Addition of Additional Accounts Clause Samples
The 'Addition of Additional Accounts' clause defines the process by which new accounts can be added under an existing agreement. Typically, this clause outlines the conditions and procedures for including extra accounts, such as requiring written notice or mutual consent between the parties. For example, a client may wish to add new business units or subsidiaries to a service contract, and this clause would govern how those additions are formalized. Its core function is to provide a clear and agreed-upon method for expanding the scope of the agreement, thereby preventing misunderstandings and ensuring both parties are aligned on the terms for including additional accounts.
Addition of Additional Accounts. (a) If (i) Dryrock Funding is required, pursuant to Section 2.11(a) of the Transfer Agreement, to designate additional accounts to the Trust, or (ii) Dryrock Funding elects, pursuant to Section 2.11(b) of the Transfer Agreement, to designate additional accounts to the Trust, then in either case Dryrock Funding shall give written notice thereof to the Seller; provided, however, that such notice shall be provided on or before the third Business Day immediately preceding the date on which the Seller is being asked to designate additional accounts. Upon receipt of such notice and on or prior to such date on which the Seller is being asked to designate additional accounts, the Seller shall designate, to the extent it has such accounts, sufficient Eligible Accounts as Additional Accounts and shall sell to Dryrock Funding the Purchased Assets related to such Additional Accounts. In addition, at its option and with the consent of Dryrock Funding, the Seller may designate Eligible Accounts as Additional Accounts and sell to Dryrock Funding the Purchased Assets related to such Additional Accounts.
(b) On the Addition Date such designated Additional Accounts shall become Accounts, and Dryrock Funding shall purchase the Seller’s right, title and interest in, to and under the Receivables in such Additional Accounts and the related Purchased Assets as provided in Section 2.01, subject to the satisfaction of the following conditions on such Addition Date:
(i) as of the applicable Selection Date, each Additional Account is an Eligible Account;
(ii) the Seller shall have delivered to Dryrock Funding file-stamped copies of all financing statements (and amendments with respect to such financing statements when applicable) covering such Additional Accounts, if necessary to perfect Dryrock Funding’s interest in the Receivables arising therein and the related Purchased Assets;
(iii) as of the Addition Date, no Insolvency Event with respect to the Seller shall have occurred nor shall the sale of the Receivables arising in the Additional Accounts and the related Purchased Assets to Dryrock Funding have been made in contemplation of the occurrence thereof;
(iv) such designation of Additional Accounts will not, in the reasonable belief of the Seller, have a material adverse effect on Dryrock Funding;
(v) the Seller shall have delivered to Dryrock Funding an Officer’s Certificate of the Seller, dated the Addition Date, confirming, to the extent applicable and in the Seller’s reasona...
Addition of Additional Accounts. (a) REQUIRED ADDITIONS. If Purchaser is required, pursuant to Section 2.06 of the Pooling and Servicing Agreement or Section 2.06 of the Transfer and Servicing Agreement, to designate additional Eligible Accounts as Additional Accounts, Purchaser shall so notify RPA Seller. RPA Seller shall designate such Eligible Accounts as Additional Accounts and shall convey to Purchaser Receivables in such Additional Accounts, subject to the same qualifications and restrictions as are set forth in Section 2.06 of the Pooling and Servicing Agreement or Section 2.06 of the Transfer and Servicing Agreement, as applicable, with respect to Purchaser; provided, however, that the failure of RPA Seller to transfer Receivables to Purchaser as provided in this paragraph solely as a result of the unavailability of a sufficient amount of Eligible Receivables shall not constitute a breach of this Agreement; provided further, that any such failure which has not been timely cured will nevertheless result in the occurrence of a Pay Out Event with respect to each Series for which, pursuant to the Supplement therefor, a failure by Purchaser to convey Receivables in Additional Accounts to the Receivables Trust by the day on which it is required to convey such Receivables constitutes a Pay Out Event.
Addition of Additional Accounts. (a) If from time to time, ------------------------------- Buyer becomes obligated to designate Additional Accounts pursuant to Section ------- 2.6(a) ------ of the Servicing Agreement (or any other provision thereof calling for compliance with the procedures set forth in such Section 2.6(a)), then Buyer -------------- shall give RPA Seller written notice thereof on or before the Notice Date prior to the Addition Date therefor and RPA Seller shall on or before the Addition Date designate sufficient Eligible Accounts to be included as Additional Accounts so that after the inclusion thereof Buyer will be in compliance with the requirements of said Section 2.6(a). Additionally, subject to the ------------- limitations, if any, on Buyer's ability to add Additional Accounts under Section ------- 2.6(b) of the Servicing Agreement, from time to time Eligible Accounts may be ----- designated to be included as Additional Accounts, upon the mutual agreement of Buyer and RPA Seller. In either event, RPA Seller shall have responsibility for selecting the Additional Accounts and shall on or prior to the Addition Date therefore execute and deliver a Supplemental Conveyance identifying the Additional Accounts by account number and Receivables balance and Principal Receivables balance as of the Addition Date, which Supplemental Conveyance shall be effective upon receipt by Buyer.
Addition of Additional Accounts. (a) If, from time to time, Funding becomes obligated to designate Additional Accounts pursuant to Section 2.09(a) of the Pooling and Servicing Agreement, then Funding shall give NMG written notice thereof on or before the eighth Business Day (the "Addition Notice Date") prior to the Addition Date therefor, and NMG shall on or before the Addition Date, designate sufficient Eligible Accounts to be included as Accounts so that after the inclusion thereof Funding will be in compliance with the requirements of Section 2.09 of the Pooling and Servicing Agreement. NMG shall have sole responsibility for selecting such Additional Accounts and shall on or prior to the Addition Date therefor execute and deliver to Funding a written assignment from NMG to Funding in substantially the form of Exhibit A (the "Supplemental Conveyance"). Upon such designation, such Automatic Additional Accounts shall be deemed to be Accounts hereunder.
(b) Subject to the limitations set forth in Section 2.09(d) of the Pooling and Servicing Agreement and in any Supplement, Automatic Additional Accounts shall be included as Accounts from and after the date of creation thereof (other than any such date of creation falling during each period beginning on an Automatic Addition Termination Date or an Automatic Addition Suspension Date and ending on the day immediately preceding a Restart Date).
Addition of Additional Accounts. (a) If, from time to time, the Company becomes obligated to designate Additional Accounts pursuant to subsection 2.6(a) of the Master Pooling and Servicing Agreement, then the Company may, at its option, give HRAC written notice thereof on or before the tenth Business Day (the “Addition Notice Date”) prior to the Additional Account Closing Date therefor, and upon receipt of such notice HRAC shall on or before the Additional Account Closing Date, designate sufficient Eligible Accounts to be included as Additional Accounts so that after the inclusion thereof the Company will be in compliance with the requirements of said subsection 2.6(a). Additionally, subject to subsections 2.6(b) and (c) of the Master Pooling and Servicing Agreement and subsection 2.02(b), from time to time Eligible Accounts may be designated to be included as Additional Accounts, upon the mutual agreement of the Company and
Addition of Additional Accounts
Addition of Additional Accounts