Common use of Change of Account Bank Clause in Contracts

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 Agent so agrees or 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 AgentAgent and the Chargor, 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 reasonably require to facilitate a change of Account Bank and any transfer of credit balances (including the execution of bank mandate forms).