Collecting Bank Sample Clauses

Collecting Bank. (e) The Borrower shall give notice of each removal of the Agent and each appointment of a Collecting Bank by mailing written notice of such event within 15 days thereof by certified mail, return receipt requested, postage prepaid, to Lakes. Each notice shall include the name of the Collecting Bank and the address of its principal corporate trust office.
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Collecting Bank. (c) Subject to subsection (a) above, the Agent may be removed at any time by an instrument in writing executed by the Borrower (so long as a Notice of Exclusive Control has not been issued by Lakes to the Agent) and Lakes delivered to the Agent.
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Collecting Bank a banking institution to which the Bank will send a Collection Order and thorough which the collection will be performed and/or designation of a Presenting Bank if the Presenting Bank is not designated.
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Collecting Bank a banking institution to which the Bank will send a Collection Order and thorough which the collection will be performed and/or designation of a Presenting Bank if the Presenting Bank is not designated. Collection Order - a notice sent to the Remittee describing the instructions received from the Customer in return for the performance of which the Remittee will be transferred Commercial Documents. Commission Fee – payments established by the Bank to the Customer for the use of Collection within and under the Agreement, the amount and terms of payment of which shall be determined in accordance with the provisions of the Agreement. Goods - material property not removed from turnover in the manner prescribed by the Legislation. Specific Terms and Conditions – the terms and conditions set forth in Annex 1 to the Collection Agreement, including any additions and modifications thereto (if any). Force Majeure – acts of God, fire, hostilities, administrative and legal acts and/or other circumstances insurmountable for the Bank and beyond its control, which: a) are not connected with the Bank’s errors or negligence, b) started or developed after entering into force of the Agreement and c) affect directly on the full and/or proper fulfillment of obligations assumed under the respective agreement. Subsidiary – with respect to a Person, any other company at least 50% (fifty percent) of shares, stocks and/or votes of which are owned directly or indirectly or otherwise managed by this Person. Presenting Bank - a banking institution designated by the Bank or Collecting Bank that submits a Collection Order to the Remittee and/or ensures the Collection Payment and/or performance of other conditions against the Collection Document. Agreement – a) Collection Agreement; (b) Annex 1 (Specific Terms and Conditions) to the Collection Agreement; (c) Annex N2 (Additional Terms and Conditions) to the Collection Agreement, if any, (d) any additional attachment/application (if any) that will be concluded/submitted in the future by the Customer with respect to the Agreement, as amended and supplemented periodically and (e) Other associated agreement/other agreement associated with the Agreement. ICC Uniform Rules – the International Chamber of Commerce uniform rules established for collection - URC 522, 1995 edition or other edition defined by the Agreement/Collection Order as amended and supplemented. SWIFT - international interbank communication system (network) via which commercial...
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Collecting Bank. Any bank handling a check for Forward Collection, except the Paying Bank.
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Collecting Bank. The Borrower shall issue, and shall cause the Subsidiary Borrowers to issue, to the Collecting Banks irrevocable letters of instruction, in form and substance satisfactory to the Agent, directing the Collecting Banks, upon receipt of instructions ("Blockage Notices") to do so from the Agent, thenceforth to transfer all funds then and thereafter deposited in the Collecting Banks solely to the Agent, either to any account maintained by the Agent at the Collecting Bank or by wire transfer to appropriate account(s) of the Agent, and not to the Borrower or any Subsidiary. All funds deposited in such "blocked account" shall immediately become Collateral and the Borrower shall use its best efforts to obtain the agreement by the Collecting Bank to waive any offset rights against the funds so deposited. Agent assumes no responsibility for such "blocked account" arrangement, including without limitation, any claim of accord and satisfaction or release with respect to deposits accepted by the Collecting Bank thereunder. Alternatively, upon the issuance of a Blockage Notice, Agent may establish depository accounts in the name of Agent at a bank or banks for the deposit of such funds and Borrower shall deposit all proceeds of Receivables, dividends and other sums paid to Borrower by the Subsidiaries or cause same to be deposited, in kind, in such depository accounts of Agent in lieu of depositing same to the blocked accounts. Except as otherwise contemplated in Section 13.2 hereof, Agent will credit all such payments to Borrower's Loan Account, conditional upon final collection; credit will be given for cleared funds received prior to 1:00 p.m. Eastern Standard or Daylight Savings Time, by Agent at its account at the First National Bank of Chicago (or such other account of Agent as it shall designate in writing to Borrower), two (2) Business Days after such receipt thereof and until receipt by Agent at such address, no credit will be given. In all cases, Borrower's Loan Account will be credited only with the net amounts actually received by Agent. Should any check or item of payment not be honored for payment, then, Borrower shall be deemed not to have made such payment, and interest shall be recalculated accordingly. Any prepayment of any LIBOR Loan shall be accompanied by payment of any amounts required under Section 5.4 (b) hereof. Borrower agrees to pay to Agent any and all out-of-pocket fees, costs and expenses which Agent incurs in connection with opening and mai...
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Collecting Bank shall acknowledge and agree, in a manner satisfactory to Agent, that from and after the date Collateral Agent (with the prior consent of Agent) delivers a notice (a "Redirection Notice") to such U.K. ------------------
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Collecting Bank. U.K. Borrower hereby agrees that, from and after the delivery of a Redirection Notice, all payments made to such U.K. Blocked Accounts or otherwise received by Agent, Collateral Agent or Funding Agent and whether on the Accounts of U.K. Borrower or as proceeds of other Collateral of U.K. Borrower or otherwise will be the sole and exclusive property of Collateral Agent, for the benefit of Agent and Lenders. U.K. Borrower shall irrevocably instruct each U.K. Collecting Bank to promptly transfer all payments or deposits to the U.K. Blocked Accounts into Agent's Account from and after the delivery of a Redirection Notice. If any Borrower, or any of their respective Affiliates, employees, agents or other Person acting for or in concert with such Borrower, shall receive any monies, checks, notes, drafts or any other payments relating to and/or proceeds of Accounts of U.K. Borrower or other Collateral of U.K. Borrower, such Borrower or such Person shall hold such instrument or funds in trust for Collateral Agent for the benefit of Agent and Lenders, and, immediately upon receipt thereof, shall remit the same or cause the same to be remitted, in kind, to the U.K. Blocked Accounts or to Agent at its address set forth in subsection 10.3 below. ---------------
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Collecting Bank. The Borrower shall not nor shall the Borrower suffer or permit any Domestic Subsidiary to terminate, alter or suffer or permit to be terminated or to lapse any such lock box agreement.
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Related to Collecting Bank

  • Bank The Buyer (a) is a national bank or banking institution organized under the laws of any State, territory or the District of Columbia, the business of which is substantially confined to banking and is supervised by the State or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least $25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto.

  • Successor Administrative Agent and Collateral Agent (a) Administrative Agent and Collateral Agent may resign at any time by giving thirty (30) days’ prior written notice thereof to Lxxxxxx and Bxxxxxxx. Upon any such notice of resignation, Requisite Lenders shall have the right, upon five (5) Business Days’ notice to Bxxxxxxx, to appoint a successor Administrative Agent and Collateral Agent; provided that in no event shall any such successor Agent be a Defaulting Lender. Upon the acceptance of any appointment as Administrative Agent and Collateral Agent hereunder by a successor Administrative Agent and Collateral Agent, that successor Administrative Agent and Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent and Collateral Agent and the retiring Administrative Agent and Collateral Agent shall promptly (i) transfer to such successor Administrative Agent and Collateral Agent all sums, Securities and other items of Collateral held under the Collateral Documents, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Administrative Agent and Collateral Agent under the Loan Documents, and (ii) execute and deliver to such successor Administrative Agent and Collateral Agent such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Administrative Agent and Collateral Agent of the security interests created under the Collateral Documents, whereupon such retiring Administrative Agent and Collateral Agent shall be discharged from its duties and obligations hereunder. After any retiring Administrative Agent’s and Collateral Agent’s resignation hereunder as Administrative Agent and Collateral Agent, the provisions of this Article X shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent and Collateral Agent hereunder.

  • Security Agent (a) Each other Finance Party appoints the Security Agent to act as its agent and (to the extent permitted under any applicable law) trustee under and in connection with the Security Documents and confirms that the Security Agent shall have a lien on the Security Documents and the proceeds of the enforcement of those Security Documents for all moneys payable to the beneficiaries of those Security Documents.

  • Collateral Agent (a) The Trustee and each of the Holders by acceptance of the Notes hereby designates and appoints the Collateral Agent as its agent under this Indenture, the Collateral Documents and the Intercreditor Agreements and the Trustee and each of the Holders by acceptance of the Notes hereby irrevocably authorizes the Collateral Agent to take such action on its behalf under the provisions of this Indenture, the Collateral Documents and the Intercreditor Agreements and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Indenture, the Collateral Documents and the Intercreditor Agreements, and consents and agrees to the terms of the Intercreditor Agreements and each Collateral Document, as the same may be in effect or may be amended, restated, supplemented or otherwise modified from time to time in accordance with their respective terms. The Collateral Agent agrees to act as such on the express conditions contained in this Section 12.9. The provisions of this Section 12.9 are solely for the benefit of the Collateral Agent and none of the Trustee, any of the Holders nor any of the Grantors shall have any rights as a third party beneficiary of any of the provisions contained herein other than as expressly provided in Section 12.4. Each Holder agrees that any action taken by the Collateral Agent in accordance with the provision of this Indenture, the Intercreditor Agreements and the Collateral Documents, and the exercise by the Collateral Agent of any rights or remedies set forth herein and therein shall be authorized and binding upon all Holders. Notwithstanding any provision to the contrary contained elsewhere in this Indenture, the Collateral Documents and the Intercreditor Agreements, the duties of the Collateral Agent shall be ministerial and administrative in nature, and the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the other Notes Documents to which the Collateral Agent is a party, nor shall the Collateral Agent have or be deemed to have any trust or other fiduciary relationship with the Trustee, any Holder or any Grantor, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture, the Collateral Documents and the Intercreditor Agreements or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Indenture with reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

  • LENDER The term “Lender” shall mean the holder of any promissory note or other evidence of indebtedness secured by the Property or any portion thereof.

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