Deposit Accounts Control Agreements Sample Clauses

Deposit Accounts Control Agreements. The Administrative Agent (or Special Counsel) shall have received deposit account control agreements with respect to each Deposit Account maintained by any Loan Party at a financial institution other than Xxxxxxx Bank, each in form and substance satisfactory to the Administrative Agent, duly executed by an authorized officer of such Loan Party and the financial institution at which such account is maintained.
Sample 1
Deposit Accounts Control Agreements. Subject to Section 6.15, create or permit to exist any deposit accounts (as such term is defined in the Uniform Commercial Code) owned by any Loan Party unless the bank at which such deposit is maintained, such Loan Party and Administrative Agent have executed and delivered a deposit account control agreement in form and substance satisfactory to Administrative Agent; provided that the Loan Parties shall be permitted to have deposit accounts for which no control agreement exists so long as the aggregate amount of funds contained in all such accounts does not exceed $1,000,000 at any time.
Sample 1
Deposit Accounts Control Agreements. (a) Set forth on Schedule 6.11 is a list of each deposit account and securities account of each Loan Party or its Subsidiaries as of the Closing Date. (b) Within (i) 45 days of the Closing Date (with respect to deposit accounts or securities accounts of the Loan Parties in existence on such date (other than Excluded Accounts)) or (ii) ten Business Days of establishing a deposit account or securities account (with respect to deposit accounts or securities accounts of the Loan Parties established after the Closing Date (other than Excluded Accounts) (in each case of clauses (i) and/or (ii), or such longer period as the Required Lenders may agree in their sole discretion) (the “Deposit Account Grace Period”), the applicable Loan Party maintaining such deposit account or securities account (other than an Excluded Account) shall (i) until the Q4 End Date, ensure that all such deposit accounts and securities accounts are held at an Approved Deposit Bank and (ii) enter into a Control Agreement establishing the Collateral Agent’s “springing” Control (as defined in the UCC) of such deposit account and/or securities account). If any Excluded Account shall no longer be an Excluded Account after the Closing Date, clause (ii) shall apply, mutatis mutandis, from the date such account is no longer an Excluded Account (subject to the extension mechanic above). For the avoidance of doubt, clause (i) shall apply to the account into which the Loan proceeds are to be funded on the Closing Date. (c) On or after January 1, 2024, the Borrower may deliver a written certificate to the Administrative Agent (for distribution to the Lenders) certifying that no Default or Event of Default exists as of the date of such certificate and that the Borrower has been in compliance with the financial covenants in Section 7.1 for two consecutive fiscal quarters. After receipt of such certificate (and each Lender hereby authorizes and directs the Administrative Agent to conclusively rely on any such certificate in performing its obligations under this sentence), the Administrative Agent shall, at the Borrower’s sole expense, promptly execute any agreements, notices, or releases prepared by the Borrower and reasonably necessary to evidence the termination of any Control Agreements. On and after the date of delivery of such certificate, the Loan Parties shall no longer be required to comply with the provisions of Sections 6.11(a) and (b).
Sample 1
Deposit Accounts Control Agreements. Create or permit to exist any deposit account (as such term is defined in the Uniform Commercial Code) owned by any Loan Party unless the bank at which such deposit is maintained, such Loan Party and Administrative Agent have executed and delivered a deposit account control agreement in form and substance satisfactory to Administrative Agent; provided that the Loan Parties shall be permitted to have deposit accounts for which no control agreement exists so long as the aggregate amount of funds contained in all such accounts (including without limitation any Excluded Deposit Accounts for which no control agreement exists) does not exceed $1,000,000.00 at any time.
Sample 1
Deposit Accounts Control Agreements 
Sample 1

Related to Deposit Accounts Control Agreements

  • 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.

  • Control Agreements Each Borrower agrees that it will not transfer assets out of any Securities Accounts other than as permitted under Section 7.19 and, if to another securities intermediary, unless each of the applicable Borrower, Agent, and the substitute securities intermediary have entered into a Control Agreement. No arrangement contemplated hereby or by any Control Agreement in respect of any Securities Accounts or other Investment Property shall be modified by Borrowers without the prior written consent of Agent. Upon the occurrence and during the continuance of a Default or Event of Default, Agent may notify any securities intermediary to liquidate the applicable Securities Account or any related Investment Property maintained or held thereby and remit the proceeds thereof to the Agent's 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 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.

  • Control Agreement A control agreement (the “Custodian Control Agreement”), duly executed and delivered by the Borrower, the Administrative Agent and State Street Bank and Trust Company.

  • 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 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.

  • Lien on Deposit Accounts Cash Collateral To further secure the prompt payment and performance of all Obligations, each Grantor hereby grants to Super Priority Agent, a continuing security interest in and Lien upon all of such Grantor’s right, title and interest in and to each Deposit Account (other than any Excluded Collateral) of such Grantor, and any deposits or other sums at any time credited to any such Deposit Account. Upon the occurrence of a Default or an Event of Default, each Grantor authorizes and directs each bank or other depository to deliver to Super Priority Agent, on a daily basis, all balances in each Deposit Account (other than any Excluded Collateral) maintained by such Grantor with such depository for application to the Obligations then outstanding. Each Grantor irrevocably appoints Super Priority Agent as such Grantor’s attorney-in-fact to collect such balances to the extent any such delivery is not so made.