Common use of Change of Account Bank Clause in Contracts

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).