Facility Account Clause Samples
A Facility Account clause defines the specific bank account or accounts designated for the management of funds related to a particular financial facility, such as a loan or credit arrangement. Typically, this clause outlines where loan proceeds will be disbursed, where repayments must be made, and may specify requirements for the account, such as being held with a particular bank or under the lender's control. By clearly identifying the relevant account(s), the clause ensures that all parties know where funds should be transferred, reducing the risk of misdirected payments and facilitating smooth financial administration of the facility.
Facility Account. The Facility will have its own retail account that will be established in the name of the Project Sponsor or one of the Customers. The person in whose name such account is established shall be responsible for payment of any charges associated with this account, including, but not limited to, any charges that are fixed amounts or calculated on units other than kilowatt-hours.
Facility Account. (a) Each of the Collateral Management Agent and the relevant Borrower shall have signing rights on a Facility Account.
(b) All Loans utilised by a Borrower under Facility A and Facility B shall be paid by the Facility Agent to the relevant Facility Account.
(c) The Borrower irrevocably authorises the Facility Agent to apply amounts credited to the Facility Account to meet the Borrower's payment obligations under Facility A and Facility B.
Facility Account. The Trustee, for the benefit of the Series 1998-1 Noteholders, shall establish and maintain an account (the "Series 1998-1 Facility Account") as a segregated trust account in the Trustee's corporate trust department, identified as the "Facility Account for Advanta Master Asset-Backed Facility Agreement, in trust for the Series 1998-1 Noteholders." The Trustee shall make or permit withdrawals from the Series 1998-1 Facility Account only as provided in this Series 1998-1 Supplement.
Facility Account. The Lender shall open a Euro facility account in the name of the Borrower, designated “Facility Account". Each Borrowing made hereunder shall be debited to the Facility Account, in accordance with this Agreement, value the date of payment of such Borrowing. Repayments and prepayments shall be applied to the Facility Account accordingly.
Facility Account. The obligation of the Company to repay the Revolving Loans and to reimburse the Bank for all amounts drawn under Letters of Credit (together with appropriate fees, commissions, interest and other expenses with regard to all of the foregoing) shall be evidenced by an account or accounts maintained by the Bank on its books (collectively, the "Facility Account"). The Company hereby authorizes the Bank to record in the Facility Account (i) the principal amount and the date of each Revolving Loan, (ii) the interest rates applicable to each Revolving Loan and the effective dates of all changes in such rates, (iii) the date of issue, the date of expiration and the face amount of, and all fees and commissions payable with respect to, each Letter of Credit, (iv) the date of payment and the face amount of,-and all fees and commissions payable with respect to, each sight draft presented to and paid by the Bank which is drawn under a Letter of Credit, (v) the date of creation, the date of maturity and the face amount of, and all fees and commissions payable with respect to, each usance draft presented to and accepted by the Bank which is drawn under a Commercial L/C, (vi) the date of incurrence, the date of maturity and the face amount of, and all fees and commissions payable with respect to, each deferred payment obligation incurred by the Bank under a Letter of Credit which provides for deferred payment, (vii) the date and amount of each payment of principal, interest, reimbursement obligations, fees, commissions or other expenses made by or on behalf of the Company with respect to any of the Facilities, and (viii) such other matters as the Bank shall deem necessary or desirable for the computation of amounts required to be paid by the Company under this Agreement or the other Facility Documents. The Company agrees that all notations made by the Bank in the Facility Account shall constitute prima facie evidence of the matters noted.
Facility Account. The obligation of the Company to repay the Revolving Loans and to pay interest thereon as herein provided shall be evidenced by an account or accounts maintained by the Bank on its books (collectively, the "Facility Account"). The Company hereby authorizes the Bank to record in the Facility Account:
(i) The principal amount and the date of each Revolving Loan;
(ii) The interest rates applicable to each Revolving Loan and the effective dates of all changes in such rates;
(iii) The date and amount of each payment of principal, interest or other expenses made by or on behalf of the Company with respect to each Revolving Loan; and
(iv) Such other matters as the Bank shall deem necessary or desirable for the computation of amounts The Company agrees that all notations made by the Bank in the Facility Account shall constitute prima facie evidence of the matters noted.
Facility Account. Upon payment in full of the Series 1998-1 Notes, any balance remaining in the Residual Account, after all obligations to the Noteholders hereunder have been fully satisfied, shall be paid to reimburse the Trustee for any amounts owing to it arising from the performance of its obligations under the Master Agreement and this Series 1998-1 Supplement and, then, to the ALRC IV.
Facility Account. The Company shall open and maintain on its books a facility account in Disney's name and showing the making of Advances, the accrual of interest, the recovery of Advances and accrued interest, and other amounts due and sums paid hereunder. Such facility account shall be prima facie evidence as to the amounts at any time due hereunder, absent manifest error.
Facility Account. The obligation of the Company to repay the Revolving Loans and to pay interest thereon as herein provided shall be evidenced by an account or accounts maintained by the Bank on its books (collectively, the "Facility Account"). The Company hereby authorizes the Bank to record in the Facility Account: (a) The principal amount and the date of each Revolving Loan
Facility Account account of the Borrower for the Facility to be transferred with the following details: Credit Suisse ▇▇ ▇▇▇ ▇▇▇ ▇▇-▇▇▇▇ ▇▇▇▇▇▇ Swift: CRES CH ZZ 80A Attn. Babak Dastmaltschi For acct of: ▇▇▇▇▇▇▇▇▇ Holdings Ltd Acct Nr. ▇▇▇▇-▇▇▇▇▇▇-▇▇ USD correspondent bank: Bank of ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇/▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ ABA number 021 000 018 Swift: ▇▇▇▇▇▇▇▇ or other account of the Borrower as may be supplied by the Borrower later on; «Interest» means interest of 5 % (five per cent) per annum; «Lender’s Account» - account of the Lender for the Facility to be repaid with the following details: Credit Suisse ▇▇ ▇▇▇ ▇▇▇ ▇▇-▇▇▇▇ ▇▇▇▇▇▇ Swift: CRES CH ZZ 80A Attn. Babak Dastmaltschi In favor of Kanton Services Limited Acct Nr. ▇▇▇▇-▇▇▇▇▇▇-▇ USD correspondent bank: Bank of ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇/▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ Swift: ▇▇▇▇▇▇▇▇ «Taxes» includes all present and future federal and municipal taxes, levies, imposts, duties, fees or charges of whatever nature together with penalties and interest in respect thereof; and «Taxation» shall be construed accordingly.