House Banks definition
Examples of House Banks in a sentence
Purchaser shall have the option, at its sole discretion, to purchase the House Banks, provided Purchaser, if it chooses to do so, shall only purchase cash on hand and shall in no event purchase any receipts.
Buyer shall purchase the ▇▇▇▇▇ cash funds and cashiers’ banks (“House Banks”) at the cash value of the House Banks, as determined by Seller and Buyer jointly, provided that Buyer shall only purchase cash on hand and shall in no event purchase any receipts pursuant to this Section 12.1(f).
The Land, the Appurtenances, the Improvements, the FF&E, the Supplies, the Equipment Leases, the Service Contracts, the Hotel Management Agreement, the Space Leases, the Lease Deposits, the Off-Site Rental Agreement, the Rooms Agreements, the Reservations and Reservation Deposits, the Books, the Intangibles, the Warranties, the Licenses, the Plans and Specs, the Utilities, the House Banks and the Receivables are hereinafter collectively called the “Property”.
Subject to the proration provisions hereof and the credits due to Buyer for prepaid items and deposits as set out herein, cash, checks and other funds including till money and house banks held at the hotel as of the Apportionment Date (collectively, "House Banks") shall be turned over to Buyer and Seller shall receive a credit at Closing in the amount of the cash so delivered.
The House Bank's shall be purchased by Purchaser at Closing, and Purchaser shall pay the amount of such House Banks to Seller at Closing as a separate amount over and above the Purchase Price.
Purchaser shall open its own separate accounts in house banks at the Hotel (“House Banks”) prior to the Cut-Off Time and shall receive cash deposited in said House Banks from and after the Cut-Off Time.
Purchaser shall be obligated to pay to Seller an amount equal to (i) Seller’s cost for all liquor and beverages in unopened bottles (to the extent permitted by law), food not in process, items held for resale, and new and unused Supplies in unopened containers, and (ii) any House Banks, as provided in Section 2.C above.
All financial statements included therein, including the related schedules and notes, if any, have been prepared in accordance with GAAP applied consistently throughout the periods involved, except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments).
The sale of the Assets shall include cash, checks and other funds including till money and house banks held at the hotel as of the Closing Date Exhibit (10)(p) (collectively, "House Banks").
The sale of the Hotel does not include cash, checks and other funds, including till money, house banks, and notes, securities and other evidence of indebtedness held at the Hotel as of the Apportionment Date, nor does it include balances on deposit to the credit of Seller or its agent, with banking institutions (collectively, the "House Banks"), or any other funds, operating accounts or reserves held by or on Seller's behalf.