Accounts Established Clause Samples
The "Accounts Established" clause defines the requirement for setting up specific accounts necessary for the execution of an agreement. Typically, this clause outlines who is responsible for opening and maintaining these accounts, such as escrow, deposit, or operating accounts, and may specify the timing and conditions under which the accounts must be established. Its core practical function is to ensure that all parties have the appropriate financial or operational infrastructure in place to facilitate transactions, manage funds, or fulfill contractual obligations, thereby reducing the risk of delays or misunderstandings.
Accounts Established. Coinbase Custody shall establish and maintain a vault account for the purpose of storing Digital Assets (the “Vault Account”) and effecting Custody Transactions (as defined below) (the “Custodial Services”). Digital Assets credited to the Vault Account will be held by Coinbase Custody in one or more segregated cold wallets (each, a “Custody Cold Wallet”) in Client’s name controlled and secured by Coinbase Custody.
Accounts Established. Evidence of the establishment of the Accounts (as such term is defined in the Collateral Agency Agreement) and creation of cash management systems consistent with the Collateral Accounts and acceptable to the Administrative Agent.
Accounts Established. There shall be established and maintained for each Participant such accounts as are applicable, to reflect such Participant's interest in each Investment Fund. All income, expenses, gains and losses attributable to each account shall be separately accounted for. The interest of each Participant in the Trust Fund at any time shall consist of the amount PAGE 34 credited to his or her accounts as of the last preceding Valuation Date plus credits and minus debits to such accounts since that date.
Accounts Established. Evidence of the establishment of the Project Accounts.
Accounts Established. Evidence of the establishment of the Collateral Accounts.
Accounts Established. Under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act (“UTMA/UGMA”). An account established under a state’s UTMA/UGMA is controlled by a custodian for the use and benefit of a “minor” beneficiary who owns the funds. Only the custodian is authorized to act on the account, however, we may disclose account information to the minor or their authorized representative. If you are the custodian or successor custodian of an account under a state’s UTMA/UGMA, you agree to comply with all applicable laws, including those related to use of the funds. When the minor reaches the age of distribution under the applicable UTMA/UGMA law, you must transfer any funds in the account to the minor. If you fail to transfer funds to the minor as required, we may, at our sole discretion, limit transactions on the account or pay remaining funds to the minor. You agree that it is your responsibility as custodian to consult your own legal or tax advisor about the governing state law.