Common use of Deposits of Loan Amounts Clause in Contracts

Deposits of Loan Amounts. 1. Except as the Bank may otherwise agree: (a) all withdrawals from the Loan Account shall be deposited by the Bank into an account designated by the Borrower and acceptable to the Bank; and (b) the Borrower shall ensure that upon each deposit of an amount of the Loan into this account, an equivalent amount is accounted for in the Borrower’s National Treasury, in a manner acceptable to the Bank. 2. For purposes of paragraph 1(a) of this Section C, prior to furnishing to the Bank the first request for withdrawal from the Loan Account, the Borrower shall open and, thereafter maintain, a deposit account in United States Dollars at the Central Bank of the Dominican Republic, on terms and conditions satisfactory and acceptable to the Bank. 3. The Borrower shall confirm to the Bank: (a) the name and number of the designated deposit account mentioned in paragraphs 1(a) and 2 above; (b) the foreign currency amount received in the designated deposit account referred to above; (c) the foreign currency amounts withdrawn from the said designated deposit account at the Central Bank of the Dominican Republic, and the equivalent amounts credited to the National Treasury single account to finance budgeted expenditures; and (d) the date and name, and/or number of the National Treasury account to finance budgeted expenditures to which the amounts equivalent to the amounts withdrawn from the Loan Account have been credited.

Deposits of Loan Amounts. 1. Except as the Bank may otherwise agree: (a) all withdrawals from the Loan Account shall be deposited by the Bank into an account a Deposit Account designated by the Borrower and acceptable to the Bank; and (b) the Borrower shall ensure that upon each deposit of an amount of the Loan into this accountthe Deposit Account, an equivalent amount is accounted for in the Borrower’s National Treasury, in a manner acceptable to the Bank. 2. For purposes of paragraph 1(a) of this Section C, prior to furnishing to the Bank the first request for withdrawal from the Loan Account, the Borrower shall open and, thereafter maintain, a deposit account Deposit Account in United States Dollars at the Central Bank of the Dominican Republic, on terms and conditions satisfactory and acceptable to the Bank. 3. The Borrower shall confirm to the Bank: (a) the name and number of the designated deposit account Deposit Account mentioned in paragraphs 1(a1.(a) and 2 above; (b) the foreign currency amount received in the designated deposit account Deposit Account referred to above; (c) the foreign currency amounts withdrawn from the said designated deposit account Deposit Account at the Central Bank of the Dominican Republic, and the equivalent amounts credited to the National Treasury single account to finance budgeted expenditures; and (d) the date and name, and/or number of the National Treasury Borrower’s account to finance budgeted expenditures to which the amounts equivalent to the amounts withdrawn from the Loan Account have been credited.