Pool Banker definition
Examples of Pool Banker in a sentence
Not later than 14.30 hours on that day the Pool Funds Administrator shall give instructions to the Pool Banker, which it undertakes not to qualify, withdraw or revoke, to make same day value remittances to the Pool Creditors.
Subject to the agreement of the Pool Banker, the Parties agree promptly to give effect to any amendment to the Funds Transfer Agreement as may be required by the Executive Committee.
The Pool Funds Administrator shall not at any time instruct the Pool Banker to transfer any sum from a Pool Account to another account (not being a Pool Account) unless that account is a Settlement Account.
If, after the Pool Funds Administrator has either debited the Pool Reserve Account or made a call under a Letter of Credit, the Pool Banker receives the remittance which had not been credited to the Pool Clearing Account by 12.30 hours, then such remittance shall be credited to the Pool Reserve Account.
Promptly thereafter the Pool Funds Administrator shall provide the Executive Committee with sufficient copies of the revised Procedures Manual for distribution by the Executive Committee to all Parties, the Pool Auditor, the Pool Banker and the Director.
The Parties acknowledge and agree that if a Pool Debtor becomes aware that a payment for which it is responsible will not be remitted to the Pool Banker by 12.30 hours on the relevant day, and where satisfactory arrangements, as referred to in sub-section 20.3 have not been made, it shall immediately notify the Pool Funds Administrator, giving all details available to that Pool Debtor.
On the Effective Date the Pool Funds Administrator, the Pool Banker, each Pool Member and NGC (in each case as at such date) entered into the Funds Transfer Agreement.
EPFAL in its capacity as the Pool Funds Administrator shall collect from Pool Members the amounts they are obliged to pay by way of bank transaction charges towards the costs of the Pool Banker and all Settlement Banks ("Bank Charges") and shall account for the same to the Pool Banker and such Settlement Banks.
Any remittance must be received by the Pool Banker in the Pool Clearing Account no later than 12.30 hours on the Payment Date unless arrangements have been made between the Pool Banker and the relevant Pool Member or the Grid Operator (as the case may be) which shall be notified to the Pool Funds Administrator and which are satisfactory to the Pool Banker such that funds will be received for value on that Payment Date.
The Pool Funds Administrator is authorized by the Pool Members and the Ancillary Services Provider to exercise the rights granted to it under, and shall perform its obligations pursuant to, the Funds 4.6 Transfer Agreement except that it shall not remove the Pool Banker without the prior written consent of the Executive and that at the request of the Executive Committee it shall remove the Pool Banker in accordance with the Funds Transfer Agreement.