FAILURE TO ESTABLISH RESERVE ACCOUNT OR LETTER OF CREDIT Sample Clauses

FAILURE TO ESTABLISH RESERVE ACCOUNT OR LETTER OF CREDIT. In the event Merchant fails to establish, for any reason whatsoever, a Reserve Account and/or a letter of credit as required above, Curb shall have all of the rights and remedies available to Curb in this Agreement, including, but not limited to, exercising the rights and remedies of Curb in Section 13 (DEFAULT AND TERMINATION). In the event Curb exercises its right to establish a Reserve Account or require a letter of credit pursuant to this Section 10, Merchant may, subject to the following provisions, terminate this Agreement and the Supplemental Agreements upon thirty (30) days advance written notice to Curb provided Curb receives such written notice from Merchant of its intention to so terminate within ninety (90) days of the date on which Curb establishes the Reserve Account or requires the letter of credit; provided, however, that, upon Curb's receipt of such termination notice, Curb and Merchant shall work to reach a mutually agreeable resolution to such Reserve Account or letter of credit requirement and, if such resolution is reached or if Curb, at its option, waives the Reserve Account or letter of credit requirement, then Merchant shall not have the right to terminate this Agreement pursuant to this Section 10 and this Agreement shall remain in full force and effect notwithstanding Merchant's written notice to terminate.
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Related to FAILURE TO ESTABLISH RESERVE ACCOUNT OR LETTER OF CREDIT

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Deposit Account (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and the Certificateholders, the Deposit Account as provided in Section 5.01 of the Sale and Servicing Agreement.

  • Requirements to Establish Escrow Accounts 11.10.1 To be acceptable, the Third Party escrow agent must meet all of the following criteria:

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • Payment Account (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein.

  • Special Account Instructions You may request that we facilitate certain trust, will, or court-ordered account arrangements. However, because we do not give legal advice, we cannot counsel you as to which account arrangement most appropriately meets the specific requirements of your trust, will, or court order. If you ask us to follow any instructions that we believe might expose us to claims, lawsuits, expenses, liabilities, or damages, whether directly or indirectly, we may refuse to follow your instructions or may require you to indemnify us or post a bond or provide us with other protection. We may require that account changes requested by you, or any account owner, such as adding or closing an account or service, be evidenced by a signed Account Change Card or other document which evidences a change to an account and accepted by us.

  • For Force Account or Indefinite Amount Change Order The payment and extension of time (if any) provided by this Change Order constitutes interim compensation to the Contractor and its Subcontractors and Suppliers for actual costs and markups directly and indirectly attributable to the Change Order herein, for all delays related thereto and for performance of changes within the time stated.

  • Deposits into Escrow Account The Concessionaire shall deposit or cause to be deposited the following inflows and receipts into the Escrow Account:

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Reserve Funds Section 7.1.

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