The Project Accounts Sample Clauses
The "THE PROJECT ACCOUNTS" clause establishes the requirements for maintaining and managing financial records specific to a project. It typically outlines how project funds should be tracked, who is responsible for keeping the accounts, and the standards or procedures to be followed, such as regular reporting or audits. By clearly defining these expectations, the clause ensures transparency and accountability in the handling of project finances, helping to prevent disputes and mismanagement.
The Project Accounts permits, to the extent permissible; and
The Project Accounts. 2.1 Establishment of Accounts 7 2.2 Maintenance of Accounts; Limited Borrower Rights; Accounts as Collateral 8
The Project Accounts. (a) Subject to the other provisions of this clause, the Borrowers shall open and maintain the following accounts in Dollars or Rand, as the case may be, with the Account Bank: *
(b) Each Project Account shall be a separate account at the Account Bank.
(c) No Borrower may open or maintain any bank account other than the Project Accounts without the prior written consent of the Facility Agent.
(d) None of the restrictions contained in this clause on the withdrawal of funds from the Project Accounts shall affect the obligations of the Borrowers to make all payments required to be made to the Finance Parties on the relevant due dates in accordance with the Senior Finance Documents.
(e) Notwithstanding any other provision of any Senior Finance Document, no withdrawal may be made from any Project Account if such Project Account would then have a negative balance.
(f) The Account Bank shall not be obliged to make available to any Borrower or, as the case may be, the Finance Parties any sum which it is expecting to receive for the account of such Borrower or, as the case may be, the Finance Parties until it has been able to establish that it has received that sum.
(g) All signatories in respect of the Project Accounts must be persons duly and properly authorised by the directors of the Borrowers or, as the case may be, the Finance Parties, except as otherwise agreed by the Majority Lenders.
(h) No sum may be transferred or withdrawn from any Project Account except as expressly permitted or required by this Clause 17.
The Project Accounts