Opening and operation of the Designated Accounts Sample Clauses

Opening and operation of the Designated Accounts. 7.2.1 Other than the “SCA Subordinated Loan” Designated Accounts, no more than two (2) Designated Accounts, i.e., a cash account and a securities account, may be opened with the same Depositary or with the Security Agent by the same account holder (EDL Hotels or an SNC Borrower). Each Depositary must inform the Security Agent, the Financial Agent and the Lenders’ Agent of the opening of a Designated Account with said Depositary immediately after the opening thereof.
Sample 1
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Opening and operation of the Designated Accounts. 7.2.1 No more than two (2) SNC Designated Accounts, i.e., a cash account and a securities account, may be opened with the same Depositary or with the Security Agent by a Borrower. The opening and operation both in the debit and credit sides of SCA Designated Accounts, including the “SCA Subordinated Loan” Designated Account, shall be governed by the provisions of Article 7 (Provisions concerning the Loan Accounts and the Designated Accounts”) of the Credit Agreement, provisions that may not be modified without the consent of the Lenders’ Agent. Each Depositary must inform the Security Agent, the Lenders’ Agent and the Financial Agent of the opening of a Designated Account without said Depositary immediately after the opening thereof.
Sample 1

Related to Opening and operation of the Designated Accounts

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