Common use of Access to Deposit Account Clause in Contracts

Access to Deposit Account. [CHECK ONE BOX ONLY] (a) The Deposit Account shall be under the sole dominion and control of Lender. Neither Company, nor any other person or entity, acting through or under Company, shall have any control over the use of, or any right to withdraw any amount from, the Deposit Account. Depositary Bank is hereby authorized and instructed to transfer all available funds (subject to Depositary Bank’s funds availability policy) in the Deposit Account to such account and at such times as Lender may direct in writing to Depositary Bank. (b) The Deposit Account shall be under the control of Lender; provided, that unless and until Depositary Bank receives Lender’s written notice that Company’s access to the funds in the Deposit Account is terminated. Depositary Bank shall honor Company’s instructions, notices and directions with respect to the transfer or withdrawal of funds from the Deposit Account, including paying or transferring the funds to Company or any other person or entity. Upon receipt of a written notice from Lender instructing Depositary Bank to terminate Company’s access to funds in the Deposit Account, Depositary Bank shall transfer all available funds (subject to Depositary Bank’s funds availability policy) in the Deposit Account in accordance with Lender’s written instructions. As for any such written notice sent under this subsection (b) to Depositary Bank, Depositary Bank shall endeavor to promptly transfer to Lender the available funds as referenced above, but Depositary Bank shall not be obligated to do so until it provides written confirmation to Lender that it received Lender’s notice of direction.

Appears in 1 contract

Samples: Blocked Account Control Agreement (Commerce Energy Group, Inc.)

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Access to Deposit Account. [CHECK ONE BOX ONLY] (a) The Deposit Account shall be under the sole dominion and control of Lender. Neither Company, nor any other person or entity, acting through or under Company, shall have any control over the use of, or any right to withdraw any amount from, the Deposit Account. Depositary Bank is hereby authorized and instructed to transfer all available funds (subject to Depositary Bank’s 's funds availability policy) in the Deposit Account to such a designated account and at such times as Lender may direct in writing to Depositary Bank. (b) The Deposit Account shall be under the control of Lender; provided, that unless and until Depositary Bank receives Lender’s written notice that Company’s access to the funds in the Deposit Account is terminated. , Depositary Bank shall honor Company’s instructions, notices and directions with respect to the transfer or withdrawal of funds from the Deposit Account, including paying or transferring the funds to Company or any other person or entity. **** Certain confidential information has been omitted and filed separately with the SEC. Confidential treatment has been requested with respect to the omitted portions. Upon receipt of a written notice from Lender to Depositary Bank at the address (and persons) set forth in Section 11 below instructing Depositary Bank to terminate Company’s 's access to funds in the Deposit Account, Depositary Bank shall transfer comply with all available funds written instructions originated by Lender (subject to Depositary Bank’s 's funds availability policypolicy and the other provisions of this Agreement) in with respect to the Deposit Account in accordance with Lender’s written instructionsAccount. As for any such Any written notice sent under pursuant to this subsection (bSection 4(b) and confirmed to have been received after Depositary Bank, ’s business hours shall not be deemed sent until the next business day. Depositary Bank shall endeavor have a reasonable time (but in any event, not more than 2 business days after receipt of such notice) to promptly transfer to Lender the available funds as referenced above, but Depositary Bank shall not be obligated to do so until it provides act on Lenders’ written confirmation to Lender that it received Lender’s notice of directionnotice.

Appears in 1 contract

Samples: Revenue Sharing and Note Purchase Agreement (Andrea Electronics Corp)

Access to Deposit Account. [CHECK ONE BOX ONLY] (a) The Deposit Account shall be under the sole dominion and control of LenderAdministrative Agent. Neither Company, nor any other person or entity, acting through or under Company, shall have any control over the use of, or any right to withdraw any amount from, the Deposit Account. Depositary Bank is hereby authorized and instructed to transfer all available funds (subject to Depositary Bank’s funds availability policy) in the Deposit Account to such a designated account and at such times as Lender Administrative Agent may direct in writing to Depositary Bank. (b) The Deposit Account shall be under the control of LenderAdministrative Agent; provided, that unless and until Depositary Bank receives LenderAdministrative Agent’s written notice that Company’s access to the funds in the Deposit Account is terminated. , Depositary Bank shall honor Company’s instructions, notices and directions with respect to the transfer or withdrawal of funds from the Deposit Account, including paying or transferring the funds to Company or any other person or entity. Upon receipt of a written notice from Lender Administrative Agent instructing Depositary Bank to terminate Company’s access to funds in the Deposit Account, Depositary Bank shall transfer all available funds (subject to Depositary Bank’s funds availability policy) in the Deposit Account to a designated account in accordance with LenderAdministrative Agent’s written instructions. As for any such Administrative Agent shall promptly contact Depositary Bank to confirm Depositary Bank’s receipt of Administrative Agent’s written instructions. Any written notice sent under pursuant to this subsection (bSection 4(b) and confirmed to have been received after Depositary Bank, ’s business hours shall not be deemed sent until the next business day. Depositary Bank shall endeavor have a reasonable time to promptly transfer to Lender the available funds as referenced above, but Depositary Bank shall not be obligated to do so until it provides act on Administrative Agent’s written confirmation to Lender that it received Lender’s notice of directionnotice.

Appears in 1 contract

Samples: Blocked Account Control Agreement (TriplePoint Venture Growth BDC Corp.)

Access to Deposit Account. [CHECK ONE BOX ONLY] (a) The Deposit Account shall be under the sole dominion and control of LenderSecured Party. Neither Company, nor any other person or entity, acting through or under Company, shall have any control over the use of, or any right to withdraw any amount from, the Deposit Account. Depositary Depository Bank is hereby authorized and instructed to transfer all available funds (subject to Depositary Depository Bank’s funds availability policy) in the Deposit Account to such account and at such times as Lender Secured Party may direct in writing to Depositary Depository Bank. (b) The Deposit Account shall be under the control of LenderSecured Party; provided, that unless and until Depositary Depository Bank receives LenderSecured Party’s written notice that Company’s access to the funds in the Deposit Account is terminated. Depositary , Depository Bank shall honor Company’s instructions, notices and directions with respect to the transfer or withdrawal of funds from the Deposit Account, including paying or transferring the funds to Company or any other person or entity. Upon receipt of a written notice from Lender Secured Party instructing Depositary Depository Bank to terminate Company’s access to funds in the Deposit Account, Depositary Depository Bank shall transfer all available funds (subject to Depositary Depository Bank’s funds availability policy) in the Deposit Account in accordance with LenderSecured Party’s written instructions. As for any such written notice sent under this subsection (b) to Depositary Depository Bank, Depositary Depository Bank shall endeavor to promptly transfer to Lender Secured Party the available funds as referenced above, but Depositary Depository Bank shall not be obligated to do so until it provides written confirmation to Lender Secured Party that it received LenderSecured Party’s notice of direction.

Appears in 1 contract

Samples: Blocked Account Control Agreement (Renegy Holdings, Inc.)

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Access to Deposit Account. [CHECK ONE BOX ONLY] o (a) The Deposit Account shall be under the sole dominion and control of Lender. Neither Company, nor any other person or entity, acting through or under Company, shall have any control over the use of, or any right to withdraw any amount from, the Deposit Account. Depositary Bank is hereby authorized and instructed to transfer all available funds (subject to Depositary Bank’s 's funds availability policy) in the Deposit Account to such account and at such times as Lender may direct in writing to Depositary Bank. o (b) The Deposit Account shall be under the control of Lender; provided, that unless and until Depositary Bank receives Lender’s written notice that Company’s access to the funds in the Deposit Account is terminated. , Depositary Bank shall honor Company’s instructions, notices and directions with respect to the transfer or withdrawal of funds from the Deposit Account, including paying or transferring the funds to Company or any other person or entity. Upon receipt of a written notice from Lender instructing Depositary Bank to terminate Company’s 's access to funds in the Deposit Account, Depositary Bank shall transfer all available funds (subject to Depositary Bank’s 's funds availability policy) in the Deposit Account in accordance with Lender’s 's written instructions. As for any such written notice sent under this subsection (b) to Depositary Bank, Depositary Bank shall endeavor to promptly transfer to Lender the available funds as referenced above, but Depositary Bank shall not be obligated to do so until it provides written confirmation to Lender that it received Lender’s notice of direction.

Appears in 1 contract

Samples: Loan and Security Agreement (Emagin Corp)

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