Current Account agreement Clause Samples

A Current Account agreement is a contractual arrangement between a financial institution and a customer that governs the operation of a current (checking) account. It outlines the terms under which deposits, withdrawals, and payments can be made, as well as any applicable fees, overdraft provisions, and account management rules. For example, it may specify daily withdrawal limits, procedures for handling unauthorized transactions, and the responsibilities of both the bank and the account holder. The core function of this clause is to establish clear expectations and responsibilities for both parties, thereby reducing misunderstandings and ensuring smooth account operations.
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Current Account agreement. 6.1.1 The Purchaser and the Centralising Unit hereby agree to enter into a current account relationship (relation de compte courant) (the "CURRENT ACCOUNT"). 6.1.2 Any sum due either by (i) the Purchaser to the Centralising Unit, acting in its own name or in the name of the Sellers pursuant to the Transaction Documents and/or by (ii) the Sellers or the Centralising Unit, acting in its own name or in the name of the Sellers, to the Purchaser pursuant to the Transaction Documents shall be recorded respectively as credit or debit on the Current Account. Any mutual debit or credit that does not arise from the Transaction Documents shall be excluded from the Current Account.
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Current Account agreement. 6.1.1 The Purchaser and the Centralising Unit hereby agree to enter into a current account relationship (relation de compte courant) (the “Current Account”). 6.1.2 Subject to the daily set-off or netting mechanism for the payment of the Initial Purchase Price of Originated Ongoing Purchasable Receivables provided for under the Receivables Purchase Agreements, any sum due either by (i) the Purchaser to the Centralising Unit, acting in its own name or in the name of the Sellers pursuant to the Transaction Documents and/or by (ii) the Sellers or the Centralising Unit, acting in its own name or in the name of the Sellers, to the Purchaser pursuant to the Transaction Documents shall be recorded respectively as credit or debit on the Current Account. Any mutual debit or credit that does not arise from the Transaction Documents shall be excluded from the Current Account.
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Current Account agreement. The transactions handled pursuant to this Agreement shall be recorded in a current account opened in the name of the Client in the books of ABN AMRO COM FIN; the sums due by ABN AMRO COM FIN as well as all sums due by the Client pursuant to this Agreement shall be recorded in this current account (the “Current Account”). The reciprocal discounts, debts and receivables recorded in the Current Account constitute solely account entries, all such entries being indivisibly merged. Any debit balance arising from this merger shall be immediately due and every credit balance shall be immediately available within the limits set out in Article 6 herein. The Client and ABN AMRO COM FIN agree that the aforementioned reciprocal receivables and debts arising from performance of this Agreement are related and indivisible, in such a way that they constitute each other’s guarantee and mutually offset each other even when the conditions required for legally offsetting are not met. As many sub-current-accounts may be opened in the name of the Client as necessary and shall all be part of the Current Account. The Client’s Current Account shall not contain any overdraft authorisation. Should a debit position arise, in particular in respect of the payment of any receivables held by ABN AMRO COM FIN against the Client, ABN AMRO COM FIN shall immediately be entitled to claim repayment of the corresponding amounts from the Client. ABN AMRO COM FIN shall send the Client a monthly Current Account statement. Each statement shall be deemed to reflect the reality and the accuracy of the transactions between the Client and ABN AMRO COM FIN, except for obvious errors or motivated and justified disputes, notified by the Client to ABN AMRO COM FIN within 60 days as from the notification date. Should the monthly reconciliation carried out by the Client between its Accounts Receivable SubLedger and the Current Account reveal any differences, the Client undertakes to carry out all usual verifications and to inform ABN AMRO COM FIN without delay of the results of its verifications. Termination of the Agreement launches the closure period for the Current Account, starting as from the date of notification of termination. The definitive closure and the balance of the Current Account shall only be established subject to the settlement of all pending transactions.
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Current Account agreement. CGA shall open a current account in the Member’s name which records all transactions conducted pursuant to the contract and all other obligations involving the parties on any basis. Consequently, reciprocal debts and receivables shall be considered connected and indivisible. They are reflected as debit and credit items and shall be offset against each other, even when the requirements for legal offset are not met. Even if this account is divided into sub-accounts or if several current accounts are open, it is agreed that all of them shall form a single and indivisible whole regardless of the currencies in which the transactions are conducted. In any event, the exchange rate risk shall continue to be borne by the Member. Any entry made in current account shall be considered accepted by the Member, if it is not disputed within three months after the date of the monthly statement in which it appears. The expiration of the advance notice period for termination of the contract shall mark the start of the period of legal closure of the current account, whose final balance shall be established only after the complete unwinding of the transactions.
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Current Account agreement. The transactions handled pursuant to the present Agreement are recorded in a current account opened in the name of the Client in the books of FCF; the sums due by FCF as well as all sums due by the Client pursuant to the present Agreement are recorded in such current account (the “Current Account”). The reciprocal discounts, debts and receivables recorded in the Current Account constitute solely account entries, all such entries being indivisibly merged. Any debit balance arising from this merger will be immediately due and every credit balance will be immediately available. The Client and FCF agree that the aforementioned reciprocal receivables and debts arising from the performance of the present Agreement are related and indivisible, in such a way that they constitute each other’s guarantee and do mutually set off with one another whereas the conditions required for legal compensation would not be met. There may be opened as many sub-current-accounts in the name of the Client as necessary, which will all be part of the Current Account. The Client’s Current Account does not contain any overdraft authorization. Should a debit position be attained, in particular in respect of the payment of any receivables held by FCF against the Client, FCF is entitled to claim immediately the repayment of the corresponding amounts to the Client. FCF shall send monthly to the Client a Current Account statement. Each statement will be deemed to reflect the reality and the accuracy of the operations between the Client and FCF, except for obvious errors or motivated and justified disputes, notified by the Client to FCF within 60 days as from the notification date. Should the monthly comparing
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Current Account agreement. An account shall be opened with CGA in the name of each Participant. All the transactions undertaken in connection with this Agreement shall be recorded in the account of the relevant Participant; for each Participant reciprocal debits and credits by and between CGA and the relevant Participant in respect of this Agreement shall be deemed to be connected and indivisible and shall be recorded as debits or credits and shall be offset against each other. Should there be more than one account standing in the name of a Participant, such accounts shall constitute only line items in such Participant’s current account, with all consequences attaching thereto, regardless of the currency used for the transactions handled thereby. In any case, each Participant shall be liable for any foreign exchange risk in respect of such Participant’s receivables.
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Current Account agreement. A current account is opened in the books of CGA in the name of each Client. All the operations processed in performance of the present Agreement shall be recorded in the single current account opened in the name of the relevant Client; For each Client, reciprocal debts and receivables due by and between CGA and the relevant Client in relation to the present Agreement, deemed to be connected and indivisible, shall be reflected as debit or credit entries and shall be set off between them. In case of plurality of accounts opened in the name of a Client, such accounts are nothing but chapters of that Client’s current account, with all consequences attached, no matter the currency used for the operations. In any case, each Client remains liable for any foreign exchange risk with respect to such Client’s receivables. The Clients’ current accounts could be opened in EUROS, in GBP for United Kingdom and in United States of America Dollars.
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Related to Current Account agreement

  • Account Agreement Lender shall have received the original of the Account Agreement executed by each of Cash Management Bank and Borrower.

  • Deposit Account Control Agreement control agreement satisfactory to Agent executed by an institution maintaining a Deposit Account for an Obligor, to perfect Agent’s Lien on such account.

  • Deposit Account Control Agreements the Deposit Account control agreements to be executed by each institution maintaining a Deposit Account for an Obligor, in favor of Agent, for the benefit of Secured Parties, as security for the Obligations.

  • Account Control Agreements Account Control Agreements for all of Borrower’s deposit accounts and accounts holding securities duly executed by all of the parties thereto, in the forms provided by or reasonably acceptable to Lender.

  • Control Agreement A control agreement (the “Custodian Control Agreement”), duly executed and delivered by the Borrower, the Administrative Agent and State Street Bank and Trust Company.