Depositary Banks definition
Examples of Depositary Banks in a sentence
On or after the Control Date, the Administrative Agent shall direct the Depositary Banks to transfer funds in their respective Accounts to the Collection Account within two (2) Business Days of deposit into the respective Accounts.
The Depositary Bank shall not be liable to any of the parties hereto or any other Secured Party, their successors, heirs or personal representatives by reason of the Depositary Bank's compliance with such writs, orders, judgments or decrees, notwithstanding that such writ, order, judgment or decree is later reversed, modified, set aside or vacated.
Without regard to Company's indemnification obligations to the Depositary Bank Parties, Security Agent agrees to: (i) reimburse Depositary Bank for any Returned Items (the proceeds of which were received by Security Agent) and (ii) defend, indemnify and hold the Depositary Bank Parties harmless from and against any and all Claims arising out of Depositary Bank's compliance with Security Agent's instructions.
The Agent may, and the Seller shall at the Agent's request, withhold the identity of the Purchasers from the Obligors, Lock-Box Banks and Depositary Banks.
If any proceeds of Cash Collateral remain after all Lessee Obligations have been paid in full, Lessor and any Securities Intermediaries and/or Depositary Banks holding such proceeds shall deliver the same to Lessee or other Person entitled thereto.
Company agrees to defend, indemnify and hold Depositary Bank and its directors, officers, employees, attorneys, successors and assigns (collectively "Depositary Bank") harmless from and against any and all claims, losses, liabilities, costs, damages and expenses, including, without limitation, reasonable legal and accounting fees (collectively, "Claims"), arising out of or in any way related to this Agreement, excepting only liability arising out of Depositary Bank's gross negligence or willful misconduct.
Regardless of any provision in any other Finance Document, for purposes of the UCC, New York shall be deemed to be the Depositary Bank's location and the Depositary Accounts (as well as the securities entitlements related thereto) shall be governed by the laws of the State of New York, without regard to the conflict of law rules thereof (other than Section 5-1401 of the New York General Obligations Law).
Lessor may notify any or all Securities Intermediaries and/or Depositary Banks to deliver or pay all or any portion of the Cash Collateral held by such Securities Intermediaries and/or Depositary Banks directly to Lessor.
Section 5.14 of the Credit Agreement (Depositary Banks) shall be deleted in its entirety.
Lessee has delivered to Securities Intermediaries or Depositary Banks, together with all necessary stock powers, endorsements, assignments and other necessary instruments of transfer, the originals of all documents, instruments and agreements evidencing Cash Collateral.