Common use of Secondary Accounts Clause in Contracts

Secondary Accounts. 2.2.1 Unless the Participating Company and Polca agree otherwise and in accordance with Article 1.1(A) of the Sogecash International Pooling Agreement, each Participating Company: · shall maintain for the duration of the Agreement a cash account in Currency (hereinafter the “Secondary Accounts”, referred to as the “Domestic Cash Accounts “ in the Sogecash International Pooling Agreement) with an agency of the Bank; · shall transfer each Business Day its Cash Surplus to the Secondary Account or debit the Secondary Account by its Cash Shortfall, as the case may be. If the Participating Company does not have a Secondary Account, surplus cash flows shall be transferred directly from the Participating Company’s Operating Account(s) to the Concentration Account, and vice versa in the event Advances are extended by Polca. 2.2.2 Each Participating Company shall fulfil the necessary formalities with the Bank or the credit institutions concerned to allow Polca to consult at any time the balance of its Secondary Account(s) or, if it has no such accounts, of its Operating Account(s).