Security Account. The Parties agree that ATM Manager shall maintain a positive demand account balance with Elan/U.S. Bank, or in the alternative, or at ATM Manger’s option, a “Letter of Credit” in favor of Elan/U.S. Bank, in an amount not less than eight hundred thousand U.S. Dollars ($800,000.00) (either option to be referred to as the “Security Account”). Such Security Account, in a form ultimately agreed upon by the Parties upon the Effective Date of this Agreement, shall be maintained by Elan/U.S. Bank, and shall continue to be maintained by Elan/U.S. Bank, so long as the Agreement remains in effect. Elan may draw from this Security Account should any of the following occur: 1) An event of default under Section IV.B.1(a) or (b); or 2) In order to obtain payment of any fees, charges, or other obligations of ATM Manager that have not been paid as agreed pursuant to this Agreement. Elan shall have the right to setoff against the Security Account any obligations for payment of fees, charges, or other obligations ATM Manager may have to Elan at any time during the term of the Agreement and for so long thereafter as the Security Account remains open. Elan will notify ATM Manager prior to initiating activity on the Security Account. The Security Account shall remain open and funded by ATM Manager in accordance with the requirements of this section for a period of ninety (90) days after termination of this Agreement.
Security Account. Any Customer deposits into the Security Account pursuant to this Agreement shall be separate from and in addition to any security accounts maintained pursuant to any other agreements between NCPA and the Customer, NCPA and any Third Person, or any other such security account required of Customer.
Security Account. 4.1 When requested by the builder at any time, the owner must deposit that portion of the contract price not being supplied by a lending authority into an account (the “security account”) at a bank, building society, or a similarly recognised financial institution.
Security Account. 4.1 When requested by the builder at any time, the owner must deposit any of the owner’s own funds that are to be used to pay the price of the building works into an account (the “security account”) at a bank, building society, or a similarly recognised financial institution.
Security Account. 1. The Council agrees that it shall hold all monies for the time being in the Security Account in accordance with the provisions in this Schedule.
Security Account. At the request of Elan, the ATM Manager may be required to establish a separate depository account with Elan, jointly owned in the name of Elan and ATM Manager for the benefit of Elan (the “Security Account”). At all times during the term of this Agreement, the ATM Manager shall maintain a minimum monthly balance equal to the greater of five thousand U.S. Dollars ($5,000.00) or two (2) month's projected fees and charges payable by ATM Manager to Elan as set forth in Exhibit C. Elan may debit the Security Account to obtain payment of any fees, charges, or other obligations of ATM Manager that have not been paid as agreed from the Settlement Account. Elan shall have the right to setoff against the Security Account any obligations for payment of fees, charges, or other obligations ATM Manager may have to Elan at any time during the Term of the Agreement and for so long thereafter as the Security Account remains open. Elan will notify ATM Manager prior to initiating activity on the account. The Security Account shall remain open and funded by ATM Manager in accordance with the requirements of this section for a period of ninety (90) days after termination of this Agreement.
Security Account. At its option and subject to the provisions of Sections 7 and 8 hereof, all insurance or other proceeds received by the Assignee in connection with an Event of Loss, all surplus insurance or other proceeds paid in connection with an Event of Loss, and all other amounts which the Assignee may receive pursuant to this Agreement as a direct or indirect result of the occurrence or continuance of a Termination Event shall be deposited by the Assignee in a special deposit account in a United States banking institution (herein called the "Security Account") maintained by the Assignee in its name and titled in such manner as to identify appropriately the nature of such account. As between the Assignor and the Assignee, the Assignee shall have sole control over the Security Account and shall invest all amounts deposited therein at the Assignee's direction and risk. The Assignor shall have no right to withdraw any funds deposited in the Security Account except as otherwise expressly provided herein. The Assignee shall have the right to apply any funds deposited in the Security Account only as expressly provided herein. Interest earned with respect to funds deposited in the Security Account shall be credited to the Security Account and be available for application in any manner in which such funds may be applied hereunder. Upon the occurrence and during the continuance of a Termination Event, all balances in the Security Account may be applied by the Assignee in discharge of all the Obligations. In addition, the Assignee may, from time to time, in its discretion, release all or any portion of the balance in the Security Account to the Assignor, provided that, any such release shall not be deemed to constitute a waiver by the Assignee of any rights, powers or privileges. The Assignor shall remain liable for the Obligations after any application or release of funds from the Security Account.
Security Account. “Security Account” means a commercial deposit account maintained with Lender, without liability by Lender to pay interest thereon, as described in subpart (e) of the Cash Management System section.
Security Account. Borrower hereby establishes with the Intermediary a security account (the "Security Account") as follows:
Security Account. (a) On the Issue Date, the Company shall execute and deliver the Security and Disbursement Agreement and comply with the terms and provisions thereof, including, without limitation, depositing or causing to be deposited the Disbursement Funds in the Security Account or any related account pursuant to the terms of the Security and Disbursement Agreement. The Trustee shall establish and maintain the Security Account in accordance with the terms and provisions of the Security and Disbursement Agreement, and the Trustee shall hold the Disbursement Funds and Pledged Securities for the equal and ratable benefit of the Holders without preference, priority or distinction of any thereof over any other by reason of difference in time of issuance, sale or otherwise, as security for the Company's obligations to (i) provide for payment in full of the scheduled interest payments due on the Notes through and including May 1, 1999 and (ii) secure repayment of the principal, premium, if any, and interest on the Notes in the event that the Notes become due and payable prior to the payment in full of all and any scheduled interest payments due and payable under this Indenture and the Notes through and including May 1, 1999.
