Common use of Borrower's Account Clause in Contracts

Borrower's Account. Following the effectiveness of this Contract, the Borrower shall open an account with the Entrustee or a designated branch thereof, which shall be used for such purposes as drawdown, repayment of principal and payment of interest. The Borrower shall, no less than five days prior to the expiry of each drawdown, deposit into the Entrusted Loan Account a sufficient amount for the repayment of the principal and the payment of the interest as they fall due. The settlement of the accounts and settlement and sale of foreign exchange in connection with the sale of relevant products from the projects [or trading] financed by the Entrusted Loan, shall be handled with the Entrustee or any of its branches. [Optional] Or: The Borrower shall, procure from the Entrustee or any of its branches such intermediate services as local and foreign currency depositing, international and domestic settlement, foreign exchange settlement and sale in a proportion no lower than the ratio of the Entrusted Loan to the aggregate of all the outstanding borrowings by the Borrower from the other banks. [Optional]