Common use of Establishment of Collateral Accounts Clause in Contracts

Establishment of Collateral Accounts. The Financial Institution hereby confirms and agrees that: (a) The Financial Institution has established the following accounts: (i) the "[identify exact title of account]” with account number [identify account number] in the name “[identify exact title of account]” in the name of “[identify name of account holder]” (the “ Account”); (ii) the “[identify exact title of account]” with account number [identify account number] in the name “[identify exact title of account]” in the name of “[identify name of account holder]” (the “ Account”); and (iii) the "[identify exact title of account]” with account number [identify account number] in the name “[identify exact title of account]” in the name of “[identify name of account holder]” (the “ Account”). Each such account and any successor account, being referred to herein individually as a “Pledged Account” and collectively as the “Pledged Accounts.” The Financial Institution shall not change the name or account number of any Pledged Account without the prior written consent of the Secured Party; (b) Each of the Pledged Accounts is either a “securities account” (as defined in Section 8-501 of the UCC) or a “deposit account” as defined in Section 9-102(a)(29) of the UCC). The Financial Intermediary acknowledges and agrees that the Account[s] are intended to be deposit accounts and the Account[s] are intended to be securities accounts. Notwithstanding such intention, as used herein “Deposit Account” shall mean any Pledged Account which is determined to be a “deposit account” (within the meaning of Section 9-

Appears in 1 contract

Sources: Credit and Guaranty Agreement (Xo Communications Inc)

Establishment of Collateral Accounts. The Financial Institution hereby confirms and agrees that: (a) The Financial Institution has established the following accounts: (i) the "[IDENTIFY EXACT TITLE OF ACCOUNT]" with account number [IDENTIFY ACCOUNT NUMBER] in the name "[IDENTIFY EXACT TITLE OF ACCOUNT]" in the name of "[identify name of account holder]" (the "_____ Account"); (ii) the "[identify exact title of account]" with account number [identify account number] in the name "[identify exact title of account]" in the name of "[identify name of account holder]" (the "_____ Account”); (ii) the “[identify exact title of account]” with account number [identify account number] in the name “[identify exact title of account]” in the name of “[identify name of account holder]” (the “ Account”"); and (iii) the "[identify exact title of accountIDENTIFY EXACT TITLE OF ACCOUNT]" with account number [identify account numberIDENTIFY ACCOUNT NUMBER] in the name "[identify exact title of accountIDENTIFY EXACT TITLE OF ACCOUNT]" in the name of "[identify name of account holder]" (the "_____ Account"). Each such account and any successor account, being referred to herein individually as a "Pledged Account" and collectively as the "Pledged Accounts." The Financial Institution shall not change the name or account number of any Pledged Account without the prior written consent of the Secured PartyParty1; (b) Each of the Pledged Accounts is are either a "securities account" (as defined in Section 8-501 of the UCC) or a "deposit account" as defined in Section 9-102(a)(29) of the UCC). The Financial Intermediary acknowledges and agrees that the ____ Account[s] are intended to be deposit accounts and the _________ Account[s] are intended to be securities accounts. Notwithstanding such intention, as used herein “Deposit Account” shall mean any Pledged Account which is determined to be a “deposit account” (within the meaning of Section 9-be

Appears in 1 contract

Sources: Pledge and Security Agreement (Atlantic Coast Entertainment Holdings Inc)

Establishment of Collateral Accounts. The Financial Institution hereby confirms and agrees that: (a) The Financial Institution has established the following accounts: (i) the "[IDENTIFY EXACT TITLE OF ACCOUNT]" with account number [IDENTIFY ACCOUNT NUMBER] in the name "[IDENTIFY EXACT TITLE OF ACCOUNT]" in the name of "[identify name of account holder]" (the "_____ Account"); (ii) the "[identify exact title of account]" with account number [identify account number] in the name "[identify exact title of account]" in the name of "[identify name of account holder]" (the "_____ Account”); (ii) the “[identify exact title of account]” with account number [identify account number] in the name “[identify exact title of account]” in the name of “[identify name of account holder]” (the “ Account”"); and (iii) the "[identify exact title of accountIDENTIFY EXACT TITLE OF ACCOUNT]" with account number [identify account numberIDENTIFY ACCOUNT NUMBER] in the name "[identify exact title of accountIDENTIFY EXACT TITLE OF ACCOUNT]" in the name of "[identify name of account holder]" (the "_____ Account"). Each such account and any successor account, being referred to herein individually as a "Pledged Account" and collectively as the "Pledged Accounts." The Financial Institution shall not change the name or account number of any Pledged Account without the prior written consent of the Secured PartyParty(i); (b) Each of the Pledged Accounts is are either a "securities account" (as defined in Section 8-501 of the UCC) or a "deposit account" as defined in Section 9-102(a)(29) of the UCC). The Financial Intermediary acknowledges and agrees that the ____ Account[s] are intended to be deposit accounts and the _________ Account[s] are intended to be securities accounts. Notwithstanding such intention, as used herein "Deposit Account" shall mean any Pledged Account which is determined to be a "deposit account" (within the meaning of Section 9-9-102(a)(29) of the UCC) and "Securities Account" shall mean any Pledged Account which is determined to be a "securities account" (within the meaning of Section 8-501 of the UCC). PLEDGE AND SECURITY AGREEMENT 434560-New York Server 3A EXECUTION

Appears in 1 contract

Sources: Pledge and Security Agreement (Mariner Health Care Inc)

Establishment of Collateral Accounts. The Financial Institution hereby confirms and agrees that: (a) The Financial Institution has established the following accounts: (i) the "[IDENTIFY EXACT TITLE OF ACCOUNT]" with account number [IDENTIFY ACCOUNT NUMBER] in the name "[IDENTIFY EXACT TITLE OF ACCOUNT]" in the name of "[identify name of account holder]" (the "_____ Account"); (ii) the "[identify exact title of account]" with account number [identify account number] in the name "[identify exact title of account]" in the name of "[identify name of account holder]" (the "_____ Account”); (ii) the “[identify exact title of account]” with account number [identify account number] in the name “[identify exact title of account]” in the name of “[identify name of account holder]” (the “ Account”"); and (iii) the "[identify exact title of accountIDENTIFY EXACT TITLE OF ACCOUNT]" with account number [identify account numberIDENTIFY ACCOUNT NUMBER] in the name "[identify exact title of accountIDENTIFY EXACT TITLE OF ACCOUNT]" in the name of "[identify name of account holder]" (the "_____ Account"). Each such account and any successor account, being referred to herein individually as a "Pledged Account" and collectively as the "Pledged Accounts." The Financial Institution shall not change the name or account number of any Pledged Account without the prior written consent of the Secured PartyParty(1); (b) Each of the Pledged Accounts is are either a "securities account" (as defined in Section 8-501 of the UCC) or a "deposit account" as defined in Section 9-102(a)(29) of the UCC). The Financial Intermediary acknowledges and agrees that the ____ Account[s] are intended to be deposit accounts and the _________ Account[s] are intended to be securities accounts. Notwithstanding such intention, as used herein "Deposit Account" shall mean any Pledged Account which is determined to be a "deposit account" (within the meaning of Section 9-Exhibit C-1

Appears in 1 contract

Sources: Pledge and Security Agreement (Mariner Health Care Inc)

Establishment of Collateral Accounts. The Financial Institution hereby confirms and agrees that: (a) The Financial Institution has established the following accounts: (i) the "[identify exact title of accountIDENTIFY EXACT TITLE OF ACCOUNT]" with account number [identify account numberIDENTIFY ACCOUNT NUMBER] in the name "[identify exact title of accountIDENTIFY EXACT TITLE OF ACCOUNT]" in the name of "[identify name of account holder]" (the "_____ Account"); (ii) the "[identify exact title of accountIDENTIFY EXACT TITLE OF ACCOUNT]" with account number [identify account numberIDENTIFY ACCOUNT NUMBER] in the name "[identify exact title of accountIDENTIFY EXACT TITLE OF ACCOUNT]" in the name of "[IDENTIFY NAME OF ACCOUNT HOLDER]" (the "_____ Account"); and iii) the "[IDENTIFY EXACT TITLE OF ACCOUNT]" with account number [IDENTIFY ACCOUNT NUMBER] in the name "[IDENTIFY EXACT TITLE OF ACCOUNT]" in the name of "[identify name of account holder]" (the "_____ Account”); and (iii) the "[identify exact title of account]” with account number [identify account number] in the name “[identify exact title of account]” in the name of “[identify name of account holder]” (the “ Account”). Each such account and any successor account, being referred to herein individually as a "Pledged Account" and collectively as the "Pledged Accounts." The Financial Institution shall not change the name or account number of any Pledged Account without the prior written consent of the Secured Party; (b) Each of the Pledged Accounts is are either a “securities account” Securities Account (as defined in Section 8-501 of the UCC) or a “deposit account” "Deposit Account" as defined in Section 9-102(a)(29) of the UCC). The Financial Intermediary EXHIBIT C-1 acknowledges and agrees that the ____ Account[s] are intended to be deposit accounts and the _________ Account[s] are intended to be securities accounts. Notwithstanding such intention. (c) All securities or other property underlying any financial assets credited to the Securities Account shall be registered in the name of the Financial Institution, as used herein “Deposit Account” shall mean indorsed to the Financial Institution or in blank or credited to another securities account maintained in the name of the Financial Institution and in no case will any financial asset credited to the Securities Account be registered in the name of the Debtor, payable to the order of the Debtor or specially indorsed to the Debtor except to the extent the foregoing have been specially indorsed to the Financial Institution or in blank; (d) All property delivered to the Financial Institution pursuant to [the Security Agreement] will be promptly credited to one of the Pledged Account which is determined to be a “deposit account” (within the meaning of Section 9-Accounts.

Appears in 1 contract

Sources: Master Pledge and Security Agreement (Focal Communications Corp)