Common use of Monitoring Advance Notices Clause in Contracts

Monitoring Advance Notices. Within thirty (30) days after the receipt of a Financial Commitment Report, ▇▇▇▇▇▇▇ Foundation may request by one or more written notices (each, a “Monitoring Advance Notice”) and Advocate (or an Affiliate of Advocate at the direction of Advocate) shall deliver immediately available funds within fifteen (15) days thereafter to ▇▇▇▇▇▇▇ Foundation in an aggregate amount not to exceed Five Hundred Thousand Dollars ($500,000) (each, a “Monitoring Advance”) to reimburse ▇▇▇▇▇▇▇ Foundation for its reasonable costs and expenses incurred in connection with the review of the Financial Commitment Report and enforcement of the provisions of this Agreement and Article X of the Affiliation Agreement; provided, however, that in no event shall the aggregate amount of the Monitoring Advances exceed Five Hundred Thousand Dollar ($500,000). At the end of the Term, the unused amounts of any Monitoring Advance(s) shall be returned to Advocate or the Affiliate of Advocate that has made such Monitoring Advances. Each Monitoring Advance must be deposited and maintained in a financial institution in an FDIC insured account (the “Monitoring Advance Account”). The ▇▇▇▇▇▇▇ Foundation will provide an annual report containing an accounting of expenditures from and the then current balance of the Monitoring Advance Account. During the Term, Advocate will be given reasonable access to the ▇▇▇▇▇▇▇ Foundation books and records to verify expenditures reimbursed from the Monitoring Advance Account. Additionally, the ▇▇▇▇▇▇▇ Foundation agrees that no portion of any Monitoring Advance will be used for any purpose other than reimbursement of expenses incurred in connection with the review of a Financial Commitment Report, including, but not limited to, the payment of taxes or costs to file informational or income tax returns.