Account Bank Sample Clauses
The Account Bank clause designates a specific financial institution to hold and manage funds on behalf of the parties involved in an agreement. Typically, this clause outlines the responsibilities of the account bank, such as receiving, safeguarding, and disbursing monies according to the contract's terms, and may specify requirements for account maintenance or reporting. Its core practical function is to ensure that all financial transactions related to the agreement are handled securely and transparently by a trusted third party, thereby reducing the risk of mismanagement or disputes over funds.
Account Bank. Banco Bilbao Vizcaya Argentaria, S.A Ciudad BBVA ▇/ ▇▇▇▇▇▇▇ ▇▇, 28050 Madrid.
Account Bank. (a) Subject to paragraphs (b) and (c) below, each Account maintained by the Borrower must be held:
(i) in England with an Acceptable Bank; or
(ii) at any other bank selected by the relevant Obligor which has a Requisite Rating and which is approved in writing by the Agent, acting reasonably, and which provides to the Agent customary documentation in relation to the opening and operation of such account as envisaged by the provisions of this Agreement and reasonably acceptable to the Agent.
(b) The Borrower shall:
(i) promptly notify the Agent upon becoming aware that a bank at which an Account is held fails to be an Acceptable Bank;
(ii) take all necessary steps to designate as Account Bank a new bank that satisfies the requirements of paragraph (a)(ii) above and close the previous Account as soon as reasonably practicable and in any event no later than 60 days after it becomes aware that such bank fails to be an Acceptable Bank; and
(iii) as soon as reasonably practicable following the receipt by it of the details of the new Account, instruct the tenants under the Lease Agreements to cease making payments or deliveries into the previous Account and to make payments or deliveries into the new Account.
(c) The replacement (or opening of) an Account will only become effective when the relevant bank agrees with the Agent and the Borrower to fulfil the role of the bank holding that Account (including agreeing, to the extent required to ensure the effectiveness of any Security granted by the relevant Obligor over the relevant Account, to and acknowledging any Security granted by the relevant Obligor over that Account in favour of the Security Agent).
(d) Each Obligor shall do all such things as the Agent reasonably requests in order to facilitate any closure or opening of an Account in accordance with paragraph (c) above (including the execution of appropriate bank mandate forms and the granting of any Security in favour of the Security Agent (which, in relation to the opening of any replacement Account shall be equivalent to the Security granted over the relevant Account which was has been replaced)).
Account Bank. (i) If the applicable Account Bank with respect to any Collateral Account ceases to be U.S. Bank, National Association, Bank of America or an Eligible Institution, each Borrower, as applicable, shall have thirty (30) days following notice from the Administrative Agent to (A) move its Collateral Account to a replacement Account Bank that is either Bank of America or an Eligible Institution and (B) enter into a Control Agreement, in form and substance satisfactory to the Administrative Agent with respect to such Collateral Account.
(ii) If an Account Bank requests to terminate a Control Agreement, each Borrower, as applicable, shall (A) promptly, but in any event no later than two (2) Business Days, notify the Administrative Agent of such request and (B) within the earlier to occur of (1) sixty (60) days (or such later date as the Administrative Agent may agree in its sole discretion) of such request or (2) five (5) Business Days prior to the termination of such Control Agreement, open a new collateral account that is subject to a Control Agreement in form and substance satisfactory to the Administrative Agent with a replacement Account Bank that is either Bank of America or an Eligible Institution.
(iii) The Borrowers may upon thirty (30) days prior written notice to the Administrative Agent, designate a replacement Account Bank that is either Bank of America or an Eligible Institution and open a new deposit account constituting its Collateral Account at such replacement Account Bank; provided that the applicable Borrower shall concurrently with any such change in the Account Bank, execute and deliver a Control Agreement, in form and substance satisfactory to the Administrative Agent with respect of such new Collateral Account. Notwithstanding anything to the contrary contained in this Credit Agreement, but subject to this Section 5.2(f), it is expressly understood and agreed that each Collateral Account shall, at all times, be subject to a Control Agreement in form and substance reasonably satisfactory to the Administrative Agent and the applicable Borrower, as applicable.
Account Bank. The Seventh Issuer shall deliver a mandate to the Seventh Issuer Account Bank relating to such Additional Seventh Issuer Account in accordance with this Agreement and the Seventh Issuer Deed of Charge.
Account Bank. The Master Issuer shall deliver a mandate to the Master Issuer Account Bank relating to such Additional Master Issuer Account in accordance with this Agreement and the Master Issuer Deed of Charge.
Account Bank. 10.1 Identity of Account Bank The initial Account Bank is National Westminster Bank plc. The Account Bank may be changed at any time:
(a) to any alternative that the Security Trustee reasonably requires; and
(b) to any other bank or financial institution with the agreement of the Chargor and the Security Trustee, but, in each case, provided that such change shall only become effective upon the proposed new Account Bank agreeing with the Security Trustee and the Chargor, in a manner satisfactory to the Security Trustee, to fulfil the role of Account Bank hereunder.
Account Bank. The Sixth Issuer shall deliver a mandate to the Sixth Issuer Account Bank relating to such Additional Sixth Issuer Account in accordance with this Agreement and the Sixth Issuer Deed of Charge.
Account Bank. (i) If at any time the Account Bank shall fail to have any of the applicable minimum ratings specified in the definition of “Account Bank”, it shall move the applicable accounts to an Account Bank which satisfies the ratings requirements within 30 days of knowledge or notice of such failure.
Account Bank. Each Restricted Account must be maintained at a branch of an Account Bank approved by the Security Agent.
Account Bank. Each of the Borrower and the Creditors hereby acknowledge for the benefit of each Account Bank that no Account Bank is under any obligation to monitor or verify the Borrower’s compliance with the provisions of clause 14 (Accounts).