Bank Accounts, and Management of Cash Sample Clauses
The 'Bank Accounts, and Management of Cash' clause defines how a company's bank accounts are to be established, maintained, and controlled, as well as the procedures for handling cash transactions. Typically, this clause specifies who has authority to open and operate bank accounts, outlines requirements for signatures on checks or transfers, and may set rules for cash deposits, withdrawals, and record-keeping. Its core function is to ensure proper oversight and accountability in the management of company funds, reducing the risk of unauthorized transactions or financial mismanagement.
POPULAR SAMPLE Copied 1 times
Bank Accounts, and Management of Cash. (a) With prior written notice to the Fund, the Custodian shall open and maintain the Initial Funding Bank Account and one or more separate Bank Accounts in the name of the Custodian for the benefit of the Fund or a Subsidiary, to hold funds credited to the
Bank Accounts, and Management of Cash. (a) Proceeds from the Securities received by the Custodian from time to time shall be credited to the Cash Account. All amounts credited to the Cash Account shall be subject to clearance and receipt of final payment by the Custodian.
(b) Amounts held in the Cash Account from time to time may be invested in Eligible Investments pursuant to specific written Proper Instructions (which may be standing instructions) received by the Custodian from an Authorized Person acting on behalf of the Company. Such investments shall be subject to availability and the Custodian’s then applicable transaction charges (which shall be at the Company’s expense). The Custodian shall have no liability for any loss incurred on any such investment. Absent receipt of such written instruction from the Company, the Custodian shall have no obligation to invest (or otherwise pay interest on) amounts on deposit in the Cash Account. In no instance will the Custodian have any obligation to provide investment advice to the Company. Any earnings from such investment of amounts held in the Cash Account from time to time (collectively, “Reinvestment Earnings”) shall be redeposited in the Cash Account (and may be reinvested at the written direction of the Company).
(c) In the event that the Company shall at any time request a withdrawal of amounts from the Cash Account, the Custodian shall be entitled to liquidate, and shall have no liability for any loss incurred as a result of the liquidation of, any investment of the funds credited to such account as needed to provide necessary liquidity. Investment instructions may be in the form of standing instructions (in the form of Proper Instructions acceptable to Custodian).
(d) The Company acknowledges that cash deposited or invested with any bank (including the bank acting as Custodian) may make a margin or generate banking income for which such bank shall not be required to account to the Company.
Bank Accounts, and Management of Cash. Proceeds from the Securities and all other cash received and maintained by the Custodian from time to time shall be credited to and held in a physically segregated account in the name of the Company (the “Cash Account”). All amounts credited to the Cash Account shall be subject to clearance and receipt of final payment by the Custodian. The Company acknowledges that cash deposited (including the bank acting as Custodian) may make a margin or generate banking income for which such bank shall not be required to account to the Company. The Custodian shall be authorized to open such additional Cash Accounts as may be necessary or convenient for administration of its duties hereunder, with notice to be provided to the Company.
Bank Accounts, and Management of Cash. (a) Proceeds and other cash received by the Custodian from time to time shall be deposited or credited to the Account and, at Company’s direction, invested in Eligible Investments. All amounts deposited or credited to the Account shall be subject to clearance and receipt of final payment by the Custodian.
(b) The Company acknowledges that cash deposited or invested with any bank (including the bank acting as Custodian) may make a margin or generate banking income for which such bank shall not be required to account to the Company.
Bank Accounts, and Management of Cash. (a) With prior written notice to the Fund, the Custodian shall open and maintain the Initial Funding Bank Account and one or more separate Bank Accounts in the name of the Custodian for the benefit of the Fund or a Subsidiary, to hold funds credited to the Custodial Account. The Custodian shall provide to the Fund or Subsidiary wire instructions for the transmittal of funds to the Initial Funding Bank Account. Monies credited to the Custodial Account shall be deposited in the Initial Funding Bank Account until either invested pursuant to Section 3.6(c) or transferred at the direction of the Fund to the other Bank Accounts to be used to purchase Assets. Such Bank Accounts shall be subject to draft or order only by the Custodian and shall contain only assets held by the Custodian as custodian for the Fund and its Subsidiaries, and the Custodian’s records shall indicate at all times that such cash is held for the Fund and its Subsidiaries. Any bank at which the Custodian opens and maintains such accounts shall be qualified to act as a custodian under the 1940 Act, and establishment of any such account shall constitute appointment of the bank as a Sub-custodian pursuant to Section 2.4.