The Current Account Sample Clauses

The Current Account clause defines the mechanism by which ongoing financial transactions between parties are recorded and managed. Typically, it establishes a running account where debits and credits from various transactions, such as payments, advances, or reimbursements, are continuously tracked and periodically reconciled. This clause ensures that all financial dealings are transparently documented in one place, simplifying the settlement process and reducing the risk of disputes over outstanding balances.
The Current Account. 2.1 The Current Account shall be used for the maintenance of the Specified Institution’s cash balances with MAS. 2.2 To open the Current Account, the Specified Institution shall submit to MAS a completed Current Account opening form which may be obtained from MAS. 2.3 MAS shall, upon MAS’ receipt of the Specified Institution’s completed Current Account opening form, open and maintain a Current Account in the name of the Specified Institution into which the Specified Institution may deposit cash. 2.4 If the Specified Institution is subject to the MCB Requirement, the cash balances in the Current Account and where applicable, the Custody Cash Account shall be used to meet the MCB Requirement. 2.5 If the Specified Institution is a participant in MEPS+, funds in excess of the MCB Requirement shall be transferred to its RTGS Account at the start of a Business Day, and used for the settlement of RTGS payments. Any balance remaining in the Specified Institution’s RTGS Account at the end of the operating hours of MEPS+ on the same business day shall be transferred back to the Current Account. 2.6 MAS reserves the right, in its sole discretion, to suspend the Current Account, by reason of any circumstance or reason beyond MAS’ control.
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The Current Account. 2.1 The Current Account shall be used for the maintenance of the Specified Institution’s cash balances with MAS. 2.2 To open the Current Account, the Specified Institution shall submit to MAS a completed Current Account opening form which may be obtained from MAS. 2.3 MAS shall, upon MAS’ receipt of the Specified Institution’s completed Current Account opening form, open and maintain a Current Account in the name of the Specified Institution into which the Specified Institution may deposit cash. 2.4 If the Specified Institution is subject to the MCB Requirement, the cash balances in the Current Account and where applicable, the Custody Cash Account shall be used to meet the MCB Requirement. 2.5 If the Specified Institution is a participant in MEPS+, funds in excess of the MCB Requirement shall be transferred to its RTGS Account at the start of a Business Day, and used for the settlement of RTGS payments. Any balance remaining in the 1 ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇.▇▇/Singapore-Financial-Centre/Payment-and-Settlement-Systems/Clearing-and- Settlement-Systems/MEPS/Agreements.aspx Specified Institution’s RTGS Account at the end of the operating hours of MEPS+ on the same business day shall be transferred back to the Current Account. 2.6 MAS reserves the right, in its sole discretion, to suspend the Current Account, by reason of any circumstance or reason beyond MAS’ control.
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The Current Account. Switch Service Guarantee is issued by us after you have consented to this Agreement and Account Closure Instruction. This means that if you have any questions regarding your switch these should be directed to us, unless otherwise advised.
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The Current Account. 2.1 The Current Account shall be used for the maintenance of the Merchant Bank’s cash balances with MAS. 2.2 To open the Current Account, the Merchant Bank shall submit to MAS a completed Current Account opening form which may be obtained from MAS. 2.3 MAS shall, upon MAS’ receipt of the Merchant Bank’s completed Current Account opening form, open and maintain a Current Account in the name of the Merchant Bank into which the Merchant Bank may deposit cash. 2.4 If the Merchant Bank is subject to the Asset Maintenance Requirement, the cash balances in the Current Account may be used to meet the Asset Maintenance Requirement. 2.5 MAS reserves the right, in its sole discretion, to suspend the Current Account, by reason of any circumstance or reason beyond MAS’ control. 1 ▇▇▇▇▇://▇▇▇.▇▇▇.▇▇▇.▇▇/regulation/payments/meps ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇.▇▇/Singapore-Financial-Centre/Payment- and-Settlement-Systems/Clearing-and-Settlement-Systems/MEPS/Agreements.aspx
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The Current Account. 2.1 The Current Account shall be used for the maintenance of the Merchant Bank’s cash balances with MAS. 2.2 To open the Current Account, the Merchant Bank shall submit to MAS a completed Current Account opening form which may be obtained from MAS. 2.3 MAS shall, upon MAS’ receipt of the Merchant Bank’s completed Current Account opening form, open and maintain a Current Account in the name of the Merchant Bank into which the Merchant Bank may deposit cash. 2.4 If the Merchant Bank is subject to the Asset Maintenance Requirement, the cash balances in the Current Account may be used to meet the Asset Maintenance Requirement. 1 ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇.▇▇/Singapore-Financial-Centre/Payment-and-Settlement-Systems/Clearing-and-Settlement- Systems/MEPS/Agreements.aspx 2.5 MAS reserves the right, in its sole discretion, to suspend the Current Account, by reason of any circumstance or reason beyond MAS’ control.
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The Current Account. 2.1 The Current Account shall be used for the maintenance of the Merchant Bank’s cash balances with MAS. 2.2 To open the Current Account, the Merchant Bank shall submit to MAS a completed Current Account opening form which may be obtained from MAS. 2.3 MAS shall, upon MAS’ receipt of the Merchant Bank’s completed Current Account opening form, open and maintain a Current Account in the name of the Merchant Bank into which the Merchant Bank may deposit cash. 2.4 If the Merchant Bank is subject to the Asset Maintenance Requirement, the cash balances in the Current Account may be used to meet the Asset Maintenance Requirement.
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The Current Account. 2.1 The cCurrent aAccount shall be used for the maintenance of the Specified Institution’s cash balances with MAS. 2.2 To open the Current Account, the Specified Institution shall submit to MAS a completed Current Account opening form which may be obtained from MAS. 2.3 MAS shall, upon MAS’ receipt of the Specified Institution’s completed Current Account opening form, open and maintain a Current Account in the name of the Specified Institution into which the Specified Institution may deposit cash. 2.4 If the Specified Institution is subject to MCB Requirements, the cash balances in the cCurrent aAccount and where applicable, the Custody Cash Account shall be used to meet the MCB Requirement.
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Related to The Current Account

  • Disbursement Account 12.1 The Lender is obligated to keep the bank account information provided on the Platform up to date. The account shall be managed by a bank within the Single Euro Payment Area (hereinafter “SEPA”). 12.2 Any transfers by the Borrower to an account held by the Lender within SEPA shall not be subject to any fees.

  • Deposit Account Payments Subsection (b) is amended to read as follows:

  • Investment Accounts Schedule 2 sets forth under the headings “Securities Accounts” and “Commodity Accounts”, respectively, all of the Securities Accounts and Commodity Accounts in which such Grantor has an interest. Except as disclosed to the Administrative Agent, such Grantor is the sole entitlement holder of each such Securities Account and Commodity Account, and such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Administrative Agent) having “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over, or any other interest in, any such Securities Account or Commodity Account or any securities or other property credited thereto, except for, subject to the relevant Control Agreement, the account bank party to such Control Agreement; (a) Schedule 2 sets forth under the heading “Deposit Accounts” all of the Deposit Accounts in which such Grantor has an interest and, except as otherwise disclosed to the Administrative Agent, such Grantor is the sole account holder of each such Deposit Account and such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Administrative Agent) having either sole dominion and control (within the meaning of common law) or “control” (within the meaning of Section 9-104 of the UCC) over, or any other interest in, any such Deposit Account or any money or other property deposited therein, except for, subject to the relevant Control Agreement, the account bank party to such Control Agreement; and (b) Except as otherwise permitted under Section 5.6 and Section 5.7, such Grantor has taken all actions necessary or desirable to: (i) establish the Administrative Agent’s “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over any Certificated Securities (as defined in Section 9-102 of the UCC); (ii) establish the Administrative Agent’s “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over any portion of the Investment Accounts constituting Securities Accounts, Commodity Accounts, Securities Entitlements or Uncertificated Securities (each as defined in Section 9-102 of the UCC); (iii) establish the Administrative Agent’s “control” (within the meaning of Section 9-104 of the UCC) over all Deposit Accounts other than Exempt Accounts; and (iv) deliver all Instruments (as defined in Section 9-102 of the UCC) to the Administrative Agent to the extent required hereunder, provided, that the Administrative Agent shall not send a notice of sole control or similar notice unless an Event of Default has occurred and is continuing.

  • Facility LC Collateral Account The Borrower agrees that it will, upon the request of the Agent or the Required Lenders and until the final expiration date of any Facility LC and thereafter as long as any amount is payable to the LC Issuer or the Lenders in respect of any Facility LC, maintain a special collateral account pursuant to arrangements satisfactory to the Agent in its Permitted Discretion (the “Facility LC Collateral Account”) at the Agent’s office at the address specified pursuant to Article XIII, in the name of the Borrower but under the sole dominion and control of the Agent, for the benefit of the Lenders and in which the Borrower shall have no interest other than as set forth in Section 8.1. Nothing in this Section 2.1.2(j) shall either obligate the Agent to require the Borrower to deposit any funds in the Facility LC Collateral Account or limit the right of the Agent to release any funds held in the Facility LC Collateral Account in each case other than as required by Section 8.1. The Borrower hereby pledges, assigns and grants to the Agent, on behalf of and for the ratable benefit of the Lenders and the LC Issuer, a security interest in all of the Borrower’s right, title and interest in and to all funds which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance of the Secured Obligations. The Agent will invest any funds on deposit from time to time in the Facility LC Collateral Account in certificates of deposit of Chase having a maturity not exceeding thirty days.

  • Settlement Account 4.1 The Scheduling Coordinator shall maintain at all times an account with a bank capable of Fed-Wire transfer to which credits or debits shall be made in accordance with the billing and Settlement provisions of Section 11 of the CAISO Tariff. Such account shall be the account as notified by the Scheduling Coordinator to the CAISO from time to time by giving at least 20 days written notice before the new account becomes operational, together with all information necessary for the CAISO's processing of a change in that account.