Operating Bank Clause Samples
The 'Operating Bank' clause designates the specific financial institution responsible for handling the primary banking activities related to the agreement, such as receiving payments, processing disbursements, or managing escrow accounts. This clause typically identifies the bank by name and may outline the procedures for changing the designated bank if necessary. By clearly specifying which bank will be used for operational transactions, the clause ensures consistency, reduces confusion, and streamlines the financial processes between the parties.
Operating Bank. (a) If at any time the Person acting as the Operating Bank is no longer the Security Trustee, the Security Trustee shall so notify the Administrative Agent, the Trustee and the Issuer, and the Security Trustee shall cause the Administrative Agent to establish and maintain the Security Trustee Accounts with the Person then acting as the Security Trustee as provided in the Administrative Agreement and the Person then acting as the Security Trustee shall assume the obligations of the Operating Bank under this Agreement.
(b) The Operating Bank shall not be liable for any actions taken or omitted to be taken except to the extent of its own gross negligence or willful misconduct (or simple negligence in its handling of funds), and no implied duties shall be deemed to arise against the Operating Bank. The Operating Bank shall be entitled to the rights, privileges, immunities and indemnities afforded to the Security Trustee under this Agreement. The Operating Bank agrees to perform its duties hereunder in accordance with the requirements of, and subject to the limitations of the duties of, a Securities Intermediary under the UCC.
Operating Bank. The Operating Bank shall be the Senior Trustee, initially Bankers Trust Company, located at Four Alba▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇.
Operating Bank. 37 Section 7.08
Operating Bank. The Operating Bank shall be the Senior Trustee, initially Bankers Trust Company.
Operating Bank. The Operating Bank shall be UMB Bank, National Association, located at ▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇.
Operating Bank. Refers to the operating institution of any Syndicate Member Bank listed in this Contract that performs this Contract, including any Operating Bank changed in accordance with Article 18.9 (Change of Operating Bank) of this Contract. Accounting Standards Refers to the Accounting Standards that comply with Chinese laws and regulations and are generally accepted in China.
Operating Bank. If at any time the Person acting as the Operating Bank is no longer the Security Trustee, the Security Trustee shall so notify the Administrative Agent, the Trustee and the Issuer, and the Security Trustee shall cause the Administrative Agent to establish and maintain the Security Trustee Accounts with the Person then acting as the Security Trustee as provided in the Administrative Agreement and the Person then acting as the Security Trustee shall assume the obligations of the Operating Bank under this Agreement.