Operation of Accounts Clause Samples
The 'Operation of Accounts' clause defines the rules and procedures governing how accounts are managed and used under an agreement. It typically outlines who is authorized to operate the account, the permitted types of transactions, and any restrictions or requirements for withdrawals, deposits, or transfers. For example, it may specify that only designated signatories can authorize payments or that certain transactions require dual approval. This clause ensures clarity and control over account activities, reducing the risk of unauthorized transactions and disputes between parties.
Operation of Accounts. You authorise us to and we may (but shall not be obliged to):
(a) honour and comply with all cheques, drafts, orders to pay, bills of exchange, promissory notes and all other orders for payment whatsoever expressed to be drawn, signed, accepted, endorsed, made or given by you or on your behalf drawn upon or addressed to or made payable by us, whether your Account is in credit or debit or may become overdrawn as a result thereof (but always without prejudice to our right to refuse any overdraft or increase of overdraft beyond any limit as may be prescribed by us from time to time);
(b) honour and comply with all Instructions given or purported to be given by you or your Authorised Agent, whether to withdraw monies from any of your Accounts, deliver, dispose of or deal with any Asset, purchase, sell or otherwise deal in any Investment or undertake any other Transaction in relation to your Accounts; and
(c) make available to you any Credit Facilities and, by way of security, accept as duly signed or executed on your behalf (whether in writing or by electronic means as prescribed by the Bank) any document creating or evidencing any charge, mortgage, pledge or other security interest whatsoever over or in respect of any Asset, provided that each such document shall have been signed by or, in our determination, appears to have been signed by, you or your Authorised Agent (whether in writing or by electronic means as prescribed by the Bank).
Operation of Accounts. The Agent shall maintain in its books at the Agency Branch a record of the Loan Obligations, including the Bankers’ Acceptances issued by the Borrower, attesting as to the total of the Borrower’s indebtedness to the Lenders in accordance with the provisions hereof and with the provisions of the Security Documents. These accounts or registers shall constitute, in the absence of manifest error, prima facie proof of the total amount of the indebtedness of the Borrower to the Lenders in accordance with the provisions hereof and of the Security Documents, of the date of any Advance made to the Borrower and of the total of all amounts paid by the Borrower from time to time with respect to principal and interest owing on the Loan Obligations and the fees and other sums payable in accordance with the provisions hereof or of the Security Documents.
Operation of Accounts. 2.1. You acknowledge and agree that:
(i) all moneys held for you in the Accounts will be held by us as banker and not as trustee (or in Scotland as agent); and
(ii) as a result, such moneys will not be held in accordance with the CBOI Client Asset Regulations.
2.2. We are authorised:
(i) to honour all cheques, orders to pay, bills of exchange and promissory notes expressed to be drawn, signed, accepted or made by or on behalf of you, drawn upon or addressed to or payable at us, whether your relevant Account is in credit or in debit or may thereby become overdrawn or otherwise, except to the extent that overdrafts are not permitted under the terms of the Agreement or any applicable Transaction Document;
(ii) to honour any orders to withdraw any or all monies on any deposit or other Account or any instructions to deliver or dispose of any of your securities, documents or other property held by us from time to time whether by way of security, safe custody or otherwise, using any clearing system that we deem appropriate;
(iii) to act on any instruction with regard to the purchase or sale of foreign exchange, to accept and act on any application for the issue of a letter of credit and any instructions in relation to any letter of credit and to act on any instructions with regard to any other transactions of any kind with regard to any such Account, in every case under this Clause 2.2(iii), whether the relevant Account is in credit or in debit or may thereby become overdrawn or otherwise, unless otherwise agreed by us in writing or where so acting would conflict with the terms of the Agreement;
(iv) to rely solely on the identifying number of any account, intermediary or beneficiary’s bank provided to us, even if it differs from the name of the account or bank; and
(v) to rely and act on any advice from you regarding monies which you expect to be received for credit to any Account, PROVIDED THAT in each case the instructions are:
Operation of Accounts. Member accounts in this Credit Union are federally insured by the National Credit Union Share Insurance Fund.
Operation of Accounts. (a) The Borrower, GDS Suzhou and the Guarantor shall:
(i) maintain the Accounts; and
(ii) establish or cause to be established any other accounts if such account(s) is/are required to be opened under any applicable laws or regulations or at the request of any Governmental Agency; provided that any such account(s) must be opened with the Account Bank unless otherwise required by the applicable laws or regulations or the relevant Governmental Agency, in each case on terms consistent with the principles applicable under the then existing Finance Documents and subject to any terms and conditions the Facility Agent may reasonably specify.
(b) The Borrower, GDS Suzhou or the Guarantor shall provide the Facility Agent a breakdown showing the sources and purposes of amounts received in each Receiving Account on each Waterfall Date.
(c) The Borrower shall ensure no other accounts may be maintained by the Borrower with any other banks or other financial institutions (other than the Account Bank) during the life of the Loans except for the Existing Accounts, and the Borrower shall close the relevant Existing Account by the time as set out in rightmost column in Schedule 8 (List of Existing Accounts).
(d) The Borrower, GDS Suzhou and the Guarantor shall ensure, after 60 days from the date of this Agreement, no any amounts under the Service Contracts may be paid into any other account (other than a Receiving Account).
(e) Upon the occurrence of an Event of Default, the Security Agent shall be entitled without any prior notice to or consent from the Borrower, GDS Suzhou or the Guarantor or any other person, to offset and apply any or all of the funds in any or all of the Accounts, in its sole discretion and without limitation, to reduce the Secured Liabilities. The Borrower, GDS Suzhou and the Guarantor shall fully cooperate with the Security Agent in the exercise of such rights to the extent the exercise of such rights does not conflict with any applicable law or regulation or any Finance Documents. The rights of the Security Agent in this Clause 18 (Cash Management) shall be in addition to all other rights and remedies provided to the Security Agent in the Finance Documents.
(f) Notwithstanding any other provisions of this Clause 18 (Cash Management), the insufficiency of funds on deposit in any Account at any time shall not relieve any Obligor Party from the obligation to make any payments as and when due, whether due pursuant to the Finance Documents or otherwise, a...
Operation of Accounts. Administrator shall operate all disbursement accounts in accordance with the Account Guidelines.
Operation of Accounts. The Finnvera Facility Agent shall maintain in its books at the Finnvera Facility Agency Branch a record of the Term Loan attesting as to the total of the Borrower’s indebtedness to the Tranche A Lenders. These accounts or registers shall constitute, in the absence of manifest error, prima facie proof of the total amount of the indebtedness of the Borrower to the Tranche A Lenders, of the date of any Tranche A Advance made to the Borrower and of the total of all amounts paid by the Borrower from time to time with respect to principal and interest owing on the Term Loan and the fees and other sums payable in connection with the Finnvera Term Facility.
Operation of Accounts. ADMINISTRATOR and SDI shall operate all disbursement accounts in accordance with the Account Guidelines.
Operation of Accounts. Unless an Event of Default has occurred and is continuing, the Accounts shall not be blocked and, without prejudice to the security interest created pursuant to this Pledge Agreement, the Pledgor shall be allowed to continue to operate the Accounts and exercise all rights and powers in respect of the Accounts. Following the occurrence of an Event of Default and provided that such Event of Default is continuing, this authorisation may at any moment be revoked by the Collateral Agent by giving written notice to the Account Bank, with a copy to the Pledgor.
Operation of Accounts. (a) The Bank, at its sole discretion, is hereby authorized to act on Instructions, instruments or documents drawn or accepted in accordance with the instructions given in the Account Application or by attorney(s) duly authorized by the Customer without making any enquiry until such time as the Customer gives the Bank written notice to the contrary.
(b) The Customer understands that the Bank acts only as the Customer’s collecting agent and assumes no responsibility for the realisation of any items deposited with the Bank for collection. The Customer hereby authorizes the Bank to accept for safekeep- ing, collection or for any other purpose, any securities or other property deposited with the Bank or received from the Customer.
(c) Where applicable, the Customer undertakes to advise the Bank immediately of any change in their constitution, legal status, and any other information relevant to their legal existence, status and business activities and periodically provide the Bank with copies of the such documents the Bank may request from time to time in this connection.
(d) The Bank reserves the right to request evidence of the Customer details. All written notices, statements and other information will be sent to the address of the first named Customer and be deemed to be duly received by the Customer(s).
(e) The Bank reserves the right to request additional information and/or documenta- tion of the Customer. The Bank may also ask the Customer to provide proof of the source of any funds deposited or the underlying transaction for any entry in the Account and delay processing any Transaction until such proof is provided.
(f) The Customer acknowledges that the Bank’s records alone will be conclusive and binding in case of any dispute.
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