GM Account definition
Examples of GM Account in a sentence
Neither Agent nor Lenders shall be liable for any loss of interest on or any penalty or charge assessed against the funds in, payable on, or credited to the Operating Account or the GM Account as a result of the exercise by Agent of any of its rights, remedies or obligations hereunder or under any other Loan Document.
Borrower may not open another Account in replacement of the GM Account without obtaining the prior consent of Agent.
Agent shall have sole control over the Operating Account and the GM Account subject to the terms of this Section 2.14(c).
Borrower shall not close or consent to Property Manager’s closing the GM Account, shall maintain the GM Account and shall pay all fees and charges with respect thereto when due, provided, however, that Borrower may close or consent to Property Manager’s closing the GM Account without obtaining the prior consent of Agent so long as the balance thereof does not exceed $20,000 and such balance is transferred to the Operating Account upon the closing of the GM Account.
Borrower represents to Agent and Lenders that as of the Closing Date, the balance of the GM Account does not exceed $20,000.
Borrower hereby grants to Agent and Lenders a security interest in all rights of Borrower in and to the Operating Account and the GM Account and all sums on deposit in each of said Accounts as additional security for the Obligations.
Borrowers and Lender hereby agree that the GM Account shall no longer be deemed an Eligible Account; provided, however, that if Borrowers provide evidence satisfactory to Lender, in Lender's reasonable discretion, that the Specific Condition is no longer applicable, then the GM Account shall be deemed an Eligible Account solely to the extent otherwise set forth in the Loan Agreement (calculated as though the GM Account were not subject to the Specific Condition).
Borrower agrees that the balance of the GM Account shall not exceed $20,000 (unless an Account Agreement is in effect with respect to the GM Account at all times that the balance thereof exceeds $20,000).
All interest earned on amounts deposited in the Operating Account and the GM Account shall be re-deposited therein and become part thereof.
Additionally, Lender has determined in its reasonable discretion that a certain Account of Borrowers with General Motors Corporation and its affiliates (collectively, "GM," and the "GM Account") is not an Eligible Account because of a potential right of setoff (the "Specific Condition") that may arise pursuant to the terms of Borrowers supply agreement with GM, as evidenced by certain quotations, award letters and purchase orders (the "GM Supply Agreement").