Control of Deposit Accounts Sample Clauses

Control of Deposit Accounts. Except as provided in the following --------------------------- sentence, the Depositary Institution may accept instructions from the Borrower or the respective Subsidiary and perform any and all transactions at its request with respect to any Deposit Account. The Borrower, each Subsidiary Grantor and the Depositary Institution agree with the General Collateral Agent and the Designated Collateral Subagent that upon the Depositary Institution being notified by the General Collateral Agent or the Designated Collateral Subagent that an Event of Default has occurred and is continuing, until such time as the General Collateral Agent or the Designated Collateral Subagent shall have furnished it with a subsequent notice either that such Event of Default has been cured or waived or that the General Collateral Agent no longer asserts an interest in any of the Deposit Accounts, (i) the Depositary Institution shall discontinue accepting requests or demands from or on behalf of the Borrower or any Subsidiary for access to, disposition of or possession of any funds on deposit in any Deposit Account, (ii) the Depositary Institution shall, subject to any duty it may have to follow instructions of the Priority Collateral Agent under the Priority Deposit Account Control Agreement, follow the instructions of the General Collateral Agent or the Designated Collateral Subagent (whether acting individually or jointly) as to the holding, investment, transfer or other disposition of all amounts from time to time on deposit in any Deposit Account, and (iii) the Depositary Institution shall, subject to any duty it may have to follow instructions of the Priority Collateral Agent under the Priority Deposit Account Control Agreement, make the Deposit Accounts available to the General Collateral Agent or the Designated Collateral Subagent at such Person's request, all without further consent from or notice to the Borrower or any Subsidiary Grantor and regardless of any instruction it may receive to the contrary from the Borrower or any Subsidiary Grantor or any other Person. In addition, the Borrower and each Subsidiary Grantor agrees that the Depositary Institution may act as the agent of the General Collateral Agent or the Designated Collateral Subagent in exercising as to any funds from time to time on deposit in the Deposit Accounts any rights of set-off provided by applicable law or by any Loan Document. The Borrower and each Subsidiary Grantor agrees that the Depositary Instituti...
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Control of Deposit Accounts. The Customer hereby grants control of each Deposit Account to the Collateral Agent, and the Bank hereby acknowledges the grant of control subject to the terms of this Agreement. Each Deposit Account shall be titled in the Customer’s name and designated as a “Deposit Account” pledged pursuant to Section 2(e) of the Security Agreement. The Customer shall not change the name or account number of any Deposit Account without the prior consent of each Secured Party.
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Control of Deposit Accounts. Upon the satisfaction of the IBM Debt and until all of the Obligations have been satisfied, promptly upon Secured Party's request, Debtor shall, and shall cause its subsidiaries to, enter into one or more control agreements substantially in the form of Exhibit B hereto (each, a "Control Agreement") with the Banks at which Debtor and/or its subsidiaries maintain Deposit Accounts (as defined in Exhibit A hereto) to secure Debtor's Obligations. In furtherance of the foregoing, Debtor shall, promptly upon Secured Party's request, take all actions necessary to ensure that the Control Agreement governing the terms and conditions of each Deposit Account is in form and substance satisfactory to Secured Party pursuant to which, among other things, such Bank shall agree that, upon notice from Secured Party, disbursements from such Deposit Account shall be made only as Secured Party shall direct. Notwithstanding the foregoing, if, upon satisfaction of the IBM Debt, the Debtor (or any of its subsidiaries) obtains new asset-based financing as may be permitted in accordance with SECTION 3.4, the Debtor or such subsidiaries, as the case may be, shall be permitted to grant control over the Deposit Accounts to the lender providing such asset-based financing to the extent (and only to the extent) necessary to obtain and maintain such new asset-based financing.
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Control of Deposit Accounts. The Obligors and their Restricted Subsidiaries shall maintain deposit accounts and securities accounts which are pledged under the Security Agreement only with financial institutions with which they and the Collateral Agent have entered into control agreements in form reasonably satisfactory to the Board, or if the Board Guarantee has terminated without a payment having been made thereunder, the Requisite Lenders (each, a "Control Agreement"). In furtherance thereof, prior to establishing any such deposit account or securities account at any financial institution, each Obligor and its Restricted Subsidiaries shall enter into a Control Agreement with such financial institution and the Collateral Agent, except that the Obligors and their Restricted Subsidiaries shall not be obligated to enter into Control Agreements with respect to deposit accounts and securities accounts (i) pledged under the Security Agreement which are maintained with financial institutions outside the United States and which contain, in the aggregate, no more than $2,000,000 and (ii) the deposit accounts and securities accounts which are Excluded Assets under and as defined in the Security Agreement.
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Control of Deposit Accounts. Such Obligor shall cause Administrative Agent to have Control of all of its Deposit Accounts other than any Deposit Account utilized solely for funding payroll and related withholding taxes. Notwithstanding the foregoing, on or before August 31, 2012, Obligors shall either (a) close each Deposit Account located at TD Bank or Israel Discount Bank, other than any Deposit Account utilized solely for funding payroll and related withholding taxes or for maintaining deposits for or on behalf of employees in respect of health or other benefit plans or (b) cause Administrative Agent to have Control of each such Deposit Account that is the subject of clause (a) preceding.
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Control of Deposit Accounts. 35 Section 8.10. Reserved...................................................35 Section 8.11. Insurance..................................................35 Section 8.12. Payment of Trade Liabilities, Taxes, Etc.................
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Control of Deposit Accounts. Except as provided by Section 6.1(b) and Section 6.1(d), not later than 90 days after the Agreement Date, Borrower shall cause Administrative Agent to have Control of all of its Deposit Accounts other than any Deposit Account utilized solely for funding payroll and related withholding taxes.
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Control of Deposit Accounts. Until this Indenture terminates in accordance with the terms hereof, the Trustee shall have "control" within the meaning of Section 9-104 of the UCC of any deposit accounts created pursuant to this Indenture. Funds shall be disbursed or paid from deposit accounts strictly in accordance with the terms of this Indenture. The Issuer and the Trustee agree that this Indenture is the only agreement executed by the parties in which any right, title, interest, claim or lien has been or will be created in any deposit account to be established pursuant to this Indenture. Except for compensation to be paid to the Trustee pursuant to Section 11.04 of this Indenture, the Trustee subordinates and waives all claims of the Trustee (acting it is capacity as bank within the meaning of Section 9-102 of the UCC) in any deposit account created under this Indenture to the prior lien and security interest of granted for the benefit of the Registered Owners of the Bonds.
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Related to Control of Deposit Accounts

  • Deposit Accounts and Securities Accounts Set forth on Schedule 4.15 (as updated pursuant to the provisions of the Security Agreement from time to time) is a listing of all of the Loan Parties’ and their Subsidiaries’ Deposit Accounts and Securities Accounts, including, with respect to each bank or securities intermediary (a) the name and address of such Person, and (b) the account numbers of the Deposit Accounts or Securities Accounts maintained with such Person.

  • Administration of Deposit Accounts Schedule 8.5 sets forth all Deposit Accounts maintained by Obligors, including all Dominion Accounts. Each Obligor shall take all actions necessary to establish Agent’s control over each such Deposit Account (other than Excluded Deposit Accounts). Each Obligor shall be the sole account holder of each Deposit Account and shall not allow any Person (other than Agent) to have control over a Deposit Account or any Property deposited therein. Each Obligor shall promptly notify Agent of any opening or closing of a Deposit Account and, with the consent of Agent, will amend Schedule 8.5 to reflect same.

  • Deposit Accounts, Securities Accounts and Commodity Accounts Attached hereto as Schedule 14 is a true and complete list of all Deposit Accounts, Securities Accounts and Commodity Accounts (each as defined in the Security Agreement) maintained by each Company, including the name of each institution where each such account is held, the name of each such account and the name of each entity that holds each account.

  • Deposit Account If you are issued a secured Card, you have signed or will be required to sign a separate security agreement pledging a specific, non-withdrawable portion of your shares and/or deposits in BECU to secure your Card. The amount of the security for such a Card is the amount of your credit limit and you may not have any access to or control of that amount.

  • Deposit Accounts For each Deposit Account that any Grantor at any time opens or maintains, other than Deposit Accounts (A) that are payroll accounts, withholdings tax accounts, xxxxx cash accounts or flexible spending benefit accounts or trust, escrow or other fiduciary accounts or (B) which do not hold for any period of five consecutive days, an aggregate amount in excess of $1,000,000, such Grantor shall, upon the Collateral Agent’s request, either (i) cause the depositary bank to agree to comply at any time with instructions from the Collateral Agent to such depositary bank directing the disposition of funds from time to time credited to such Deposit Account, without further consent of such Grantor or any other person, pursuant to an agreement in form and substance satisfactory to the Collateral Agent, or (ii) arrange for the Collateral Agent to become the customer of the depositary bank with respect to the Deposit Account, with the Grantor being permitted, only with the consent of the Collateral Agent, to exercise rights to withdraw funds from such Deposit Account. The Collateral Agent agrees with each Grantor that the Collateral Agent shall not give any such instructions or withhold any withdrawal rights from any Grantor, unless an Event of Default has occurred and is continuing, or, after giving effect to any withdrawal, would occur; provided, however, upon the waiver by the applicable Required Lenders of such Event of Default, so long as no other Event of Default shall then exist or be continuing, the Collateral Agent shall revoke any such instruction. The provisions of this paragraph shall not apply to any Deposit Account for which any Grantor, the depositary bank and the Collateral Agent have entered into a cash collateral agreement specially negotiated among such Grantor, the depositary bank and the Collateral Agent for the specific purpose set forth therein.

  • Deposit Accounts; Securities Accounts The only Deposit Accounts or Securities Accounts maintained by any Grantor on the date hereof are those listed on Schedule 6 (Bank Accounts; Control Accounts), which sets forth such information separately for each Grantor.

  • Establishment of Deposit Account The Deposit Account shall be established and maintained pursuant to Section 5.01 of the Sale and Servicing Agreement. The Deposit Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of Noteholders and the Certificateholders, as applicable in accordance with the Sale and Servicing Agreement.

  • Securities Accounts If a Collateral Account is a securities account, the Financial Institution agrees that:

  • Deposit Account Control Agreements the Deposit Account control agreements to be executed by each institution maintaining a Deposit Account for an Obligor, in favor of Agent, for the benefit of Secured Parties, as security for the Obligations.

  • Deposit Account Control Agreement control agreement satisfactory to Agent executed by an institution maintaining a Deposit Account for an Obligor, to perfect Agent’s Lien on such account.

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