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

• 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.

• Option Y(UK)1 Project Bank Account Optional Clients strongly encouraged to use.

• The Contractor will promptly inform each Subcontractor of the amounts which are to be paid to them from the Project Bank Account pursuant to a relevant Payment Instruction and the date on which the Subcontractor can expect to receive such payment.

• The Contractor acknowledges and agrees that pursuant to the Contract, the Principal will not be obligated to pay any amount to the Contractor under the Contract until such time as the Project Bank Account has been established.

• Pending the application of moneys in the Project Bank Account pursuant to a Payment Instruction and subject to clause 3.6, all moneys deposited into and standing to the credit of the Project Bank Account and all choses-in-action connected therewith are held on trustfor each Beneficiary in the amounts identified against their respective names in the relevant Payment Instruction.

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

Project Bank Account means the account used to receive payments from the Employer and the Contractor and to make payments to the Contractor and PBA Sub-Contractors. (f) “Trust Deed” means an agreement in the form appended to the Contract Specific Conditions which contains provision for administering the Project Bank Account. 10.13.2

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;