Facility accounts Clause Samples
The Facility Accounts clause defines the specific bank accounts established for the administration and management of funds related to a financing facility. Typically, this clause outlines which accounts must be opened, who controls them, and how funds are to be deposited, withdrawn, or transferred in connection with the facility. By clearly specifying the handling of funds, the clause ensures transparency, proper allocation, and control of monies, thereby reducing the risk of mismanagement or misuse of facility proceeds.
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Facility accounts. If we make your loan available on one account only, that account is a facility account. We may have agreed to your request to divide the total amount of your loan into separate accounts. If so, the schedule sets out the particulars for each account. Each account is a facility account. We will assign an account number to each facility account. We will notify you in writing of each facility account number for a facility account after the settlement date for the account.
Facility accounts. Any Security, Quasi-Security, collection order, decision to suspend operation or other similar impediment, other than those created pursuant to the Finance Documents, exists over any Facility Account, or any Facility Account is closed by a person other than the Offshore Account Bank.
Facility accounts. 9.2.1 During the Security Period the Borrower shall maintain the following bank accounts denominated in US$ in its name at the relevant branch of the Account Bank (unless otherwise specified):
(a) a Proceeds Account; and
(b) a Debt Service Reserve Account.
9.2.2 The Borrower shall not open or maintain any bank, deposit, savings or other account except for the Facility Accounts other than:
(a) the Distributions Account;
(b) a physical gold account with the Refiner; and
(c) an account in the name of the Borrower and held with AIG in respect of the Reclamation Bonds (the AIG Commutation Account).
9.2.3 Each Facility Account shall be a separate account at the Account Bank. The Proceeds Account and the Debt Service Reserve Account shall be subject to the Account Control Agreement.
9.2.4 If the Borrower receives any moneys for crediting to a Facility Account in a currency other than US Dollars it shall within a commercially reasonable period of time (unless otherwise agreed with the Agent) convert or, as the case may be, request the Account Bank promptly to convert these moneys into US Dollars and transfer the same to the Proceeds Account.
9.2.5 None of the restrictions on the withdrawal of funds from Facility Accounts contained in this Clause 9 shall affect the obligations of the Borrower to make all payments of any amount required to be made by it to the Agent, or the Banks, on the due date for payment thereof in accordance with the Financing Documents.
9.2.6 The Facility Accounts shall be subject to, and pledged by the Borrower on, the terms and conditions of the Security Agreement and the Account Control Agreement. The Agent agrees that it will send a Notice (as defined the Account Control Agreement) only upon the occurrence and during the continuance of an Event of Default or a Trigger Event. Upon the cessation of an Event of Default or a Trigger Event, the Agent shall send a notice to the Bank under the Account Control Agreement stating that the Activation Period (as defined therein) has ceased.
Facility accounts. Borrower’s account no. 639254986 at JPMorgan Chase Bank, National Association and (ii) Borrower’s account no. 9428445837 at Bank of America, National Association.
Facility accounts. 14.3.1 The Agent shall, if so instructed by the Majority Banks, at anytime and without the consent of the Borrower (a) whilst an Event of Default or Trigger Event is continuing and for the purpose of curing such Event of Default or Trigger Event (b) following service of a notice by the Agent under Clause 14.2.1:
(a) give notice to the Account Bank that it is to be the sole signatory on any or all of the Facility Accounts; and/or
(b) give notice to the Account Bank that no withdrawal may be made from any or all of the Facility Accounts except with the prior consent of the Agent; and/or
(c) apply all amounts in the Facility Accounts in or towards payment of Financing Principal, Financing Costs, Hedging Expenses and such other amounts as the Majority Banks may agree; and
(d) appropriate the amounts to be applied under Clause 14.3.1 (c) against the obligations against which they are to be applied in such order as the Agent thinks fit (but subject, as between the Financing Parties and without conferring any rights on the Borrower, to Clause 12.1).
14.3.2 No amount shall be payable to the Borrower, or may be withdrawn by the Borrower, from or in respect of any Facility Account at any time after the Agent gives a notice of the kind described in Clause 14.3.1.
Facility accounts. Contractor shall establish and maintain, throughout the Term of this Agreement, an account with the Designated Disposal Site and any other Approved Processing Sites. Such account(s) shall be used for all transactions covered by this Agreement. Contractor shall have a stored tare weight set for each Collection vehicle and each Roll-Off Container at the Designated Disposal Site. Contractor must also retare each Collection vehicle and/or Roll-Off Container after each major maintenance and/or repair to maintain an accurate weight. Contractor shall have each Collection vehicle weighed at each Approved Processing Site or the Designated Disposal Site to determine the total loaded weight of each load delivered to the Approved Processing Sites and Designated Disposal Site.
Facility accounts. 11.3.1 The Agent shall, if so instructed by the Majority Banks, at any time and without the consent of the Borrower (a) whilst an Event of Default or Trigger Event is continuing and for the purpose of curing such Event of Default or Trigger Event (b) following service of a notice by the Agent under Clause 11.2.1:
(a) give notice to the Account Bank that it is to be the sole signatory on any or all of the Facility Accounts; and/or
(b) give notice to the Account Bank that no withdrawal may be made from any or all of the Facility Accounts except with the prior consent of the Agent; and/or
(c) apply all amounts in the Facility Accounts in or towards payment of Financing Principal, Financing Costs, Hedging Expenses and such other amounts as the Majority Banks may agree; and
(d) appropriate the amounts to be applied under Clause 11.3.1(c) against the obligations against which they are to be applied in such order as the Agent thinks fit (but subject, as between the Financing Parties and without conferring any rights on the Borrower, to Clause 9.1).
11.3.2 No amount shall be payable to the Borrower, or may be withdrawn by the Borrower, from or in respect of any Facility Account at any time after the Agent gives a notice of the kind described in Clause 11.3.1.
12.1 Transaction expenses
12.1.1 The Borrower shall promptly on demand pay the Arrangers, the Agent, the Security Trustee and the Account Bank:
(a) the amount of all costs and expenses (including legal fees and the fees of the Banks' Advisers) reasonably incurred by any of them in connection with the negotiation, preparation, printing and execution of the Financing Documents (including the ITC Report);
(b) the amount of all costs and expenses in making any site visits and in meeting the fees and expenses of the Independent Technical Consultants in respect of the ITC reports and site visits or otherwise or any legal, insurance or other consultants' fees to the extent that the same are reasonably and properly incurred; and
(c) the cost and expenses incurred by them in respect of the services of the Banks' Advisers to be performed after 30 March 2007.
12.1.2 The Borrower shall be provided with reasonably detailed accounts and invoices for such costs and expenses as described in Clause 12.1.1.