THE BORROWERS' DEPOSITORY ARRANGEMENTS Sample Clauses

THE BORROWERS' DEPOSITORY ARRANGEMENTS. Each of the Borrowers will (i) on or prior to the Original Closing Date, maintain a depository concentration account (such Borrower's "Concentration Account") with and under the control of the Administrative Agent, as contemplated by the terms of this Credit Agreement, (ii) direct each Agency Account Institution pursuant to the Agency Account Agreements (whereby such Agency Account Institution shall, among other things, waive any right of set off, other than for service charges and returns incurred in connection therewith), to cause all funds held by such Agency Account Institution in the Agency Accounts to be transferred daily (or such other period as the Administrative Agent requests) to, and only to, the Administrative Agent for deposit in such Borrower's Concentration Account and (iii) direct its account debtors and obligors on instruments or other obligors of such Borrower with respect to any of the Collateral to make all payments on or with respect to any of the Collateral due or to become due to such Borrower directly to such Borrower's Concentration Account or the Agency Accounts. If, notwithstanding the requirements of the foregoing sentence, any of the Borrowers receives any cash proceeds of any of the Collateral, whether in the form of money, checks or otherwise, such Borrower will hold such cash proceeds in trust for the benefit of the Administrative Agent and the Lenders and turn such cash proceeds promptly over to the Administrative Agent in the identical form received by deposit to any Agency Account or Concentration Account. The Administrative Agent shall, (i) with respect to all funds and cash proceeds in the form of money, checks and like items received in any Borrower's Concentration Account, on the same Business Day on which the Administrative Agent determines that good collected funds have been received, and prior to the final collection of good collected funds, on a provisional basis until such final collection, (ii) with respect to all funds and cash proceeds in the form of a wire transfer received in any Borrower's Concentration Account, on the same Business Day as the Administrative Agent's receipt of such amounts (or such later date as the Administrative Agent determines that good collected funds have been received) and (iii) with respect to all funds and cash proceeds in the form of an automated clearing house transfer received in any Borrower's Concentration Account, on the next Business Day following the Administrative Agent's ...
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Related to THE BORROWERS' DEPOSITORY ARRANGEMENTS

  • Deposit Accounts; Credit Card Arrangements (a) Annexed hereto as Schedule 5.21(a) is a list of all DDAs maintained by the Loan Parties as of the Closing Date, which Schedule includes, with respect to each DDA (i) the name and address of the depository; (ii) the account number(s) maintained with such depository; (iii) a contact person at such depository, and (iv) the identification of each Blocked Account Bank.

  • Cash Management Account Borrower hereby represents and warrants to Lender that:

  • Depository Banks The Borrower and each of its Subsidiaries will maintain the Administrative Agent as its principal depository bank, including for the maintenance of operating, administrative, cash management, collection activity, and other deposit accounts for the conduct of its business. Additionally, the Administrative Agent shall be the principal provider of other bank products to the Borrower and its Subsidiaries.

  • Special Subcustodians and Additional Custodians Notwithstanding the provisions of Section 5.01 to the contrary and except as otherwise provided in any subcustodian agreement to which the Custodian, a Fund and any Special Subcustodian or Additional Custodian are parties, the Custodian shall not be liable to a Fund for any loss, damage or expense suffered or incurred by such Fund or any of its Portfolios resulting from the actions or omissions of a Special Subcustodian or Additional Subcustodian, unless such loss, damage or expense is caused by, or results from, the negligence, misfeasance or misconduct of the Custodian; provided however, that in the event of any such loss, damage or expense, the Custodian shall take all reasonable steps to enforce such rights as it may have against any Special Subcustodian or Additional Custodian to protect the interests of the Funds and the Portfolios.

  • Depository Accounts Except to the extent that Manager has not complied with its obligations under Sections 2.4 and 5.2, Owner and Manager agree that Manager shall have no liability for loss of funds of Owner contained in the bank accounts for the Property maintained by Owner or Manager pursuant to this Agreement due to insolvency of the bank or financial institution in which its accounts are kept, whether or not the amounts in such accounts exceed the maximum amount of federal or other deposit insurance applicable with respect to the financial institution in question.

  • Actions of Custodian Based on Proper Instructions and Special Instructions So long as and to the extent that the Custodian acts in accordance with (a) Proper Instructions or Special Instructions, as the case may be, and (b) the terms of this Agreement, the Custodian shall not be responsible for the title, validity or genuineness of any property, or evidence of title thereof, received by it or delivered by it pursuant to this Agreement.

  • Securities Intermediary Agreement The Issuer has delivered to the Indenture Trustee a fully executed agreement under which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the Securities Accounts without further consent by the Issuer.

  • Depository Bank With respect to any Deposit Accounts, (i) maintain the Deposit Accounts at the banks (a “Depository Bank”) described on Annex B-1 or such additional depository banks as described in the notices given pursuant to clause (iv) of this Section 6(q) as have complied with item (iv) hereof, (ii) upon request of the Secured Party, deliver to each depository bank a letter in the form of Annex C hereto with respect to Secured Party’s Rights in such Deposit Account (or on such other reasonable form as may be provided by the Depository Bank) and use commercially reasonable efforts to obtain the execution of such letter by each Depository Bank that the pledge of such Deposit Account has been recorded in the books and records of such bank and that Secured Party shall have dominion and control over such Deposit Account; (iii) upon request of the Secured Party, deliver to Secured Party all certificates or instruments, if any, now or hereafter representing or evidencing the Deposit Accounts, accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance reasonably satisfactory to Secured Party; and (iv) notify Secured Party upon establishing any additional Deposit Accounts and, at the request of Secured Party, use commercially reasonable efforts to obtain from such depository bank an executed letter substantially in the form of Annex C (or on such other reasonable form as may be provided by the Depository Bank) and deliver the same to Secured Party. Secured Party agrees not to exercise control over such Deposit Account unless an Event of Default shall have occurred and be continuing.

  • Depository Account A trust fund account for the benefit of Owner established and maintained in an FDIC insured or guaranteed account to be opened by the Owner.

  • Custodial Agreements Immediately prior to the transfer of the Receivables by the Seller to the Depositor, the Seller or an Affiliate of the Seller had possession of the Receivable Files and there were no, and there will not be any, custodial agreements in effect materially adversely affecting the right or ability of the Seller to make, or cause to be made, any delivery required under this Agreement.

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