Deposit and Brokerage Accounts. For each deposit account or brokerage account that any Borrower at any time opens or maintains, such Borrower shall, at Agent's request and option, pursuant to an agreement in form and substance reasonably satisfactory to Agent, cause the depository bank or securities intermediary, as applicable, to agree to comply at any time with instructions from Agent to such depository bank or securities intermediary, as applicable, directing the disposition of funds from time to time credited to such deposit or brokerage account, without further consent of the applicable Borrower, in each case, in a manner consistent with the "control provisions" of Articles 8 and 9 of the UCC.
Appears in 2 contracts
Sources: Loan and Security Agreement (Velocity Express Corp), Loan and Security Agreement (Velocity Express Corp)
Deposit and Brokerage Accounts. For each deposit account or ------------------------------ brokerage account that any Borrower at any time opens or maintains, such Borrower shall, at Agent's request and option, pursuant to an agreement in form and substance reasonably satisfactory to Agent, cause the depository bank or securities intermediary, as applicable, to agree to comply at any time with instructions from Agent to such depository bank or securities intermediary, as applicable, directing the disposition of funds from time to time credited to such deposit or brokerage account, without further consent of the applicable Borrower, in each case, in a manner consistent with the "control provisions" of Articles 8 and 9 of the UCC.
Appears in 1 contract
Sources: Loan and Security Agreement (Velocity Express Corp)