Local Currency Deposit Account definition

Local Currency Deposit Account means the account referred to in Part D. 1 (b) of Section II of Schedule 1 to this Agreement.
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Local Currency Deposit Account means the account referred to in Part C. 1 (b) of Section II of Schedule 1 to this Agreement.
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Examples of Local Currency Deposit Account in a sentence

  • Upon each deposit of an amount of the Financing into the Foreign Currency Deposit Account, the Recipient shall deposit an equivalent amount into the Local Currency Deposit Account.

  • All amounts withdrawn from the Local Currency Deposit Account shall be used exclusively for budgeted public expenditures.

  • Councillor Bisson said this might be to do with the type of crossing.

  • Upon each deposit of an amount of the Credit into the Foreign Currency Deposit Account, the Recipient shall deposit an equivalent amount into the Local Currency Deposit Account.

  • Once the grant is approved by the Board and becomes effective, the proceeds of the grant will be deposited by IDA in one tranche, in Australian dollars, at the request of the Recipient, into a dedicated Local Currency Deposit Account, at the ANZ Bank.

  • The disbursement measures proposed are that the grant funds disbursed by the World Bank be deposited into a dedicated Local Currency Deposit Account and from it into the budget account of the government and thus available to finance budgeted expenditures.

  • As an additional risk mitigation measure, the World Bank will require the auditors of the government, in this case the Kiribati National Audit Office, to conduct a special audit of the dedicated Local Currency Deposit Account.

  • Grant proceeds once deposited into a dedicated Local Currency Deposit Account will be transferred into an account of the government available to finance budgeted expenditures, and will thus be subject to the government’s regular PFM processes and procedures.

  • All amounts withdrawn from the Local Currency Deposit Account shall be used exclusively for Eligible Expenditures.

  • All and any amounts withdrawn from the Local Currency Deposit Account shall be used for Recipient’s expenditures except the Excluded Expenditures.

Related to Local Currency Deposit Account

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Collateral Deposit Account shall have the meaning set forth in Section 7.1(a).

  • Japan Local Currency Bank means each Bank listed on the signature pages of this Addendum or which becomes a party hereto pursuant to an Assignment and Acceptance or an Assumption and Acceptance.

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Japan Local Currency Advance means any Advance, denominated in Japanese Yen, made to CFKK pursuant to Sections 2.03C and 2.03D of the Credit Agreement and this Addendum. A Japan Local Currency Advance shall bear interest at the rate specified in Schedule II.

  • Approved Deposit Account means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Loan Party with a Deposit Account Bank. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Security Deposit Account has the meaning given in Section 5.1.

  • Deposit Account is any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

  • Local Currency means Kenya shilling;

  • Administrative Agent Account an account designated by the Administrative Agent from time to time.

  • Local Currency Advance means any Advance, denominated in Pounds Sterling, Euro, or any other Agreed Currency which CIF requests the Local Currency Banks to include as a Local Currency and which is reasonably acceptable to the Local Currency Banks, made to CIF pursuant to Sections 2.03A and 2.03B of the Credit Agreement and this Addendum. A Local Currency Advance shall bear interest at the rate specified in Schedule II.

  • Letter of Credit Collateral Account means a special deposit account maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Bank and the Lenders, and under the sole dominion and control of the Administrative Agent.

  • Letter of Credit Cash Collateral Account means a blocked deposit account at Bank of America with respect to which Borrower hereby grants a security interest in such account to Administrative Agent for and on behalf of Lenders as security for Letter of Credit Usage and with respect to which Borrower agrees to execute and deliver from time to time such documentation as Administrative Agent may reasonably request to further assure and confirm such security interest.

  • Swing Line Bank has the meaning specified in the recital of parties to this Agreement.

  • Alternative Currency Letter of Credit means a Letter of Credit denominated in an Alternative Currency.

  • Foreign Currency Letter of Credit means a Letter of Credit denominated in a Foreign Currency.

  • Deposit Account Bank means a financial institution selected or approved by the Administrative Agent.

  • Applicable Currency means, as to any particular payment or Loan, Dollars or the Offshore Currency in which it is denominated or is payable.

  • L/C Cash Collateral Account means an interest bearing cash collateral account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Local Currency Bank means each Bank listed on the signature pages of this Addendum or which becomes a party hereto pursuant to an Assignment and Acceptance or an Assumption and Acceptance.

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.

  • Revolving Administrative Agent has the meaning assigned to such term in the preamble of this Agreement.

  • Eligible Deposit Account means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each Rating Agency in one of its generic rating categories that signifies investment grade.

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

  • Facility Account means the account numbered 0000000 maintained by Seller in the name of “PDC Funding Company, LLC” at JPMorgan, together with any successor account or sub-account.

  • Clearing Bank means the Bank or any other banking institution with whom a Payment Account has been established pursuant to a Blocked Account Agreement.