IBC Account definition

IBC Account means an International Bank of Commerce checking account for the benefit of Borrower, which shall hold the Advance and which will be Borrower's primary account for its operations. If an Event of Default occurs, no deposits in the IBC Account may be withdrawn by Borrower except as permitted at the sole discretion of Lender in writing. All interest payments made under the Note shall be made from the IBC Account unless otherwise approved by Lender in its sole discretion.
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Examples of IBC Account in a sentence

  • Authorization to enroll requires an IBC Account Number and specific qualifying information.

  • Monthly interest payments of the Note will be taken from the IBC Account except as otherwise permitted by Lender in Lender's sole discretion.

  • If an Event of Default occurs, Lender has the right, in its sole discretion, to place a hold on the IBC Account whereby no money may be withdrawn from the IBC Account without the prior written approval of Lender, which may be withheld in Lender's sole discretion.

  • At all times during the term of this Agreement, Borrower shall maintain the IBC Account with Lender, into which the Advance under the Loan and other funds of Borrower required by Lender, shall be deposited by Borrower.

  • Upon receipt of oil and gas runs, all such deposits shall be made to the IBC Account.