Examples of Controlled Account in a sentence
The Collateral Custodian’s and the Account Bank’s entitlement to receive its portion of the Collateral Administrator, Collateral Custodian and Account Bank Fees shall cease on the earlier to occur of: (i) its removal as Collateral Custodian or Account Bank, as applicable, (ii) its resignation as Collateral Custodian or Account Bank, as applicable or (iii) the termination of, as applicable, this Agreement or the Controlled Account Agreement and Unfunded Exposure Account Agreement.
All such cash raised in connection with the exercise of a Cure Right of a Going Concern Default resulting solely as a result of a breach or anticipated breach of the financial covenant set forth in Section 10.01 shall be immediately deposited into a Controlled Account.
Notwithstanding the foregoing, to the extent that the Loan Parties cease to be required to maintain the FVC Reserve Amounts in Deposit Accounts at FVCBank, any such FVC Reserve Amounts must be promptly (but in any event, within three (3) Business Days) transferred to a Controlled Account and any accounts must be closed within thirty (30) days of the date such requirement ceases.