Examples of Exempt Deposit Account in a sentence
No Pledgor shall hereafter establish and maintain any Deposit Account (other than an Exempt Deposit Account and Deposit Accounts that are held internally at the Administrative Agent) unless such Bank and such Pledgor shall have duly executed and delivered to the Administrative Agent a Deposit Account Control Agreement with respect to such Deposit Account within 15 Business Days of establishing such Deposit Account (or such longer period as the Administrative Agent may agree in its reasonable discretion).
Within 60 days after the Closing Date (or such later date as may be agreed by the Administrative Agent in its discretion), each Borrower shall execute and deliver to the Collateral Agent a Deposit Account Control Agreement with respect to each Deposit Account of such Borrower and the Loan Parties in existence as of the Closing Date, other than any Exempt Deposit Account.
Subject to Section 2.04(b) hereof and the rights of the Collateral Agent under Article V hereof, from and after the 60th day following the date hereof each Credit Party shall cause all Proceeds of Collateral hereunder to be deposited in an Exempt Deposit Account, a Deposit Account maintained with the Collateral Agent or a Deposit Account with respect to which an effective Account Control Agreement (executed and delivered in accordance with the provisions hereof) has been delivered to the Collateral Agent.
With respect to any Investment Account that is a “Deposit Account,” (other than any Exempt Deposit Account) not maintained with the Administrative Agent it shall enter into and shall cause the depositary institution maintaining such account to enter into an agreement in form and substance reasonably satisfactory to the Administrative Agent, pursuant to which the Administrative Agent shall have “control” (within the meaning of Section 9-104 of the UCC) over such Deposit Account.
Except as permitted pursuant to Section 11.05(c) or (k), such Credit Party will not establish or maintain any Securities Account, Deposit Account or similar account (other than an Exempt Deposit Account) unless the Collateral Agent shall have received a Control Agreement in respect of such Securities Account, Deposit Account or similar account.
Within 60120 days after the Closing Date (or such later date as may be agreed by the Administrative Agent in its discretion), each Borrower shall execute and deliver to the Collateral Agent a Deposit Account Control Agreement with respect to each Deposit Account of such Borrower and the Loan Parties in existence as of the Closing Date, other than any Exempt Deposit Account.
For avoidance of doubt, no Dominion Account shall constitute an Exempt Deposit Account.