Golf Course Depository Account Sample Clauses

Golf Course Depository Account. CITY will establish and maintain a bank account in CITY'S name at a bank of CITY'S choosing for the purposes of accepting daily deposits of the Gross Revenues (“Golf Course Depository Account”). OPERATOR shall deposit all revenues received from the operation of the Golf Course directly into the Golf Course Depository Account. The funds in the Golf Course Depository Account (except Net Profits as defined in Section 1.03.2), and all interest thereon, are the property of CITY. For purposes of this Agreement, “Gross Revenues” means all money received as a result of the operation of the Golf Course and the sale of goods and services at the Golf Course, determined in accordance with generally accepted accounting principles consistently applied. Gross Revenues shall include, but are not limited to, all green fees; annual fees; rental fees for golf carts, golf clubs and bags, and other rental items; range balls; reservation fees; fees for golf handicap service; food and beverage sales; liquor sales; revenue generated from space rentals and from event-related meetings, banquets, parties, tournaments, and other group gatherings; merchandise sales; golf instruction fees; revenues from golf schools; gross receipts received by licensees or concessionaires (if applicable); proceeds from insurance; any amount received by OPERATOR in connection with any claim, demand, or lawsuit; and all other revenues generated by the Golf Course. Gross Revenues shall be reduced by any cash refunds or credits allowed on returns by purchasers. Gross Revenues shall not include the following: (a) sales taxes, excise taxes, gross receipts taxes and other similar taxes now or later imposed upon the sale of food, beverages, merchandise or services and paid to the appropriate taxing authority, whether added to or included in the selling price; (b) the amount of any gratuities to Golf Course employees, or service charges added to customer xxxxxxxx which represent gratuities to Golf Course employees; (c) proceeds of any borrowings by OPERATOR or City; (d) initial operating funds in the Golf Course Operating Account and funds subsequently provided by City to satisfy the working capital needs of the Golf Course pursuant to Section 8.04; (e) any operating funds provided by City to OPERATOR to subsidize and/or support ongoing operations in the event revenues do not meet expenses; and (f) refunds for the value of merchandise, Supplies or equipment returned to shippers, suppliers or manufacturers.
Sample 1
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Related to Golf Course Depository Account

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • PJM E-Accounts Buyer and Seller shall work with PJM to establish any PJM E-Accounts necessary for Seller to provide Full Requirements Service. In a timely manner, Xxxxx shall establish PJM E-Account contract(s) for the entire duration of the Transaction(s) and Seller shall confirm the PJM E-Account contract(s) for the entire duration of the Transaction(s).

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • CUSTODIAL ACCOUNTS It is agreed that all accounts opened under the Uniform Gift to Minors Act (UGMA), the Uniform Transfers to Minors Act (UTMA), or similar state statutes will be properly created and that all property so transferred will be done in compliance with such applicable statutes. There will be good faith reliance upon the instructions given, representations made and actions taken by a transferor or custodian. Further, the custodian represents and warrants that the assets in the account belong to the minor and that all such assets, whether or not transferred out of the UGMA or UTMA account, will only be used for the benefit of the minor.

  • 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]]

  • Interest Bearing Account If the Province provides Funds before the Recipient’s immediate need for the Funds, the Recipient will place the Funds in an interest bearing account in the name of the Recipient at a Canadian financial institution.

  • Withdrawals from Accounts Amounts credited to the Certificate Account and the Trust Account on any Distribution Date shall be withdrawn by Xxxxxx Xxx for application towards the distributions required hereby. In the event that amounts shall remain in the Certificate Account in any month following distribution of the Lower Tier Distribution Amount for such month, such amounts may be withdrawn by Xxxxxx Mae as compensation for its administrative and guaranty obligations or as reimbursement to Xxxxxx Xxx for any advance by it pursuant to such guaranty obligations under Sections 2.04 and 3.07 hereof. Any amount so withdrawn shall no longer be a part of the Lower Tier REMIC.

  • Client Account 4.1 In order to facilitate trading in CFDs, the Company will open a Client Account for the Client, which will be activated upon the Client depositing the minimum initial deposit as determined by the Company in its discretion from time to time. The minimum initial deposit may vary according to the account type of the Client Account. This information is made available on our Website.

  • Special Account 1. For the purposes of this Schedule:

  • Special Accounts 1. For the purposes of this Schedule:

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