such Periodic Advance is due, the Trustee shall, to the extent required by Section 8.14, make such Periodic Advance to the extent provided hereby, provided that the Trustee has previously received the certificate of the Master Servicer described in the following sentence. The Master Servicer shall certify to the Trustee with respect to any such Distribution Date (i) the amount of Periodic Advances required of Wells Fargo Bank in its capacity as Servicer or such Other Servicer, ▇▇ ▇▇e case may be, (ii) the amount actually advanced by Wells Fargo Bank in its capacity as Servicer or such Other Servicer, (▇▇▇) the amount that the Trustee or Master Servicer is required to advance hereunder and (iv) whether the Master Servicer has determined that it reasonably believes that such Periodic Advance is a Nonrecoverable Advance. Amounts advanced by the Trustee or Master Servicer shall be deposited in the Certificate Account on the Business Day preceding the related Distribution Date. Notwithstanding the foregoing, neither the Master Servicer nor the Trustee will be obligated to make a Periodic Advance that it reasonably believes to be a Nonrecoverable Advance. The Trustee may conclusively rely for any determination to be made by it hereunder upon the determination of the Master Servicer as set forth in its certificate. (b) To the extent an Other Servicer fails to make an advance on account of the taxes or insurance premiums with respect to a Mortgage Loan required pursuant to the related Other Servicing Agreement, the Master Servicer shall, if the Master Servicer has actual knowledge of such failure of the Servicer, advance such funds and take such steps as are necessary to pay such taxes or insurance premiums. To the extent Wells Fargo Bank in its capacity as Servicer fails to make an advance ▇▇ ▇ccount of the taxes or insurance premiums with respect to a Mortgage Loan required pursuant to the Wells Fargo Bank Servicing Agreement, the Master Servicer shall, if t▇▇ ▇▇ster Servicer knows of such failure of Wells Fargo Bank in its capacity as Servicer, certify to the Trustee ▇▇▇▇ such failure has occurred. Upon receipt of such certification, the Trustee shall advance such funds and take such steps as are necessary to pay such taxes or insurance premiums. (c) The Master Servicer and the Trustee shall each be entitled to be reimbursed from the Certificate Account for any Periodic Advance made by it under Section 3.03(a) to the extent described in Section 3.02(a)(i) and (a)(ii). The Master Servicer and the Trustee shall be entitled to be reimbursed pursuant to Section 3.02(a)(v) for any advance by it pursuant to Section 3.03(b). The Master Servicer shall diligently pursue restoration of such amount to the Certificate Account from the related Servicer. The Master Servicer shall, to the extent it has not already done so, upon the request of the Trustee, withdraw from the Certificate Account and remit to the Trustee any amounts to which the Trustee is entitled as reimbursement pursuant to Section 3.02 (a)(i), (ii) and (v). (d) Except as provided in Section 3.03(a) and (b), neither the Master Servicer nor the Trustee shall be required to pay or advance any amount which any Servicer was required, but failed, to deposit in the Certificate Account.

  • 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 the 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 the Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to the 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 or any Property Advance. The Lead Servicer, the 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 and the Note A-2 PSA, as applicable. (b) The Lead Servicer and the related Trustee, as applicable, will be entitled to reimbursement for a Property Advance, first from the Collection Account established with respect to the Mortgage Loan, and then, if such Property Advance is a Nonrecoverable Advance, if such funds on deposit in the Collection Account are insufficient, from general collections of the Lead Securitization as provided in the Servicing Agreement. (c) To the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient to reimburse the Lead Servicer for any Property Advance and/or interest thereon and the Lead Servicer or the related Trustee, as applicable, obtains funds from general collections of the Lead Securitization as a reimbursement for a Property Advance or interest thereon, the Non-Lead Note Holder (including any Securitization into which the Non-Lead Note is deposited) shall be required to, promptly following notice from the Lead Servicer, pay to the Lead Securitization for its pro rata share of such Property Advance and/or interest thereon at the Reimbursement Rate. In addition, the Non-Lead Note Holder (including any Securitization into which the Non-Lead Note is deposited) shall promptly reimburse the Lead Servicer or the related Trustee for the Non-Lead Note Holder’s pro rata share of any fees, costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan as to which the Lead Securitization or any of the parties thereto are entitled to be reimbursed pursuant to the terms of the Servicing Agreement (to the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient for reimbursement of such amounts). (d) The parties to each of the Note A-1 PSA and the Note A-2 PSA shall each be entitled to make their own recoverability determination with respect to a P&I Advance based on the information that they have on hand and in accordance with the Note A-1 PSA and the Note A-2 PSA, as applicable. (e) If the Lead Servicer or the related Trustee elects to defer the reimbursement of a Property Advance in accordance with the terms of the Servicing Agreement, the Lead Servicer or the related Trustee shall also defer its reimbursement of the Non-Lead Note share from the Non-Lead Note Holder.