VAT Account definition

VAT Account. Has the meaning set forth in Section 11.4 (b).

VAT Account means the special account designated by that name established by the Collateral Trustee pursuant to Article VIII.

VAT Account means any account maintained by the Borrower in accordance with the terms of the VAT Facility Agreement secured in favour of the VAT Lender.

Examples of VAT Account in a sentence

• The Bank has the right to deduct the receivables due to the Bank from the Account Holder on account of an undue amount posted to his/her Account or VAT Account from the receivables due to the Account Holder from the Bank under the Account Agreement, without the need to submit a separate declaration of will.

• If the Bank maintains more than one VAT Account and the Account Holder requests for another Account to be opened, without indicating which of the VAT Accounts should be the related account, the new Account shall be related to the VAT Account linked to the Current Account.

• If the Account Holder fails to submit such Instruction within the notice period, the Bank may make a transfer from such VAT Account to a VAT Account he/she indicates.

• The Bank shall notify the Account Holder of the number of such VAT Account, in an electronic or paper form.

• If the funds gathered on the VAT Account are interest bearing, interest shall be capitalised without a separate Instruction on the Current Account related to the VAT Account, if the Account Holder does not indicate another Account related to the VAT Account.

More Definitions of VAT Account

VAT Account the bank account established by the Borrower with the VAT Lender into which (i) all proceeds of disbursements from the Galicia VAT Loan will be deposited and (ii) all VAT-related rebates, refunds or reimbursements will be paid;

VAT Account has the meaning ascribed thereto in section 4.4;

VAT Account is defined in Section 5.1(c).

VAT Account means an account held at National Westminster Bank Plc in relation to which the Paragon VAT Group’s VAT fund is held and payments made to the extent that the member of the Paragon VAT Group primarily responsible for a VAT payment fails to pay the relevant amount and over which the VAT Declaration of Trust is granted.

VAT Account has the meaning ascribed to it in paragraph 21 of Schedule 5; and

VAT Account means the account numbered 00000000 of PFPLC maintained at the Operating Bank which is subject to the VAT Declaration of Trust;

VAT Account has the meaning given to it in the VAT Facility Agreement.