Operating Bank Accounts Clause Samples

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Operating Bank Accounts. (a) Manager shall establish bank accounts that are necessary for the operation of the Project, including an account for the Casino Bankroll, at various banking institutions chosen by Manager (such accounts are hereinafter collectively referred to as the "Operating Bank Accounts"). The Operating Bank Accounts shall be named in such a manner as to identify the Project and particular uses for the account as the Companies and Manager may determine. All instructions to and checks drawn on the Operating Bank Accounts shall be signed only by representatives of the Companies or Manager who are covered by fidelity insurance and designated the Companies or Manager personnel may be the only authorizing signing persons on checks drawn on the Operating Bank Accounts. All checks shall be drawn only in accordance with established normal and customary accounting policies and procedures. The Operating Bank Accounts shall be interest bearing accounts if such accounts are reasonably available and all interest thereon shall be credited to the Operating Bank Accounts. All Gross Revenues shall be deposited in the Operating Bank Accounts, and Manager shall pay out of the Operating Bank Accounts, to the extent of the funds therein, from time to time, all Operating Expenses and other amounts required by Manager to perform its obligations under this Agreement. All funds in the Operating Bank Accounts shall be separate from any other funds of any of Manager's Affiliates and the Companies' Affiliates and neither the Companies nor Manager may commingle such funds in the Operating Bank Accounts with the funds of any other bank accounts. (b) Manager agrees that it will not use any Operating Bank Accounts as compensating balances related to the extension of credit to Manager or grant any right of set-off or bankers' lien on any such accounts in respect of any amounts owed by Manager to such depositories. Manager shall seek to obtain reasonable rates of interest for the Operating Bank Accounts, with due regard to the financial stability DRAFT FOR DISCUSSION PURPOSES ONLY of and services offered by the depositories with which such accounts are kept. The parties to this Agreement agree that all funds held from time to time in the Operating Bank Accounts are solely the property of Four Queens, and upon the expiration or Termination (as defined below) of this Agreement for any reason, Manager shall cease to withdraw funds from all Management Accounts and shall take such steps as shall be nece...
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Operating Bank Accounts. (a) Subject to Section 8.29(c),the Company shall cause each Operating Bank Account Subsidiary to deposit into its Operating Bank Account all money, instruments and other cash items received by such Operating Bank Account Subsidiary from time to time after the Amendment No. 6 Effective Date, including, in the case of Knightsbridge, all payments received by it under the Knightsbridge Management Agreement. (b) (i) (A) Subject to Section 8.29(c), (1) the Company shall cause each Operating Bank Account Subsidiary, with respect to each of its Operating Bank Accounts, to transfer, at the close of business on the last Business Day of each week (a "Transfer Date") on which there is a Book Balance (as hereinafter defined) of good funds in such Operating Bank Account at such time, such Book Balance (except to the extent such Book Balance represents Excluded Funds) to: (aa) to the extent such balance represents the proceeds of a Designated Asset Sale or an Other Designated Asset Sale ("Designated Asset Sale Proceeds"), first, the Administrative Agent for application toward the satisfaction of the Company's obligation under Section 3.03(c)(ii)(A) in respect of such Designated Asset Sale or Other Designated Asset Sale, second, to the extent of any excess, to the Collateral Agent for deposit in the Collateral Account, and, (bb) to the extent any such Book Balance does not represent the proceeds of a Designated Asset Sale, to the Collateral Agent for deposit in the Collateral Account.
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Operating Bank Accounts. Those operating bank accounts set forth on Schedule 1.1(m) attached hereto including the cash balance of such accounts, net of outstanding checks written on such accounts as of the Closing Date (the net balance of such accounts which may be positive or negative referred to as "NET CASH").
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Related to Operating Bank Accounts

  • Bank Accounts The Custodian shall identify on its books as belonging to the applicable Fund cash (including cash denominated in foreign currencies) deposited with the Custodian. Where the Custodian is unable to maintain, or market practice does not facilitate the maintenance of, cash on the books of the Custodian, a bank account or bank accounts shall be opened and maintained outside the United States on behalf of a Portfolio with a Foreign Sub-Custodian. All accounts referred to in this Section shall be subject only to draft or order by the Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant to the terms of this Agreement to hold cash received by or from or for the account of the Portfolio. Cash maintained on the books of the Custodian (including its branches, subsidiaries and affiliates), regardless of currency denomination, is maintained in bank accounts established under, and subject to the laws of, The Commonwealth of Massachusetts.

  • Additional Bank Accounts Borrower shall not, directly or indirectly, open, establish or maintain any deposit account, investment account or any other account with any bank or other financial institution, other than the Blocked Accounts and the accounts set forth in Schedule 8.8 hereto, except: (a) as to any new or additional Blocked Accounts and other such new or additional accounts which contain any Collateral or proceeds thereof, with the prior written consent of Lender and subject to such conditions thereto as Lender may establish and (b) as to any accounts used by Borrower to make payments of payroll, taxes or other obligations to third parties, after prior written notice to Lender.

  • Bank Account Payments shall be made to the Contractor’s bank account denominated in euro, identified as follows: Name of bank: [complete] Address of branch in full: [complete] Exact designation of account holder: [complete] Full account number including codes: [complete] [IBAN code: [complete]]

  • 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.

  • Custody of Partnership Funds; Bank Accounts (a) All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. (b) All deposits and other funds not needed in the operation of the business of the Partnership may be invested by the General Partner in investment grade instruments (or investment companies whose portfolio consists primarily thereof), government obligations, certificates of deposit, bankers’ acceptances and municipal notes and bonds. The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment in those investment companies permitted by this Section 10.2(b).