SEPARATE BANK ACCOUNTS Sample Clauses

The SEPARATE BANK ACCOUNTS clause requires that funds related to a specific agreement or project be held in distinct bank accounts, separate from other monies of the parties involved. In practice, this means that any payments, deposits, or revenues associated with the contract must be deposited into and managed through a dedicated account, rather than being commingled with general funds. This arrangement ensures clear financial tracking, simplifies audits, and protects the integrity of the funds by preventing misuse or confusion with other financial resources.
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SEPARATE BANK ACCOUNTS. The Manager will maintain separate bank accounts and books of account from those of Owner. Manager shall not conduct business in the name of Owner except when acting in the name of Owner as agent and identifies itself as such.
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SEPARATE BANK ACCOUNTS. 34.1 All monies received by the Coverholder from or on behalf of the Underwriter shall be received by the Coverholder in a fiduciary capacity and on a Risk Transfer Basis and: (a) shall be received by the Coverholder as assets of the Underwriter; (b) shall on receipt be deposited immediately by the Coverholder into a premium monies account with assets standing to the credit of that account being held in a fiduciary capacity solely on behalf of the Underwriter for the purpose of the onwards transmission of those monies (for the purposes set out at Clause 34.1(d)(ii)) and the monies shall not be otherwise held or retained; (c) the premium monies account referred at Clause 34.1(b) shall be held at a bank (or other institution regulated for taking deposits as may be agreed by the Underwriter) (the “Bank”) which is: (i) regulated, supervised and examined by the applicable Regulatory Authority; and (ii) subject, where applicable, to any national deposit insurance scheme; (d) the premium monies account shall be operated in accordance with any Applicable Law and: (i) shall be clearly identified to the Bank as a premium monies account; (ii) may not be used by the Coverholder for any purpose other than for the purpose of settling accounts with the Underwriter or the payment of commissions, premium refunds or claims to clients as envisaged in this Agreement, or any other transactions where expressly authorised by the Underwriter or in accordance with Clause 34.2. For the avoidance of doubt, and without prejudice to the generality of the foregoing, the Coverholder may not invest these monies in any way without the prior written consent of Underwriter; and (iii) the assets held in the premium monies account may not be commingled with assets in respect of the Coverholder’s general or operating account, or assets relating to other insurers; (e) shall be identified in the Coverholder’s book of account, separately from other funds similarly held by the Coverholder for other insurers and/or the Underwriter, such book of account to be reconciled on a regular basis, not less than monthly, with records being retained for inspection by the Underwriter or its representatives, who shall have the right at any time, without restriction or limitation to inspect and audit such records, and to make copies or extracts of any such records; and (f) the Coverholder shall take all reasonable steps as may be requested by the Underwriter to put the Bank on notice as to the nature of the prem...
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SEPARATE BANK ACCOUNTS. The Borrower agrees to maintain an account with the Lender into which all proceeds of the Loan shall be deposited and against which checks shall be drawn only to pay the items set forth in the Approved Budget.
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SEPARATE BANK ACCOUNTS. The Couple will need to decide if they will maintain separate bank accounts or combine their bank accounts. If each Partner will maintain his or her own bank account and will deny the other access to it, then select the first checkbox.
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SEPARATE BANK ACCOUNTS. All monies received by the Service Company Coverholder, from or on behalf of the Underwriters, shall be received by the Service Company Coverholder in a fiduciary capacity on behalf of the Underwriters and shall be:- 28.1 deposited immediately into an account separate from the Service Company Coverholder’s general or operating account for onward transmission for the purposes set out in 28.3 and shall not be otherwise held or retained; 28.2 identified in the Service Company Coverholder’s book of account, separately from other funds held by the Service Company Coverholder; 28.3 used solely for the purpose of settling accounts with the Underwriters or the payment of the commissions, premium refunds, claims or any other transaction authorised by the Underwriters.
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SEPARATE BANK ACCOUNTS. The Manager will maintain separate bank accounts and books of account from those of the Issuer and of the Lessor. The Manager shall not conduct business in the name of the Issuer or the Lessor except when acting as an agent and identifying itself as such.
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SEPARATE BANK ACCOUNTS. 27.1 All monies received by the Coverholder from or on behalf of the Underwriters shall be received by the Coverholder in a fiduciary capacity and: 27.1.1 shall be received by the Coverholder as assets of the Underwriters’ Lloyd’s Premiums Trust Funds (or, in the case of U.S. Dollar denominated business as assets of the Underwriters’ Lloyd’s Dollar Trust Funds or, in the case of Canadian Dollar denominated business as assets of the Underwriters’ Lloyd’s Canadian Trust Funds); 27.1.2 shall on receipt be deposited immediately by the Coverholder into a premium monies account with assets standing to the credit of that account being held in a fiduciary capacity on behalf of the Underwriters (and/or other insurers or policyholders) for the purpose of the onwards transmission of those monies (for the purposes set out at Sub- section 27.
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SEPARATE BANK ACCOUNTS. All monies received or payable by the Coverholder, from or on behalf of the Underwriters, shall be:- 33.1 deposited immediately into an account separate from the Coverholder’s general or operating account; 33.2 identified in the Coverholder’s book of account, separately from other funds similarly held by the Coverholder for other insurers; 33.3 used solely for the purpose of settling accounts with the Underwriters or the payment of the commissions, premium refunds, claims or any other transaction authorised by the Underwriters; 33.4 held by the Coverholder in a fiduciary capacity on behalf of the Underwriters.
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SEPARATE BANK ACCOUNTS. Where the Service Company Coverholder handles 'monies in transmission' only (i.e. does not hold or retain monies, for example, in order to establish or maintain a claims fund) such monies must be held in a separate bank account set apart for insurance monies (i.e. premiums, return premiums and claims monies). For the sake of clarity, this means that it must be held separately from the general and operating accounts of the Service Company Coverholder, but may be co-mingled with insurance monies from other insurers. In contrast, where the Service Company Coverholder holds or retains monies (for example to establish or maintain a claims fund), such monies must be held in accordance with the Lloyd’s Premium Trust Deed. Details can be obtained from Lloyd’s.
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Related to SEPARATE BANK ACCOUNTS

  • Bank Account Payments shall be made to the Contractor’s bank account denominated in euro, identified as follows: Name of bank: [complete] Address of branch in full: [complete] Exact designation of account holder: [complete] Full account number including codes: [complete] [IBAN code: [complete]]

  • Bank Accounts The Custodian shall identify on its books as belonging to the applicable Fund cash (including cash denominated in foreign currencies) deposited with the Custodian. Where the Custodian is unable to maintain, or market practice does not facilitate the maintenance of, cash on the books of the Custodian, a bank account or bank accounts shall be opened and maintained outside the United States on behalf of a Portfolio with a Foreign Sub-Custodian. All accounts referred to in this Section shall be subject only to draft or order by the Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant to the terms of this Agreement to hold cash received by or from or for the account of the Portfolio. Cash maintained on the books of the Custodian (including its branches, subsidiaries and affiliates), regardless of currency denomination, is maintained in bank accounts established under, and subject to the laws of, The Commonwealth of Massachusetts.

  • Custody of Partnership Funds; Bank Accounts (a) All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. (b) All deposits and other funds not needed in the operation of the business of the Partnership may be invested by the General Partner in investment grade instruments (or investment companies whose portfolio consists primarily thereof), government obligations, certificates of deposit, bankers’ acceptances and municipal notes and bonds. The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment in those investment companies permitted by this Section 10.2(b).

  • Location of Bank Accounts Schedule 6.01(v) sets forth a complete and accurate list as of the Effective Date of all deposit, checking and other bank accounts, all securities and other accounts maintained with any broker dealer and all other similar accounts maintained by each Loan Party, together with a description thereof (i.e., the bank or broker dealer at which such deposit or other account is maintained and the account number and the purpose thereof).

  • Additional Bank Accounts Borrower shall not, directly or indirectly, open, establish or maintain any deposit account, investment account or any other account with any bank or other financial institution, other than the Blocked Accounts and the accounts set forth in Schedule 8.8 hereto, except: (a) as to any new or additional Blocked Accounts and other such new or additional accounts which contain any Collateral or proceeds thereof, with the prior written consent of Lender and subject to such conditions thereto as Lender may establish and (b) as to any accounts used by Borrower to make payments of payroll, taxes or other obligations to third parties, after prior written notice to Lender.