Withdrawals and Transfers From Accounts. (a) Upon the occurrence and continuance of an Event of Default, any and all transfers from the Accounts shall be made upon prior written express authorization of Pledgee.
(b) Upon the occurrence and continuance of an Event of Default, the amounts to be transferred from the Accounts shall be calculated by Pledgor and communicated to the Depositaries and Pledgee by Pledgor in writing at least three (3) business days prior to each date on which a transfer is to be made, which writing shall state that (i) such transfer is being made in accordance with the provisions and requirements hereof, and (ii) no Event of Default then exists.
(c) Not later than the 5th business day of each month, Pledgor shall provide Pledgee with a statements of the Accounts, describing: (i) the amounts deposited in the Accounts since the date of the last such report, so long as any amounts have been deposited in, withdrawn from or transferred to or from the Accounts, (ii) accrued amounts existing in the Accounts as from its opening, (iii) the investments of the funds of the Accounts made since the date of the last such report and any revenues and gains obtained therewith, and (iv) the balance existing in the Accounts, as well as the withdrawals made during the relevant period, so that Pledgee is fully informed and updated in respect of the Accounts, as well as of the total amounts and investments subject to the lien created hereunder. Pledgor shall maintain such reports reflecting such amounts, investments and funds described in the preceding sentence held in the Accounts.
Withdrawals and Transfers From Accounts. The Company shall have no right to withdraw any cash from the Accounts or otherwise dispose of or transfer any Pledged Assets except as expressly provided herein and in the Common Terms Agreement. Any withdrawal, transfer or investment requested by the Company in accordance with the provisions hereof is expressly understood to be made with the permission of the relevant Depositary in the exercise of its exclusive possession of and control over the relevant Account. The Company shall instruct the Depositary to make withdrawals from the relevant Account only if no Event of Default exists and only for purposes not prohibited by the Common Terms Agreement, or as otherwise approved in writing by the Collateral Agent.
Withdrawals and Transfers From Accounts
