Examples of Concentration Account Banks in a sentence
The Collection Agent shall instruct all Obligors to cause all Collections to be deposited directly to a Special Account and shall take, or omit to take, all actions in respect of Obligors, the Special Account Banks, Intermediate Concentration Account Banks and the Concentration Account Bank solely in a manner that is consistent with the terms of this Agreement, including, without limitation, Sections 2.8, 5.1(h), 5.2(e) and 5.2(f) hereof.
If the Commitment Termination Date has occurred but no Termination Event or Designated Event has occurred and is continuing, the Borrower shall, at the direction of the Administrative Agent, instruct each of the Concentration Account Banks (and/or Collection Account Banks) to transfer on daily basis all collected and available funds on deposit in each Concentration Account (and/or Collection Account Bank) to the Agent Account.
The receipt of any payment by Agent (whether from transfers to Agent by the Concentration Account Banks or otherwise) shall not be considered a payment on account unless such payment item is a wire transfer of immediately available federal funds made to the Agent Account or unless and until such payment item is honored when presented for payment.
The Borrower and its Subsidiaries shall establish and maintain Concentration Accounts pursuant to Concentration Account Agreements in the name of the Collateral Agent for the benefit of the Term Loan Lenders with the Concentration Account Banks.
On or before the Closing Date, each Borrower shall have established a concentration account in its name (each a "Concentration Account" and collectively, the "Concentration Accounts") at the bank or banks that shall be designated as the Concentration Account bank for each such Borrower in Disclosure Schedule (3.19) (each a "Concentration Account Bank" and collectively, the "Concentration Account Banks"), which banks shall be reasonably satisfactory to Agent.
From and after the Closing Date, Foothill shall be entitled to charge Borrower for one Business Day of 'clearance' or 'float' at the rate set forth in SECTION 2.4(a)(i) or SECTION 2.4(c)(i), as applicable, on all Collections that are received by Foothill (regardless of whether forwarded by the depository account banks or Concentration Account Banks to Foothill, whether provisionally applied to reduce the Obligations under SECTION 2.1, or otherwise).
On or before the Closing Date, each Borrower shall have established a concentration account in its name (each a "Concentration Account" and collectively, the "Concentration Accounts") at the bank or banks that shall be designated as the Concentration Account bank for each such Borrower in Disclosure Schedule (3.19) (each a "Concentration Account Bank" and collectively, the "Concentration Account Banks"), which banks shall be satisfactory to Agent.
Each Obligor shall establish and maintain a concentration account in its name (each a "Concentration Account" and, collectively, the "Concentration Accounts") at the bank or banks which shall be designated as the concentration account bank for each such Obligor on Schedule 2.15 (each a "Concentration Account Bank" and, collectively, the "Concentration Account Banks"), which banks shall be satisfactory to the Administrative Agent.
The Borrowers further agree to provide notice to all Canadian Concentration Account Banks authorizing and instructing such banks to forward all available funds in each Canadian Concentration Account into the Canadian Collection Account on each Business Day by not later than 1 p.m. (New York time).
The receipt of any Collections by Foothill (whether from transfers to Foothill by the depository account banks or Concentration Account Banks or otherwise) immediately shall be applied provisionally to reduce the Obligations outstanding under SECTION 2.1, but shall not be considered a payment on account unless such Collection item is a wire transfer of immediately available federal funds and is made to Foothill Account or unless and until such Collection item is honored when presented for payment.