Common use of Concentration Account Clause in Contracts

Concentration Account. For the purposes of this Agreement and in accordance with Article 1.1 (B) of the Sogecash International Pooling Agreement, Polca has opened and shall maintain a cash account with the Bank (hereinafter the “Concentration Account”, referred to as the “International Cash Concentration Account” in the Sogecash International Pooling Agreement), to (or from) which, in accordance with the provisions in particular of Article 4 of the Sogecash International Pooling Agreement, each Business Day, as the case may be: (A) Cash Surpluses as well as revenue from Investments (income and capital) shall be credited, as appropriate, by: i. the Bank by debiting the Secondary Accounts of the Participating Companies, or ii. the Participating Companies themselves by debiting their Operating Accounts, (B) Cash Shortfalls shall be debited, as appropriate, by i. the Bank, for the benefit of the Secondary Accounts, or ii. Polca, for the benefit of the Operating Accounts, along with the funds necessary for Investments made by it.