Security Account. The Parties agree that ATM Manager shall maintain a positive demand account balance with Elan/U.S. Bank, or in the alternative, or at ATM Manger’s option, a “Letter of Credit” in favor of Elan/U.S. Bank, in an amount not less than eight hundred thousand U.S. Dollars ($800,000.00) (either option to be referred to as the “Security Account”). Such Security Account, in a form ultimately agreed upon by the Parties upon the Effective Date of this Agreement, shall be maintained by Elan/U.S. Bank, and shall continue to be maintained by Elan/U.S. Bank, so long as the Agreement remains in effect. Elan may draw from this Security Account should any of the following occur: 1) An event of default under Section IV.B.1(a) or (b); or 2) In order to obtain payment of any fees, charges, or other obligations of ATM Manager that have not been paid as agreed pursuant to this Agreement. Elan shall have the right to setoff against the Security Account any obligations for payment of fees, charges, or other obligations ATM Manager may have to Elan at any time during the term of the Agreement and for so long thereafter as the Security Account remains open. Elan will notify ATM Manager prior to initiating activity on the Security Account. The Security Account shall remain open and funded by ATM Manager in accordance with the requirements of this section for a period of ninety (90) days after termination of this Agreement.
Security Account. Any Customer deposits into the Security Account pursuant to this Agreement shall be separate from and in addition to any security accounts maintained pursuant to any other agreements between NCPA and the Customer, NCPA and any Third Person, or any other such security account required of Customer.
Security Account. 4.1 When requested by the builder at any time, the owner must deposit that portion of the contract price not being supplied by a lending authority into an account (the “security account”) at a bank, building society, or a similarly recognised financial institution.
Security Account. If stated as applicable in the Appendix, on or before the Commencement Date, the Concessionaire shall as continuing security for the payment and discharge of all indebtedness, monies, obligations and actual liabilities which are at any time due, owing or incurred by the Concessionaire to Network Rail, comply with the requirements in Schedule 5.
Security Account. Upon the occurrence and during the continuance of an Event of Default (as defined below), at Beneficiary’s option and upon its demand and except where and to the degree prohibited by law, Trustor shall, until every indebtedness secured hereby has been paid in full or until such Event of Default is cured, pay to Beneficiary each month an amount estimated by Beneficiary to be equal to (i) the taxes, assessments, levies, and charges referred to in Paragraph A.2, and (ii) the insurance referred to in Paragraph A.3, next due. Said tax and insurance estimate shall be calculated by dividing the amount next due by, in each instance, the number of months to lapse preceding the month in which the same, respectively, will become due. All sums so paid shall not bear interest, except to the extent and in the minimum amount required by law, and Beneficiary shall, unless an Event of Default has occurred and is continuing, apply said funds to the payment of, or at the sole option of Beneficiary release said funds to Trustor for application to and payment of, such taxes, assessments, levies, charges and insurance premiums. However, upon the occurrence and during the continuation of an Event of Default, Beneficiary may, at its sole option, apply all or any part of said sums to any indebtedness secured hereby or to cure such default.
Security Account. (a) On the Issue Date, the Company shall execute and deliver the Security and Disbursement Agreement and comply with the terms and provisions thereof, including, without limitation, depositing or causing to be deposited the Disbursement Funds in the Security Account or any related account pursuant to the terms of the Security and Disbursement Agreement. The Trustee shall establish and maintain the Security Account in accordance with the terms and provisions of the Security and Disbursement Agreement, and the Trustee shall hold the Disbursement Funds and Pledged Securities for the equal and ratable benefit of the Holders without preference, priority or distinction of any thereof over any other by reason of difference in time of issuance, sale or otherwise, as security for the Company's obligations to (i) provide for payment in full of the scheduled interest payments due on the Notes through and including May 1, 1999 and (ii) secure repayment of the principal, premium, if any, and interest on the Notes in the event that the Notes become due and payable prior to the payment in full of all and any scheduled interest payments due and payable under this Indenture and the Notes through and including May 1, 1999.
Security Account. Each Borrower will maintain with Christiania Bank og Kreditkasse ASA, Cayman Islands (the "Account Holder") a special interest-bearing deposit account (each such account, the "Security Account") in the name of the relevant Borrower on the following terms and conditions:
Security Account. At its option and subject to the provisions of Sections 7 and 8 hereof, all insurance or other proceeds received by the Assignee in connection with an Event of Loss, all surplus insurance or other proceeds paid in connection with an Event of Loss, and all other amounts which the Assignee may receive pursuant to this Agreement as a direct or indirect result of the occurrence or continuance of a Termination Event shall be deposited by the Assignee in a special deposit account in a United States banking institution (herein called the "Security Account") maintained by the Assignee in its name and titled in such manner as to identify appropriately the nature of such account. As between the Assignor and the Assignee, the Assignee shall have sole control over the Security Account and shall invest all amounts deposited therein at the Assignee's direction and risk. The Assignor shall have no right to withdraw any funds deposited in the Security Account except as otherwise expressly provided herein. The Assignee shall have the right to apply any funds deposited in the Security Account only as expressly provided herein. Interest earned with respect to funds deposited in the Security Account shall be credited to the Security Account and be available for application in any manner in which such funds may be applied hereunder. Upon the occurrence and during the continuance of a Termination Event, all balances in the Security Account may be applied by the Assignee in discharge of all the Obligations. In addition, the Assignee may, from time to time, in its discretion, release all or any portion of the balance in the Security Account to the Assignor, provided that, any such release shall not be deemed to constitute a waiver by the Assignee of any rights, powers or privileges. The Assignor shall remain liable for the Obligations after any application or release of funds from the Security Account.
Security Account. On or before the date hereof, the City shall purchase and deposit into the Initial Account certificates of deposit in such amounts and with such maturities as shall be sufficient to meet all of the City’s regularly scheduled payments under the Lease Agreement when due, as reasonably determined by the Lender. The City shall not terminate the Security Account without the Lender’s prior written consent. The City hereby agrees that no funds or other amounts at any time constituting part of the Collateral may be withdrawn by the City, notwithstanding any provisions to the contrary contained in any other agreement between the City and the Depository Bank, unless and until the Lender has been repaid the full amount of the Site Lease Payment loaned by it to the Corporation, for the benefit of the City, together with interest thereon at the rates provided for in the Lease Agreement, and all fees, expenses and other amounts payable to the Lender in connection with the Lease Agreement, and any other Secured Obligations (collectively, “Payment in Full”). The City hereby irrevocably authorizes and directs the Lender, upon each date on which any amounts are payable by the City to the Lender in connection with the Lease Agreement, and upon termination of the Lease Agreement for any reason, and, if the Lender so elects, upon the occurrence of any Event of Default, to take the Collateral (and convert it to cash if necessary) and apply it to the payment of such amounts. After its receipt of Payment in Full, the Lender shall promptly transfer any Collateral to the City or as the City may otherwise direct.
Security Account. 14 8. CLOSING............................................................15 9. BREACH.............................................................15 10. UNDERTAKINGS.......................................................15 11. WARRANTIES.........................................................16
