Eligible Account definition
Examples of Eligible Account in a sentence
In the event that the account bank at which the Interest Reserve Account is maintained ceases to be an Eligible Account Bank, or the Aaccount Bbank with respect to the Interest Reserve Account gives notice that it is terminating the Account Control Agreement, then Borrower shall, within 60 days of such occurrence, move the Interest Reserve Account to an Eligible Account Bank and cause the successor account bank to enter into a control agreement.
In the event that the account bank at which the Collection Account is maintained ceases to be an Eligible Account Bank, or the Aaccount Bbank with respect to the Collection Account gives notice that it is terminating the Account Control Agreement, then Borrower shall, within 60 days of such occurrence, move the Collection Account to an Eligible Account Bank and cause the successor account bank to enter into a control agreement.
In the event that any of the Collection Account, any Management Account or any Collection Account Administrative Account becomes an Ineligible Account, the Manager shall, promptly following the establishment of such related new Eligible Account, notify each Franchisee of a change in payment instructions, if any.
In the event that the account bank at which the Lender Collateral Account is maintained ceases to be an Eligible Account Bank, or the Aaccount Bbank with respect to the Lender Collateral Account gives notice that it is terminating the Account Control Agreement, then Borrower shall, within 60 days of such occurrence, move the Lender Collateral Account to an Eligible Account Bank and cause the successor account bank to enter into a control agreement.
The Payment Account shall remain at all times with an Eligible Account Bank, and the amounts therein shall remain uninvested.