The Current Account Sample Clauses
The Current Account clause defines the mechanism by which ongoing financial transactions between parties are recorded and managed. Typically, it establishes a running account where debits and credits from various transactions, such as payments, advances, or reimbursements, are continuously tracked and periodically reconciled. This clause ensures that all financial dealings are transparently documented in one place, simplifying the settlement process and reducing the risk of disputes over outstanding balances.
The Current Account. 2.1 The Current Account shall be used for the maintenance of the Specified Institution’s cash balances with MAS.
2.2 To open the Current Account, the Specified Institution shall submit to MAS a completed Current Account opening form which may be obtained from MAS.
2.3 MAS shall, upon MAS’ receipt of the Specified Institution’s completed Current Account opening form, open and maintain a Current Account in the name of the Specified Institution into which the Specified Institution may deposit cash.
2.4 If the Specified Institution is subject to the MCB Requirement, the cash balances in the Current Account and where applicable, the Custody Cash Account shall be used to meet the MCB Requirement.
2.5 If the Specified Institution is a participant in MEPS+, funds in excess of the MCB Requirement shall be transferred to its RTGS Account at the start of a Business Day, and used for the settlement of RTGS payments. Any balance remaining in the Specified Institution’s RTGS Account at the end of the operating hours of MEPS+ on the same business day shall be transferred back to the Current Account.
2.6 MAS reserves the right, in its sole discretion, to suspend the Current Account, by reason of any circumstance or reason beyond MAS’ control.
The Current Account. 2.1 The Current Account shall be used for the maintenance of the Specified Institution’s cash balances with MAS.
2.2 To open the Current Account, the Specified Institution shall submit to MAS a completed Current Account opening form which may be obtained from MAS.
2.3 MAS shall, upon MAS’ receipt of the Specified Institution’s completed Current Account opening form, open and maintain a Current Account in the name of the Specified Institution into which the Specified Institution may deposit cash.
2.4 If the Specified Institution is subject to the MCB Requirement, the cash balances in the Current Account and where applicable, the Custody Cash Account shall be used to meet the MCB Requirement.
2.5 If the Specified Institution is a participant in MEPS+, funds in excess of the MCB Requirement shall be transferred to its RTGS Account at the start of a Business Day, and used for the settlement of RTGS payments. Any balance remaining in the 1 ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇.▇▇/Singapore-Financial-Centre/Payment-and-Settlement-Systems/Clearing-and- Settlement-Systems/MEPS/Agreements.aspx Specified Institution’s RTGS Account at the end of the operating hours of MEPS+ on the same business day shall be transferred back to the Current Account.
2.6 MAS reserves the right, in its sole discretion, to suspend the Current Account, by reason of any circumstance or reason beyond MAS’ control.
The Current Account. Switch Service Guarantee is issued by us after you have consented to this Agreement and Account Closure Instruction. This means that if you have any questions regarding your switch these should be directed to us, unless otherwise advised.
The Current Account. 2.1 The Current Account shall be used for the maintenance of the Merchant Bank’s cash balances with MAS.
2.2 To open the Current Account, the Merchant Bank shall submit to MAS a completed Current Account opening form which may be obtained from MAS.
2.3 MAS shall, upon MAS’ receipt of the Merchant Bank’s completed Current Account opening form, open and maintain a Current Account in the name of the Merchant Bank into which the Merchant Bank may deposit cash.
2.4 If the Merchant Bank is subject to the Asset Maintenance Requirement, the cash balances in the Current Account may be used to meet the Asset Maintenance Requirement.
2.5 MAS reserves the right, in its sole discretion, to suspend the Current Account, by reason of any circumstance or reason beyond MAS’ control. 1 ▇▇▇▇▇://▇▇▇.▇▇▇.▇▇▇.▇▇/regulation/payments/meps ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇.▇▇/Singapore-Financial-Centre/Payment- and-Settlement-Systems/Clearing-and-Settlement-Systems/MEPS/Agreements.aspx
The Current Account. 2.1 The Current Account shall be used for the maintenance of the Merchant Bank’s cash balances with MAS.
2.2 To open the Current Account, the Merchant Bank shall submit to MAS a completed Current Account opening form which may be obtained from MAS.
2.3 MAS shall, upon MAS’ receipt of the Merchant Bank’s completed Current Account opening form, open and maintain a Current Account in the name of the Merchant Bank into which the Merchant Bank may deposit cash.
2.4 If the Merchant Bank is subject to the Asset Maintenance Requirement, the cash balances in the Current Account may be used to meet the Asset Maintenance Requirement. 1 ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇.▇▇/Singapore-Financial-Centre/Payment-and-Settlement-Systems/Clearing-and-Settlement- Systems/MEPS/Agreements.aspx
2.5 MAS reserves the right, in its sole discretion, to suspend the Current Account, by reason of any circumstance or reason beyond MAS’ control.
The Current Account. 2.1 The Current Account shall be used for the maintenance of the Merchant Bank’s cash balances with MAS.
2.2 To open the Current Account, the Merchant Bank shall submit to MAS a completed Current Account opening form which may be obtained from MAS.
2.3 MAS shall, upon MAS’ receipt of the Merchant Bank’s completed Current Account opening form, open and maintain a Current Account in the name of the Merchant Bank into which the Merchant Bank may deposit cash.
2.4 If the Merchant Bank is subject to the Asset Maintenance Requirement, the cash balances in the Current Account may be used to meet the Asset Maintenance Requirement.
The Current Account. 2.1 The cCurrent aAccount shall be used for the maintenance of the Specified Institution’s cash balances with MAS.
2.2 To open the Current Account, the Specified Institution shall submit to MAS a completed Current Account opening form which may be obtained from MAS.
2.3 MAS shall, upon MAS’ receipt of the Specified Institution’s completed Current Account opening form, open and maintain a Current Account in the name of the Specified Institution into which the Specified Institution may deposit cash.
2.4 If the Specified Institution is subject to MCB Requirements, the cash balances in the cCurrent aAccount and where applicable, the Custody Cash Account shall be used to meet the MCB Requirement.