Common use of Permitted Accounts Clause in Contracts

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. The Government shall establish, or cause to be established, such accounts (each, a “Permitted Account,” and collectively and, collectively, the “Permitted Accounts”) as may be agreed by the Parties in writing from time to time, including: (i) A single, completely separate U.S. United States Dollar interest-bearing account at either (the Central Bank of Armenia or “Special Account”) at a commercial bank bank, subject to MCC approval, that is procured through a competitive process to receive MCC Disbursements; (ii) If necessary, an interest-bearing local currency of Armenia Mali account (the “Local Account”) at either the Central Bank of Armenia or at a commercial bank in Mali, subject to MCC approval, that is procured through a competitive process to which funds deposited in the Fiscal Agent may authorize transfer from any U.S. Dollar Permitted Special Account will be transferred for the purpose of making Re-Disbursements payable in local currencyDisbursements; 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 applicable Bank Agreement or otherwise. MCC shall have the right, among other thingsothers, to view any Permitted Account statements and activity directly on-line 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 that, for each Permitted Account, MCA-Armenia Mali enters into an agreement with each the applicable 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 AccountAccount (each, respectively (each a “Bank Agreement”). For purposes of this Compact, any bank the banks holding a Permitted Account an account referenced in Section Sections 4(d) of this Program Annex are each a “Bank” and, and are collectively referred to as the “Banks.”

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 either the Central Bank of Armenia or at a commercial bank Cape Verde (“National Bank”) to receive MCC Disbursements; (ii) If necessary, an interest-bearing local currency of Armenia Cape Verde account (the “Local Account”) at either the Central National 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 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 MCA-Armenia Cape Verde 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 each, a “Bank Agreement”). For purposes of this Compact, the National Bank and any bank holding a Permitted Account an account referenced in Section 4(d4(d)(iii) of this Program Annex are each a “Bank” and, and are collectively referred to as the “Banks.”

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 timetime to receive MCC Disbursements, including: (i) A Either (A) a single, completely separate non-interest bearing account at the Honduran Central Bank, or (B) a single, completely separate U.S. Dollar interest-bearing account at either the Central Bank of Armenia or at a commercial bank that is procured through a competitive process, whichever bank offers terms that are the most economical to receive MCC DisbursementsMCC; (ii) If necessary, an interest-bearing local currency of Armenia Honduras account (the “Local Account”) at either the Central Bank of Armenia or at a commercial bank that is procured through a competitive process selected under Section 4(d)(i) above to which the Fiscal Agent may authorize transfer from any U.S. Dollar Permitted Account for the purpose of making Re-Re- Disbursements payable in local currency; and (iii) Such other interest-bearing accounts to receive MCC Disbursements in such banks bank 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 Honduras 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 an account referenced in Section 4(d) of this Program Annex are each a “Bank” and, are collectively referred to as the “Banks.”

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. United States Dollar interest-bearing account (the “Special Account”) at either the Central Bank of Armenia or at a commercial bank Ghana to receive MCC Disbursements; (ii) If necessary, an a local currency of Ghana account (interest-bearing local currency of Armenia account as appropriate and as further specified in the relevant Supplemental Agreement) (the “Local Account”) at either the Central Bank of Armenia or at a commercial bank that is procured through a competitive process Ghana to which the Fiscal Agent may authorize transfer from any U.S. United States 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 thingsothers, to view any Permitted Account statements and activity directly on-line 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 MCA-Armenia MiDA enters into an agreement with each the 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 Account (each a the “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. The Government shall establish, or cause to be established, such accounts (each, a “Permitted Account,” and collectively and, collectively, the “Permitted Accounts”) as may be agreed by the Parties in writing from time to time, including: (i) A single, completely separate U.S. United States Dollar interest-bearing account at either (the Central Bank of Armenia or “Special Account”) at a commercial bank bank, subject to MCC approval, that is procured through a competitive process to receive MCC Disbursements; (ii) If necessary, an interest-bearing local currency of Armenia Mali account (the “Local Account”) at either the Central Bank of Armenia or at a commercial bank in Mali, 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 currencyDisbursements; 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 applicable Bank Agreement or otherwise. MCC shall have the right, among other thingsothers, to view any Permitted Account statements and activity directly on-line 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 that, for each Permitted Account, MCA-Armenia Mali enters into an agreement with each the applicable 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 AccountAccount (each, respectively (each a “Bank Agreement”). For purposes of this Compact, any bank the banks holding a Permitted Account an account referenced in Section Sections 4(d) of this Program Annex are each a “Bank” and, and are collectively referred to as the “Banks.”