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 Typically, this clause outlines which accounts must be opened, who controls them, and how funds are to be deposited, withdrawn, or transferred in connection with the facility.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.
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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.
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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.
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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.
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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.
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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.
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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.
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Related to Facility accounts

  • Blocked Accounts Agent shall have received duly executed agreements establishing the Blocked Accounts or Depository Accounts with financial institutions acceptable to Agent for the collection or servicing of the Receivables and proceeds of the Collateral;

  • Project Accounts The Grantee agrees to establish and maintain for the Project either a separate set of accounts or accounts within the framework of an established accounting system, in a manner consistent with 49 C.F.R. § 18.20, or 49 C.F.R. § 19.21, as amended, whichever is applicable.

  • Linked Accounts All accounts with the Bank that you enroll in a service will be linked by the tax identification numbers of the persons authorized to access the account. The linked accounts will appear together without regard to the ownership of the accounts. For example, if an authorized user of a linked account accesses the Service, that authorized user will be able to view and access at a single time the following accounts: • the accounts of the business for which that person is an authorized user; • the accounts of any other business for which that person is an authorized user; and • any consumer accounts for which the person is a co-owner or authorized signer.

  • Designated Accounts The Collection Account, the Note Distribution Account and the Reserve Account, collectively. Determination Date: The tenth day of each calendar month, or if such tenth day is not a Business Day, the next succeeding Business Day. Discount Rate: 0.00% per annum.

  • Checking Accounts 1. Your Checking Account may consist of two legally separate accounts: a transaction (checking) sub account and a savings sub account. If funds in your transaction account are not routinely needed to pay debits, we may periodically transfer funds between these two sub accounts. If your Checking Account earns interest, your interest calculation will remain the same, regardless of whether or not your funds are held in the transaction sub account or the savings sub account. Otherwise, the savings sub account will be a non-interest-earning account. The sub accounts will be subject to our Account Agreement, our Account Disclosure, the Membership Application (or other account documentation). This arrangement and process will not affect your Available Balance in your Checking Account, the interest you may earn, NCUA insurance protection, your monthly statement, or any other features of your Checking Account. 2. We are authorized but not obligated to pay any check or other item that creates a negative balance, any returned item, and all charges associated with negative balances or returned items by making advances under or transfers from any of your Accounts. Unless you tell us otherwise, we may link your Checking Account to any BECU Line of Credit on which you are a borrower. 3. We will process debit and credit transactions throughout the day in the order they are received in our processing center. Therefore, if a transaction debits your Account in the morning and exceeds your Available Balance at that time, you may be charged an NSF Fee or Overdraft Fee, even if a deposit or credit transaction occurring later that day raises your Available Balance above $0.00. We may receive multiple credit or debit transactions on your Accounts in many different forms throughout each day. We generally process and pay presented checks that you write from your Account in order from smallest dollar amount to largest dollar amount; however, we reserve the right to process any presented checks in any order we deem necessary or appropriate. 4. We will credit items delivered to us subject to final settlement and applicable law. 5. We will have no obligation to, but we may, pay antedated checks, or checks that are stale-dated (more than six months old), without notice to you, and we may deem the date on such a check to be the date that the check is presented to us. 6. We may pay postdated checks early unless an authorized party gives contrary notice complying with applicable law. 7. Except for willful misconduct and subject to applicable law, we are not liable for any action taken regarding the payment or nonpayment of an item.