Pool Clearing Account definition

Pool Clearing Account means the account in the name of the Pool Funds Administrator (holding as trustee on the trusts set out in Section 5) with the Pool Banker to which Notified Payments are required to be transferred for allocation to Pool Creditors in accordance with their respective entitlements;
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Pool Clearing Account. Pool Creditor", "Pool Debt", "Pool Debtor", "Pool Ledger Accounts", "Pool Reserve Account", "Pool Reserve Assets", "Postponed Payment Date", "Providing Member", "Reconciliation Notification Date", "Reconciliation Payment Date", "Relevant Provider", "Reserve Interest Rate", "Security Amount", "Security Cover", "Settlement Account", "Settlement Account Designation", "Settlement Bank", "Settlement Bank Mandate", "Settlement Payment Date", "Settlement Run", "Special Run", "Stage 1 Settlement Run", "Stage 2 Initial Settlement Run", "Timetabled Reconciliation Run" and "underpayment";
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Examples of Pool Clearing Account in a sentence

  • Where the provisions of this Section 20 apply references in Sections 5 and 18 and sub-section 21.1 to "Settlement Bank" and "Collection Account" shall be construed as references to "bank" and "Pool Clearing Account" respectively.

  • If the Pool Funds Administrator determines at any time after 12.30 hours on any day that a remittance which should have been credited on that day to the Pool Clearing Account has not been made (or that the credit has not been received) (in whole or in part) and where satisfactory arrangements, as referred to in sub-section 20.3, have not been made, the provisions of Section 21 shall apply mutatis mutandis.

  • If, after the Pool Funds Administrator has either debited the Pool Reserve Account or made a call under a Letter of Credit, the Pool Banker receives the remittance which had not been credited to the Pool Clearing Account by 12.30 hours, then such remittance shall be credited to the Pool Reserve Account.

  • If the Pool Reserve Account is debited or credited in or towards clearing the Pool Clearing Account, the Pool Funds Administrator shall as soon as possible thereafter take the necessary steps, including making any calculations or taking any action in accordance with Section 21, to reverse the debit or credit to the Pool Reserve Account and/or to make a call under a Letter of Credit.

  • The Pool Funds Administrator shall supply full details to each Pool Member, the Ancillary Services Provider and the Grid Operator of the Pool Clearing Account, the Pool Reserve Account and any relevant Collection Account and, for so long as it is maintained, the Pool Borrowing Account and shall supply the Executive Committee with full details of all Pool Accounts and Settlement Accounts.

  • Any remittance must be received by the Pool Banker in the Pool Clearing Account no later than 12.30 hours on the Payment Date unless arrangements have been made between the Pool Banker and the relevant Pool Member or the Grid Operator (as the case may be) which shall be notified to the Pool Funds Administrator and which are satisfactory to the Pool Banker such that funds will be received for value on that Payment Date.

  • Each Pool Debtor shall, in respect of each Payment Date on which it is under an obligation to make a payment under this Agreement, give instructions to its bank, which it undertakes not to qualify, withdraw or revoke, to effect remittance to the Pool Clearing Account of the amount payable by that Pool Debtor to be received on that Payment Date.

  • Each Pool Debtor shall, in respect of each Payment Date on which it is under an obligation to make a payment under the Agreement, give instructions to its bank, which it undertakes not to qualify, withdraw or revoke, to effect remittance to the Pool Clearing Account of the amount payable by that Pool Debtor to be received on that Payment Date.

  • Any remittance must be received by the Pool Banker in the Pool Clearing Account no later than 12.30 hours on the Payment Date unless arrangements have been made between the Pool Banker and the relevant Pool Member which shall be notified to the Pool Funds Administrator and which are satisfactory to the Pool Banker such that funds will be received for value on that Payment Date.