Collecting Banks definition

Collecting Banks has the meaning assigned to that term in subsection 5.6.

Collecting Banks shall have the meaning given such term set forth in Subsection 3.6.

Collecting Banks has the meaning assigned to that term in Section 7.

Examples of Collecting Banks in a sentence

• The Collecting Banks shall acknowledge and agree, in a manner satisfactory to Agent, that all payments made to the Blocked Accounts are the sole and exclusive property of Agent, for the benefit of Lenders, and that the Collecting Banks have no right of setoff against the Blocked Accounts and that all such payments received will be promptly transferred to Agent's Account.

• The Collecting Banks shall acknowledge and agree, in a manner satisfactory to Agent, that the Collecting Banks have no right to setoff against the Blocked Accounts at any time.

• The Collecting Banks shall acknowledge and agree, pursuant to an Account Control Agreement, that all payments made to the Blocked Accounts are for the benefit of the Administrative Agent and the Secured Parties, and that the Collecting Banks have no right to setoff against the Blocked Accounts, other than for customary charges of the Collecting Bank for depositary services.

• The Borrower agrees to pay to the Agent any and all fees, costs and expenses which the Agent incurs in connection with opening and maintaining the post office boxes maintained by the Collecting Banks and the Blocked Accounts and depositing for collection by the Agent any check or item of payment received and/or delivered to the Agent on account of the Liabilities.

• The Collecting Banks shall acknowledge and agree, in a manner satisfactory to Lender, that all payments made to the Blocked Accounts are the sole and exclusive property of Lender, and that the Collecting Banks have no right of setoff against the Blocked Accounts and that all such payments received will be promptly transferred to Lender's Account.

More Definitions of Collecting Banks

Collecting Banks shall have the meaning ascribed thereto in SUBSECTION 3.5.

Collecting Banks has the meaning set forth in Section 5.13.

Collecting Banks means collectively, such banks required and acceptable to Lender to collect and remit funds in accordance with this Agreement.

Collecting Banks means the banks listed on Schedule 11.19 hereto under the heading "Blocked Accounts" and such other banks as the Agent may from time to time approve in writing as "Collecting Banks" for purposes of this Agreement.

Collecting Banks has the meaning specified in Section 5.16.

Collecting Banks shall have the meaning set forth in subsection 3.6 hereof.

Collecting Banks has the meaning assigned to that term in subsection 4.18.