Common use of Segregated Bank Account Clause in Contracts

Segregated Bank Account. (a) If the Department notifies the Recipient of its intention to deposit Undisbursed Funds into the Recipient’s Bank Account under clause 6.6, the Recipient must, if so requested by the Department, establish a new Bank Account (Segregated Bank Account) that is: (1) established solely for the purposes of accounting for and administering any Funds paid to the Recipient by the Department; (2) an account that bears a rate of interest; (3) separate from the Recipient’s or any other person’s operational accounts; and (4) if requested by the Department, governed by an account control deed between the Department, the Recipient and the relevant bank, which limits the Recipient’s ability to withdraw Funds from the Segregated Bank Account without the Department’s consent. (b) At any time, if there are Funds in the Segregated Bank Account, the Recipient must: (1) if requested by the Department, provide the Department (and the authorised deposit-taking institution) with: (A) an authority for the Department to obtain any details relating to the use of the Segregated Bank Account; and (B) a copy of any statement relating to the Segregated Bank Account, and any other reasonable details relating to use of the Segregated Bank Account; and (2) notify the Department of any change of the Segregated Bank Account, provide the Department with details of the new account, and comply with this clause 8 in respect of the new account.

Segregated Bank Account. (a) If the Department notifies the Recipient of its intention to deposit Undisbursed Funds into the Recipient’s Bank Account under clause 6.65.4(c), the Recipient must, if so requested by the Department, establish a new Bank Account (Segregated Bank Account) that is: (1) established solely for the purposes of accounting for and administering any Funds paid to the Recipient by the Department; (2) an account that bears a rate of interest;; For information only (3) separate from the Recipient’s or any other person’s operational accounts; and (4) if so requested by the Department, governed by an account control deed between the Department, the Recipient and the relevant bank, bank which limits the Recipient’s ability to withdraw Funds from the Segregated Bank Account without the Department’s consent. (b) At any time, if time there are Funds in the Segregated Bank Account, the Recipient must: (1) if requested by the Department, provide the Department Department: (and A) and/or the authorised deposit-taking institution) with: (A) institution with an authority for the Department to obtain any details relating to the use of the Segregated Bank Account; and (B) with a copy of any statement relating to the Segregated Bank Account, and any other reasonable details relating to use of the Segregated Bank Account; and (2) notify the Department of any change of the Segregated Bank Account, provide the Department with details of the new account, and comply with this clause 8 7 in respect of the new account.

Segregated Bank Account. (a) If the Department notifies the Recipient of its intention to deposit Undisbursed Funds into the Recipient’s Bank Account under clause 6.65.4(c), the Recipient must, if so requested by the Department, establish a new Bank Account (Segregated Bank Account) that is: (1) established solely for the purposes of accounting for and administering any Funds paid to the Recipient by the Department; (2) an account that bears a rate of interest; (3) separate from the Recipient’s or any other person’s operational accounts; and (4) if so requested by the Department, governed by an account control deed between the Department, the Recipient and the relevant bank, bank which limits the Recipient’s ability to withdraw Funds from the Segregated Bank Account without the Department’s consent. (b) At any time, if time there are Funds in the Segregated Bank Account, the Recipient must: (1) if requested by the Department, provide the Department Department: (and A) and/or the authorised deposit-taking institution) with: (A) institution with an authority for the Department to obtain any details relating to the use of the Segregated Bank Account; and (B) with a copy of any statement relating to the Segregated Bank Account, and any other reasonable details relating to use of the Segregated Bank Account; and (2) notify the Department of any change of the Segregated Bank Account, provide the Department with details of the new account, and comply with this clause 8 7 in respect of the new account.