Pledged Accounts. (A) Each Grantor shall cause each bank and other financial institution which maintains a Controlled Account (each a “Controlled Account Bank”) to execute and deliver to the Collateral Agent, in form and substance satisfactory to the Collateral Agent, a Controlled Account Agreement with respect to such Controlled Account, duly executed by each Grantor and such Controlled Account Bank, pursuant to which such Controlled Account Bank among other things shall irrevocably agree, with respect to such Controlled Account, that (i) at any time after any Grantor, the Collateral Agent or any Buyer shall have notified such Controlled Account Bank that an Event of Default has occurred or is continuing, such Controlled Account Bank will comply with any and all instructions originated by the Collateral Agent directing the disposition of the funds in such Controlled Account without further consent by such Grantor, (ii) such Controlled Account Bank shall waive, subordinate or agree not to exercise any rights of setoff or recoupment or any other claim against the applicable Controlled Account other than for payment of its service fees and other charges directly related to the administration of such Controlled Account and for returned checks or other items of payment, (iii) at any time after any Grantor, the Collateral Agent or any Buyer shall have notified such Controlled Account Bank that an Event of Default has occurred or is continuing, with respect to each such Controlled Account, such Controlled Account Bank shall not comply with any instructions, directions or orders of any form with respect to such Controlled Accounts other than instructions, directions or orders originated by the Collateral Agent, (iv) all funds deposited by any Grantor with such Controlled Account Bank shall be subject to a perfected, first priority security interest in favor of the Collateral Agent, and (v) upon receipt of written notice from the Collateral Agent during the continuance of an Event of Default, such Controlled Account Bank shall immediately send to the Collateral Agent by wire transfer (to such account as the Collateral Agent shall specify, or in such other manner as the Collateral Agent shall direct) all such funds and other items held by it. No Grantor shall create or maintain any Pledged Account without the prior written consent of the Collateral Agent (in its sole and absolute discretion) and complying with the terms of this Agreement.
(B) If at any time after the date of this Ag...
Pledged Accounts. Section 4.01. Creation of Pledged Accounts 19 Section 4.02. Excess Cash Account; Cash Collateral Account 12 Section 4.03. Qualified Investments Account 13 Section 4.04. Payments in Trust 15 Section 4.05. Investment of Funds in Pledged Accounts 15 Section 4.06. Transfers from Accounts During the Continuance of an Event of Default 17 Section 4.07. Reports, Certification and Instructions 17 Section 4.08. Depository Bank Undertakings 18 Section 4.09. Force Majeure 20 Section 4.10. Clearing Agency 20 Section 4.11. Return of Funds to the Company 20
Pledged Accounts. Attached hereto as Schedule 7 is a true and complete list of all Pledged Accounts (as defined in the Security Agreement) maintained by the Borrower.
Pledged Accounts. The Borrower shall not move any Pledged Account from the institution at which they are maintained on the Closing Date, except as permitted in accordance with Section 2.8.
Pledged Accounts. (a) The Borrower shall establish, on or prior to the Closing Date, an Eligible Bank Account (No. 261619) at the Trustee in the name of the Trustee (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties.
(b) The Borrower shall establish, on or prior to the Closing Date, an Eligible Bank Account (No. 261620) at the Trustee in the name of the Trustee (the “Reserve Account”) bearing a designation clearly indicating that the funds deposited therein are for the benefit of the Secured Parties.
(c) The Borrower shall establish, on or prior to the Closing Day, an Eligible Bank Account (No. 0000000000) at the Account Bank on behalf of the Master Servicer (the “Holding Account”) bearing a designation clearly indicating that the funds deposited therein are for the benefit of the Secured Parties.
(d) The Borrower shall establish, on or prior to the Closing Date, an Eligible Bank Account (No. 8900624191) at the Agent (the “Principal Payment Account”) bearing a designation clearly indicating that the funds deposited therein are for the benefit of the Secured Parties.
(e) If at any time the Collection Account, the Reserve Account, the Principal Payment Accounts or the Holding Account shall no longer be an Eligible Bank Account, then the Borrower shall, within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which the Controlling Party shall consent), cause such account and the funds on deposit therein to be moved so that such account shall be an Eligible Bank Account. The Borrower shall immediately notify the Agent and the Surety Provider of the new location and account number of such account. For purposes of this Loan Agreement, the term “Eligible Bank Account” shall mean, if such bank account does not meet the requirements of paragraphs (a) and (b) of such definition, a bank account otherwise acceptable to the Controlling Party.
Pledged Accounts. Borrower’s and each Loan Party’s Pledged Accounts shall at all times be subject to a Control Agreement, provided however, that the Control Agreement for Borrower’s Account maintained at Treasury Brokerage, LLC, account number TC15080, shall not be required until fifteen (15) days following the Effective Date, provided that until such Control Agreement is in place, no amount of any Credit Extension may be deposited into such Account. If the depository institution party to a Control Agreement notifies Borrower or Collateral Agent that the depository institution intends to close any Pledged Account or terminate any Control Agreement:
(a) Borrower or such Loan Party shall thereafter allow for the withdrawal of funds from such affected Pledged Account only in the ordinary course of business unless (i) Collateral Agent Credit Agreement – Domo, Inc. otherwise consents in writing, or (ii) such withdrawal is in order to deposit such funds into a Pledged Account subject to a Control Agreement; and
(b) At any time prior to Borrower having transferred the funds in the affected Pledged Account to another Pledged Account subject to a Control Agreement, Collateral Agent may instruct such depository institution to disburse funds in such Pledged Account to Collateral Agent for the purpose of allowing Collateral Agent to maintain its first priority, perfected security interest over the funds in such Pledged Account, and unless an Event of Default occurs and is continuing, once Borrower has available a Pledged Account subject to a Control Agreement, Collateral Agent shall disburse such funds to such Pledged Account.
Pledged Accounts. Section 14(p) of the Notes is hereby incorporated by reference.
Pledged Accounts. No Borrower shall, nor shall any Borrower permit any of its Subsidiaries to, have on deposit in or credited to any depository account or securities account (each within the meaning of the UCC) (other than any Account) Cash or Cash Equivalents in an aggregate amount at any one time outstanding in excess of $600,000.
Pledged Accounts. 39 4.4 Receipt of Payments by Loan Parties .40 4.5 Application of Deposits.................... .40 4.6 Liens............................................ ..... ,41 4.7 Rights After an Event of Default...... ,41 5.
Pledged Accounts. Evidence of the establishment (and funding, if applicable) of the Expense Reserve Account, Interest Reserve Account and the Unused Proceeds Account required to be established on or prior to the Closing Date.
