Sole Account Clause Samples
The Sole Account clause establishes that a specific account is to be used exclusively for a designated purpose, typically related to the agreement at hand. In practice, this means that all funds related to the transaction or project must be deposited into and disbursed from this single account, and no other accounts may be used for these activities. This arrangement ensures clear tracking of funds, prevents commingling with unrelated monies, and provides transparency for all parties involved, thereby reducing the risk of disputes or mismanagement.
Sole Account. All interest payments, acceptance fees, standby fees and principal repayments of or in respect of Swing Line Loans and the Swing Line Loan Limit shall be solely for the account of the Swing Line Lender. Subject to Section 3.9(h), all costs and expenses relating to the Swing Line Loans shall be solely for the account of the Swing Line Lender.
Sole Account. All interest payments, acceptance fees and principal repayment of or in respect of Swingline Borrowings shall be solely for the account of the Swingline Lender. Subject to Section 2.8(h), all costs and expenses relating to the Swingline Borrowings shall be solely for the account of the Swingline Lender.