Pledged Deposits definition
Examples of Pledged Deposits in a sentence
To the extent Pledged Deposits constitute Deposit Accounts, each Grantor shall take all steps that may be required (including the obtaining and furnishing to the Lender appropriate account control agreements as required under Section 9-104 of the UCC) to grant "control" (as defined in Section 9-104 of the UCC) to the Lender.
So long as no Event of Default shall have occurred and no notice shall have been given by the the Collateral Agent or the Agent, each Grantor shall be entitled to receive, retain and use any and all interest or other distributions paid in respect of the Pledged Deposits.
You understand and agree in the event of default, the Credit Union may take the Pledged Deposits and apply them to your Account, not to exceed the unpaid balance of your Loan Type(s), plus applicable fees and charges.
Pledged Deposits shall be special purpose restricted accounts opened by the Company with the Bank or opened by the Bank for the account of Company pursuant to this Agreement, in which the Company has granted the Bank a security interest for the purposes of securing the Obligations, and in which the Bank has exclusive control and the sole right of withdrawal.
Each of the Pledged Deposits was duly authorized and validly issued, is fully paid and non-assessable, and was acquired from the issuer in a transaction in compliance with and either registered or exempt from registration under the Securities Act (as hereinafter defined) and other applicable laws.