Common use of Depository Accounts Clause in Contracts

Depository Accounts. The General Partner shall be responsible for causing one or more accounts to be maintained in one or more banks or other depositories, which accounts shall be used for the payment of expenditures incurred by the General Partner in connection with the business of the Partnership, and in which shall be deposited any and all cash receipts. All such amounts shall be and remain the property of the Partnership, and shall be received, held and disbursed by the General Partner for the purposes specified in this Agreement. There shall not be deposited in any of such accounts any funds other than funds belonging to the Partnership, and no other funds shall in any way be commingled with such funds.