Banking Arrangement Sample Clauses
The Banking Arrangement clause defines the specific banking relationships and procedures that a party must maintain in connection with the agreement. Typically, it outlines which banks or accounts are to be used for transactions, how funds are to be deposited or withdrawn, and any requirements for notifications or authorizations related to banking activities. This clause ensures that all financial dealings are conducted through agreed-upon channels, thereby reducing the risk of misdirected payments and providing clarity and security for both parties in managing financial transactions.
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Banking Arrangement. Vendor and Company shall establish a banking arrangement that complies with the Arrangement and other WYO Flood program requirements, and which will provide for the establishment of an NFIP restricted account ("Restricted Account") with FEMA as custodian, and a FEMA letter of credit ("Letter of Credit"), with additional accounts as needed to facilitate WYO Flood Program operations, all in conformity with FEMA/FIA guidelines. Company shall grant specific Vendor' employees check-signing authority on any Restricted Account and the authority to initiate appropriate drawdowns against Company's Letter of Credit, in order for Vendor to act on Company's behalf in making disbursements for Company liabilities established by the Arrangement, the WYO Flood Program, and this Agreement. All such authorizations shall be in writing and may be revoked, amended or modified at any time by Company upon thirty (30) days advanced written notice to Vendor.
Banking Arrangement. The banking arrangement and other financial responsibilities to apply under this Agreement are described in Addendum A of the Administrative Services Agreement to which this Agreement is attached and which is hereby incorporated and made a part hereto.
Banking Arrangement. IMS and Customer shall establish a banking arrangement that complies with the Arrangement and other WYO Flood program requirements, and which will provide for the establishment of an NFIP restricted account ("Restricted Account") with Customer as custodian, and a FEMA letter of credit ("Letter of Credit"), with additional accounts as needed to facilitate WYO Flood Program operations, all in conformity with FEMA/FIA guidelines. Customer shall grant specific IMS' employees check-signing authority on any Restricted Account and the authority to initiate appropriate drawdowns against Customer's Letter of Credit, in order for IMS to act on Customer's behalf in making disbursements for Customer liabilities established by the Arrangement, the WYO Flood Program, and this Agreement. All such authorizations shall be in writing and may be revoked, amended or modified at any time by Customer upon thirty (30) days advanced written notice to IMS. Notwithstanding the foregoing, IMS shall not draw down on Letter of Credit for an amount that exceeds $50,000.00 without prior approval from the Chief Financial Officer of Customer, which approval shall not be unreasonably withheld and shall be given within 24 hours of the request being made by IMS.
Banking Arrangement. (i) The Representative shall be solely liable to account for including but not limited to all money transfer/Cheques or other funds coming into possession, and The Representative will hold on trust all such monies and make payments to The Principal or customers, as agreed with them. The Representative assumes solely all risks of loss with respect to the foregoing, including all loss arising from misuse, theft, burglary, forgery, robbery or other crime, destruction, mysterious disappearance and all other similar or dissimilar causes of loss. Representative shall not be allowed to overdraw their account maintained with the principal except in case where principal has granted overdraft facility. The regular settlement procedure: The Principle shall settle the account in GBP through SWIFT only at the exchange rate pre-agreed between The Principle and The Representative. In absence of pre-agreed exchange rate, The Principles treasury rate will prevail.
Banking Arrangement i. SBBC agrees to provide a banking arrangement for Loss and Expense Payments with CSI receiving signatory authority. SBBC has the sole obligation and responsibility for funding appropriate Loss and Expense Payments. It is expressly understood that CSI shall not be required to advance its own funds to pay any of SBBC’s obligations. All bank charges, if any, shall be incurred by and paid for by SBBC. Additionally, all interest earned, if any, shall be the property of SBBC.
ii. CSI shall provide a procedure regarding all banking procedures included but not limited to:
a) Provide a designated staff person, and backup, for all issues regarding the banking arrangement with SBBC.
b) Check pull/retrieval (post printing) to redirect checks to alternate address (e.g. mailing to defense attorney for settlement check)
c) Provide SBBC online access for reconciliation by SBBC Accounting Specialist and review by SBBC WC Program Administrator.
d) Receive and process (deposit and note financial offset in claim file) all checks payable to SBBC for any recoveries, reimbursements and/or overpayments. However, SBBC shall have option to deposit excess reimbursement checks directly into SBBC direct account (not shared account with CSI).
Banking Arrangement. 4.1.2.1. One Litre @ 15°C of F34 imported into the TNPS by DESC creates one inventory credit in the system. DESC is immediately authorized to withdraw these credits at the locations specified in Annex D.
4.1.2.2. The Parties shall agree to the number of DESC inventory credits in the TNPS upon implementation of this Agreement. A statement of inventory credits shall be attached to the signed Agreement.
Banking Arrangement. JECO agrees to assist SBBC in establishing a banking arrangement for Loss and Expense Payments. SBBC has the sole obligation and responsibility for funding the appropriate Loss and Expense Payments; however, all bank charges, if any, shall be incurred by and paid for by JECO. Additionally, all interest earned, if any, shall be the property of SBBC. It is expressly understood that JECO shall not be required to advance its own funds to pay any of SBBC’s obligations. In the event of cancellation or nonrenewal of this Agreement, SBBC agrees to fund all of SBBC’s outstanding Loss and Expense Payment obligations.
Banking Arrangement. The bankers of the Village Funds shall be [………………..] and any such other bank as the [Advisory Committee/Board of Directors] may from time to time appoint as a subsidiary bank of the Village Fund. The Initial Bank (or any replacement for it) may be replaced at any time by the [Advisory Committee/Board of Directors]. All moneys, cheques and drafts received by or on behalf of the Village Fund shall be paid promptly into the bank accounts of the Village Fund. All cheques drawn on or instructions for the electronic transfer of moneys from any such account as is mentioned in this clause shall be in the name of the Village Fund and may only be drawn or given by [2/3] members of the [Advisory Committee/Board of Directors].