Commingling of Accounts Clause Samples
The Commingling of Accounts clause prohibits the mixing of funds belonging to different parties within a single account. In practice, this means that a party holding funds on behalf of another—such as an agent, trustee, or service provider—must keep those funds in a separate, clearly identified account rather than combining them with their own or with funds from other clients. This separation ensures accurate accounting, protects the interests of the fund owner, and prevents misuse or confusion regarding ownership of the funds.
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Commingling of Accounts. Each of Holdings and the Borrower will not, nor will it cause or permit any Subsidiary to, commingle amounts relating to Securitization Assets sold pursuant to a Securitization with cash or any other amounts of Holdings, the Borrower and the Subsidiaries other than the temporary commingling of collections on and proceeds of any accounts receivable or related assets of the Borrower and its Subsidiaries, in each case as may be necessary to identify and sort such collections and proceeds.
Commingling of Accounts. Each of Holdings and the Borrower will not, nor will it cause or permit any Subsidiary to, commingle amounts relating to Securitization Assets sold pursuant to a Securitization with cash or any other amounts of Holdings, the Borrower and the Subsidiaries other than the temporary commingling of collections on and proceeds of any accounts receivable or related assets of the Borrower and its Subsidiaries, in each case as may be necessary to identify and sort such collections and proceeds.”
(o) Article VIII of the Credit Agreement is amended by adding a new paragraph to the end of such Article to read as follows: “Each party hereto authorizes the Agent to enter into customary intercreditor agreements in connection with Securitizations permitted under this Agreement.”
Commingling of Accounts. 34 ARTICLE VII EVENTS OF DEFAULT
Commingling of Accounts participant agrees that monies deposited in texpool and texpool prime, may be commingled with all other monies held in texpool and texpool prime, respectively for purposes of common investment and operational efficiency. However, each participant will have separate accounts on the books and records of texpool investment pools, as further provided for in the operating procedures.
Commingling of Accounts. Participant agrees that monies deposited in TexPool may be commingled with all other monies held in TexPool for purposes of common investment and operational efficiency. However, each Participant will have separate Accounts on the books and records of TexPool, as further provided for in the Operating Procedures.