The Deposit Account. Notwithstanding Clause 9.1, the Borrower and each Assignor shall pay or cause to be paid to the credit of the Prepayment Escrow Account all Insurance Proceeds received or receivable by it (in respect of any one claim but aggregating all claims in respect of the same or related incidents) except (i) for all costs or expenses reasonably incurred in procuring the recovery of the Insurance Proceeds, which it shall be entitled to apply in meeting or relieving the same and (ii) to the extent that proceeds of claims under third party liability policies are applied directly in discharge of the relevant claim and provided that after the occurrence of an Event of Default which is continuing, all Insurance Proceeds [Group Assignment of Insurances] received or receivable by the Borrower or any Assignor, shall be paid or caused to be paid directly into the Prepayment Escrow Account (except to the extent that proceeds of claim under third party liability policies are applied by the Insurers directly in discharge of the relevant claim for the purposes of making a Mandatory Prepayment under Clause 7.5B of the Facility Agreement).
The Deposit Account. On or before the date hereof, Lender shall have established the Deposit Account at the Deposit Bank. Any amounts deposited into the Deposit Account shall be applied and disbursed in accordance with the terms and provisions of this Agreement and the Deposit Account Agreement.
The Deposit Account. 3.1 The Landlord shall forthwith place the Deposit in the Deposit Account until withdrawal or repayment of the Deposit in accordance with the terms of Clause 6 below
3.2 The Landlord shall also credit to the Deposit Account any sums subsequently paid to it by the Tenant under Clause 4.2
The Deposit Account a ) CNF shall establish a deposit account as security for the Grantor's obligations under this Agreement (the "De posit Account") into which all Casualty Deposits and Default Deposits shall be deposited. CNF shall maintain exclusive control of the Deposit Account and the amounts on deposit therein, including any Earnings. CNF shall apply any funds held in the Deposit Account to satisfy any Secured Obligations that become due and payable to CNF and in the following order: (i) first, funds which constitute Earnings, (ii) second, funds which constitute Casualty Deposits and (iii) third, funds which constitute Default Deposits.
b ) All Casualty Deposits and Earnings, to the extent not applied to satisfy Secured Obligations pursuant to Section 8(a) hereof, shall remain in the Deposit Account until the Termination Date, provided, however, that the Grantor may elect at any time (except when an Event of Default has occurred and is continuing) to replace any Vehicle, in accordance with Section 7(g) hereof, for which a Casualty Deposit has been made pursuant to Section 7(c) hereof, and upon such Replacement Vehicle becoming subject to this Agreement, and the security interest created hereun der, the Grantor may elect to withdraw the Casualty Deposit made with respect to the replaced Vehicle (but not the Earnings with respect thereto). All Default Deposits, to the extent not applied to satisfy Secured Obligations pursuant to Section 8(a) hereof, shall remain in the Deposit Account until there exists no continuing Event of Default, at which time such funds shall be promptly remitted to the Grantor.
c ) All funds in the Deposit Account shall be in vested, as CNF determines in its sole discretion, in one or more of the following:
(i) securities issued or fully guaranteed or insured by the United States Government or any agency thereof and backed by the full faith and credit of the United States maturing not more than one (1) year from the date of acquisition;
(ii) certificates of deposit, time deposits, Eurodollar time deposits, bankers' acceptances or deposit accounts having in each case a remaining term to maturity of not more than one (1) year, which are either (A) fully insured by the Federal Deposit Insurance Corporation or (B) issued by any commercial bank under the laws of any State or any national banking association that has combined capital and surplus of not less than $800,000,000 and whose short-term securities are rated at least A-1 by S&P or P-1 by Moody's...
The Deposit Account. 23.1. Your Deposit Account shall be of a type of account approved by CIMB Bank.
23.2. CIMB Bank may debit your Deposit Account for all authorised Retail Purchasing transactions. In addition, CIMB Bank may debit your Deposit Account for unauthorised Retail Purchasing transactions where pursuant to the terms of this Agreement you are responsible for such transactions. CIMB Bank shall re-credit your Deposit Account with a sum equal to the sum debited from your Deposit Account where it is subsequently established that you are not liable for the Retail Purchasing transaction.
23.3. CIMB Bank may allow your Deposit Account to be overdrawn and may charge an overdraft charge based on the amount of the overdrawn balance existing at any time on your Deposit Account. CIMB Bank may debit the overdraft charge to your Deposit Account monthly or at such other intervals as CIMB Bank may determine.
23.4. Should CIMB Bank approve your request to replace your Deposit Account with another Account, the account chosen by you shall become the Deposit Account. The change shall take effect from any date that CIMB Bank may determine. Until the change takes effect, this Agreement shall continue to apply to any Retail Purchasing transactions for which monies have been set aside or held in the original Deposit Account.
23.5. Notwithstanding any other agreement relating to the Deposit Account either with you alone or with any other person, CIMB Bank shall be entitled to retain the balance on your Deposit Account for up to 90 days after the date when your Deposit Account is closed or terminated (whether by you or by CIMB Bank). CIMB Bank’s rights under this Agreement shall not cease after the termination of the Deposit Account and CIMB Bank shall have the right to continue debiting your Deposit Account with overdraft charges (if any) and/or Retail Purchasing transactions effected before or after the closure or termination of the Deposit Account. Your liability (and the liability of all other persons, if any, in whose name the Deposit Account is maintained) to CIMB Bank under this Agreement for any balance due to CIMB Bank shall continue notwithstanding any closure or termination of the Deposit Account.
23.6. In the event CIMB Bank is unable for whatever reason to retain the balance on your Deposit Account or to continue debiting your Deposit Account with overdraft charges (if any) and/or Retail Purchasing transactions effected before or after the closure or termination of the Deposit Ac...
The Deposit Account. All funds received in the operation of the Hotel (including all cash, checks and credit card receipts) shall be deposited in the Deposit Account, in such federally insured banks, savings and loans or trust companies as may be selected by Owner and reasonably approved by any lender under a mortgage loan. The Deposit Account shall be under the control of Owner.
The Deposit Account. All cash (other than cash needed to maintain a reasonable and customary xxxxx cash fund at the Hotel) and checks received by Operator in the operation of the Hotel shall be deposited in a special account or accounts bearing the name of the Hotel (the “Deposit Account”), in such federally insured banks, savings and loans or trust companies as may be designated from time to time by Owner and reasonably approved by Operator. The Deposit Account shall be in the name of Operator as agent for Owner and shall be under the control of Operator. Amounts in the Deposit Account shall not be commingled with other funds of Operator or funds from other properties owned, leased or managed by Operator. Excluding amounts deposited by Operator into the Agency Account sufficient to maintain the Working Capital Reserve (as such term is hereinafter defined), all amounts deposited into the Deposit Account shall be paid into the Owner Account (as hereinafter defined) as set forth in Section 7.1(B). For purposes of this Agreement, the term Working Capital Reserve shall be an amount sufficient to cover any cash shortfalls based upon the monthly cash forecast of projected operating revenues and expenses for the next month (the “Cash Forecast”). To the extent that the Cash Forecast indicates (i) a cash excess, such excess will be transferred to the Owner Account or (ii) a cash shortfall, Owner shall fund such cash shortfall into the Agency Account within five (5) days after receipt by Owner of the Cash Forecast.
The Deposit Account. Depositary Bank hereby represents and warrants to Secured Party and Grantor that (a) the Deposit Account has been established in the name of Grantor as recited above, (b) any balances in the Deposit Account are valid and legally binding obligations of Depositary Bank, and (c) except for the claims and interest of Secured Party and of Grantor in the Deposit Account, Depositary Bank does not know of any claim to or interest in the Deposit Account or in any balances maintained therein. 252
The Deposit Account. (a) On or before the date of this Agreement, Pledgor(s) has placed a sum or sums in immediately available funds on deposit with the Bank in an account as further identified above under Specific Terms (individually and collectively the "Deposit Account"). The Deposit Account and any interest or other income thereon or proceeds thereof shall be kept on deposit at the branch, office, or subsidiary of the Bank identified above (such branch, office, or subsidiary sometimes referred to hereinafter as the "Depository"). The Deposit Account shall be kept under the sole dominion and control of the Depository, subject however to the instructions of the Bank and of each branch, office or subsidiary thereof at which any Liabilities are carried on the books and records. Other than pursuant to, and in accordance with, Section 33 of this Agreement, Pledgor(s) shall have no right to withdraw any amounts from the Deposit Account, including any interest paid thereon, unless and until the Liabilities shall have been paid in full.
(b) If any Deposit Account or portion thereof is evidenced by a certificate or instrument, the Pledgor(s) shall deliver and, if necessary, endorse in any manner necessary to transfer, to the Bank any such certificates or instruments constituting, representing or evidencing any such Deposit Account or portion thereof.
(c) Any Deposit Account or portion thereof may be issued by the Depository in book entry form and, in the discretion of the Depository, a confirmation of such Deposit Account or such portion, as distinguished from a physical certificate, may serve to evidence such Deposit Account or portion thereof.
(d) So long as no Event of Default shall have occurred and shall be continuing hereunder, the Bank shall not Transfer this Agreement, the Guaranty and/or the Collateral to a Person that is not located in the United States of America. After the occurrence and during the continuance of an Event of Default hereunder, the Bank can Transfer this Agreement, the Guaranty and/or the Collateral to any Person without restriction whatsoever.
The Deposit Account. Depositary Bank hereby represents and warrants to Secured Party and Grantor that (a) the records of Depositary Bank show that Grantor is the sole owner of the Deposit Account, (b) any balances in the Deposit Account are valid and legally binding obligations of Depositary Bank, (c) Depositary Bank has not been served with any notice of levy or received any notice of any security interest in or other claim to the Deposit Account, or any portion of the financial assets maintained therein, other than Secured Party's claim pursuant to this Control Agreement, and (d) Depositary Bank is not presently obligated to accept any entitlement order from any person with respect to the Deposit Account or any portion of the financial assets on deposit therein , except for entitlement orders that Depositary Bank is obligated to accept from Secured Party under this Control Agreement and entitlement orders that Depositary Bank, subject to the provisions of Section 2 below, is obligated to accept from Grantor.
