Use of Collateral Accounts Sample Clauses

Use of Collateral Accounts. The Credit Parties may withdraw funds from the Collateral Accounts only in compliance with Section 9.12 hereof. During the existence of the conditions specified in clauses (i) through (iv) of Section 9.12 hereof, the Credit Parties shall not have any right to withdraw funds from the Collateral Accounts except as described in Section 9.12 hereof. If the Depository with respect to a Collateral Account ceases to be an Eligible Institution, the applicable Credit Party shall have thirty (30) days following notice from the Administrative Agent (or by such later date that is reasonably acceptable to the Lenders) to move its Collateral Account to a replacement Depository that is an Eligible Institution. If a Depository for a Collateral Account terminates a Control Agreement, the applicable Credit Party shall open a new collateral account that is subject to a new Control Agreement with a replacement Depository within thirty (30) days of such termination (or by such later date that is reasonably acceptable to the Administrative Agent).
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Use of Collateral Accounts. The Borrower Parties may withdraw funds from the Collateral Accounts only in compliance with Section 10.11. Upon the occurrence and during the continuance of a Cash Control Event, Administrative Agent is authorized to take exclusive control of the Collateral Accounts. If any Account Bank with respect to any Collateral Account ceases to be an Eligible Institution, each Borrower Party, as applicable, shall have thirty (30) days following notice from Administrative Agent to move its Collateral Account to a replacement Account Bank that is an Eligible Institution. If an Account Bank terminates a Control Agreement or the AML Administrator terminates an Administration Agreement Side Letter, the applicable Borrower Party shall either deposit all proceeds from such collateral account to an existing Collateral Account and AML Account or open new account(s) that is subject to a new Control Agreement and Administration Agreement Side Letter with a replacement Account Bank and AML Administrator, respectively, within thirty (30) days of such termination (or such later date as Administrative Agent shall reasonably agree to in its sole discretion).
Sample 1Sample 2
Use of Collateral Accounts. The Borrower Parties may withdraw funds from the Collateral Accounts only in compliance with Section 10.11. Upon the occurrence and during the continuance of a Cash Control Event, Administrative Agent is authorized to take exclusive control of the Collateral Accounts. If any Account Bank with respect to any Collateral Account ceases to be an Eligible Institution, each Borrower Party, as applicable, shall have thirty (30) days (or such later date as Administrative Agent shall agree to in its sole discretion) following notice from Administrative Agent to move its Collateral Account to a replacement Account Bank that is an Eligible Institution. If an Account Bank terminates a Control Agreement or DST terminates a Letter of Direction, the applicable Borrower Party shall either deposit all proceeds from such collateral account to an existing Collateral Account and DST Account or open new account(s) that is subject to a new Control Agreement and Letter of Direction with a replacement Account Bank and DST, respectively, within thirty (30) days of such termination (or such later date as Administrative Agent shall reasonably agree to in its sole discretion).
Sample 1
Use of Collateral Accounts. The Borrower Parties may withdraw funds from the Collateral Accounts only in compliance with Section 10.11. Upon the occurrence and during the continuance of a Cash Control Event, Administrative Agent is authorized to take exclusive control of the Collateral Accounts. If any Account Bank with respect to any Collateral Account ceases to be an Eligible Institution, each Borrower Party, as applicable, shall have thirty (30) days (or such later date as Administrative Agent shall agree to in its sole discretion) following notice from Administrative Agent to move its Collateral Account to a replacement Account Bank that is an Eligible Institution. If an Account Bank terminates a Control Agreement , the applicable Borrower Party shall either deposit all proceeds from such collateral account to an existing Collateral Account or open new account(s) that is subject to a new Control Agreement with a replacement Account Bank within thirty (30) days of such termination (or such later date as Administrative Agent shall reasonably agree to in its sole discretion).
Sample 1

Related to Use of Collateral Accounts

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

  • Use of Collateral Each of the parties granting a security interest hereunder may continue to use and deal with its interest in the Collateral in any lawful manner and may sell items of Collateral in the ordinary course of its business, subject only to the requirements of the Transfer Documents, the Servicing Agreement or any other Basic Document, as appropriate.

  • Control of Collateral Accounts To establish “control” of the Collateral Accounts by the Secured Party under Sections 9-104 and 9-106 of the UCC, the Financial Institution agrees to comply with any order or instruction from the Secured Party directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to a Collateral Account (a “Secured Party Order”) without the need for consent by the Grantor or any other Person.

  • Establishment of Collateral Accounts The Custodian hereby confirms and agrees that:

  • Special Collateral Account After an Event of Default has occurred -------------------------- and is continuing, all cash proceeds of the Collateral received by the Agent shall be deposited in a special deposit account with the Agent and held there as security for the Secured Obligations. The Agent shall invest any and all available funds deposited in such special deposit account, within five (5) business days after the date the relevant funds become available, in securities issued as fully guaranteed or insured by the United States Government or any agency thereof backed by the full faith and credit of the United States having maturities of three (3) months from the date of acquisition thereof (collectively, "Government Obligations"). The Assignor hereby acknowledges and agrees that the Agent shall not have any liability with respect to, and the Assignor hereby indemnifies the Agent against, any loss resulting from the acquisition of the Government Obligation and the Agent shall not have any obligation to monitor the trading activity of any such Governmental Obligations on and after the acquisition thereof for the purpose of obtaining the highest possible return with respect thereto, the Agent's responsibility being limited to acquiring such Governmental Obligations.

  • Collateral Accounts Evidence that the Collateral Accounts have been established;

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