Group’s Master Account Sample Clauses
The 'Group’s Master Account' clause defines the establishment and use of a central account managed by a group entity, typically for the purpose of consolidating financial transactions or managing funds on behalf of multiple subsidiaries or affiliates. This clause outlines how funds are deposited, withdrawn, and tracked within the master account, and may specify the rights and responsibilities of each participating entity regarding access and reporting. Its core practical function is to streamline financial management across a corporate group, ensuring efficient oversight and reducing administrative complexity.
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Group’s Master Account. The term “
Group’s Master Account. The term “Master Account” means a running invoice that includes all amounts payable by Group to Hotel under any provision of this Agreement. At least forty-five (45) days before the Arrival Date, Group will identify to Hotel, in writing, at least one representative of Group who will be present on the premises of Hotel throughout the Event (each an “Authorized Representative”). Group hereby authorizes each Authorized Representative to incur charges to the Master Account, for example by signing banquet event orders. The following individual(s), whether or not they are present at the Event, shall have authority to incur charges to the Master Account: