Permitted Account Sample Clauses
The Permitted Account clause defines which bank accounts are authorized for use in connection with the agreement. Typically, it specifies that only certain designated accounts—such as those held at approved financial institutions or listed in an annex—may be used for receiving or making payments under the contract. This ensures that all financial transactions are conducted through secure and agreed-upon channels, reducing the risk of fraud or misdirection of funds.
Permitted Account. To the extent that any portion of the Disbursement is to be held in a Permitted Account, a Bank has been engaged, the Local Account and any other required Permitted Account has been established, and the Accountable Entity has delivered to MCC a copy of the Bank Agreement.
Permitted Account. To the extent that any portion of the Disbursement will be held in a Permitted Account, the Government has established the Local Account and any other required Permitted Account.
Permitted Account. Borrower shall not permit the aggregate value of non-cash assets held in the Permitted Account to exceed [Redacted] at any time (or such higher amount as agreed by Lender in its sole discretion).
Permitted Account. (i) All of the Grant funding that is disbursed to the Government will be deposited in the special account of the Government, denominated in U.S. Dollars, administered by the Bank of Guatemala (the “Permitted Account”).
(ii) Unless MCC agrees otherwise, the Grant funds held in the Permitted Account will not be commingled with other funds. MCC will have the right, among other things, to view any Permitted Account statements and activity on-line, and where such viewing is not feasible, the Government will provide copies of such statements to MCC upon its request.
(iii) For any amount of Grant funding in the Permitted Account that must be exchanged into the currency of Guatemala for any purpose, the Government will ensure that such exchange is consistent with the exchange rate applied by the Bank of Guatemala on the day of the transaction.