Change of Account Bank Clause Samples
The Change of Account Bank clause establishes the conditions and procedures under which a party may switch the designated bank account used for payments or other financial transactions under the agreement. Typically, this clause requires the party wishing to change its account bank to provide advance written notice to the other party, along with updated account details, and may specify a minimum notice period or require consent. Its core practical function is to ensure continuity and accuracy in financial transactions, minimizing the risk of misdirected payments and maintaining clear communication between parties regarding banking arrangements.
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Change of Account Bank. (a) Any Account Bank may be changed to another bank in the Territory and additional banks in the Territory may be appointed as Account Banks if the Chargor and the Collateral Agent so agree.
(b) Without prejudice to Clause 5.2(a), the Chargor may only open an account in replacement of a Security Account with a new Account Bank after the proposed new Account Bank agrees with the Collateral Agent and the Chargor, in a manner satisfactory to the Collateral Agent, to fulfil the role of the Account Bank under this Deed.
(c) If there is a change of Account Bank, the net amount (if any) standing to the credit of the Security Accounts maintained with the old Account Bank will be transferred to the corresponding Security Accounts maintained with the new Account Bank immediately upon the appointment taking effect and the Chargor and the Collateral Agent hereby irrevocably give all authorisations and instructions necessary for any such transfer to be made.
(d) The Chargor:
(i) must take any action which the Collateral Agent may require to facilitate a change of Account Bank in accordance with the preceding provisions of this Clause and any transfer of credit balances (including the execution of bank mandate forms); and
(ii) irrevocably appoints the Collateral Agent as its attorney to take any such action if the Chargor should fail to do so.
(e) The Chargor shall not, during the subsistence of this Deed, without the Collateral Agent’s prior consent, permit or agree to any variation of the rights attaching to any Security Account or close any Security Account unless permitted under the Credit Agreement.
(f) The Chargor agrees that it shall, immediately following the opening or designation of any Net Cash Proceeds Account by the Chargor, notify each of the Collateral Agent and the relevant Account Bank of such opening or designation (including all relevant account details).
Change of Account Bank. If there is any change in the identity of the Account Bank, the Cash Manager, the Mortgages Trustee, Funding 1, Funding 2, the Funding 1 Security Trustee and the Funding 2 Security Trustee shall execute such documents and take such actions as the new Account Bank and the outgoing Account Bank, the Funding 1 Security Trustee and the Funding 2 Security Trustee may require for the purpose of vesting in the new Account Bank the rights and obligations of the outgoing Account Bank and releasing the outgoing Account Bank from its future obligations under this Agreement.
Change of Account Bank. 17.1 Any legal entity (i) into which the Account Bank and/or the Cash Administrator may be merged or converted, (ii) with which the Account Bank and/or the Cash Administrator may be consolidated, (iii) to which the business of the Account Bank and/or the Cash Administrator is transferred, (iv) with which the Account Bank and/or the Cash Administrator agrees to transfer its respective rights and obligations hereunder, or (v) which results from any merger, conversion, consolidation or transfer to which the Account Bank and/or the Cash Administrator shall be a party shall, subject to the Conditions and to the extent permitted by applicable law, be the successor Account Bank or the Cash Administrator (as the case may be) under this Agreement without any further formality, and after such effective date all references in this Agreement to the Account Bank and/or the Cash Administrator shall be deemed to be references to such corporation and, by virtue of a transfer by novation, such successor shall acquire and become subject to the same rights and obligations under this Agreement as Account Bank or as Cash Administrator as if the successor had entered into this Agreement on or about the Signing Date. Notice of any such merger, conversion, consolidation or transfer shall forthwith be given by the Account Bank and/or the Cash Administrator to the Issuer and the Security Trustee.
17.2 The Account Bank and/or the Cash Administrator is entitled to notify the Issuer and the Security Trustee in writing that the Account Bank and/or the Cash Administrator intends to resign as Account Bank and/or as Cash Administrator, as applicable. Within a period of one month upon receipt of such resignation notice or under the prerequisites of Clause 13 (Accounts) of the Trust Agreement, the Account Bank and/or the Cash Administrator, as applicable, shall be replaced by a Successor Bank as provided for in Clause 13 (Accounts) of the Trust Agreement. If within this period none of the measures set out under Clause 13 (Accounts) of the Trust Agreement is taken, the Issuer shall terminate the Account Agreement, provided that such termination shall not take effect until the transition of the Issuer's banking arrangements and has been completed as set out in Clause 21 (Termination).
Change of Account Bank. Any Account Bank may be changed to another bank in the Territory and additional banks in the Territory may be appointed as Account Banks if the Chargor and the Collateral Agent so agree.
Change of Account Bank. If there is any change in the identity of the Master Issuer Account Bank, then the Master Issuer Cash Manager, the Master Issuer, the Master Issuer Security Trustee and any other existing Master Issuer Account Bank shall execute such documents and take such actions as the new Master Issuer Account Bank, the retiring Master Issuer Account Bank and the Master Issuer Security Trustee may require for the purpose of vesting in the new Master Issuer Account Bank the rights and obligations of the retiring Master Issuer Account Bank and releasing the outgoing Master Issuer Account Bank from its future obligations under this Agreement.
Change of Account Bank. (a) The Account Bank may be changed to another bank or financial institution if the Agent so requires.
(b) A change only becomes effective upon the proposed new Account Bank agreeing with the Agent and the Chargor, in a manner satisfactory to the Agent, to fulfil the role of the Account Bank under this Deed.
(c) In the event of a change of Account Bank, the amount (if any) standing to the credit of the Security Accounts maintained with the old Account Bank shall be transferred to the corresponding Security Accounts maintained with the new Account Bank forthwith upon the appointment taking effect. The Chargor shall take any action which the Agent may require to facilitate a change of Account Bank and any transfer of credit balances (including the execution of bank mandate forms).
Change of Account Bank. (a) The Account Bank may be changed to another bank or financial institution if the Lender so reasonably requires.
(b) A change only becomes effective when the proposed new Account Bank agrees with the Lender and the Chargor, in a manner satisfactory to the Lender, to fulfil the role of the Account Bank under this Deed.
(c) If there is a change of Account Bank, the amount (if any) standing to the credit of the Security Accounts maintained with the old Account Bank will be transferred to the corresponding Security Accounts maintained with the new Account Bank immediately upon the appointment taking effect.
(d) The Chargor must take any action which the Lender may require to facilitate a change of Account Bank and any transfer of credit balances (including the execution of bank mandate forms).
Change of Account Bank. The Borrower may not at any time change the Account Bank without the prior written consent of the Lender.
Change of Account Bank. In the event of a change of Account Bank in accordance with the Credit Agreement, the amount (if any) standing to the credit of the Security Account maintained with the old Account Bank shall be transferred to the corresponding Security Account maintained with the new Account Bank forthwith upon the appointment taking effect. The Chargor shall take any action which the Security Agent may reasonably require to facilitate such change of Account Bank and any transfer of credit balances (including the execution of bank mandate forms).
Change of Account Bank. If, in accordance with the terms of the Spanish Account Bank Agreement, (a) the Spanish Servicer or Dutch FleetCo wishes to terminate the appointment of the Dutch FleetCo Spanish Account Bank and/or the Dutch FleetCo Spanish Account Bank Operator, or (b) the Dutch FleetCo Spanish Account Bank at which the Dutch FleetCo Spanish Bank Accounts are held and/or the Dutch FleetCo Spanish Account Bank Operator tenders its resignation in accordance with the terms of clause 13.3 (Resignation of Dutch FleetCo Spanish Account Bank or Dutch FleetCo Spanish Account Bank Operator) of the Spanish Account Bank Agreement, the Spanish Servicer shall ensure that:
(i) in the case of paragraph 3.1.1
(a) Dutch FleetCo obtains the prior written consent of the FleetCo Security Agent to effect such termination (such consent not to be unreasonably delayed or withheld by the FleetCo Security Agent), and, following the receipt of such consent, provides written notice of such termination to the relevant Dutch FleetCo Spanish Account Bank and Dutch FleetCo Spanish Account Bank Operator not less than 30 (thirty) days prior to the proposed date of such termination;
(ii) Dutch FleetCo appoints a successor to the relevant Dutch FleetCo Spanish Account Bank in accordance with clause 13.7 (Successor Dutch FleetCo Spanish Account Bank and Dutch FleetCo Spanish Account Bank Operator) of the Dutch FleetCo Spanish Account Bank Agreement; and
(iii) Dutch FleetCo transfers the Dutch FleetCo Spanish Bank Accounts to a successor Account Bank.