Common use of Opening and Management of Bank Settlement Account Clause in Contracts

Opening and Management of Bank Settlement Account. (1) Party A shall, in accordance with applicable laws, market practice and relevant business rules, authorize Party B to open and manage the bank settlement account related to the Entrusted Assets, and Party B shall report to Party A for record within two Business Days after completion of such task. (2) The specimen of seal provided for such bank settlement account shall be made by Party B and be kept and used by Party B. (3) Upon termination of this Agreement, Party A shall cooperate with Party B in canceling the bank settlement account.

Opening and Management of Bank Settlement Account. (1) Party A shall, in accordance with applicable laws, market practice and relevant business rules, authorize Party B to open and manage the bank settlement account related to the Entrusted Assets, and Party B shall report to Party A for record within two Business Days business days after completion of such task. (2) The specimen of seal provided and signatures left for such bank settlement account shall be made by Party B and be kept and used by Party B. (3) Upon termination of this Agreement, Party A shall cooperate with Party B in canceling cancellation of the bank settlement account.

Opening and Management of Bank Settlement Account. (1) Party A shall, in accordance with applicable laws, market practice and relevant business rules, authorize Party B to open and manage the bank settlement account related to the Entrusted Assets, and Party B shall report to Party A for record within two Business Days after completion of such task. (2) The specimen of seal and signatures provided for such bank settlement account shall be made by Party B and be kept and used by Party B. (3) Upon termination of this Agreement, Party A shall cooperate with Party B in canceling the bank settlement account.