Bank Accounts; Cash Balances. (a) Each of Grace and GCP agree to take, or cause the applicable members of its Group to take, at or before the effective time of the Internal Distribution, all actions necessary to amend all contracts or agreements governing each bank and brokerage account owned by GCP or any other member of the GCP Group (collectively, the “GCP Accounts”) and all contracts or agreements governing each bank or brokerage account owned by Grace or any other member of the Grace Group (collectively, the “Grace Accounts”) so that each such GCP Account and Grace Account, if currently linked (whether by automatic withdrawal, automatic deposit or any other authorization to transfer funds from or to, hereinafter “Linked”) to any Grace Account or GCP Account, respectively, is de-Linked from such Grace Account or GCP Account, respectively.
Appears in 5 contracts
Samples: Separation and Distribution Agreement (GCP Applied Technologies Inc.), Separation and Distribution Agreement (W R Grace & Co), Separation and Distribution Agreement (GCP Applied Technologies Inc.)
