Concentration Bank definition
Examples of Concentration Bank in a sentence
The Trustee shall immediately notify Navistar Financial as to the receipt and contents of any such notice of cancellation and shall promptly notify Navistar Financial, any co-trustee, the Concentration Bank, each Proceeds Account Bank, each insurance company that has received notice of the relevant Notice of Acceleration in accordance with Section 5.01(a), each Purchaser and each other Secured Party as to the cancellation of any Notice of Acceleration.
The Trustee is hereby directed to instruct the Concentration Bank to follow the instructions of Navistar Financial given pursuant to this subsection (a).
If there are insufficient Collected Funds in the Concentration Account to cover the amount of any returned check or other adjustment or correction to be debited thereto, the Borrower shall be responsible for repaying the Concentration Bank the amount of such debit immediately upon demand.
Upon the effectiveness of such resignation, PNC Bank, National Association shall close the Concentration Account and transfer all funds therein and any future instruments deposited therein to the new Concentration Bank, unless otherwise instructed by Borrower and Agent (or solely by Agent after the giving of Notice).
If no successor Concentration Bank shall be appointed and shall have accepted such appointment within 30 days after the Concentration Bank gives the aforesaid notice of resignation, the Trustee may appoint a successor Concentration Bank with the consent of Navistar Financial or apply to any court of competent jurisdiction to appoint a successor Concentration Bank.