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 Banks, a security interest in all funds from time to time in such accounts (such security interest in accounts of the Guarantors being subject to the terms of the Intercreditor Agreement);
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 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 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
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
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.

  • Deposit Accounts; Etc (i) Schedule 5 hereto accurately sets forth, as of the date of this Agreement, for each Grantor, each deposit account maintained by such Grantor (including a description thereof and the respective account number) and the name of the respective bank with which such deposit account is maintained. Subject to Section 4(c) hereof and the terms of the Intercreditor Agreement, for each deposit account that is Collateral (other than the Cash Collateral Account or any other deposit account maintained with the Collateral Agent), the respective Grantor shall use commercially reasonable efforts to cause the bank with which the deposit account is maintained to execute and deliver to the Collateral Agent, (x) in the case of an account located at a bank which is a lender under the Senior Credit Facility, within 30 days after the date of this Agreement (or, if later, the date of the establishment of the respective deposit account), or (y) in the case of an account located at a bank which is a not lender under the Senior Credit Facility, within 45 days after the date of this Agreement (or, if later, the date of the establishment of the respective deposit account), a “control agreement” in form and substance consistent with the deposit account control agreements entered into by the Company pursuant to the Senior Credit Facility, or otherwise acceptable to the Collateral Agent. Subject to Section 10(n)(iii) hereof, if any bank with which a deposit account is maintained refuses to, or does not, enter into such a “control agreement”, then the respective Grantor shall promptly (and in any event within 30 days after the date of this Agreement or, if later, 30 days after the establishment of such account) close the respective deposit account and transfer all balances therein to the Cash Collateral Account or another deposit account meeting the requirements of this Section 4(q). If any bank with which a deposit account is maintained refuses to subordinate all its claims with respect to such deposit account to the Collateral Agent’s security interest therein on terms satisfactory to the Collateral Agent, then the Collateral Agent, at its option, may (x) require that such deposit account be terminated in accordance with the immediately preceding sentence or (y) agree to a “control agreement” without such subordination, provided that in such event the Collateral Agent may at any time, at its option, subsequently require that such deposit account be terminated (within 30 days after notice from the Collateral Agent) in accordance with the requirements of the immediately preceding sentence.

  • Control Accounts; Approved Deposit Accounts Each Loan Party shall (i) deposit in an Approved Deposit Account all Cash it receives, (ii) not establish or maintain any Securities Account or Commodities Account that is not a Control Account and (iii) not establish or maintain any Deposit Account other than an Approved Deposit Account, provided however that notwithstanding the foregoing, each Loan Party may (w) maintain zero-balance accounts for the purpose of managing local disbursements and collections and may maintain payroll, withholding tax and other fiduciary accounts, (x) maintain accounts into which amounts are paid by a governmental entity pursuant to one or more Health Care Laws so long as the amounts on deposit therein are transferred each Business Day to an Approved Deposit Account or any other account permitted to be so utilized under this Section 5.14, (y) maintain other accounts as long as the aggregate monthly average daily balance over the immediately preceding 12-month period for all such Loan Parties in all such other accounts does not exceed $3,000,000 at any time and (z) make pledges or cash deposits permitted by Section 6.02.

  • 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 Pledgor, 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 Agreement The provisions of Sections 8.02 and 8.05 are subject to the terms of the Account Control Agreement.

  • 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 Accounts; Credit Card Processors Open new DDAs (other than Excluded DDAs and Retail DDAs) unless the Loan Parties shall have delivered to the Agent appropriate Blocked Account Agreements consistent with the provisions of Section 6.12 and otherwise satisfactory to the Agent. No Loan Party shall maintain any bank accounts or enter into any agreements with Credit Card Issuers or Credit Card Processors other than the ones expressly contemplated herein or in Section 6.12 hereof.

Time is Money Join Law Insider Premium to draft better contracts faster.