Security Accounts. Borrower uses, or permits the use of, funds from the Security Accounts for any purpose other than the purpose for which such funds were disbursed from the Security Accounts.
Security Accounts. Schedule 8 hereto is a true and correct list of all securities accounts that constitute Collateral as of the date hereof and are maintained by each Grantor, including the name of the financial institution holding the securities account (including a securities intermediary), the type of account and the account number.
Security Accounts. The Cash Concentration Account, the operating account and the Controlled Disbursement Accounts shall be referred to in this Agreement as “Security Accounts” with all cash, checks and other similar items of payment in such accounts securing payment of the Obligations.
Security Accounts. Borrower will establish and maintain the Security Accounts required by the Disbursement Agreement.
Security Accounts. (a) Identity of bank or financial institution holding Security Accounts Any Security Account may be changed to any other bank or financial institution at any time with the agreement of the Mortgagor and the Collateral Agent (acting on the instructions of the Required Lenders) but, in each case, such change shall only become effective upon the proposed new bank or financial institution agreeing with the Collateral Agent (acting on the instructions of the Required Lenders) and the Mortgagor, in a manner satisfactory to the Collateral Agent, to hold such Security Account pursuant to the terms of this Deed.
(b) Notice to bank or financial institution holding Security Accounts
(i) The Mortgagor will forthwith give notice to the bank or financial institution holding any Security Account for the Mortgagor (and forthwith on any change in their identity give notice to the new bank or financial institution holding such Security Account) of this Security Agreement substantially in the form of in Schedule 1 and use all reasonable endeavours to procure that such bank or financial institution or any new bank or financial institution (as the case may be) acknowledges such notice to the Collateral Agent substantially in the form of Schedule 2.
(ii) If notices have already been given in relation to a Security Account in accordance with this clause under another Security Interest, they are not required to be given again under this clause.
(c) Transfer of balances in Security Accounts The amount (if any) standing to the credit of the Security Accounts shall be transferred to the corresponding Security Accounts maintained with any new bank or financial institution appointed pursuant to paragraph (a) (Identity of bank or financial institution holding Security Accounts) promptly upon such appointment taking effect. The Mortgagor irrevocably gives all authorisations and instructions necessary for any such transfer to be made.
Security Accounts. If any Borrower Party uses, or permits the use of, funds from the Security Accounts for any purpose other than the purpose for which such funds were disbursed from the Security Accounts.
Security Accounts. At all times, maintain the Pledged Collateral (other than Cash Collateral) with Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx, Inc.
Security Accounts. Borrower uses, or permits the use of, funds from any reserves or from any Security Accounts for any purpose other than the purpose for which such funds were disbursed from such reserves or the Security Accounts and such default is not cured within ten (10) days of Borrower’s knowledge of such default.
Security Accounts. The Chargor, as continuing security for the payment and discharge of all Secured Obligations, charges and assigns and agrees to charge and assign by way of first fixed charge:
(a) all its interests in the Share Collateral, any Related Rights (to the extent such Related Rights are not assigned in favour of the Investor pursuant to Clause 2.2 (Custody Agreement)) and the Secured Securities Account; and
(b) all of its rights in respect of any amount standing to the credit of the Secured Cash Account and the debt represented by that account, in favour of the Investor.
Security Accounts. The Chargor is the sole legal and beneficial owner of the credit balances and securities balance from time to time in each Security Account which it maintains and such credit balances and securities balance in each Security Account are free of any Security Interests (except for those created by or under this Deed) and any other rights or interests in favour of third parties, except any set-off arrangement as may be set out in the Custody Agreement.
