Working Capital Bank definition
Examples of Working Capital Bank in a sentence
Any action taken by the Agent under or in relation to this Agreement with requisite authority, or on the basis of appropriate instructions, received from the Majority Banks (or as otherwise duly authorised) shall be binding on all the Banks and the Working Capital Bank.
Any other facilities or financial accommodation made available under the Working Capital Facility shall be charged to the relevant Borrower by the Working Capital Bank in accordance with its customary rates or scales as notified to the Borrower from time to time.
Guarantee will be issued under which a claim could be made at a time after the Working Capital Repayment Date in relation to the Working Capital Facility unless the Working Capital Bank (in its sole discretion and upon such terms as it reasonably requires) agrees otherwise.
Interest under Clause 9.2.1 on amounts outstanding by way of overdraft under the Working Capital Facility shall be paid by the relevant Borrower to the Working Capital Bank, on the Working Capital Bank's usual quarterly charging days and the Working Capital Repayment Date and will accrue from day to day on the basis of actual days elapsed and a year of 365 days (in the case of Sterling borrowings) or 360 days (in the case of Canadian Dollar or Optional Currency (other than Sterling) borrowings).
As soon as practicable after receipt of a Utilisation Notice in respect of a Bank Guarantee complying with the terms of this Agreement, the Agent shall notify the Working Capital Bank and, subject to clause 3, the Working Capital Bank shall issue the Bank Guarantee on the Utilisation Date.
At or prior to the Closing Date, Borrower shall establish and maintain the Working Capital Account as a segregated Eligible Account pursuant to the terms of the Working Capital Account Agreement with the Working Capital Bank, which such Working Capital Account shall be in trust for the benefit of Lenders and shall be under the sole dominion and control of Borrower prior to an Event of Default and thereafter, Administrative Agent, for the benefit of Lenders.
None of the Arrangers, the Agent or the Security Trustee shall have any duty or responsibility, either initially or on a continuing basis, to provide any Bank or the Working Capital Bank with any credit or other information with respect to the Obligors or GTS Creditors whether coming into its possession before the making of any Advance or the issue of any Bank Guarantee or at any time or times thereafter, other than (in the case of the Agent) as provided in clause 19.3.1.
None of the Agent, or the Arrangers or the Security Trustee shall, however, have any duties, obligations or liabilities (whether fiduciary or otherwise) to the Banks or the Working Capital Bank beyond those expressly stated in this Agreement or any other Finance Document.
If the office through which a Bank lending or the Working Capital Bank is issuing is changed pursuant to this clause 18.7, such Bank or the Working Capital Bank (as the case may be) shall notify the Agent and the Original Borrower promptly of such change.
If the Agent receives such notification from a Lender or the Working Capital Bank it shall notify the Parent and that Obligor.