Transfer of Bank Accounts Sample Clauses
The Transfer of Bank Accounts clause outlines the process and requirements for moving ownership or control of bank accounts from one party to another, typically in the context of a business sale or restructuring. This clause specifies which accounts are to be transferred, the timing of the transfer, and any necessary documentation or cooperation required from both parties to effectuate the change. Its core function is to ensure a smooth and orderly transition of financial assets, minimizing disruption to business operations and clarifying responsibilities during the transfer process.
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Transfer of Bank Accounts. (a) Section 2.3(a) shall be amended by (1) removing the word “and” at the end of subsection (xiii), (2) replacing the period at the end of clause (xiv) with a semicolon followed by the word “and”, and (3) adding the following subsection (xv) to such section: "(xv) the bank accounts listed on Schedule 2.3(a)(xv).”
(b) A new Schedule 2.3(a)(xv) shall be added to the Agreement, as attached hereto as Exhibit A.
(c) Subsection (i) of Section 2.3(b) of the Agreement shall be amended by adding the words “except for cash in the bank accounts listed on Schedule 2.3(a)(xv),” to the beginning of such subsection.
Transfer of Bank Accounts. At the Closing, Seller shall transfer to ------------------------- Buyer all deposits held in any of Seller's bank accounts and any other cash of Seller (which bank accounts and deposits therein and other cash as of the date hereof are listed in Schedule 2.22), excluding payments made to Seller pursuant ------------- to Sections 1.3(a) and 1.3(b).
Transfer of Bank Accounts. (a) Section 2.3(a) shall be amended by (1) removing the word "and" at the end of subsection (xiii), (2) replacing the period at the end of clause (xiv) with a semicolon followed by the word "and", and (3) adding the following subsection (xv) to such section:
Transfer of Bank Accounts. In the event the Bank cannot comply with Section 2.3 hereof, the Debtor agrees to transfer any and all accounts on deposit with the Bank to another bank, acceptable to the Government.
Transfer of Bank Accounts. Effective upon the Closing, the Company shall transfer title and ownership of all bank accounts, checking accounts, safe deposit boxes, lockboxes and similar accounts and items to Buyer, and shall cause the authority of all Persons authorized to draw thereon or have access thereto to be revoked and shall cooperate with Buyer to xxxxx xxxxxx of attorney or comparable delegation giving such Persons as may be directed in writing by Buyer the authority to draw upon or have access to such accounts and items from and after Closing. To the extent that the Company has left cash in any such transferred bank account for the purpose of satisfying issued but uncleared checks and drafts relating to payroll, bonus or similar employee obligations of the Company that have been taken into account in the calculation of Estimated Cash on Hand, Buyer agrees that it will not sweep such portion of cash from such bank accounts.
Transfer of Bank Accounts. The parties stipulate and agree that, effective as of the Closing, the bank accounts identified by an asterisk(*) in Schedule 4.12 shall be transferred as directed by Seller to Seller Parent, Seller or any other Affiliate of Seller, and Buyer shall take necessary and appropriate actions to establish the requisite operating accounts for the operation of PRI following the Closing.
Transfer of Bank Accounts. KAIR shall use its best efforts to transfer all existing KAIR bank accounts into the sole name of KNSA. KAIR shall have no further interests in such accounts. If the banks will not cooperate in permitting such transfer, such accounts shall be closed. KAIR shall open its new accounts in a different bank.
Transfer of Bank Accounts. 27 Section 6.13. Reserves and Writeup or Writedown of Assets or Liabilities . . . . . . . . . . . . . . . . . . . . . 27 Section 6.14. Tax Allocation Agreement. . . . . . . . . . . . . . . . . . . . 27 Section 6.15. Certain Tax Matters . . . . . . . . . . . . . . . . . . . . . . 27 Section 6.16.
Transfer of Bank Accounts. Seller shall cause the financial institutions in which the Bank Accounts are located to transfer the beneficial use of the Bank Accounts, by retitling, assignment or otherwise, to Buyer, so that (a) as of Closing, Buyer will have sole and exclusive use of, and access to, such Bank Accounts, and (b) there will be no disruption of payments made from the accounts or deposits to such accounts. Buyer will designate a representative to assist in coordinating the transfer of such accounts.
Transfer of Bank Accounts. At the Closing, the Seller and the Company shall transfer to the Buyer control of all bank accounts of the Company which shall contain a balance of at least $240,000.00. Seller and the Company shall execute such documents as shall be required to accomplish this transfer.