Common use of Irish VAT Refund Account Clause in Contracts

Irish VAT Refund Account. All payments of refunds with respect to Irish value-added Tax and any similar amounts related to Irish Tax payments payable to the Borrowers or any ACS Group Subsidiary shall be, when received, deposited in the Irish VAT Refund Account. Funds held in the Irish VAT Refund Account shall be converted into U.S. dollars with a recognized foreign exchange dealer or foreign commercial bank (which may be the bank where the Irish VAT Refund Account is located or the Facility Agent or an affiliate). The conversion of currency into U.S. dollars shall be pursuant to the conversion procedures set forth in Section 8.07. Upon conversion and receipt of U.S. dollars, the Administrative Agent shall cause such amounts to be deposited from the Irish VAT Refund Account to the Collections Account as soon as administratively practicable. The cost and expense of any such conversion shall be added to and reflected in the rate obtained for conversion and in no event shall the Administrative Agent or any of its affiliates be liable in respect of the exchange rate obtained for any such conversion or any related cost or expense. All amounts held in the Irish VAT Refund Account from time to time shall remain uninvested pending conversion to U.S. dollars and transfer to the Collections Account.

Irish VAT Refund Account. All payments of refunds with respect to Irish value-added Tax and any similar amounts related to Irish Tax payments payable to the Borrowers Issuer or any ACS Group Issuer Subsidiary shall be, when received, deposited in the Irish VAT Refund Account. Funds held in the Irish VAT Refund Account shall shall, at the direction of the Administrative Agent, be converted into U.S. dollars with a recognized foreign exchange dealer or foreign commercial bank (which may be the bank where the Irish VAT Refund Account is located or the Facility Agent Cash Manager or an affiliate). The conversion of currency into U.S. dollars shall be pursuant to the conversion procedures set forth in Section 8.0712.07. Upon conversion and receipt of U.S. dollars, the Administrative Agent Cash Manager shall cause such amounts to be deposited transferred from the Irish VAT Refund Account to the Collections Account as soon as administratively practicable. The cost and expense of any such conversion shall be added to and reflected in the rate obtained for conversion and in no event shall the Administrative Agent Cash Manager or any of its affiliates be liable in respect of the exchange rate obtained for any such conversion or any related cost or expense. All amounts held in the Irish VAT Refund Account from time to time shall remain uninvested be invested in Permitted Account Investments (at the direction of the Administrative Agent) pending conversion to U.S. dollars and transfer to the Collections Account.