Banking Resolution Clause Samples
The Banking Resolution clause outlines the procedures and rights of the parties in the event that a bank involved in the agreement is subject to regulatory intervention, insolvency, or resolution measures. Typically, this clause specifies how obligations such as payments, collateral, or account access are handled if a bank is restructured or its operations are transferred to another institution. Its core function is to provide certainty and minimize disruption for the parties by clarifying what happens to their financial arrangements if their banking partner faces regulatory action or failure.
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Banking Resolution. The Member shall open such banking accounts for and in the name of Company as the Member deems necessary and shall enter into such deposit agreements as are required by the financial institutions at which such accounts are opened. The Member and such other person or entities designated in writing by the Member shall have signing authority with respect to such bank accounts. Funds deposited into such accounts shall be used only for the business of the Company.
Banking Resolution. The Joint-Venturers hereby unanimously authorize the Administrative Joint-Venturer to open one or more banking accounts as the Joint-Venturers deem necessary and to enter into any deposit agreements as are required by the financial institution at which such accounts are opened. The deposit agreements shall require that checks drawn on or withdrawals from such Joint Venture accounts shall require a signature by a representative of each Joint Venturer. Funds deposited into such accounts shall be used only for the business of the Joint Venturer.
Banking Resolution. The Managers shall open all banking accounts as the Managers deem necessary and enter into any deposit agreements as are required by the financial institution at which such accounts are opened. The Managers and such other persons or entities designated in writing by the Managers shall have signing authority with respect to such bank accounts. Funds deposited into such accounts shall be used only for the business of the Company.
Banking Resolution. The Members hereby authorize relevant officers of the Company to open and/or maintain all banking accounts as they deem necessary and to enter into any deposit agreements as are required by the financial institution at which such accounts are opened. The Executive Committee shall determine the individuals who shall have signing authority with respect to such banking accounts. Funds deposited into such accounts shall be used only for the business of the Company.
Banking Resolution. The Board shall designate, by resolution, the Directors (minimum of two with one Director representing each Party) and other persons authorized to transact the banking business of the Association, or any part thereof, with the bank, trust company, or other corporation carrying on a banking business that the Board has designated as the banker of the Association, to have the authority to set out in the resolution, including, unless otherwise restricted, the power to:
a) operate the accounts of the Association with a bank or a trust company;
b) make, sign, draw, accept, endorse, negotiate, lodge, deposit or transfer any of the cheques, promissory notes, drafts, acceptances, bills of exchange and orders for the payment of money;
c) issue receipts for and orders relating to any property of the Association;
d) authorize any officer of the bank or trust company to do any act or thing on behalf of the Association to facilitate the business of the Association.
Banking Resolution. The Members hereby unanimously authorize the Manager to open all banking accounts as its deems necessary and to enter into any deposit agreements as are required by the financial institution at which such accounts are opened. The Manager and any of its representatives designated in writing shall have signing authority with respect to such banking accounts. Checks shall be drawn upon the Company account or accounts only for the purposes of the Company and shall be signed by duly authorized representatives of the Company designated by the Manager with the approval of the Members. All checks of an amount of USD $ 10,000 or more must be signed jointly by two authorized representatives of the Company. The funds of the Company shall not be commingled with the funds of any other individual or legal entity. Funds deposited into such accounts shall be used only for the business of the Company.
Banking Resolution. The Members hereby unanimously authorize the Manager to open all banking accounts as its deems necessary and to enter into any deposit agreements as are required by the financial institution at which such accounts are opened. The Manager and any of its representatives designated in writing shall have signing authority with respect to such banking accounts. Checks shall be drawn upon the Company account or accounts only for the purposes of the Company and shall be signed by duly authorized representatives of the Company designated by the Manager with the approval of the Members. All checks of an amount of USD $ 10,000 or more must be signed jointly by two authorized representatives of the Company. The funds of the Company shall not be commingled with the funds of any other individual or legal entity. Funds deposited into such accounts shall be used only for the business of the Company.