Common use of Suspense account Clause in Contracts

Suspense account. The Bank shall place any payment received in accordance to this Agreement to the credit of a non-income bearing suspense account, if necessary. The Bank may apply the payment or any part of it towards discharging any money due, owing or incurred by the Cardholder. However, in the event of any legal proceedings initiated against the Cardholder such as bankruptcy or insolvency, the Bank may prove for and agree to accept any dividend or composition in respect of the whole or any part of the money due, owing or incurred by the Cardholder.

Suspense account. The Bank shall place any payment received in accordance to this Agreement to the credit of a non-income interest bearing suspense account, if necessary. The Bank may apply the payment or any part of it towards discharging any money due, owing or incurred by the Cardholder. However, in the event of any legal proceedings initiated against the Cardholder such as bankruptcy or insolvency, the Bank may prove for and agree to accept any dividend or composition in respect of the whole or any part of the money due, owing or incurred by the Cardholder.

Suspense account. The Bank shall place any payment received in accordance to this Agreement to the credit of a non-income interest bearing suspense account, if necessary. The Bank may apply the payment or any part of it towards discharging any money due, owing or incurred by the CardholderCardmember. However, in the event of any legal proceedings initiated against the Cardholder Cardmember such as bankruptcy or insolvency, the Bank may prove for and agree to accept any dividend or composition in respect of the whole or any part of the money due, owing or incurred by the CardholderCardmember.

Suspense account. The Bank shall place any payment received in accordance to this Agreement to the credit of a non-income interest bearing suspense account, if necessary. The Bank may apply the payment or any part of it towards discharging any money due, owing or incurred by the CardholderCorporation. However, in the event of any legal proceedings initiated against the Cardholder Corporation such as bankruptcy winding-up or insolvency, the Bank may prove for and agree to accept any dividend or composition in respect of the whole or any part of the money due, owing or incurred by the CardholderCorporation.

Suspense account. The Bank shall place any payment received in accordance to this Agreement to the credit of a non-income bearing suspense account, if necessary. The Bank may apply the payment or any part of it towards discharging any money due, owing or incurred by the CardholderCardmember. However, in the event of any legal proceedings initiated against the Cardholder Cardmember such as bankruptcy or insolvency, the Bank may prove for and agree to accept any dividend or composition in respect of the whole or any part of the money due, owing or incurred by the CardholderCardmember.