Replacement of Account Bank Sample Clauses

Replacement of Account Bank. (a) Subject to any agreement between the Borrower and the Account Bank to the contrary:
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Replacement of Account Bank. If at any time the existing Account Bank ceases to be a Qualified Institution and the Receivables Trustee fails to appoint a replacement Account Bank pursuant to the terms of the Receivables Trust Accounts Bank Agreement, the Servicer shall within 30 days of being notified use reasonable endeavours to establish new Trust Accounts meeting the conditions specified with respect to each such Trust Account with a Qualified Institution which shall become the new account bank (in respect of the relevant account(s)), and shall direct the Receivables Trustee (or the Bank Account Operator acting on the Receivable Trustee's behalf) to transfer any cash or any investments to such new Trust Accounts.
Sample 1
Replacement of Account Bank. 21.1. At any time during the Term, the Company may, subject to receiving the prior written consent of the Preference Share Agent and Sasol and subject to the appointment of a replacement Account Bank in accordance with the provisions of clause 21.2, request the removal of Standard Bank (or any other successor Account Bank) (the “Existing Account Bank”) as Account Bank, in which event the Existing Account Bank’s appointment as Account Bank, shall be terminated, with effect from the date of appointment of the replacement Account Bank as set out in the Specific Accession Undertaking.
Sample 1
Replacement of Account Bank. The Borrower may not replace the Account Bank without the prior written consent of the Agent. The Agent may by notice to the Borrower, require the Borrower to replace the Account Bank with another registered bank in New Zealand acceptable to the Agent. If the Agent gives notice requiring a change to the Account Bank the Borrower must within the time required by the Agent (which shall not be less than 30 days) use its best endeavours to arrange for the new Account Bank to execute an Account Bank Agreement in form and substance satisfactory to the Agent and transfer all Project Accounts to the new Account Bank.
Sample 1

Related to Replacement of Account Bank

  • Payment of Accounts (a) Each of Company and each Eligible Subsidiary will irrevocably direct all of its present and future Account Debtors and other Persons obligated to make payments constituting Collateral to make such payments directly to the lockboxes maintained by Company and each Eligible Subsidiary (the "Lockboxes") with North Fork Bank, the Royal Bank of Canada or such other financial institution accepted by Laurus in writing as may be selected by Company and/or any Eligible Subsidiary (collectively, the "Lockbox Bank") pursuant to the terms of the documentation acceptable to Laurus. On or prior to the Closing Date, each of Company and each Eligible Subsidiary shall and shall cause the Lockbox Bank to enter into all such documentation acceptable to Laurus pursuant to which, among other things, the Lockbox Bank agrees to: (a) sweep the Lockbox on a daily basis and deposit all checks received therein to an account designated by Laurus in writing and (b) comply only with the instructions or other directions of Laurus concerning the Lockbox. All of Company's and each Eligible Subsidiary's invoices, account statements and other written or oral communications directing, instructing, demanding or requesting payment of any Account of Company or any Eligible Subsidiary or any other amount constituting Collateral shall conspicuously direct that all payments be made to the Lockbox or such other address as Laurus may direct in writing. If, notwithstanding the instructions to Account Debtors, Company or any Eligible Subsidiary receives any payments, Company or such Eligible Subsidiary, as the case may be, shall immediately remit such payments to Laurus in their original form with all necessary endorsements. Until so remitted, Company and each Eligible Subsidiary shall hold all such payments in trust for and as the property of Laurus and shall not commingle such payments with any of its other funds or property.

  • Settlement of Accounts (a) On or before each Determination Date, the Servicer shall deliver, (i) to the Owner Trustee, the Settlor, the Lender, the Administrative Agent and the Collateral Agent, a monthly report with respect to the Lending Facility Pool (the “Monthly Lending Facility Pool Report”) and (ii) except as otherwise provided in the related Servicing Supplement, to the each related Secured Party, a monthly report with respect to each Designated Pool (each, a “Monthly Exchange Note Report”), in each case, documenting, as applicable, (A) all advances to be made to, and distributions (including Servicer reimbursements) to be made from, the related Collection Account or (B) the manner in which the Servicer will apply all collections on the related Pool received by the Servicer on or prior to the next Payment Date.

  • Debit of Accounts Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off.

  • Investment of Accounts (a) To the extent there are uninvested amounts deposited in the Series Accounts, the Issuer shall cause such amounts to be invested in Permitted Investments selected by the Issuer that mature no later than the immediately preceding Transfer Date.

  • Notification of Account Debtors MLBFS may notify any Account Debtor that its Account or Chattel Paper has been assigned to MLBFS and direct such Account Debtor to make payment directly to MLBFS of all amounts due or becoming due with respect to such Account or Chattel Paper; and MLBFS may enforce payment and collect, by legal proceedings or otherwise, such Account or Chattel Paper.

  • 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;

  • Statement of Account 5.1 Sending periodic statement of account We will send you a statement of account on a monthly or other periodic basis as we deem fit but we may not send you a statement of account for any period during which your card account is inactive or has been terminated.

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