Treasury Services. Subject to the terms of any pooling arrangements which may exist in relation to the Company and its assets: (a) The Manager may be authorized to operate the Company’s bank accounts in accordance with such principles as the Board from time to time shall approve. Pursuant to such authorization, the Manager may be entitled to open bank accounts in the Company’s name and enter into account agreements and all such other contracts or agreements as shall be required by the banks and others for this purpose. (b) The Manager shall be authorized to collect all amounts due from third parties to the Company on the Company’s behalf and shall be responsible for the establishment and follow-up of efficient procedures for the purpose of collecting any overdue amounts. (c) The Manager shall arrange for the Company to settle its debts and accounts payable to third parties as such fall due, while pursuing a satisfactory solution of any dispute in relation thereto on the Company’s behalf. (d) The Manager shall settle all inter-company accounts between the Company and other companies in the Seadrill Group in accordance with such agreements and other documentation for payments as shall be in existence from time to time.
Appears in 6 contracts
Sources: Management and Administrative Services Agreement, Management and Administrative Services Agreement, Management and Administrative Services Agreement (North Atlantic Drilling Ltd.)
Treasury Services. Subject to the terms of any pooling arrangements which may exist in relation to the Company and its assets:
(a) The Manager may be authorized to operate the Company’s bank accounts in accordance with such principles as the Board from time to time shall approve. Pursuant to such authorization, the Manager may be entitled to open bank accounts in the Company’s name and enter into account agreements and all such other contracts or agreements as shall be required by the banks and others for this purpose.
(b) The Manager shall be authorized to collect all amounts due from third parties to the Company on the Company’s behalf and shall be responsible for the establishment and follow-up of efficient procedures for the purpose of collecting any overdue amounts.
(c) The Manager shall arrange for the Company to settle its debts and accounts payable to third parties as such fall due, while pursuing a satisfactory solution of any dispute in relation thereto on the Company’s behalf.
(d) The Manager shall settle all inter-company accounts between the Company and other companies in the Seadrill Supplement Group in accordance with such agreements and other documentation for payments as shall be in existence from time to time.
Appears in 2 contracts
Sources: Management and Administrative Services Agreement (Torque Lifestyle Brands, Inc.), Management and Administrative Services Agreement (Gentech Holdings, Inc.)
Treasury Services. Subject to the terms of any pooling arrangements which may exist in relation to the Company and its assets:
(a) The Manager may be authorized to operate the Company’s bank accounts in accordance with such principles as the Board from time to time shall approve. Pursuant to such authorization, the Manager may be entitled to open bank accounts in the Company’s name and enter into account agreements and all such other contracts or agreements as shall be required by the banks and others for this purpose.
(b) The Manager shall be authorized to collect all amounts due from third parties to the Company on the Company’s behalf and shall be responsible for the establishment and follow-up of efficient procedures for the purpose of collecting any overdue amounts.
(c) The Manager shall arrange for the Company to settle its debts and accounts payable to third parties as such fall due, while pursuing a satisfactory solution of any dispute in relation thereto on the Company’s behalf.
(d) The Manager shall settle all inter-company accounts between the Company and other companies in the Seadrill Stocksfield Group in accordance with such agreements and other documentation for payments as shall be in existence from time to time.
Appears in 1 contract
Sources: Management and Administrative Services Agreement (BTHC X Inc)