Encumbered Account definition

Encumbered Account. A current savings account which the Borrower shall open in a bank in Israel, written details of which it shall provide to the Lender prior to the date of provision of the Loan, and which shall be encumbered in favor of the Lender, in accordance with the provisions of this Agreement.
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Encumbered Account as defined in the definition of “Excluded Assets”.
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Examples of Encumbered Account in a sentence

  • The Borrower shall instruct the bank in which the Encumbered Account is managed to provide the Lender with all the information which the Lender requests in connection with the Encumbered Account, including by means of the information on the Internet.

  • The amount stipulated in the Indicative Request shall be based on the Borrower's non-binding estimate of the amounts expected to be deposited in the Encumbered Account by June 10 and December 10, respectively (or close to such time).

  • In the event such approval is granted, the Borrower may withdraw from the Encumbered Account the monies with respect to which the approval was granted, as of the date of the approval and thereafter.

  • Notwithstanding the foregoing, a total of NIS 22,500,000 (Twenty Two Million Five Hundred Thousand Shekels) out of the first Installment shall be provided to the Borrower by bank transfer to the Encumbered Account, and shall serve as the Minimum Financial Cushion.

  • In the event all or part of the Surplus Amount reaches the Encumbered Account, pursuant to the aforementioned Irrevocable Instruction, it may be released from the Account at the Borrower's discretion.

  • Funds shall be released from the Encumbered Account exclusively in accordance with the provisions of Section 5.28.3, Section 6.6 and Section 5.7. It is agreed that nothing in this Agreement and/or the documents executed pursuant hereto, including the Debenture set forth in Section 6.3.1, shall directly or indirectly create a lien on the means of control in Bezeq, as defined in the Communications Law, and, inter alia, on the right to receive dividends due from Bezeq.

  • The Lender consents to the provisions of Section 7 notwithstanding anything to the contrary in the Original Agreement, and it agrees that the Purchaser may provide the Loan to Smile without transferring monies via the Encumbered Account.

  • The Lender shall execute any document reasonably required by the Borrower in order to exclude all or part of the Surplus Amount from the Irrevocable Instruction to pay the Purchaser's Surpluses into the Encumbered Account, which was furnished to the bank in which the Account is managed, pursuant to the provisions of Section 5.7 of the Original Agreement.

  • On the Date of Provision of the Loan and as a condition to providing the Loan, the Borrower shall provide the Lender with irrevocable instructions from the Purchaser to the bank in which the Purchaser's account is managed, authorized by such bank, for payment of the Purchaser's Surpluses exclusively into the Encumbered Account.

  • In the event the Borrower submits a Binding Request to release monies from the Encumbered Account, as set forth in Section 6.6.3 (and, for the avoidance of doubt, with the exception of a request to release monies from the Encumbered Account which are Special Proceeds), then, as part of the Lender's Approval granted under Section 6.6.5, the Lender may notify the Borrower that it is required to make early repayment of the principal, as set forth in this Section below.