Operation of Bank Accounts. The firm shall open a current account in the name of at any nationalized banks, scheduled Banks or any co-operative Banks and such account shall be operated by first and second partners jointly as declared from time to time to the Banks.
Operation of Bank Accounts. (a) Subject to and in accordance with the terms and conditions of the Loan Documents, the Administrative Agent hereby grants the power of attorney to and authorises the Assignor to dispose of the Bank Account Claims and, in particular, to use any balance on its Bank Accounts freely in the course of its business acting with the standard of care of a prudent merchant for as long as no Event of Default has occurred.
(b) If and to the extent necessary to preserve its rights under this Agreement the Administrative Agent shall be entitled to revoke such power of attorney at any time and to instruct the Swiss Account Bank to make payments directly to the Administrative Agent or to any other person as it may designate.
Operation of Bank Accounts. (i) Until the Charges become enforceable, the Chargors shall be entitled to receive, withdraw or otherwise transfer any credit balance from time to time on any Bank Account subject to the terms of the Loan Agreement;
(ii) After the Charges have become enforceable, the Chargors shall not be entitled to receive, withdraw or otherwise transfer any credit balance from time to time on any Bank Account except with the prior written consent of the ABL Agent (or, if the Noteholder Collateral Trustee has been granted a prior security interest in such Bank Account, the prior consent of the Noteholder Collateral Trustee).
Operation of Bank Accounts. The Board shall have the power to authorise any Director or Directors or any officers to open bank accounts; to sign cheques on behalf of the Company; to operate all banking accounts of the Company; and to receive payments, make endorsements, draw and accept negotiable instruments, hundies and bills. In addition, the Directors may authorise any other person or persons to exercise such powers.
Operation of Bank Accounts. The Grantor agrees that, if an Event of Default occurs:
Operation of Bank Accounts. This can be exercised in the meeting of the Board of Directors of the Company and need not be included in this agreement.
Operation of Bank Accounts. 10.1.1. The Company and the Identified Subsidiaries shall, and the Promoters shall ensure and procure that the Company and the Subsidiaries shall, utilize all monies received from the Projects in accordance with the Business Plan and this Clause 10.1.
10.1.2. All proceeds realised by the Company and the Subsidiaries from the Projects shall be deposited in the Company Collection Accounts and the Subsidiaries Collection Accounts (as applicable) and shall be transferred as per the following priority:
(a) firstly, funds representing 70% (seventy percent) of the aggregate amounts standing to the credit of the respective Collection Accounts shall be automatically transferred to the respective RERA Accounts to meet the respective obligations of the Company and the Subsidiaries under the RERA;
(b) secondly, all balance amounts standing to the credit of the respective Collection Accounts (i.e. 30% (thirty percent) of all receipts) shall be automatically transferred to the respective Lender Escrow Accounts. Further, such amount, as may be instructed by the Company or the Subsidiaries (as applicable), shall be transferred from the respective RERA Accounts to the respective Lender Escrow Accounts. Funds from the Lender Escrow Accounts shall be utilised to meet the required payment obligations of the Company or the Subsidiaries (as applicable) under their respective loan documents; and
(c) thirdly, after meeting the payment obligations of the Company or the Subsidiaries (as applicable) under their respective loan documents from the Lender Escrow Accounts, such amounts as may be requested by the Company or the Subsidiaries (as applicable) shall be transferred from the respective Lender Escrow Accounts to the Designated Company Accounts and the Designated Subsidiaries Accounts, as applicable.
10.1.3. The Company and the Identified Subsidiaries shall, and the Promoters shall ensure and procure that the Company and the Subsidiaries shall, operate the (a) RERA Accounts only for complying with the RERA, and (b) the Lender Escrow Accounts only for complying with the terms of the loan agreements executed by the Company and the Subsidiaries with the respective lenders.
10.1.4. The Company shall not, and the Promoters and the Company shall ensure and procure that the Company shall not, (a) utilize the proceeds realized from the Projects in any manner other than as provided in this Clause 10.1; and (b) hold or operate any other bank account other than the Company Master Account, ...
Operation of Bank Accounts. 12.1 The Parties shall procure that each of the Directors and Shareholders have not less than read only online access to the bank accounts of each Group Company for the purpose of monitoring expenditure.
12.2 The Parties agree that no withdrawal, payment or commitment will be made on a bank account of a Group Company in excess of US$20,000 without the written approval of at least one A Director and one B Director.
Operation of Bank Accounts. That the Parties may open one or more bank accounts in the name of the Partnership firm and such account or accounts shall be operated jointly by both the Parties.
Operation of Bank Accounts. That the Bank account(s) of the firm will be operated by the Parties jointly or any two of them jointly.
