Common use of Payment to Pool Creditors Clause in Contracts

Payment to Pool Creditors. 19.5.1 The Pool Funds Administrator shall, prior to 14.30 hours on each day, calculate the amounts available for distribution to Pool Creditors on that day. 19.5.2 As soon as practicable and not later than 14.30 hours on that day the Pool Funds Administrator shall arrange for the remittance from the Pool Clearing Account to the relevant Settlement Accounts maintained by the Pool Creditors of the aggregate of amounts determined by the Pool Funds Administrator to be available for payment to Pool Creditors and, if required, arrange for the transfer of amounts from the Pool Reserve Account or the Pool Borrowing Account to the Pool Clearing Account or vice versa.

Payment to Pool Creditors. 19.5.1 The Pool Funds Administrator shall, prior to 14.30 hours on each day, calculate the amounts available for distribution to Pool Creditors on that day. 19.5.2 . As soon as practicable and not later than 14.30 hours on that day the Pool Funds Administrator shall arrange for give irrevocable instructions to the remittance Pool Banker to remit from the Pool Clearing Account to the relevant Settlement Accounts maintained by the Pool Creditors of the aggregate of amounts determined by the Pool Funds Administrator to be available for payment to Pool Creditors and, if required, arrange for the to transfer of amounts from the Pool Reserve Account or the Pool Borrowing Account to the Pool Clearing Account or vice versa.