Treasury Functions. (a) The Manager shall be authorised to operate the Company’s and each Subsidiary’s bank accounts in accordance with such principles therefore as the Board from time to time shall approve. The Manager shall, when specifically authorised to do so by the Board or the board of directors of a Subsidiary, open bank accounts in the Company’s or such Subsidiary’s name and enter into account agreements and all such other contracts or agreements as shall be required for this purpose. (b) The Manager shall develop a cash management policy for the Group, which shall be presented to and approved by the Board, and continuously review the same. The Manager shall furthermore ensure that such policy is implemented. (c) The Manager shall be authorised to collect all amounts due from third parties to the Customers on the Company’s and each Subsidiary’s behalf and shall be responsible for the establishment and implementation of efficient procedures for the purpose of collecting any overdue amounts. (d) The Manager shall arrange for the Customers to settle their debts to third parties as such fall due, always ensuring that amounts due as consideration for goods or services which do not meet required standards of quality or quantity are retained while pursuing a satisfactory solution to any dispute in relation thereto on the Customers’ behalf. (e) The Manager shall settle all inter-company accounts between the Customers and affiliated companies in accordance with such agreements and other basis for payments as shall be in existence from time to time.
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Sources: General Management Agreement, General Management Agreement (North Atlantic Drilling Ltd.)
Treasury Functions. (a) The Manager shall be authorised to open, close and operate the Company’s 's and each Subsidiary’s 's bank accounts in accordance with such principles therefore therefor as the Board from time to time shall approve. The Manager shall, when specifically authorised to do so by the Board or the board of directors of a Subsidiary, open bank accounts in the Company’s or such Subsidiary’s name approve and enter into account agreements and all such other contracts or agreements as shall be required for this purpose.
(b) The Manager shall develop a cash management policy for the Group, which shall be presented to and approved by the Board, and continuously review the same. The Manager shall furthermore ensure that such policy is implementedimplemented in accordance with its terms.
(c) The Manager shall be authorised to collect all amounts due from third parties to the Customers Group on the Company’s and each Subsidiary’s Group's behalf and shall be responsible for the establishment and implementation of efficient procedures for the purpose of collecting any overdue amounts.
(d) The Manager shall arrange for the Customers Company and each Subsidiary to settle their its debts to third parties as such fall due, always ensuring that amounts due as consideration for goods or services which do not meet required standards of quality or quantity are retained while pursuing a satisfactory solution to any dispute in relation thereto on the Customers’ Company or such Subsidiary's behalf.
(e) The Manager shall settle all inter-company accounts between the Customers Company, the Subsidiaries and affiliated companies in accordance with such agreements and other basis for payments as shall be in existence from time to time.
(f) The Manager shall, within limits from time to time set out in a trading mandate and trading manual approved by the Board, be authorised to conclude currency transactions, interest rate fixtures and derivative transactions on the Group's behalf.
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