Collateral Control Account. Bank may, on occasion, agree to permit Borrower to maintain a deposit account in addition to the Lockbox Account, provided Bank (a) has been notified thereof by Borrower and Bank has given written notice of Bank's security interest therein to the financial institution where such account is located; and (b) such account is a blocked account to which only Bank may have access.
Appears in 1 contract
Sources: Revolving Credit and Term Loan & Security Agreement (Motorvac Technologies Inc)
Collateral Control Account. Bank may, on occasion, agree to permit Borrower to maintain a deposit account in addition to the Lockbox Accountat another financial institution, provided Bank (a) has been notified thereof by Borrower and Bank has given written notice of Bank's security interest therein to the financial institution where such account is located; and (b) such account is a blocked account to which only Bank may have access.
Appears in 1 contract
Sources: Revolving Credit Note (Hall Kinion & Associates Inc)
Collateral Control Account. Bank may, on occasion, agree to -------------------------- permit Borrower to maintain a deposit account in addition to the Lockbox Account, provided Bank (a1) has been notified thereof by Borrower and Bank has given written notice of Bank's security interest therein to the financial institution where such account is located; and (b2) such account is a blocked account to which only Bank may have access.
Appears in 1 contract
Sources: Revolving Loan and Security Agreement (Iprint Technologies Inc)