Secured Accounts. The Operating Accounts Bank confirms and/or agrees that:
Secured Accounts. If you have a Secured Account, then you agree that we may make a registration of our security interest in the relevant Personal Property Security Registry from time to time and, to the extent permitted by applicable law, you waive receipt of any verification statement, financing statement, financing change statement, discharge statement or any other statement issued in respect of the foregoing. If you have a Secured Account, then to secure the payment of your Debts you will be required to make a deposit with the Bank in the form and manner prescribed by the Bank from time to time (the “Collateral Deposit”), and to enter into a security agreement whereby you grant to the Bank a security interest in that Collateral Deposit. In other words, if you have a Secured Account, you will be required to deposit funds with the Bank as security collateral, and you understand that you may lose those funds if you do not make your required payments when due. Cancellation and termination of your Secured Account is subject to section 30 of this Agreement. If you cancel your Secured Account, the Bank will have 30 days from the date of receipt of notice of closure of your Secured Account in order to return your Collateral Deposit to you. If there is an outstanding balance on your Secured Account owing to the Bank at the time of cancellation, the Bank has the right to deduct such outstanding amount, plus any legal and other costs and expenses as set out in the Disclosure Statement, from your Collateral Deposit.
Secured Accounts. (a) The Servicer shall establish the Collection Account in the name of the Collateral Agent for the benefit of the Secured Parties (as defined in the Security Agreement). The Collection Account shall be an Eligible Account and shall be a segregated trust account established with the Collateral Agent and maintained with the Collateral Agent. The Issuer and the Collateral Agent agree that the Indenture Trustee shall have full power and authority to withdraw, or cause to be withdrawn, funds held in the Collection Account in accordance with the provisions of this Agreement and the Indenture.
Secured Accounts. Seller hereby transfers and assigns to Purchaser all right, title and interest in and to certificates of deposit and other deposit accounts constituting security for the payments of the Accounts Receivable generated with respect to Accounts. Subject to the terms of the agreements with Cardholders, Seller will continue to administer and maintain the deposit accounts with Seller as provided under any deposit agreements with Cardholders, including payment of interest, if any, on such accounts and providing statements of account balances to those depositors. Seller will place a "hold" on such deposit accounts. Upon a Cardholder's default and upon the written direction of Purchaser (or Purchaser's designee), Seller will turn over to Purchaser amounts due Purchaser from such Cardholder. Purchaser and Seller will cooperate to develop procedures to facilitate the utilization of the security assigned to Purchaser hereunder for Purchaser's benefit.
Secured Accounts. No Issuer Party shall establish or maintain any deposit or securities accounts other than the Depositary Accounts and the local checking accounts permitted under the Depositary Agreement.
Secured Accounts. 5 ARTICLE 3
Secured Accounts. Without the prior written consent of the Initial Lender and the Majority Lenders, no Borrower or Subsidiary Guarantor shall (x) close (or cause the closure of) any of the Secured Accounts or (y) open or maintain any bank, deposit or securities account or any other similar account other than the accounts set forth on Schedule VII hereto as of the Closing Date, provided that the Operating Account shall be established in accordance with Section 8.04(c).
Secured Accounts. Each of the parties hereto hereby agrees that (i) each of the Secured Accounts is intended to be a “deposit account” or a “securities account” within the meaning of the UCC and (ii)(x) only the Administrative Agent (or its designee) shall be entitled to exercise the rights with respect to the Collection Account and each Secured Account subject to a “blocked” Account Control Agreement and have the right to direct the disposition of funds in the Collection Account and such Secured Accounts in accordance with this Agreement and each Account Control Agreement, as applicable and (y) only the Administrative Agent (or its designee) and the Borrower or Subsidiary Guarantor, as applicable (or the Portfolio Asset Servicer on its behalf) shall be entitled to exercise the rights with respect to the Operating Account and each Secured Account subject to a “springing” Account Control Agreement in accordance with this Agreement and each Account Control Agreement, as applicable; provided that after a Notice of Exclusive Control has been delivered with respect to the Operating Account and so long as such Notice of Exclusive Control is effective, the Administrative Agent agrees to direct the Account Bank to withdraw and disperse amounts on deposit therein in order to fund any Delayed Draws on Delayed Draw Loan Assets and to pay Unsettled Amounts as and when due, at the direction of the Borrower. Each of the parties hereto hereby agrees to cause the Account Bank to agree with the parties hereto that regardless of any provision in any other agreement, for purposes of the UCC, with respect to each Secured Account, New York shall be deemed to be the Account Bank’s jurisdiction (within the meaning of Section 9-304 of the UCC). The Borrower and each Subsidiary Guarantor, as applicable, shall provide the Administrative Agent and the Initial Lender with online “read-only” access to each Secured Account and ensure that such access remains in effect until the Facility Termination Date.
Secured Accounts. Section 1.1
Secured Accounts. 40 Section 3.2. Collections . . . . . . . . . . . . . . . . . . . . . . . . 42 Section 3.3. Application of Collections . . . . . . . . . . . . . . . . . 42 Section 3.4. Monthly Advances . . . . . . . . . . . . . . . . . . . . . . 43 Section 3.5.
