Common use of Bank Accounts; Cash Balances; Misdirected Payments Clause in Contracts

Bank Accounts; Cash Balances; Misdirected Payments. (a) Each Party agrees to take, or cause the applicable members of its respective Group to take, at the Effective Time (or such earlier time as the Parties may agree), all actions necessary to amend all Contracts governing each bank and brokerage account, including lockbox accounts, owned by Aptiv or any other member of the Aptiv Group (collectively, the “Aptiv Accounts”) so that such Aptiv Accounts, if currently linked (whether by automatic withdrawal, automatic deposit or any other authorization to transfer funds from or to, hereinafter “linked”) to any bank or brokerage account, including lockbox accounts, owned by any member of the Delphi Technologies Group (collectively, the “Delphi Technologies Accounts”) are de-linked from the Delphi Technologies Accounts.

Appears in 5 contracts

Samples: Separation and Distribution Agreement, Separation and Distribution Agreement (Delphi Technologies PLC), Separation and Distribution Agreement (Delphi Technologies PLC)

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