Common use of Deposit of Financing Amounts Clause in Contracts

Deposit of Financing Amounts. 1. Except as the Association may otherwise agree: (a) all withdrawals from the Financing Account shall be deposited by the Association into an account designated by the Recipient and acceptable to the Association; and (b) the Recipient shall ensure that upon each deposit of an amount of the Financing into this account, an equivalent amount is accounted for in the Recipient’s budget management system, in a manner acceptable to the Association. 2. The Recipient shall open, prior to furnishing to the Association the first request for withdrawal from the Financing Account, and thereafter maintain a deposit account in United States Dollars at the Bank of Lao PDR designated by the Recipient and on terms and conditions satisfactory and acceptable to the Association. 3. The Recipient shall confirm to the Association: (a) the name and number of the bank account mentioned in paragraph 1(a) above; (b) the foreign currency amount received in the designated deposit account referred to in paragraph 2 above; (c) the foreign currency amounts withdrawn from the said designated deposit account at the Bank of Lao PDR, and, where funds are transferred into local currency, the equivalent amounts credited in local currency to the Central Treasury Account to finance budgeted expenditures; and (d) the date and name, and/or number of the Central Treasury Account to finance budgeted expenditures into which the local currency amounts have been deposited.

Deposit of Financing Amounts. 1. Except as the Association may otherwise agree: (a) all withdrawals from the Financing Account shall be deposited by the Association into an account designated by the Recipient and acceptable to the Association; and (b) the Recipient shall ensure that upon each deposit of an amount of the Financing into this account, an equivalent amount is accounted for in the Recipient’s budget management system, in a manner acceptable to the Association. 2. The Recipient shall openFor the purposes of Paragraph 1(a) of this Section D, prior to furnishing to the Association the first request for withdrawal from the Financing Account, and thereafter the Recipient shall maintain a deposit account in United States Dollars at the Bank of Lao PDR designated by the Recipient and on terms and conditions satisfactory and acceptable to the Association. 3. The Recipient shall confirm to the Association: (a) the name and number of the bank account mentioned in paragraph 1(a) above; (b) the foreign currency amount received in the designated deposit account referred to in paragraph 2 above; (c) the foreign currency amounts withdrawn from the said designated deposit account at the Bank of Lao PDR, and, where funds are transferred into local currency, and the equivalent amounts credited in local currency to the Central Treasury Account central treasury account to finance budgeted expenditures; and (d) the date and name, and/or number of the Central Treasury Account central treasury account to finance budgeted expenditures into to which the local currency amounts withdrawn from the Financing Account have been depositedcredited.

Deposit of Financing Amounts. 1. Except as the Association may otherwise agree: (a) all withdrawals from the Financing Account shall be deposited by the Association into an account designated by the Recipient and acceptable to the Association; and (b) the Recipient shall ensure that upon each deposit of an amount of the Financing into this account, an equivalent amount is accounted for in the Recipient’s budget management system, in a manner acceptable to the Association. 2. The Recipient shall open, prior to furnishing to the Association the first request for withdrawal from the Financing Account, and thereafter maintain a deposit account in United States Dollars at the Bank of Lao PDR designated by the Recipient and on terms and conditions satisfactory and acceptable to the Association. 3. The Recipient shall confirm to the Association: (a) the name and number of the bank account mentioned in paragraph 1(a) above; (b) the foreign currency amount received in the designated deposit account referred to in paragraph 2 above; (c) the foreign currency amounts withdrawn from the said designated deposit account at the Bank of Lao PDR, and, where funds are transferred into local currency, the equivalent amounts credited in local currency to the Central Treasury Account to finance budgeted expenditures; and (d) the date and name, and/or number of the Central Treasury Account account to finance budgeted expenditures into which the local currency amounts have been deposited.