Examples of Collection Account Agreement in a sentence
In case any authorized signatory of the Borrower whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice shall nevertheless be valid as if such authority had remained in force.
Not later than 45 days after the date of this Agreement, the Administrative Agent shall have received each fully executed Collection Account Agreement with respect to each Collection Account, in form and substance satisfactory to the Administrative Agent.
Subject to the terms of the applicable Collection Account Agreement, the Borrower has transferred to the Administrative Agent, for the benefit of the Lenders, exclusive “control” over each Lock‑Box and related Collection Accounts; provided, however, that the Borrower and its applicable Affiliates shall retain the right to direct dispositions of funds from the Lock‑Boxes and Collection Accounts prior to delivery of the Collection Notices.
Subject to the terms of the applicable Collection Account Agreement, the Borrower shall grant to the Administrative Agent for the benefit of the Lenders “control” (within the meaning of the applicable UCC) over each Lock‑Box and Collection Account.
The Borrower will cause (A) all proceeds from all Lock‑Boxes to be directly deposited by a Collection Bank into a Collection Account and (B) each Lock‑Box and Collection Account to be subject at all times to a Collection Account Agreement that is in full force and effect.