Common use of Account for funds for regranting Clause in Contracts

Account for funds for regranting. 1. The FMO shall establish, at a bank of its choice, an account in its name dedicated to the funds intended for regranting (the regranting account). The signatories of this account shall comprise the FMO Director and/or such other FMO official(s) as the FMO Director may designate, together with up to 3 officials of the Fund Operator, to be nominated by the Fund Operator with the approval of the FMO. The FMO may at any time transfer the regranting account to a different bank and all provisions hereof shall continue to apply with respect to the new regranting account. 2. Without prejudice to the responsibility of the Fund Operator for due performance of its obligations under Article 2.1.1(r), withdrawals from the regranting account may be made only with the participation of two of the signatories referred to above and only via bank transfer to the account of a project promoter pursuant to a project contract. Until transferred, the funds on the regranting account shall be the exclusive property of the FMO. Any interest earned on the regranting account shall also belong to the FMO. Unspent funds refunded by project promoters and recoveries as a consequence of irregularities, shall be credited to the regranting account. No other moneys may be mixed with the funds intended for regranting held on the regranting account.

Account for funds for regranting. ‌ 1. The FMO shall establish, at a bank of its choice, an account in its name dedicated to the funds intended for regranting (the regranting account). The signatories of this account shall comprise the FMO Director and/or such other FMO official(s) as the FMO Director may designate, together with up to 3 officials of the Fund Operator, to be nominated by the Fund Operator with the approval of the FMO. The FMO may at any time transfer the regranting account to a different bank and all provisions hereof shall continue to apply with respect to the new regranting account. 2. Without prejudice to the responsibility of the Fund Operator for due performance of its obligations under Article 2.1.1(r), withdrawals from the regranting account may be made only with the participation of two of the signatories referred to above and only via bank transfer to the account of a project promoter pursuant to a project contract. Until transferred, the funds on the regranting account shall be the exclusive property of the FMO. Any interest earned on the regranting account shall also belong to the FMO. Unspent funds refunded by project promoters and recoveries as a consequence of irregularities, shall be credited to the regranting account. No other moneys may be mixed with the funds intended for regranting held on the regranting account.

Account for funds for regranting. 1. The FMO shall establish, at a bank of its choice, an account in its name dedicated to the funds intended for regranting (the regranting account). The signatories of this account shall comprise the FMO Director and/or such other FMO official(s) as the FMO Director may designate, together with up to 3 officials of the Fund Operator, to be nominated by the Fund Operator with the approval of the FMO. The FMO may at any time transfer the regranting account to a different bank and all provisions hereof shall continue to apply with respect to the new regranting account. 2. Without prejudice to the responsibility of the Fund Operator for due performance of its obligations under Article 2.1.1(r2.1.1(k), withdrawals from the regranting account may be made only with the participation of two of the signatories referred to above and only via bank transfer to the account of a project promoter pursuant to a project contract. Until transferred, the funds on the regranting account shall be the exclusive property of the FMO. Any interest earned on the regranting account shall also belong to the FMO. Unspent funds refunded by project promoters and recoveries as a consequence of irregularities, shall be credited to the regranting account. No other moneys money may be mixed with the funds intended for regranting held on the regranting account.