Replacement Funds Account Clause Samples
Replacement Funds Account. (a) If the financial institution with whom the Funds Account is held ceases to be an Acceptable Financial Institution, the Funding Recipient must, as soon as practicable:
(i) establish a new bank account (the replacement Funds Account) in the name of the Funding Recipient with an Acceptable Financial Institution that meets the requirements of clause 6.1
(ii) transfer all Project Funds remaining in the existing Funds Account to the replacement Funds Account; and
(iii) give notice to GBRF of the details of the replacement Funds Account.
(b) For the avoidance of doubt, if the Funding Recipient is required to establish a replacement Funds Account, GBRF is not obligated to pay any Project Funds to the Funding Recipient until the replacement Funds Account is established.
Replacement Funds Account. The Replacement Funds shall be deposited into and maintained in an escrow account (or a segregated fund maintained by the City) designated solely for use in performing the Work required by this Agreement (the “Replacement Funds Account”). Any fees and/or costs associated with the maintenance of this account shall solely be ASSOCIATION’S responsibility. Any interest which may accumulate on the amounts held in this account shall solely be the property of ASSOCIATION. CITY shall be provided with access to the account number, balance, and transaction history of the Replacement Funds Account. City and Association shall have access to funds in the Replacement Funds Account in accordance with section 4.c.v. of this Agreement.