Project Bank Account definition

Project Bank Account means the bank account used to receive payments from the Scottish Ministers and make payments to the Operating Company and the Named Subcontractor(s).

Project Bank Account means a bank account opened with the Bank in the joint names of the Account Holders which has no overdraft facility and into which all monies due under the Contract will be paid by the Employer in accordance with this Agreement;

Project Bank Account means the bank account established as a trust account with a single Bank as more particularly defined in the PBA Trust Deed Poll.

Examples of Project Bank Account in a sentence

• A Funding Licensee can only access funds from the Project Bank Account if it meets the requirements for use of these funds as set out in the NIC Licence Condition, this Governance Document and the Project Direction.

• PBA Agreement means the agreement entered into between the Contractor, the Principal and the Bank which establishes the Project Bank Account.

• The extent of the rights and interests of a Beneficiary in moneys standing to the credit of the Project Bank Account from time to time is determined by relevant Payment Instructions.

• The Contractor must ensure that the Project Bank Account is maintained for the Term.

• To the extent it is not identified in a relevant Payment Instruction or no amount is allocated to it in a relevant Payment Instruction, or it is not a beneficiary of a Retention Amount that is standing to the credit of the Retention PBA, a Beneficiary will have no interest in moneys deposited into (or standing to the credit of) the Project Bank Account.

• The Contractor declares that it holds all moneys standing to the credit of the Project Bank Account on trust for the Beneficiaries upon the terms of and subject to this deed poll.

• The Beneficiaries have no rights and/or interest in the moneys held in the Project Bank Account other than as a beneficiary of the moneys identified against their respective names in the relevant Payment Instruction.

• The Contractor will supply such information on the same day as the Payment Instruction is supplied to the Bank authorising payments out of the Project Bank Account.

• The Contractor will operate the Project Bank Account at all times in accordance with this deed poll, the PBA Agreement, and the Contract.

• Retention Release Instruction means a payment instruction: (a) in ABA File Format; and (b) which gives effect to the requirements set out in Schedule 6, the purpose of which is to disburse Retention Amounts from the Project Bank Account.

More Definitions of Project Bank Account

Project Bank Account means the bank account of the Grant Recipient, into which the Consolidated Capital Grant from the SHRA will be paid, as authorised by the SHRA in writing, relating to funding for the Project and payments to creditors;

Project Bank Account means the bank account opened and managed in relation to payments made under this Contract pursuant to paragraph 4 of Schedule 5 (Payment Provisions);

Project Bank Account means the bank account referred to in clause 17.3(a).

Project Bank Account means the bank account provided by the Project Bank Account Provider in the joint names of the Authority, hubco and the Contractor in relation to the Project

Project Bank Account. As defined in Clause 5.1.

Project Bank Account means the bank account used to receive payments from the Employer and make payments to the Contractor and the Named Subcontractors;