Examples of Concentration Account Banks in a sentence
The Collection Agent shall instruct all Obligors to cause all Collections to be deposited directly to a Special Account and shall take, or omit to take, all actions in respect of Obligors, the Special Account Banks, Intermediate Concentration Account Banks and the Concentration Account Bank solely in a manner that is consistent with the terms of this Agreement, including, without limitation, Sections 2.8, 5.1(h), 5.2(e) and 5.2(f) hereof.
If the Commitment Termination Date has occurred but no Termination Event or Designated Event has occurred and is continuing, the Borrower shall, at the direction of the Administrative Agent, instruct each of the Concentration Account Banks (and/or Collection Account Banks) to transfer on daily basis all collected and available funds on deposit in each Concentration Account (and/or Collection Account Bank) to the Agent Account.
The receipt of any payment by Agent (whether from transfers to Agent by the Concentration Account Banks or otherwise) shall not be considered a payment on account unless such payment item is a wire transfer of immediately available federal funds made to the Agent Account or unless and until such payment item is honored when presented for payment.
From and after the Closing Date, Foothill shall be entitled to charge Borrower for one Business Day of 'clearance' or 'float' at the rate set forth in SECTION 2.4(a)(i) or SECTION 2.4(c)(i), as applicable, on all Collections that are received by Foothill (regardless of whether forwarded by the depository account banks or Concentration Account Banks to Foothill, whether provisionally applied to reduce the Obligations under SECTION 2.1, or otherwise).
The receipt of any payment by Agent (whether from transfers to Agent by the Lockbox Account Banks, Foreign Concentration Account Banks or otherwise) shall not be considered a payment on account unless such Collection item is a wire transfer of immediately available federal funds made to the Agent's Account or unless and until such payment item is honored when presented for payment.
Upon the occurrence and during the continuance of an Event of Default, Lender may elect to notify any one or more of the Concentration Account Banks to remit all amounts received in the Concentration Accounts to an account of Lender (the "Lender Account") maintained by Lender at a depositary selected by Lender.
In accordance with Section 2.8, the Loan Account will be credited with all payments received by Foothill from Borrower or for Borrower's account, including all amounts received in the Foothill Account from the Concentration Account Banks.
The receipt of any Collections by Foothill (whether from transfers to Foothill by the depository account banks or Concentration Account Banks or otherwise) immediately shall be applied provisionally to reduce the Obligations outstanding under SECTION 2.1, but shall not be considered a payment on account unless such Collection item is a wire transfer of immediately available federal funds and is made to the Foothill Account or unless and until such Collection item is honored when presented for payment.
The receipt of any Collections by Foothill (whether from transfers to Foothill by the depository account banks or Concentration Account Banks or otherwise) immediately shall be applied provisionally to reduce the Obligations outstanding under SECTION 2.1, but shall not be considered a payment on account unless such Collection item is a wire transfer of immediately available federal funds and is made to Foothill Account or unless and until such Collection item is honored when presented for payment.
Agent shall be entitled to charge Borrowers for one-half of one (1) Business Day of `clearance' or `float' at the rate applicable to LIBOR Rate Loans under SECTION 2.6 on all Collections that are 40 received by Agent (regardless of whether forwarded by the depository account banks or Concentration Account Banks to Agent).