Deposit Accounts; Assignment Sample Clauses

Deposit Accounts; Assignment. Throughout the Security Period, maintain, and procure that each Security Party shall maintain its primary collection and revenue accounts with the Agent and shall procure, and shall cause each Security Party to procure that, all earnings of any Vessels shall be paid (without set-off or counterclaim) into such collection accounts. As security for the obligations of the Borrower hereunder, the Borrower hereby pledges, assigns and grants the Agent, on behalf of the Lenders, a security interest in all the Borrowers' right, title and interest in and to the aforesaid collection and disbursement accounts and consents that if an Event of Default shall occur and so long as the same shall be continuing, all moneys held in the said accounts and all moneys thereafter received by the Agent may be applied as provided in Section 8.3;
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs
Deposit Accounts; Assignment maintain, and procure that each other Security Party shall maintain its operating accounts with the Syndication Agent and shall procure, and shall cause each other Security Party to procure, that all earnings of any Vessels shall be paid into such operating accounts and the Borrower, and by its execution of the Consent and Agreement hereto, each other Security Party, hereby pledges, assigns and grants to the Syndication Agent, for the benefit of the Lenders, a security interest in all funds from time to time in such accounts (such security interest in accounts of the Subordinated Guarantors being subject to the terms of the Intercreditor Agreement);
Sample 1
Deposit Accounts; Assignment in the case of each of the Borrowers, (i) on and after its establishment pursuant to Section 4.3(d) maintain an Earnings Account and deposit therein all Assigned Monies (other than as provided in this Section 9.1(p)); (ii) maintain the Equity and Reserve Account and maintain the funds deposited therein pursuant to Section 4.1(f); provided, however, that the Additional Deposit shall be released to the Borrowers on the date of the Delivery Advance with respect to the last delivered Vessel; provided, further, that such funds from the Equity Deposits shall be remitted to the Builder from time to time upon satisfaction of the conditions set forth in Section 4.2 for payment of the relevant Borrower's equity portion of the third (keel laying) or fourth (launching) installment under the relevant Shipbuilding Contract; provided further that the Administrative Agent shall not release: (A) funds from the Equity Deposits in an aggregate amount of more than (1) $2,083,800 to Warhol (2) $2,113,800 to Indiana, and (3) $4,977,600 to Britto (for the avoidance of doubt, $750,000 per Vessel of the Equity Deposits shall remain deposited in the Equity and Reserve Account throughout the tenor of the Facility and shall thereafter be remitted to the relevant Borrowers (1/3 each) upon repayment of the Facility); or (B) the Additional Deposit unless in accordance with the provision above; or (C) the proceeds of any sale or loss of a Collateral Vessel received into the Equity and Reserve Account pursuant to
Sample 1
Deposit Accounts; Assignment maintain an Operating Account with the Administrative Agent and, upon the request of the Administrative Agent, shall procure, and shall cause each other Security Party to procure, that all earnings of any Vessels shall be paid into the Operating Account and the Borrowers, and by its execution of the Consent and Agreement hereto, each other Security Party, hereby pledges, assigns and grants to the Security Trustee, for the benefit of the Lenders, a security interest in all funds from time to time in the Operating Account;
Sample 1
Deposit Accounts; Assignment maintain, and procure that each other Security Party shall maintain, its operating accounts with the Syndication Agent and shall procure, and shall cause each other Security Party to procure, that all earnings of any Vessels shall be paid into such operating accounts and the Borrower, and by its execution of the Consent and Agreement hereto, each other Security Party, hereby pledges, assigns and grants to the Syndication Agent, for the benefit of the Lenders, a security interest in all funds from time to time in such accounts;
Sample 1
Deposit Accounts; Assignment. (i) each of the Borrowers shall maintain an Earnings Account, (ii) the Borrowers shall maintain the Debt Service Reserve Account and agree to deposit and maintain funds therein in accordance with Section 4.1(h) hereof and (iii) the Borrowers shall maintain a Retention Account and shall transfer the Retention Amount each month from the Earnings Accounts to the Retention Account;
Sample 1
Deposit Accounts; Assignment shall maintain a Retention Account and (ii) a Minimum Liquidity Account and cause each Guarantor to maintain an Earnings Account, shall cause the Guarantors to transfer the Retention Amount each month to the Retention Account and shall procure that the Guarantors maintain an aggregate amount in the Earnings Account of no less than the Minimum Liquidity Amount at all times throughout the tenor of this Facility;
Sample 1
AutoNDA by SimpleDocs

Related to Deposit Accounts; Assignment

  • 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.

  • 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.

  • Security Deposit Account If applicable law or a Lender requires a segregated account of Tenant security deposits, Property Manager will open a separate account at a reputable bank or other financial institution. Property Manager may return such deposits to any Tenant in the ordinary course of business in accordance with the terms of the applicable Lease.

  • 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.

  • 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.

  • Account Control Agreements Account Control Agreements for all of Borrower’s deposit accounts and accounts holding securities duly executed by all of the parties thereto, in the forms provided by or reasonably acceptable to Lender.

  • 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; 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.

  • Collateral Accounts The Borrower agrees and confirms that (a) pursuant to the Collateral Agency Agreement, it has caused to be established at the Collateral Agent each of the Construction Account, Construction Payment Subaccount, Punchlist Retention Subaccount, the Operating Account, the Debt Service Reserve Account, the Debt Service Accrual Account, the Insurance Proceeds Account, the Income Tax Reserve Account, the Distribution Account and the Revenue Account, in each case in the name of the Collateral Agent and (b) it has instructed (or, on or before the effectiveness of each Project Document that is entered into after the date hereof, will instruct) each of the other parties to the Project Documents that all payments constituting Project Revenues due or to become due to the Borrower under or in connection with each such Project Document shall be made directly to the Collateral Agent for deposit to the Revenue Account in accordance with the terms of the Collateral Agency Agreement. If, notwithstanding the foregoing, any such payment or proceeds are remitted directly to the Borrower, the Borrower shall hold such funds in trust for the Collateral Agent and shall promptly remit such payments for deposit to the Revenue Account in accordance with the Collateral Agency Agreement. In addition to the foregoing, the Borrower agrees that if the proceeds of any Collateral hereunder (including the payments made in respect of the Collateral Accounts) shall be received by it, the Borrower shall as promptly as possible transfer such Proceeds to the Collateral Agent for deposit to the Reserve Account. Until so deposited, all such proceeds shall be held in trust by the Borrower for and as the property of the Collateral Agent and shall not be commingled with any other funds or property of the Borrower.

  • Accounts and Chattel Paper (a) The names of the obligors, amounts owing, due dates and other information with respect to its Accounts and Chattel Paper are and will be correctly stated in all records of the Grantor relating thereto and in all invoices and Collateral Reports with respect thereto furnished to the Collateral Agent by such Grantor from time to time. As of the time when each Account or each item of Chattel Paper arises, such Grantor shall be deemed to have represented and warranted that such Account or Chattel Paper, as the case may be, and all records relating thereto, are genuine and in all respects what they purport to be. (b) With respect to its Accounts, except as specifically disclosed on the most recent Collateral Report, (i) all Accounts are Eligible Accounts; (ii) all Accounts represent bona fide sales of Inventory or rendering of services to Account Debtors in the ordinary course of such Grantor’s business and are not evidenced by a judgment, Instrument or Chattel Paper; (iii) there are no setoffs, claims or disputes existing or asserted with respect thereto and such Grantor has not made any agreement with any Account Debtor for any extension of time for the payment thereof, any compromise or settlement for less than the full amount thereof, any release of any Account Debtor from liability therefor, or any deduction therefrom except a discount or allowance allowed by such Grantor in the ordinary course of its business for prompt payment or as are generally offered in the industry by competitors of such Grantor in the applicable markets and in each case as disclosed to the Collateral Agent; (iv) to such Grantor’s knowledge, there are no facts, events or occurrences which in any way impair the validity or enforceability thereof or could reasonably be expected to reduce the amount payable thereunder as shown on such Grantor’s books and records and any invoices, statements and Collateral Reports with respect thereto; (v) such Grantor has not received any notice of proceedings or actions which are threatened or pending against any Account Debtor which might result in any adverse change in such Account Debtor’s financial condition; and (vi) such Grantor has no knowledge that any Account Debtor is unable generally to pay its debts as they become due. (c) In addition, with respect to all of its Accounts, (i) the amounts shown on all invoices, statements and Collateral Reports with respect thereto are actually and absolutely owing to such Grantor as indicated thereon and are not in any way contingent; (ii) no payments have been or shall be made thereon except payments immediately delivered to a Blocked Account, Lockbox or a Collateral Deposit Account as required pursuant to Section 7.1; and (iii) to such Grantor’s knowledge, all Account Debtors have the capacity to contract.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!