Take 5 Accounts Clause Samples
The 'Take 5 Accounts' clause establishes a requirement or right for a party to access or review five specific accounts, records, or financial statements relevant to the agreement. In practice, this may mean that one party can select and examine up to five accounts from a larger pool, such as bank accounts, client accounts, or project ledgers, to verify compliance, accuracy, or performance. This clause serves to provide transparency and oversight, helping to ensure that the other party is acting in accordance with the terms of the contract and to mitigate the risk of mismanagement or fraud.
Take 5 Accounts. (a) Take 5 Properties (or the Manager on its behalf) shall cause all cash revenues, credit card and debit card proceeds of the Take 5 Company Locations and any proceeds of the initial sale of gift cards (excluding Pass-Through Amounts) at Take 5 Company Locations, in each case to the extent not deposited directly into a Take 5 Company Location Concentration Account, to promptly be deposited into a Take 5 Account.
(b) Take 5 Properties (or the Manager on its behalf) shall, on each Business Day, cause all available funds in excess of $500,000 posted to Existing Local Take 5 Company Location Accounts that are (x) not zero balance accounts which sweep daily into an account subject to an Account Control Agreement and (y) not subject to Account Control Agreements, to be remitted to a Take 5 Company Location Concentration Account or another Take 5 Account subject to an Account Control Agreement on such Business Day.