Joint Bank Account Sample Clauses
The Joint Bank Account clause establishes the terms under which two or more parties share access to and responsibility for a single bank account. It typically outlines how funds can be deposited or withdrawn, who has authority to initiate transactions, and how account statements are managed. This clause is essential for ensuring that all parties understand their rights and obligations regarding the account, thereby preventing disputes and promoting transparency in financial dealings.
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Joint Bank Account. ● ("Finance Manager") shall operate a bank account (the "Account") in the name of Sunny Days into which the Parties shall upon request of the Boat Manager in each year transfer fees until up to six months after the termination of this agreement in accordance with Clause 5 which shall be held on trust and subject to the terms of this Agreement.
Joint Bank Account. The first owner shall forthwith open a [Bank/ Building Society] account ('the Account') in the names of the Parties into which the Parties shall upon the [ ] day of [ ] in each year transfer the amount of C[ ] until six months after the termination of this agreement in accordance with Clause 5.
Joint Bank Account. (Check one) ☐ Expenditures for living expenses or for the common benefit will NOT be made from a joint account. ☐ Expenditures for living expenses or for the common benefit will be made from a joint account, wherein each Party shall deposit the percentage stated above. Neither Party may draw on the joint account for any purpose other than living expenses, unless otherwise agreed to in writing. Each Party must keep the other informed of all withdrawals.
Joint Bank Account. As of the Effective Date, the Company shall establish a bank account for the deposit of all operating funds related to the Business (the “Operating Account”) and shall designate a representative of each of the Company and Service Provider as authorized signatories. The Service Provider and the Company shall deposit all funds attributable to the operation of the Business in the Operating Account (“Operating Funds”). All Operating Funds in the Operating Account shall be utilized exclusively to pay the Management Fee, to pay the Tax Reserve, to reimburse Service Provider for its costs and expenses in accordance with Section 8, and otherwise to pay the costs and expenses of operating the Business, including, without limitation, maintaining, operating, and managing the Licenses and Managed Licenses.
Joint Bank Account. No later than five (5) Business Days prior to the Closing Date, the Company shall open three bank accounts with a bank outside the PRC (each a “Joint Bank Account”), and each Selling Shareholder and the Company may each designate a joint signatory to one Joint Bank Account for such Selling Shareholder. Each Joint Bank Account shall be operated jointly by all authorized signatories designated to such account, and the Company shall procure that no withdrawal or transfer or other disposal of funds out of any Joint Bank Account shall be permitted without the joint written authorization of the authorized signatories designated by both the Company and relevant Selling Shareholder. The Company shall not take any steps to remove or replace the authorized signatories designated by the relevant Selling Shareholder as the joint signatories to any Joint Bank Account without the prior written approval of such Selling Shareholder.
Joint Bank Account. Payment of the Prepayment and Option Fee (plus GST, if any) shall be deemed made by NGC depositing the same into a new bank account to be opened by NGC with Westpac in the joint names of IPENZ and NGC. The terms on which such bank account is to be opened and operated are as follows:
(a) the credit balance from time to time in the account is to be held on trust for the joint benefit of both IPENZ and NGC, and shall not be treated as IPENZ property;
(b) IPENZ shall be entitled to the sole benefit of interest accruing on such credit balance from time to time;
(c) the account may only be dealt with, and funds may only be disbursed from it, upon receipt by Westpac of a joint instruction signed by a previously notified representative of each of IPENZ and NGC;
(d) the representative of each of IPENZ and NGC will give any such joint disbursement instruction provided the disbursement is:
(i) for the sole purpose of funding IPENZ’s budgeted exploration and development activities, including administration to facilitate such activities, as previously advised to NGC; or
(ii) on account of interest (to which IPENZ is entitled);
(e) Westpac will be required to operate the bank account in accordance with a letter of instructions to be given to it by IPENZ and NGC reflecting the above terms;
(f) nothing in this clause 4.3 or in the letter of instructions to Westpac shall prevent NGC from recovering any part of the Prepayment and Option Fee in accordance with any contractual entitlement to do so under this Agreement.