Banking and Finance. 25.1 The Target Companies do not have any bank account (whether in credit or overdrawn) other than its current account at the banks disclosed or referred to in the Disclosure Letter and details of that account, including the overdraft limit thereon, and a copy of the relevant bank mandate are set out in the Disclosure Letter and there have been no payments out of or drawings against the said account except for payment in the ordinary and proper course of business, and the balance on that account is not now substantially different from the balance stated in the Disclosure Letter.
25.2 The Target Companies do not have any liabilities in the nature of borrowings or in respect of debentures or negotiable instruments other than cheques drawn in the ordinary course of business on the bank account referred to in paragraph 25.1 above and is not a party to any loan agreement, facility letter or other agreement for the provision of credit or financing facilities to that Target Company or any agreement for the sale, factoring or discounting of debts.
25.3 No circumstances have arisen which could now (or which could with the giving of notice or lapse of time or both) entitle a provider of finance to the Target Companies (other than on a normal overdraft facility) to call in the whole or any part of the monies advanced or to enforce his security, and no provider of finance to the Target Companies on overdraft facility has demanded repayment or indicated that the existing facility will be withdrawn or reduced or not renewed or that any terms thereof will be altered to the disadvantage of the Target Companies.
25.4 The Target Companies’ borrowings may be repaid by it at any time at no more than one (1) months’ notice and without any premium or penalty (howsoever called) on repayment.
25.5 Save for the leasing and hire purchase agreements disclosed in the relevant Accounts and the Disclosure Letter, the Target Companies have not engaged in any borrowing or financing transaction or arrangement which does not appear as borrowings in the Accounts.
25.6 Save as disclosed in the Disclosure Letter and approved by the Purchaser in writing, neither the Target Companies nor any other person has given or undertaken to give any security or guarantee for any liability of the Target Companies.
25.7 The Target Companies have not given or undertaken to give any security or guarantee for any liability of any person.
Banking and Finance. 11.1 The members of the Target Group have no bank, building society or other similar accounts other than those specified in the DISCLOSURE LETTER and true and accurate details of those accounts of the UK Companies at close of business on the last banking day preceding the date hereof are set out in the DISCLOSURE LETTER; the Non-UK Companies have no facilities to overdraw their respective bank accounts.
11.2 Neither any of the members of the Target Group nor any other person has given or undertaken to give any security or guarantee for any liability of any of the members of the Target Group other than guarantees under contracts with customers given in the ordinary and usual course of trading by the Target in support of other members of the Target Group.
11.3 The members of the Target Group are not responsible for the indebtedness of any other person (not being a member of the Target Group), and in particular 62 62 but without prejudice to the generality of the foregoing are not parties to any option or pre-emption right or a party to any guarantee or suretyship or any other obligation to pay, purchase or provide funds for the payment of any indebtedness of any other person (not being a member of the Target Group).
Banking and Finance. Glycosan does not have any bank account (whether in credit or overdrawn) other than its bank accounts at the banks disclosed in Schedule 2.37 and its Financial Statements, and there have been no payments out of or drawings against the said accounts since December 31, 2010, except for payment in the ordinary and proper course of business. Glycosan does not have any liabilities in the nature of borrowings, or in respect of debentures or negotiable instruments, other than cheques drawn in the ordinary course of business on the aforementioned bank accounts, and other than as disclosed in the Financial Statements. Glycosan is not a party to any loan agreement, facility letter, or other agreement for the provision of credit or financing facilities or any agreement for the sale, factoring, or discounting of debts.
Banking and Finance. 9.1. The Disclosure Letter sets out details of any loan agreement, facility letter, or other agreement for Indebtedness (other than Intra-Group Payables or Intra-Group Receivables) in excess of (pound)150,000 as at the date of this Agreement for the provision of credit or financing facilities to any Target Company or for the sale, factoring or discounting of its debts.
Banking and Finance. ESI does not have any bank account (whether in credit or overdrawn) other than its bank accounts at the banks disclosed in Schedule 2.36 and its Financial Statements, and there have been no payments out of or drawings against the said accounts since December 31, 2009, except for payment in the ordinary and proper course of business. Each of ESI and its Subsidiaries does not have any liabilities in the nature of borrowings, or in respect of debentures or negotiable instruments, other than in relation to the Notes and cheques drawn in the ordinary course of business on the aforementioned bank accounts, and other than as disclosed in the Financial Statements. Neither ESI nor any of its Subsidiaries is a party to any loan agreement, facility letter, or other agreement for the provision of credit or financing facilities or any agreement for the sale, factoring, or discounting of debts.
Banking and Finance a) The auspicee agrees that their funds will be administered through an Arts North West bank account.
b) All income received by the auspicee will be receipted and deposited according to procedure agreed to by the Arts North West EO.
c) The Arts North West EO must approve all expenditure. All payments are signed off by two nominated Arts North West signatories on the Arts North West banking account. Expenditure items must relate to the project budget and approved budget lines and payments will not be co-signed unless accompanied by a tax invoice and a completed cheque requisition form.
d) A tax invoice must accompany all reimbursement claims.
e) Receipts will be issued for all income either from ticket sales or donations, and carbon copies of receipts (from that event) will be handed into Arts North West for bookkeeping.
f) Individual entries recording all income and expenditure are to be made in a ledger and monthly reports of income and expenditure will be presented to the Arts North West EO.
g) The applicant’s finances will be audited annually along with all Arts North West Accounts. If an audit is required at project completion, a fee for the auditor should be included in the project budget and paid for from the project budget or by the applicant.
h) The applicant will take responsibility for acquitting the grant by providing narrative or project reports according to the grant conditions to the EO and Board of Arts North West, and by providing draft financial statements of income and expenditure to the EO and Board of Arts North West.
Banking and Finance. 1. The System Since the independence of Azerbaijan in 1991 until the end of 1998: 232 establishmentsreceived licenses from the National Bank of Azerbaijan to conduct banking business in the country. By the end of 1995 there were banks registered, 79 at end of 1998, and about 70 presently. Of which Foreign-Owned Banks Source: National Bank of Azerbaijan, except for Implied Other Liabilities
2. Bank Equity Base important reason for the declining number of banks is the increased capital requirements to become licensed and remain active. At the beginning of 1998, every bank had to have a minimum registered capital of $1.0 million. This amount was to be increased every six months by $250,000, so that by the end of the year 2001 every bank in Azerbaijan would have registered capital of at least $3.0 million. However, new banking licenses now require initial authorized capital of $5.0 million. At the end of 1998, there were four state banks and 75 private banks (private ownership exceeding 50% of the capital). Three of the state banks were successors to FSU banks, and the fourth was newly established in 1991. Twelve of these private banks were totally held by foreign legal or physical persons. As seen in Table 16, these xxxxx had an authorized capital of $154 million, five times the equity level in 1995. However, this is an average of only $1.9 million per bank, moderately above the minimum capital requirements. Although private banks as a group held 77% of the total capital of the banking system (not portfolio assets, but authorized capital), the average of the 75 private banks was just $1.6 million, barely above the minimum. The equity base of the banks in Azerbaijan is very thin.
Banking and Finance. Xennex does not have any bank account (whether in credit or overdrawn) other than its bank accounts at the banks disclosed in Schedule 2.34 and its Financial Statements, and there have been no payments out of or drawings against the said accounts since December 31, 2011, except for payment in the ordinary and proper course of business and distributions for all prior years up to and including the year ended December 31, 2011. Xennex does not have any liabilities in the nature of borrowings, or in respect of debentures or negotiable instruments, other than cheques drawn in the ordinary course of business on the aforementioned bank accounts, and other than as disclosed in the Financial Statements. Xennex is not a party to any loan agreement, facility letter, or other agreement for the provision of credit or financing facilities or any agreement for the sale, factoring, or discounting of debts.
Banking and Finance a) Authorised representatives of each of the parties shall have the right at any time, with or without notice, to examine the financial books and records of the SRJV, including, without limiting the generality of the foregoing, all bank statements and journals of original entry, of the said SRJV. The financial books and records of the SRJV, including, without limiting the generality of the foregoing, all bank statements, and journals of original entry, of the said SRJV will be managed and maintained by Xx. Xxx XxXxxxxxx of 2196936.
b) All Investments, revenue and mining costs shall be paid into and paid from a bank account (the “SRJV Account”) opened by the parties upon execution of this Agreement. The SRJV Account will provide internet banking access to the Management Committee under the restrictions for withdrawals stipulated in sections 4 (a) hereof and will be opened in the name of “The Snow & Xxxxxxx Creek Joint Venture” (or other appropriate name).
c) The authorised signatories for the SRJV Account shall be the two individuals comprising the Management Committee or their named alternates, who will have the authority to sign cheques or other withdrawal documents effecting withdrawal of funds from the SRJV Account; provided that any such withdrawal from the SRJV Account for any amount greater than Seven Thousand Five Hundred ($7,500.00) Dollars (subject to the exception of costs approved by the Management Committee in the Mine Budget), must be authorised by at two signatures, one being the signature of either Mr. Xxx Xxxxxxxx or his named alternate, and the other being the individual appointed by GEMXX or its named alternate; shall sign any such cheque or withdrawal from the SRJV Account for an amount greater than Seven Thousand Five Hundred ($7,500.00) Dollars forthwith in accordance with any decision made by the Management Committee except that if either party has invoked the Dispute Resolution process pursuant to Section 9, the individual appointed by either party shall not be required to sign cheques or withdrawals from the SRJV Account relating to the said issue or issues in dispute in a sum totalling greater than Twenty Five Thousand ($25,000.00) Dollars relating to the said issue or issues in dispute, during the period in which such dispute resolution process is in progress.
d) Any withdrawal from the SRJV Account for (i) Seven Thousand Five Hundred ($7,500.00) Dollars or less, or (ii) for payment of an invoice for diesel fuel used in the carryi...
Banking and Finance a) The auspicee agrees that their funds will be administered through a Theatre Network NSW bank account.
b) All income received by the auspicee will be receipted and deposited according to procedure agreed to by the Theatre Network NSW EO.
c) The Theatre Network NSW EO must approve all expenditure. All payments are signed off by two nominated Theatre Network NSW signatories on the Theatre Network NSW banking account. Expenditure items must relate to the project budget and approved budget lines and payments will not be co-signed unless accompanied by a tax invoice and a completed cheque requisition form.
d) A tax invoice must accompany all reimbursement claims.
e) Receipts will be issued for all income either from ticket sales or donations, and carbon copies of receipts (from that event) will be handed into Theatre Network NSW for bookkeeping.
f) Individual entries recording all income and expenditure are to be made in a ledger and monthly reports of income and expenditure will be presented to the Theatre Network NSW EO.
g) The applicant’s finances will be audited annually along with all Theatre Network NSW Accounts. If an audit is required at project completion, a fee for the auditor should be included in the project budget and paid for from the project budget or by the applicant.
h) The applicant will take responsibility for acquitting the grant by providing narrative or project reports according to the grant conditions to the EO and Board of Theatre Network NSW, and by providing draft financial statements of income and expenditure to the EO and Board of Theatre Network NSW.
