Examples of Assigned Bank Accounts in a sentence
The Assignor shall release the respective bank(s) from the banking secrecy to the extent required for the Assignee to assign the Assigned Bank Accounts and perform its rights and obligations in relation thereto.
Subject to and in accordance with the terms and conditions of the Credit Agreement and this Agreement, the Assignor shall be authorized to collect all or part of the Assigned Receivables for as long as no Event of Default has occurred and is continuing, and until such time as notified by the Collateral Agent, provided the proceeds of the Assigned Receivables are credited on the Assigned Bank Accounts as per the preceding paragraph.
The Assignor shall instruct and shall continue to instruct any debtors of the Assigned Receivables to pay, wire, transfer or credit any payment to the Assigned Bank Accounts.
Subject to and in accordance with the terms and conditions of the Loan Documents the Assignor shall be authorized (subject to revocation by the Assignee as of the occurrence of an Event of Default) to use any balance on the Assigned Bank Accounts for as long as no Event of Default has occurred and is continuing.
To that effect, the Assignor shall, within ten Business Days from the date hereof, send a Notice of Assignment to the banks (substantially in the form of Schedule 1) with which the Assigned Bank Accounts are opened.
Furthermore, the Assignor shall be authorized to change banks provided that (i) such new banks accept to waive their general right of pledge and set-off in part or in full but in any event in terms no less favourable than the ones obtained for the existing Assigned Bank Accounts and (ii) the Assignor updates Schedule 5 accordingly.
If, following the payments made following the Closing as contemplated by this Section 2.17, any additional amount is deposited in any of the Assigned Bank Accounts that relates to store receipts prior to the Effective Time, Scotland will promptly pay such amount to London in immediately available funds.
Scotland shall provide London with bank statements, deposit statements and other reasonable documentation as requested by London with respect to the Assigned Bank Accounts related to the foregoing.
Own Source Revenue will not be taken into account so as to unreasonably reduce the incentive for the Snuneymuxw Government to raise revenues.
No later than the Business Day immediately following the Closing Date, Scotland shall pay to London cash in an amount equal to the aggregate balances of the Assigned Bank Accounts at the Effective Time (based on the latest bank statements available prior to the Effective Time).