Location of Liquidation Account and Cash Reserve Account. If at any time BMO Xxxxxx Bank is rated below A-1 by S&P or P-1 by Xxxxx’x, the Agent shall promptly establish a new Liquidation Account and a new Cash Reserve Account at a financial institution which is rated at least A-1 by S&P and P-1 by Xxxxx’x and transfer all amounts on deposit in such accounts at BMO Xxxxxx Bank to such new accounts at such financial institution, until such time as BMO Xxxxxx Bank is rated at least A-1 by S&P and P-1 by Xxxxx’x.
Appears in 3 contracts
Samples: Receivables Purchase Agreement (KAR Auction Services, Inc.), Receivables Purchase Agreement (KAR Auction Services, Inc.), Receivables Purchase Agreement (KAR Auction Services, Inc.)
Location of Liquidation Account and Cash Reserve Account. If at any time BMO Xxxxxx Bank [*] is rated below A-1 by S&P or P-1 by Xxxxx’x, the Agent shall promptly establish a new Liquidation Account and a new Cash Reserve Account at a financial institution which is rated at least A-1+ by S&P (or if the financial institution is the [*] A-1 by S&P S&P) and P-1 by Xxxxx’x and transfer all amounts on deposit in such accounts at BMO Xxxxxx Bank [*] to such new accounts at such financial institution, until such time as BMO Xxxxxx Bank [*] is rated at least A-1 by S&P and P-1 by Xxxxx’x.
Appears in 2 contracts
Samples: Receivables Purchase Agreement (Adesa California, LLC), Receivables Purchase Agreement (Carbuyco, LLC)
Location of Liquidation Account and Cash Reserve Account. If at any time anytime BMO Xxxxxx Bank is rated below A-1 by S&P or P-1 by Xxxxx’x, the Agent shall promptly establish a new Liquidation Account and a new Cash Reserve Account at a financial institution which is rated at least A-1 by S&P and P-1 by Xxxxx’x and transfer all amounts on deposit in such accounts at BMO Xxxxxx Bank to such new accounts at such financial institution, until such time as BMO Xxxxxx Bank is rated at least A-1 by S&P and P-1 by Xxxxx’x.
Appears in 1 contract
Samples: Receivables Purchase Agreement (KAR Auction Services, Inc.)
Location of Liquidation Account and Cash Reserve Account. If at any time anytime BMO Xxxxxx Bank is rated below A-1 by S&P or P-1 by Xxxxx’x, the Agent shall promptly establish a new Liquidation Account and a new Cash Reserve Account at a financial institution which is rated at least A-1 by S&P and P-1 by Xxxxx’x and transfer all amounts on deposit in such accounts at BMO Xxxxxx Bank to such new accounts at such financial institution, until such time as BMO Xxxxxx Bank is rated at least A-1 by S&P and P-1 by Xxxxx’x.. I\11418185.1
Appears in 1 contract
Samples: Receivables Purchase Agreement (KAR Auction Services, Inc.)
