Resort Accounts Sample Clauses

Resort Accounts. All Gross Revenues shall be deposited by Manager in Resort bank accounts in Owner’s name in a bank designated by Owner. All funds deposited in the Resort’s bank accounts shall be the sole property of Owner. Withdrawals from the Resort’s bank accounts, including the bank account containing the FF&E Reserve, shall be made only by signatories designated by Manager or Owner. All checks written from the Resort’s bank accounts shall require the signature of two (2) Authorized Signatories (as defined below). Any check written in excess of $10,000 will require the signature of an Owner’s Representative or the approval of Owner which may be requested and given by return facsimile. For purposes of this Section 5.5, the following persons will be authorized to sign checks: Xxxxxxx X. Xxxxxx, Xxx Xxx and Xxxxx Xxxxxxxx, or such other persons approved by Owner from time to time (the “Authorized Signatories”). Reasonable xxxxx cash funds shall be maintained at the Resort. Manager shall cause all of its employees handling cash, checks or other types of revenues to be bonded, with reasonable limits and deductibles approved by Owner. Manager shall establish reasonable controls to ensure accurate reporting of all transactions involving such accounts, and accounts shall require positive pay and electronic reconciliation features to reduce possibilities of fraud.
Sample 1Sample 2
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Resort Accounts. All Gross Revenues, other receivables collected and other sources of cash derived in connection with the operation or financing of the Resort shall be deposited in Resort bank accounts in Resort Owner’s name in a bank designated by Resort Owner. All funds deposited in the Resort’s bank accounts shall be the sole property of Resort Owner. Withdrawals from the Resort’s bank accounts shall be made only by signatories designated by Resort Owner. All checks written from the Resort’s bank accounts shall require the signature of two (2) Authorized Signatories (as defined below). Any check written in excess of $50,000 will require the signature of Resort Owner’s Representative or the approval of Resort Owner which may be requested and given by return facsimile or other reasonable electronic delivery, including “email.” For purposes of this Section 5.5, Resort Owner Representatives, the Chief Financial Officer, the General Manager and such other persons approved by Resort Owner from time to time will be authorized to sign checks (the “Authorized Signatories”). Manager’s Representatives and other Paragon Employees will not be Authorized Signatories on the Resort’s bank accounts. Reasonable pxxxx cash funds shall be maintained at the Resort. Manager shall cause all of its employees handling cash, checks or other types of revenues to be bonded, with reasonable limits and deductibles approved by Resort Owner. Manager shall establish reasonable controls to ensure accurate reporting of all transactions involving such accounts, and accounts shall require positive pay and electronic reconciliation features to reduce possibilities of fraud. Notwithstanding anything to the contrary in this Agreement, prior to authorizing or coordinating any payment in excess of One Hundred Thousand U.S. Dollars and no/100 ($100,000), including, without limitation, any expenditure in excess of such amount that is contained in the Approved Resort Operating Plan, provide Manager’s Representatives and the General Manager with written notice (which may be in the form of email communication) of Manager’s intent to authorize or coordinate such payment, and in no event shall Manager authorize or coordinate such payment until such time as a Manager’s Representative or the General Manager approves and authorizes the expenditure in writing (which may be in the form of email communication).
Sample 1

Related to Resort Accounts

  • Management Accounts The Management Accounts:

  • Operating Accounts (a) Maintain its primary operating and other deposit accounts and securities accounts with Bank and Bank’s Affiliates.

  • Cash Accounts The Custodian will open and maintain in the name of the Client one or more cash deposit accounts (each a “Cash Account”) in such currencies as may be required in connection with the investment activity of the Client.

  • Investment Accounts Schedule 2 sets forth under the headings “Securities Accounts” and “Commodity Accounts”, respectively, all of the Securities Accounts and Commodity Accounts in which such Grantor has an interest. Except as disclosed to the Administrative Agent, such Grantor is the sole entitlement holder of each such Securities Account and Commodity Account, and such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Administrative Agent) having “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over, or any other interest in, any such Securities Account or Commodity Account or any securities or other property credited thereto;

  • Lockbox Accounts The names and addresses of all the Lockbox Banks, together with the account numbers of the Lockbox Accounts of the Seller at each Lockbox Bank and the post office box numbers of the lockboxes, are listed on Schedule 6.1(o) (or have been notified to and approved by the Agents in accordance with Section 7.3(d)) and are the only post office boxes and accounts into which Collections of Receivables are deposited or remitted. The Seller has not granted any Person, other than the Administrative Agent for the benefit of the Secured Parties as contemplated by this Agreement, control of any lockbox or Lockbox Account, or the right to take control of any such lockbox or Lockbox Account at a future time.

  • Deposits to Lock-Box Accounts Deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Lock-Box Account cash or cash proceeds other than Collections of Pool Receivables.

  • Collateral Accounts Evidence that the Collateral Accounts have been established;

  • Set Up Accounts (a) Bank shall establish and maintain the following accounts ("Accounts"):

  • Intercompany Accounts 6 Section 3.05.

  • Lock-Box Accounts The names and addresses of all of the Lock-Box Banks, together with the account numbers of the Lock-Box Accounts at such Lock-Box Banks, are specified in Schedule 6.1(n).

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