Cash Allocation; Cash Management Sample Clauses
The "Cash Allocation; Cash Management" clause defines how cash received or held by a party, often in a financial or commercial arrangement, is to be distributed and managed among various accounts or obligations. Typically, this clause outlines the procedures for prioritizing payments, such as directing incoming funds first to cover specific debts, fees, or expenses before any surplus is distributed elsewhere. It may also set rules for maintaining minimum balances, handling excess cash, or transferring funds between accounts. The core function of this clause is to ensure transparent and orderly handling of cash flows, reducing the risk of misallocation and ensuring that financial obligations are met in a predetermined manner.
Cash Allocation; Cash Management. (a) CASH ALLOCATION ON THE DISTRIBUTION DATE. The allocation between Hilton and Gaming Co. of all domestic and international cash bank balances, short-term investments and outstanding checks and drafts of Hilton and its Subsidiaries recorded per the books of Hilton and its Subsidiaries shall be in accordance with the following:
(i) all deposits of cash, checks, drafts or short-term investments made to accounts, other than the Gaming Group Cash Accounts, after the close of business on the Distribution Date shall be remitted to Hilton; PROVIDED, HOWEVER, that any such deposits that are erroneously made to such accounts shall be redeposited to the correct accounts as promptly as possible;
(ii) all deposits of cash, checks, drafts or short-term investments made to the Gaming Group Cash Accounts after the close of business on the Distribution Date shall be remitted to Gaming Co. and/or the appropriate Gaming Subsidiary; PROVIDED, HOWEVER, that any such deposits that are erroneously made to such accounts shall be redeposited to the correct accounts as promptly as possible;
(iii) cash held on the Distribution Date in the ordinary course of business at Casino Hotels or other gaming facilities comprising part of the Gaming Business in an aggregate amount up to $100 million ("GAMING FIELD CASH") shall constitute assets of Gaming Co. and/or the appropriate Gaming Subsidiaries;
(iv) cash held on the Distribution Date in the ordinary course of business at lodging or timeshare properties comprising part of the Retained Business in an aggregate amount up to $5 million ("LODGING FIELD CASH") shall constitute assets of Hilton and/or the appropriate Retained Business Subsidiaries; and
(v) all cash existing as of the Distribution Date, except Gaming Field Cash and Lodging Field Cash and except for the cash necessary to satisfy the outstanding drafts of Hilton and its Subsidiaries existing as of the Distribution Date, shall be evenly divided between Hilton and Gaming Co.
Cash Allocation; Cash Management. (a) Cash Allocation on the Distribution Date. The allocation between ---------------------------------------- Choice and Franchising of all domestic and international cash bank balances, short-term investments and outstanding checks and drafts of Choice and its Subsidiaries recorded per the books of Choice and its Subsidiaries shall be in accordance with the following:
(i) all cash received in, and deposits of cash, checks, drafts or short-term investments made to, depository accounts, other than the Retained Cash Accounts, as of the close of business on the Distribution Date shall be remitted to Franchising; and
(ii) all cash in, and deposits of cash, checks, drafts or short-term investments made to the Retained Cash Accounts, including deposits held with respect to any Real Estate Group Asset, as of the close of business on the Distribution Date shall remain with Choice and the Real Estate Group Subsidiaries.
Cash Allocation; Cash Management. (a) Cash Allocation on the Distribution Date. The allocation between CWC and Optimum of all domestic and international cash bank balances, short-term investments and outstanding checks and drafts of CWC and its Subsidiaries recorded per the books of CWC and its Subsidiaries shall be in accordance with all cash received in, and deposits of cash, checks, drafts or short-term investments made to, depository accounts, as of the close of [business on] the Distribution Date shall be remitted to Optimum. All Liabilities for payment of outstanding checks or drafts drawn on or prior to the Distribution Date on accounts allocated to Optimum shall be paid by Optimum.
Cash Allocation; Cash Management. (a) Cash Allocation on the Distribution Date. ---------------------------------------- The allocation between Choice and Franchising of all domestic and international cash bank balances, short-term investments and outstanding checks and drafts of Choice and its Subsidiaries recorded per the books of Choice and its Subsidiaries shall be in accordance with the following:
(i) all cash received in, and deposits of cash, checks, drafts or short-term investments made to, depository accounts, other than the Retained Cash Accounts, as of the close of [business on] the Distribution Date shall be remitted to Franchising; and
(ii) all cash in, and deposits of cash, checks, drafts or short- term investments made to the Retained Cash Accounts as of the close of [business on] the Distribution Date shall remain with Choice and the Real Estate Group Subsidiaries. All Liabilities for payment of outstanding checks or drafts drawn on or prior to the Distribution Date on accounts allocated to Franchising shall be paid by Franchising.
Cash Allocation; Cash Management