Account Letters definition
Examples of Account Letters in a sentence
Each Grantor agrees to terminate any or all Pledged Accounts and Pledged Account Letters upon request by the Collateral Agent.
All amounts which shall be deposited into any Blocked Account shall immediately be under the sole dominion and exclusive control of the Agent, on behalf of the Issuing Banks and Lenders, and the Borrower shall have no right to withdraw such amounts, and all of the Blocked Account Letters shall so provide.
Any such reduction shall only be effective upon actual receipt by the Depositary Agent of the replacement Cash and Cash Equivalents and/or one or more Account Letters of Credit.
The Administrative Agent shall have received evidence that, as of the Effective Date, the procedures with respect to cash management required by the Collateral Documents have been established and are currently being maintained by each Loan Party, together with copies of all executed Blocked Account Letters executed by such Loan Party in connection therewith.
Within 30 days after the Initial Closing Date, the Borrower shall provide to the Agent Blocked Account Letters from the Blocked Account Banks.
Each Grantor agrees to terminate any or all Pledged Accounts and Pledged Account Letters upon request by the Administrative Agent.
After the Agent takes any such action under the Lock-Box Letters or Depositary Account Letters, the Seller shall immediately deliver to the Agent any Collections received by the Seller.
Binding and enforceable Pledged Account Letters are in effect for each Pledged Account, except to the extent such Pledged Account Letters are not required by Section 5(a).
Such Grantor agrees to terminate any or all Blocked Accounts and Blocked Account Letters upon request by the Agent upon non-compliance, or the Agent's reasonable expectation of non-compliance, by such Blocked Account Bank.
The Borrowers agree that the Pledged Account Letters, to be executed and delivered to the Agent simultaneously with this Amendment, shall be held by the Agent until (i) a Default or an Event of Default has occurred and is continuing, or (ii) the occurrence of a Material Adverse Change, as determined by the Required Banks.