Agent Bank definition
Examples of Agent Bank in a sentence
If the Issuer decides to redeem all (but not some only) of the Securities for the time being outstanding under Condition 6 (Redemption and Purchase), it shall give notice of the decision to the Principal Paying Agent, the Trustee and the Agent Bank at least 10 and not more than 60 calendar days before the relevant redemption date, stating in such notice the date on which the Securities are to be redeemed, the redemption price and the manner in which such redemption will be effected.
If the Issuer fails to appoint a successor within such period, the Principal Paying Agent or Agent Bank may select (at the cost of the Issuer) a leading bank approved by the Trustee to act as Principal Paying Agent or Agent Bank hereunder and the Issuer shall appoint that bank as the successor Principal Paying Agent or Agent Bank.
If the Agent Bank is not promptly provided with such direction, or is otherwise unable (other than due to its own gross negligence, willful misconduct or fraud) to make such calculation or determination for any reason, it shall notify the Issuer thereof and the Agent Bank shall be under no obligation to make such calculation or determination and (in the absence of such gross negligence, willful misconduct or fraud) shall not incur any liability for not doing so.
If the Principal Paying Agent or Agent Bank shall resign or be removed pursuant to sub-Clauses 22.1 or 22.2 above or in accordance with this sub-Clause 22.4, the Issuer shall promptly and in any event within 30 days appoint a successor in accordance with sub- Clause 22.