Permitted Accounts Sample Clauses
The Permitted Accounts clause defines which bank accounts or financial accounts a party is authorized to use in connection with the agreement. Typically, it lists specific accounts or sets criteria for what qualifies as a permitted account, such as requiring the account to be held at a reputable financial institution or to be designated in writing. This clause ensures that all relevant transactions are conducted through approved channels, thereby reducing the risk of fraud, misappropriation, or administrative confusion.
Permitted Accounts. (i) Any Grant funding to be disbursed to a bank account of the Government or Accountable Entity must be deposited in a bank account (the “Local Account”) established by the Government or the Accountable Entity, as applicable, in the local currency of The Gambia or United States dollars, as agreed by the Parties, at a financial institution acceptable to MCC. With prior MCC approval, the Accountable Entity may establish such other bank accounts as are needed for the purposes of implementing the Program (each such other bank account, together with the Local Account, a “Permitted Account”). Before any Grant funding is deposited into a Permitted Account, the Government shall ensure that the Accountable Entity enters into an agreement, in form and substance satisfactory to MCC, with the financial institution approved by MCC to hold such Permitted Account (each, a “Bank”), which sets forth the signatory authority, access rights, anti-money laundering and anti-terrorist financing provisions, and other terms related to such Permitted Account (each, a “Bank Agreement”). The Bank shall be a commercial financial institution unless MCC otherwise agrees. The terms and operation of the Permitted Accounts shall be set forth in the Fiscal Accountability Plan and the Bank Agreement.
(ii) Unless MCC agrees otherwise, Grant funding held in a Permitted Account shall accrue interest or other earnings in accordance with the applicable Bank Agreement. On a quarterly basis and upon the termination or expiration of this Agreement or the relevant Bank Agreement, the Government shall ensure the transfer to MCC of any interest accrued on amounts held in a Permitted Account.
(iii) Unless MCC agrees otherwise, no funds shall be commingled in a Permitted Account other than Grant funding and accrued interest and earnings thereon. MCC has the right, among other things, to view any Permitted Account statements and activity directly on-line, and where such viewing is not feasible, the Government shall provide copies of such statements to MCC upon its request.
(iv) Unless MCC agrees otherwise, if Grant funding is held in any Permitted Account other than the Local Account, the Government shall ensure that such Grant funding is denominated in United States dollars prior to release. Unless MCC agrees otherwise, to the extent that any amount of Grant funding held by a Bank in United States dollars must be exchanged into the currency of The Gambia for any purpose, the Government shall ensure that ...
Permitted Accounts. The Government shall establish, or cause to be established, such accounts (each, a “Permitted Account,” and collectively “Permitted Accounts”) as may be agreed by the Parties in writing from time to time, including:
(i) A single, completely separate U.S. Dollar interest-bearing account at either the Central Bank of Armenia or at a commercial bank to receive MCC Disbursements;
(ii) If necessary, an interest-bearing local currency of Armenia account (the “Local Account”) at either the Central Bank of Armenia or at a commercial bank that is procured through a competitive process to which the Fiscal Agent may authorize transfer from any U.S. Dollar Permitted Account for the purpose of making Re-Disbursements payable in local currency; and
(iii) Such other interest-bearing accounts to receive MCC Disbursements in such banks as the Parties mutually agree upon in writing. No other funds shall be commingled in a Permitted Account other than MCC Funding and Accrued Interest thereon. All MCC Funding held in an interest-bearing Permitted Account shall earn interest at a rate of no less than such amount as the Parties may agree in the respective Bank Agreement or otherwise. MCC shall have the right, among other things, to view any Permitted Account statements and activity directly on-line or at such other frequency as the Parties may otherwise agree. By such time as shall be specified in the Disbursement Agreement or as otherwise agreed by the Parties, the Government shall ensure that MCA-Armenia enters into an agreement with each Bank, respectively, satisfactory to MCC, that sets forth the signatory authority, access rights, anti-money laundering and anti-terrorist financing provisions, and other terms related to the Permitted Account, respectively (each a “Bank Agreement”). For purposes of this Compact, any bank holding a Permitted Account referenced in Section 4(d) of this Program Annex are each a “Bank” and, are collectively referred to as the “Banks.”
Permitted Accounts. Maintain any deposit, checking, operating, investment or other bank accounts other than (a) certain opened and maintained with Bank of Hawaii, First Hawaiian Bank by Black Construction Corporation, a Guam corporation, and/or by Black Micro Corporation, a Northern Marianas corporation, for their respective operations in Guam (the “FBH Accounts,”) (b) certain accounts opened or to opened by the Designated Foreign Subsidiaries in connection with the Indebtedness permitted by Section 8.03(l) (the “Designated Foreign Subsidiary Accounts”, and collectively with each of accounts referenced in the preceding clause (b) , the “Non-Lender Accounts”), (c) other than the Non-Lender Accounts, the deposit, checking, operating, investment and other bank accounts listed on Schedule 6.22, (d) payroll and ▇▇▇▇▇ cash accounts opened in the ordinary course of business with imprest balances not to exceed $100,000 for each such account, and (e) all other deposit, checking, operating, investment and other bank accounts established after the Amendment Effective Date with any Lender, or, with the prior written consent of the Required Lenders, any other depositary institution or securities intermediary (the “Permitted Accounts”) provided that, (x) Borrower shall use its best efforts to deliver to Administrative Agent, a Control Agreement for each of the Non-Lender Accounts (other than the FBH Accounts and the Designated Foreign Subsidiary Accounts) on or before the thirtieth (30th) day after the date of this Agreement (unless prior to such day, such Non-Lender Account has been closed), and (y) in the event of any Default hereunder, Borrower will deliver to the Administrative Agent a Control Agreement, in form and substance satisfactory to the Administrative Agent, duly executed by the owner of any account described in (c) and (e) above (either Borrower or Borrower’s Subsidiary, as the case may be) and such depositary institution (including any Lender) or securities intermediary, as the case may be.
Permitted Accounts. Maintain any deposit, checking, operating, investment or other bank accounts other than (a) the deposit, checking, operating, investment and other bank accounts listed on Schedule 5.22, (b) payroll and ▇▇▇▇▇ cash accounts opened in the ordinary course of business with interest balances not to exceed $250,000 for each such account, and (c) all other deposit, checking, operating, investment and other bank accounts established after the Amendment Effective Date with (i) any Lender, or, (ii) any other depositary institution or securities intermediary (such accounts described in this clause (c)(ii), the “Permitted Accounts”); provided that, (x) the Borrower shall notify the Administrative Agent of each such Permitted Account and shall use its best efforts to deliver to the Administrative Agent a Control Agreement for each of the Permitted Accounts maintained by a Loan Party on or before the thirtieth (30th) day after the date such Permitted Account is opened (unless prior to such day, such Permitted Account has been closed), and (y) in the event of any Default hereunder, the Borrower will deliver to the Administrative Agent a Control Agreement, in form and substance reasonably satisfactory to the Administrative Agent, duly executed by any Loan Party that is the owner of any account described in clauses (a) and (c) above (either the Borrower or the Borrower’s Subsidiary, as the case may be) and such depositary institution (including any Lender) or securities intermediary, as the case may be.
Permitted Accounts. The Government shall establish, or cause to be established, such accounts (each, a “Permitted Account” and, collectively, the “Permitted Accounts”) as may be agreed by the Parties in writing from time to time, including:
(i) A single, completely separate United States Dollar interest-bearing account (the “Special Account”) at the Central Reserve Bank of El Salvador to receive MCC Disbursements;
(ii) An account at a commercial bank in El Salvador (the “Local Account”) to which funds deposited in the Special Account will be transferred for the purpose of making Re- Disbursements; and
(iii) Such other accounts in such banks as the Parties mutually agree upon in writing. No other funds shall be commingled in a Permitted Account other than MCC Funding and Accrued Interest thereon. All MCC Funding held in an interest-bearing Permitted Account shall earn interest at a rate of no less than such amount as the Parties may agree in the applicable Bank Agreement or otherwise. MCC shall have the right, among others, to view any Permitted Account statements and activity directly on-line, where feasible, or at such other frequency as the Parties may otherwise agree. By such time as shall be specified in the Disbursement Agreement or as otherwise agreed by the Parties, the Government shall ensure that, for each Permitted Account, FOMILENIO enters into an agreement, satisfactory to MCC, with the applicable Bank that sets forth the signatory authority, access rights, anti-money laundering and anti-terrorist financing provisions, and other terms related to the Permitted Account (each, a “Bank Agreement”).
Permitted Accounts. No Obligor will have Accounts other than Permitted Accounts.
Permitted Accounts. Maintain any deposit, checking, operating, investment or other bank accounts other than(a) the deposit, checking, operating, investment and other bank accounts listed on Schedule 6.22, (b) payroll and ▇▇▇▇▇ cash accounts opened in the ordinary course of business with imprest balances not to exceed $20,000 for each such account, and (c) all other deposit, checking, operating, investment and other bank accounts established after the Closing Date with any Lender, or, with the prior written consent of the Required Lenders, any other depositary institution or securities intermediary (the “Permitted Accounts”) provided that, in the event of any Default hereunder, Borrower will deliver to the Administrative Agent a Control Agreement, in form and substance satisfactory to the Administrative Agent, duly executed by the owner of any account described in (a) and (c) above (either Borrower or Borrower’s Subsidiary, as the case may be) and such depositary institution (including any Lender) or securities intermediary, as the case may be.
Permitted Accounts. Neither Borrower nor any Guarantor shall maintain any deposit, checking, operating, investment or other bank accounts other than the Permitted Accounts.
Permitted Accounts. The Government shall establish, or cause to be established, such accounts (each, a “Permitted Account,” and collectively “Permitted Accounts”) as may be agreed by the Parties in writing from time to time, including:
(i) A single, completely separate U.S. Dollar interest-bearing account (the “Special Account”) at a commercial bank, subject to MCC approval, that is procured through a competitive process;
(ii) If necessary, an interest-bearing local currency of Benin account (the “Local Account”) at a commercial bank, subject to MCC approval, that is procured through a competitive process to which the Fiscal Agent may authorize transfer from any U.S. Dollar Permitted Account for the purpose of making Re-Disbursements payable in local currency; and
(iii) Such other interest-bearing accounts to receive MCC Disbursements in such banks as the Parties mutually agree upon in writing.
Permitted Accounts. (i) Any MCC Funding to be disbursed to a bank account must be deposited in an account established by MCA-Nepal in the local currency of Nepal (the “Local Account”) at a financial institution acceptable to MCC, such Local Account to be interest-bearing...
(ii) Unless otherwise authorized by MCC in writing, no funds will be co-mingled in a Permitted Account other than MCC Funding and accrued interest and earnings thereon. MCC will have the right, among other things, to view any Permitted Account statem...
(iii) MCC Funding held in a Permitted Account will accrue interest or other earnings in accordance with the Bank Agreement. On a quarterly basis and upon the termination or expiration of the Compact or the Bank Agreement, MCA-Nepal will ensure the tr...
(iv) Unless MCC agrees otherwise in writing, MCC Funding will be held in an authorized Permitted Account. To the extent that any amount of MCC Funding held in U.S. Dollars must be converted into the currency of Nepal for any purpose, MCA-Nepal will e...