Security Account. The Parties agree that ATM Manager shall maintain a positive demand account balance with Elan/U.S. Bank, or in the alternative, or at ATM Manger’s option, a “Letter of Credit” in favor of Elan/U.S. Bank, in an amount not less than eight hundred thousand U.S. Dollars ($800,000.00) (either option to be referred to as the “Security Account”). Such Security Account, in a form ultimately agreed upon by the Parties upon the Effective Date of this Agreement, shall be maintained by Elan/U.S. Bank, and shall continue to be maintained by Elan/U.S. Bank, so long as the Agreement remains in effect. Elan may draw from this Security Account should any of the following occur: 1) An event of default under Section IV.B.1(a) or (b); or 2) In order to obtain payment of any fees, charges, or other obligations of ATM Manager that have not been paid as agreed pursuant to this Agreement. Elan shall have the right to setoff against the Security Account any obligations for payment of fees, charges, or other obligations ATM Manager may have to Elan at any time during the term of the Agreement and for so long thereafter as the Security Account remains open. Elan will notify ATM Manager prior to initiating activity on the Security Account. The Security Account shall remain open and funded by ATM Manager in accordance with the requirements of this section for a period of ninety (90) days after termination of this Agreement.
Security Account. Any Customer deposits into the Security Account pursuant to this Agreement shall be separate from and in addition to any security accounts maintained pursuant to any other agreements between NCPA and the Customer, NCPA and any Third Person, or any other such security account required of Customer.
Security Account. When requested by the builder at any time, the owner must deposit that portion of the contract price not being supplied by a lending authority into an account (the “security account”) at a bank, building society, or a similarly recognised financial institution.
Security Account. Each Borrower will maintain with Christiania Bank og Kreditkasse ASA, Cayman Islands (the "Account Holder") a special interest-bearing deposit account (each such account, the "Security Account") in the name of the relevant Borrower on the following terms and conditions:
(a) Until such time as the Obligations of the Borrowers hereunder and under the Loan Documents shall have been paid in full and no Commitment remains outstanding hereunder (i) each Borrower will cause each charterer of its Vessel to make all payments of charter hire and other amounts payable under each charter or other contract of such Vessel to the Account Holder at its office referred to above for deposit in its respective Security Account, and will notify each other payor of freights and hires which are assigned to the Agent or the Lenders pursuant to the Earnings Assignment and each other payor of monies to the Borrowers to make all payments to the Account Holder at such office, EXCEPT THAT if a Default or Event of Default has occurred and is continuing all such amounts shall be paid to the order of the Agent, (ii) all payments of charter hire or other amounts assigned under or pursuant to the Earnings Assignment and all other similar amounts, payable to the Lenders, the Mortgagee or the Agent under or pursuant to the Mortgages shall be deposited and held by the Account Holder in the relevant Security Account, EXCEPT THAT if a Default or Event of Default has occurred and is continuing all such amounts shall be paid to the order of the Agent, and (iii) each Borrower will receive in trust for the Lenders and pay over to the Agent, for credit to the relevant Security Account, forthwith upon receipt, in the form received, any amounts required to be deposited in the Security Accounts as above provided but which are instead paid to or on behalf of such Borrower or any agent of such Borrower.
(b) The Agent on behalf of the Lenders, shall have a security interest and charge in the Security Accounts pursuant to the terms of the Security Account Assignments. So long as no Default or Event of Default has occurred and is continuing, amounts on deposit in a Security Account may be released to the order of the relevant Borrower. If any Default or Event of Default shall have occurred and be continuing, all amounts then on deposit, or at any time thereafter deposited, in any Security Account, in lieu of being paid and applied as provided above, shall, in the sole discretion of the Agent, be paid by the...
Security Account. 14 8. CLOSING............................................................15 9. BREACH.............................................................15 10. UNDERTAKINGS.......................................................15 11. WARRANTIES.........................................................16
Security Account. The purchaser shall on or before the closing date deliver to the seller an irrevocable undertaking from the purchaser's CSDP to:
7.1 record, in a form reasonably satisfactory to the seller, on the closing date, the pledge on the security account in terms of the Custody and Administration of Securities Act, 1992 (Act 85 of 1992) (as amended from time to time) and rules of the purchaser's CSDP; and
7.2 give effect to the provisions of the pledge in accordance with its terms on the instructions of Anglo and, without limitation, to transfer the pledged shares to
Security Account. Lender may, from time to time, designate the financial institution which shall hold the Security Account and the signatories required for withdrawal of the funds deposited to the Security Account. (It is contemplated that only officers, employees or agents of Lender shall have the authority to withdraw funds.) Borrower shall be entitled to disbursements from the Security Account only upon compliance with the terms this Agreement. Within _____ days following the delivery of a Disbursement Request and any supporting information requested by Lender, Lender shall disburse to Borrower the Permitted Amount provided the following conditions ("Disbursement Conditions") are satisfied: (a) no Default has occurred and no event has occurred which with the passage of time or giving of notice will result
Security Account. At its option and subject to the provisions of Sections 7 and 8 hereof, all insurance or other proceeds received by the Assignee in connection with an Event of Loss, all surplus insurance or other proceeds paid in connection with an Event of Loss, and all other amounts which the Assignee may receive pursuant to this Agreement as a direct or indirect result of the occurrence or continuance of a Termination Event shall be deposited by the Assignee in a special deposit account in a United States banking institution (herein called the "Security Account") maintained by the Assignee in its name and titled in such manner as to identify appropriately the nature of such account. As between the Assignor and the Assignee, the Assignee shall have sole control over the Security Account and shall invest all amounts deposited therein at the Assignee's direction and risk. The Assignor shall have no right to withdraw any funds deposited in the Security Account except as otherwise expressly provided herein. The Assignee shall have the right to apply any funds deposited in the Security Account only as expressly provided herein. Interest earned with respect to funds deposited in the Security Account shall be credited to the Security Account and be available for application in any manner in which such funds may be applied hereunder. Upon the occurrence and during the continuance of a Termination Event, all balances in the Security Account may be applied by the Assignee in discharge of all the Obligations. In addition, the Assignee may, from time to time, in its discretion, release all or any portion of the balance in the Security Account to the Assignor, provided that, any such release shall not be deemed to constitute a waiver by the Assignee of any rights, powers or privileges. The Assignor shall remain liable for the Obligations after any application or release of funds from the Security Account.
Security Account. “Security Account” means a commercial deposit account maintained with Lender, without liability by Lender to pay interest thereon, as described in subpart (e) of the Cash Management System section.
Security Account. When Security Becomes Enforceable ............................ 7 8.
