Bank Accounts for receipt of Secretary of State funding relating to PFI Academies

65  Subject always to Clause [73], the Company shall, in relation to each PFI Academy, establish and maintain separate bank accounts to be used solely in respect of any monies provided by the Secretary of State pursuant to this Agreement for that PFI Academy. Monies provided by the Secretary of State will be paid into such accounts and will remain in those accounts until required. The Company agrees that such monies will be applied in accordance with the requirements of this Agreement.2




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2  The aim of the additional drafting is to ensure that the cash flows for each PFI Academy are ring fenced and to minimise the risk of "blurring" of funding and cash flows between Academies.