CNB Account definition
Examples of CNB Account in a sentence
Additional terms and conditions and fees affecting deposit products at CNB are contained in the most current versions of the CNB Account Agreement and Disclosures and the Fee Schedule; Personal Products and Services.
From and after the A&R Date, Borrower shall use commercially reasonable efforts to close and terminate the CNB Account, and shall provide Lender ten (10) days’ prior written notice upon the closing of the CNB Account.
The CNB Account shall be subject to a Control Agreement, and on or prior to the A&R Date, a reaffirmation of the Control Agreement shall have been delivered to Lender in form and substance acceptable to Lender.
Each of the CNB Account (in accordance with Section 2.3(d)) and the Custodial Account shall be subject to a Control Agreement in favor of Lender.
The Originator has a first priority perfected security interest in each CNB Account, each AOT Securities Account and each Indirect Syndicated Loan Account and, in each case, the Collections on deposit therein (which, in the case of any Indirect Syndicated Loan Account is in favor of the agent under the related Indirect Syndicated Loan Agreement for the benefit of the Originator and other lenders party thereto).
The Borrower and the Credit Parties hereby agree that none of them will open or maintain any bank account other than (i) the Chase Accounts, (ii) the CNB Account, (iii) the various operating accounts at Comerica Bank-California, and (iv) production accounts relating to projects currently in production.
The Originator has a first priority perfected security interest in each CNB Account, each AOT Securities Account and each Indirect Syndicated Loan Account and, in each case, the Collections on deposit therein (which, in the case of any Indirect Syndicated Loan Account is in favor of the agent under the related Indirect Syndicated Loan Agreement for the benefit of the Originator and other lenders party thereto), and such security interest has been pledged to the Seller pursuant to the Sale Agreement.
The parties agree that any amounts held by City National Bank on behalf of the Borrower in any and all accounts at its offices (collectively, the "CNB Account") shall be first used by the Borrower for payment of the scheduled disbursements set forth in the Disbursement Schedule.
Until such termination, Borrower shall not use the CNB Account for any day-to-day business activities of Borrower or of any of its Subsidiaries, or deposit, or cause to be deposited, any funds into the CNB Account.
Borrower shall not maintain any deposit, checking, operating or other accounts other than the CNB Account (subject to Section 5.25), SWB Account or Custodial Account.