Collecting Bank Sample Clauses

Collecting Bank. (e) The Borrower shall give notice of each removal of the Agent and each appointment of a Collecting Bank by mailing written notice of such event within 15 days thereof by certified mail, return receipt requested, postage prepaid, to Lakes. Each notice shall include the name of the Collecting Bank and the address of its principal corporate trust office.
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Collecting Bank. (c) Subject to subsection (a) above, the Agent may be removed at any time by an instrument in writing executed by the Borrower (so long as a Notice of Exclusive Control has not been issued by Lakes to the Agent) and Lakes delivered to the Agent.
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Collecting Bank a banking institution to which the Bank will send a Collection Order and thorough which the collection will be performed and/or designation of a Presenting Bank if the Presenting Bank is not designated.
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Collecting Bank a banking institution to which the Bank will send a Collection Order and thorough which the collection will be performed and/or designation of a Presenting Bank if the Presenting Bank is not designated. Collection Order - a notice sent to the Remittee describing the instructions received from the Customer in return for the performance of which the Remittee will be transferred Commercial Documents. Commission Fee – payments established by the Bank to the Customer for the use of Collection within and under the Agreement, the amount and terms of payment of which shall be determined in accordance with the provisions of the Agreement. Goods - material property not removed from turnover in the manner prescribed by the Legislation. Specific Terms and Conditions – the terms and conditions set forth in Annex 1 to the Collection Agreement, including any additions and modifications thereto (if any). Force Majeure – acts of God, fire, hostilities, administrative and legal acts and/or other circumstances insurmountable for the Bank and beyond its control, which: a) are not connected with the Bank’s errors or negligence, b) started or developed after entering into force of the Agreement and c) affect directly on the full and/or proper fulfillment of obligations assumed under the respective agreement. Subsidiary – with respect to a Person, any other company at least 50% (fifty percent) of shares, stocks and/or votes of which are owned directly or indirectly or otherwise managed by this Person. Presenting Bank - a banking institution designated by the Bank or Collecting Bank that submits a Collection Order to the Remittee and/or ensures the Collection Payment and/or performance of other conditions against the Collection Document. Agreement – a) Collection Agreement; (b) Annex 1 (Specific Terms and Conditions) to the Collection Agreement; (c) Annex N2 (Additional Terms and Conditions) to the Collection Agreement, if any, (d) any additional attachment/application (if any) that will be concluded/submitted in the future by the Customer with respect to the Agreement, as amended and supplemented periodically and (e) Other associated agreement/other agreement associated with the Agreement. ICC Uniform Rules – the International Chamber of Commerce uniform rules established for collection - URC 522, 1995 edition or other edition defined by the Agreement/Collection Order as amended and supplemented. SWIFT - international interbank communication system (network) via which commercial...
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Collecting Bank. Any bank handling a check for Forward Collection, except the Paying Bank.
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Collecting Bank. The Borrower shall issue, and shall cause the Subsidiary Borrowers to issue, to the Collecting Banks irrevocable letters of instruction, in form and substance satisfactory to the Agent, directing the Collecting Banks, upon receipt of instructions ("Blockage Notices") to do so from the Agent, thenceforth to transfer all funds then and thereafter deposited in the Collecting Banks solely to the Agent, either to any account maintained by the Agent at the Collecting Bank or by wire transfer to appropriate account(s) of the Agent, and not to the Borrower or any Subsidiary. All funds deposited in such "blocked account" shall immediately become Collateral and the Borrower shall use its best efforts to obtain the agreement by the Collecting Bank to waive any offset rights against the funds so deposited. Agent assumes no responsibility for such "blocked account" arrangement, including without limitation, any claim of accord and satisfaction or release with respect to deposits accepted by the Collecting Bank thereunder. Alternatively, upon the issuance of a Blockage Notice, Agent may establish depository accounts in the name of Agent at a bank or banks for the deposit of such funds and Borrower shall deposit all proceeds of Receivables, dividends and other sums paid to Borrower by the Subsidiaries or cause same to be deposited, in kind, in such depository accounts of Agent in lieu of depositing same to the blocked accounts. Except as otherwise contemplated in Section 13.2 hereof, Agent will credit all such payments to Borrower's Loan Account, conditional upon final collection; credit will be given for cleared funds received prior to 1:00 p.m. Eastern Standard or Daylight Savings Time, by Agent at its account at the First National Bank of Chicago (or such other account of Agent as it shall designate in writing to Borrower), two (2) Business Days after such receipt thereof and until receipt by Agent at such address, no credit will be given. In all cases, Borrower's Loan Account will be credited only with the net amounts actually received by Agent. Should any check or item of payment not be honored for payment, then, Borrower shall be deemed not to have made such payment, and interest shall be recalculated accordingly. Any prepayment of any LIBOR Loan shall be accompanied by payment of any amounts required under Section 5.4 (b) hereof. Borrower agrees to pay to Agent any and all out-of-pocket fees, costs and expenses which Agent incurs in connection with opening and mai...
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Collecting Bank. The Borrower shall not nor shall the Borrower suffer or permit any Domestic Subsidiary to terminate, alter or suffer or permit to be terminated or to lapse any such lock box agreement.
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Collecting Bank shall acknowledge and agree, in a manner satisfactory to Agent, that from and after the date Collateral Agent (with the prior consent of Agent) delivers a notice (a "Redirection Notice") to such U.K. ------------------
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Collecting Bank. U.K. Borrower hereby agrees that, from and after the delivery of a Redirection Notice, all payments made to such U.K. Blocked Accounts or otherwise received by Agent, Collateral Agent or Funding Agent and whether on the Accounts of U.K. Borrower or as proceeds of other Collateral of U.K. Borrower or otherwise will be the sole and exclusive property of Collateral Agent, for the benefit of Agent and Lenders. U.K. Borrower shall irrevocably instruct each U.K. Collecting Bank to promptly transfer all payments or deposits to the U.K. Blocked Accounts into Agent's Account from and after the delivery of a Redirection Notice. If any Borrower, or any of their respective Affiliates, employees, agents or other Person acting for or in concert with such Borrower, shall receive any monies, checks, notes, drafts or any other payments relating to and/or proceeds of Accounts of U.K. Borrower or other Collateral of U.K. Borrower, such Borrower or such Person shall hold such instrument or funds in trust for Collateral Agent for the benefit of Agent and Lenders, and, immediately upon receipt thereof, shall remit the same or cause the same to be remitted, in kind, to the U.K. Blocked Accounts or to Agent at its address set forth in subsection 10.3 below. ---------------
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Related to Collecting Bank

  • The Agent Each of the Lenders hereby irrevocably appoints the Agent as its agent and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. In the event the institution serving as the Agent hereunder shall also be a Lender, it shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent, and such institution and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with Level 3, the Borrower or any Subsidiary or Affiliate thereof as if it were not the Agent hereunder. The Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and shall not have any duty to take any action or exercise any powers that would result in the incurrence by it of costs or expenses unless arrangements satisfactory to it to ensure the prompt payment of all such costs or expenses shall have been made by the Lenders, and (c) except as expressly set forth in the Loan Documents, the Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Xxxxx 0, the Borrower or any of the Subsidiaries of Level 3 that is communicated to or obtained by the institution serving as Agent or any of its Affiliates in any capacity. The Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Agent by Xxxxx 0, the Borrower or a Lender, and the Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Agent. As to any matters not expressly provided for by this Agreement and the other Loan Documents (including enforcement or collection), the Administrative Agent and the Collateral Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Requisite Lenders, and such instructions shall be binding upon all Lenders, provided, however, that the Administrative Agent and the Collateral Agent shall not be required to take any action that (i) the Administrative Agent or the Collateral Agent in good faith believes exposes it to personal liability unless it receives an indemnification satisfactory to it from the Lenders with respect to such action or (ii) is contrary to this Agreement or applicable law. The Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Agent may consult with legal counsel (who may be counsel for Level 3 or the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. The Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Agent. The Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Agent. Subject to the appointment and acceptance of a successor as provided in this paragraph, the Agent may resign at any time by notifying the Lenders and Level 3. Upon any such resignation, the Required Lenders shall have the right, with, so long as no Default or Event of Default shall have occurred and be continuing, the consent of Level 3 (which consent shall not be unreasonably withheld or delayed) to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent which shall be a Lender or a bank with an office in New York, New York, or an Affiliate of such Lender or any such bank. Upon the acceptance of its appointment as Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. The fees payable by Level 3 and the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed with such successor. After the Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Agent. Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or related agreement or any document furnished hereunder or thereunder.

  • Lockbox Bank All Obligors have been instructed to make payments to a Lockbox Account (either directly by remitting payments to a Lockbox, or indirectly by making payments through direct debit, the telephone or the internet to an account of the Servicer which payments will be subsequently transferred from such account to one or more Lockbox Banks), and no person claiming through or under Seller has any claim or interest in a Lockbox Account other than the related Lockbox Bank; provided, however, that other Persons may have an interest in certain other collections therein not related to the Contracts.

  • Collateral Agent (a) The Trustee and each of the Holders by acceptance of the Notes hereby designates and appoints the Collateral Agent as its agent under this Indenture, the Collateral Documents and the Intercreditor Agreements and the Trustee and each of the Holders by acceptance of the Notes hereby irrevocably authorizes the Collateral Agent to take such action on its behalf under the provisions of this Indenture, the Collateral Documents and the Intercreditor Agreements and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Indenture, the Collateral Documents and the Intercreditor Agreements, and consents and agrees to the terms of the Intercreditor Agreements and each Collateral Document, as the same may be in effect or may be amended, restated, supplemented or otherwise modified from time to time in accordance with their respective terms. The Collateral Agent agrees to act as such on the express conditions contained in this Section 12.9. The provisions of this Section 12.9 are solely for the benefit of the Collateral Agent and none of the Trustee, any of the Holders nor any of the Grantors shall have any rights as a third party beneficiary of any of the provisions contained herein other than as expressly provided in Section 12.4. Each Holder agrees that any action taken by the Collateral Agent in accordance with the provision of this Indenture, the Intercreditor Agreements and the Collateral Documents, and the exercise by the Collateral Agent of any rights or remedies set forth herein and therein shall be authorized and binding upon all Holders. Notwithstanding any provision to the contrary contained elsewhere in this Indenture, the Collateral Documents and the Intercreditor Agreements, the duties of the Collateral Agent shall be ministerial and administrative in nature, and the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the other Notes Documents to which the Collateral Agent is a party, nor shall the Collateral Agent have or be deemed to have any trust or other fiduciary relationship with the Trustee, any Holder or any Grantor, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture, the Collateral Documents and the Intercreditor Agreements or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Indenture with reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

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