Glossary Term: BSC Account
The Funds Administration Agent (FAA) establishes and operates on behalf of each BSC Account in the name of the BSC Clearer.
BSC defined definition
The FAA shall establish and operate on behalf of the BSC Clearer the following accounts (each a “BSC Account”) in the name of the BSC Clearer:
- (a) a Clearing Account with the BSC Banker to and from which all payments determined in accordance with this Section N are to be made
- (b) a Collection Account at each Collection Bank
- (c) a Reserve Account with the BSC Banker to which all Cash Cover, proceeds of Letters of Credit and other amounts specified in this Section N shall be credited
- (d) a Borrowing Account with the BSC Banker on which the FAA on behalf of the BSC Clearer may make permitted drawings under the Credit Facility
- (e) any other account that the FAA (with the prior written consent of BSCCo) considers desirable to enable the BSC Clearer to perform any obligations imposed on it by this Section N; has the meaning given to that term in Section N4.1.