Common use of Clearing Accounts Clause in Contracts

Clearing Accounts. (a) Each US$ Bank irrevocably authorizes the Administrative Agent and CASG to cause such Bank's Clearing Account to be debited as contemplated in Section 2.2 and to cause to be created an overdraft in such account if the balance in such Bank's Clearing Account on a particular Borrowing Date is less than the amount of the U.S. Loan to be made by such Bank on such day. In addition each US$ Bank irrevocably authorizes the Administrative Agent and CASG to cause such Bank's Clearing Account to be credited with its ratable share of payments received by the Administrative Agent from CFC. The Clearing Account of each US$ Bank shall be maintained at its own expense and free of charge to the Administrative Agent, CASG and CFC. (b) The Administrative Agent may at any time in its sole discretion, upon prior notice to CFC and the US$ Banks, discontinue the use of ACH procedures in connection with U.S. R/C Loans made pursuant hereto, and the US$ Banks shall thereafter fund each U.S. Loan required to be made by them hereunder by making available the amount thereof to the Administrative Agent for the account of CFC at the office of the Administrative Agent set forth in Section 12.2 in funds immediately available to the Administrative Agent.

Clearing Accounts. (a) Each US$ Bank irrevocably authorizes the Administrative Agent and CASG to cause such Bank's Clearing Account to be debited as contemplated in Section Sections 2.2 and 2.3 and to cause to be created an overdraft in such account if the balance in such Bank's Clearing Account on a particular Borrowing Date is less than the amount of the U.S. Loan to be made by such Bank on such day. In addition each US$ Bank irrevocably authorizes the Administrative Agent and CASG to cause such Bank's Clearing Account to be credited with its ratable share of payments received by the Administrative Agent from CFC. The Clearing Account of each US$ Bank shall be maintained at its own expense and free of charge to the Administrative Agent, CASG and CFC. (b) The Administrative Agent may at any time in its sole discretion, upon prior notice to CFC and the US$ Banks, discontinue the use of ACH procedures in connection with U.S. R/C Loans made pursuant hereto, and the US$ Banks shall thereafter fund each U.S. Loan required to be made by them hereunder by making available the amount thereof to the Administrative Agent for the account of CFC at the office of the Administrative Agent set forth in Section 12.2 13.2 in funds immediately available to the Administrative Agent.