REPLACEMENT OF OPERATING BANK Sample Clauses

REPLACEMENT OF OPERATING BANK. If at any time the existing Operating Bank ceases to be a Qualified Institution the Trust Cash Manager or, if applicable, any Co-Trust Cash Manager shall notify the Receivables Trustee and the Receivables Trustee shall within 10 Business Days of being notified establish (or direct the Trust Cash Manager or Co-Trust Cash Manager to establish) new Trust Accounts meeting the conditions specified with respect to each such Trust Account with a Qualified Institution which shall become the new Operating Bank, and shall transfer any cash or any investments to such new Trust Accounts. If the Receivables Trustee shall fail to establish the new Trust Accounts as required by this Clause 5.1(d) the Trust Cash Manager or any Co-Trust Cash Manager shall be authorised to establish the Trust Accounts itself.
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REPLACEMENT OF OPERATING BANK. If at any time the existing Operating Bank ceases to be a Qualified Institution, the Operating Bank shall under the terms of the MTN Bank Agreement notify the Issuer and the Trustee and the Issuer or, after the security has become enforceable, the Trustee, as the case may be, shall within 10 Business Days of being notified establish a new Issuer Account in respect of each Issuer Account then established at the existing Operating Bank meeting the conditions specified with respect to each such Issuer Account with a Qualified Institution which shall become the new Operating Bank, and shall transfer any cash or any investments standing to the credit of each existing Issuer Account to the relevant new Issuer Accounts. If the Issuer shall fail to establish the new Issuer Accounts as required by this Clause 6.3, the Trustee shall be entitled to establish the Issuer Accounts itself and to make such transfers on behalf of the Issuer and the Trustee is hereby authorised and empowered (upon such failure by the Issuer) for such purpose to execute and deliver on behalf of the Issuer, as its attorney, all documents, records and other instruments upon the failure of the Issuer to execute or deliver such documents, records or instruments, and to do and to accomplish all other acts or things necessary or appropriate to effect such establishment and transfers.
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Related to REPLACEMENT OF OPERATING BANK

  • Resignation of Operator Subject to Article 4.11, Operator may resign as Operator at any time by so notifying the other Parties at least one hundred and twenty (120) Days prior to the effective date of such resignation.

  • Statement of Operations d. Statement of Changes in Net Assets.

  • Payment of Operating Expenses Subject to the provisions of Section 6.08(c), Borrower will (i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added, and (ii) pay Insurance premiums at least 30 days prior to the expiration date of each policy of Insurance, unless applicable law specifies some lesser period.

  • Cessation of Operations Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

  • Control of Operations Without in any way limiting any party’s rights or obligations under this Agreement, the parties understand and agree that (a) nothing contained in this Agreement shall give Parent or the Company, directly or indirectly, the right to control or direct the other party’s operations prior to the Effective Time and (b) prior to the Effective Time, each of the Company and Parent shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over its operations.

  • Management and Operation of Business 37 6.1 Management...................................................................................37 6.2 Certificate of Limited Partnership...........................................................38 6.3 Restrictions on General Partner's Authority..................................................38 6.4 Reimbursement of the General Partner.........................................................39 6.5

  • Continuity of Operations (1) Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a "Subchapter S Corporation" (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower's stock, or purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

  • Maintenance of Operations The Servicer agrees to continue to operate its distribution system to provide service to its customers so long as it is acting as the Servicer under this Agreement.

  • Definition of Operating Expenses (a) Subject to the exclusions and provisions hereinafter contained, the term "

  • Management Generally (a) The management and control of the Partnership shall be vested in the General Partner; however, the Limited Partners shall have certain rights with respect to certain matters of the Partnership as described in this Agreement. The Limited Partners shall have no authority or right to act on behalf of the Partnership in connection with any matter and shall not engage in any way in the day-to-day business of the Partnership.

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