Common use of Statement of Expenditures Clause in Contracts

Statement of Expenditures. Except as ADB may otherwise agree, the Borrower shall establish immediately after the Effective Date, a first generation imprest account at Bangladesh Bank. Except as ADB may otherwise agree, a second generation imprest account shall be established by DOA at a commercial bank, acceptable to ADB. The first generation imprest account and the second generation imprest account (collectively called the imprest accounts) shall be established, managed, replenished and liquidated in accordance with ADB's Loan Disbursement Handbook, and detailed arrangements agreed upon between the Borrower and ADB. The currency of the imprest account shall be Dollar. The initial aggregate amount to be deposited into the imprest accounts shall not exceed the lower of (i) the estimated expenditure to be financed from the imprest accounts for the first six months of Project implementation, or

Statement of Expenditures. Except as ADB may otherwise agree, the Borrower shall establish immediately after the Effective Date, a first generation an imprest account at the Bangladesh Bank. Except , as ADB may otherwise agree, well as a second generation imprest account shall be established by DOA – referred to as Project Operating Account in the Borrower’s financial system - at a commercial bank, bank selected in accordance with the Borrower’s procedures and acceptable to ADB. The first generation imprest account and the second generation imprest account (collectively called the imprest accounts) accounts shall be established, managed, replenished and liquidated in accordance with ADB's Loan Disbursement Handbook, Handbook and detailed arrangements agreed upon between the Borrower and ADB. The currency of the imprest account in the Bangladesh Bank shall be Dollardollar. The initial aggregate amount to be deposited into the imprest accounts account shall not exceed the lower of (i) the estimated expenditure to be financed from the imprest accounts account for the first six months of Project implementation, oror (ii) the equivalent of ten (10) percent of the Loan amount.