Common use of Bank Facilities Clause in Contracts

Bank Facilities. In addition to the above, CCT requires the following minimum banking facilities / services: ▪ Overnight/bridging facility linked between CCT’s main and call account in the event of an overdraft. ▪ Overdraft Facility ▪ Letter of Credit ▪ Guarantees ▪ Forward cover ▪ Foreign currency ▪ ACB debits and credits ▪ Travel Lodge Card facilities ▪ Customer credit referencing ▪ Economic advice/forecasting ▪ Mark to market valuation of financial assets and liabilities for year-end accounting purposes. ▪ Funds transfer: Daylight Limit These facilities must be agreed upon upfront at the commencement of the tender for the full period of the tender. An annual review of the facilities required will be performed and should changes be required, this will be requested from the tenderer and submitted for approval to Council as and when necessary during the tender period.