Common use of Funds Transfer-in Clause in Contracts

Funds Transfer-in. 3.2.1. Party A shall, within 30 business days following the date of this Agreement or at any other time mutually agreed by the parties, designate an account or open an account for the purpose of transferring funds in Party A's name (such designated account or newly opened account, a "Settlement Account") at a bank mutually agreed upon by Party A and Party B and take necessary steps to grant Part B appropriate authorization to give, from time to time, instructions to the bank where the Settlement Account is opened. Party A shall inform Party B of the account information in writing on the date the account is opened. 3.2.2. During the term of this Agreement, Party A may remit funds to the Settlement Account from time to time. Party A shall confirm with Party B in writing any remittance it makes to the account of Party B on the date of such remittance. Such funds shall become part of the Entrusted Assets on the date of remittance unless Party B raises objections within 3 business days of the receipt of such confirmation. 3.2.3. The Settlement Account shall only be used for purposes of this Agreement and shall be segregated from all other accounts of Party A.