Dutch Collection Account definition
Examples of Dutch Collection Account in a sentence
The English Control Agreement relating to the Dutch Collection Account shall (unless otherwise reasonably agreed by the Administrative Agent) include provisions that allow, during any Cash Dominion Period, for all collected amounts held in such Dutch Collection Account from and after the date requested by the Administrative Agent, to be sent by ACH or wire transfer or similar electronic transfer no less frequently than once per Business Day to the Dutch Dominion Account.
Each Credit Party hereby agrees that from and after the date the Dutch Collection Account is opened, all amounts held in Deposit Accounts owned by the Dutch Credit Parties in the Netherlands and into which the proceeds and products of Collateral may be deposited (other than Excluded Accounts) shall be sent by ACH or wire transfer or similar electronic transfer no less frequently than once per Business Day to the Dutch Collection Account.
Each Dutch Credit Party shall instruct all Account Debtors of the Dutch Credit Parties to remit all payments to the applicable “P.O. Boxes” or “Lockbox Addresses” of the applicable Dutch Collection Bank (or to remit such payments to the applicable Dutch Collection Bank by electronic settlement) with respect to all Accounts of such Account Debtor, which remittances shall be collected by the applicable Dutch Collection Bank and deposited in the applicable Dutch Collection Account.
The Lenders hereby consent to an amendment to (a) the Dutch Receivables Pledge to amend Sections 2.2.2 and 2.3.2 thereof to reflect the time periods for delivery and registration of supplement deeds of pledge set forth in Section 5.17(a) and (b), (b) the Dutch Collection Account Pledge to insert the defined term “Collection Account” and (c) the UK Security Agreement as set forth in the deed of supplemental security and amendment, as attached as Exhibit F.