Depository Accounts Clause Samples

Depository Accounts. (a) Annexed hereto as EXHIBIT 7.1 is a Schedule of all present DDA’s, which Schedule includes, with respect to each depository (i) the name and address of that depository; (ii) the account number(s) of the account(s) maintained with such depository; and (iii) a contact person at such depository. (b) The Borrowers’ Representative shall deliver to the Administrative Agent, as a condition to the effectiveness of this Agreement: (i) Notifications (in a form satisfactory to the Administrative Agent) executed on behalf of the relevant Loan Party to each depository institution with which any DDA (other than any Exempt DDA and the Operating Account ) is maintained of the Collateral Agent’s Collateral Interest in such DDA. (ii) A Blocked Account Agreement with any depository institution at which: (A) Both a DDA (other than the Operating Account) and the Operating Account are maintained. (B) A deposit account other than solely a DDA is maintained . (iii) An agreement (generally referred to as a “Blocked Account Agreement”), in form satisfactory to the Administrative Agent, with each depository institution at which a Blocked Account is maintained. (c) No Loan Party will establish any DDA hereafter unless, contemporaneously with such establishment, the Borrowers’ Representative provides a notification of the Collateral Agent’s Collateral Interest in such DDA, no Loan Party will establish any deposit account other than a DDA or Exempt DDA, unless the Borrowers’ Representative provides the Administrative Agent with a Blocked Account Agreement.

Depository Accounts. (a) Annexed hereto as EXHIBIT 8.1 is a listing of all present DDA's, which listing includes, with respect to each depository of the Loan Parties, the following: (i) the name and address of that depository; (ii) the account number(s) of the account(s) maintained with such depository; and (iii) a contact person at such depository. (b) The Lead Borrower shall deliver the following to the Administrative Agent, as a condition to the effectiveness of this Agreement: (i) Notifications, executed on behalf of each Borrower, to each depository institution with which any DDA is maintained (other than any Exempt DDA and the Collection Accounts), in form satisfactory to the Administrative Agent of the Collateral Agent' interest in such DDA. Such Notifications shall be held in escrow by the Administrative Agent until the occurrence of a Cash Control Event at which time they may be delivered to the applicable depositary institutions. (ii) A Collection Account Agreement with any depository institution at which a Collection Account is maintained, including those listed on EXHIBIT 8.1. (c) No Borrower will establish any DDA hereafter (other than an Exempt DDA) unless, contemporaneous with such establishment, the Lead Borrower delivers the following to the Administrative Agent: (i) A notification for the depository at which such DDA is established if the same would have been required pursuant to Section 8.1(b)(i) if the subject DDA were open at the execution of this Agreement. (ii) A Collection Account Agreement executed on behalf of the depository at which such DDA is established if the same would have been required pursuant to Section 8.1(b)(ii) if the subject DDA were open at the execution of this Agreement.

Depository Accounts. Any payment received by Borrower on account of any Collateral shall be held by Borrower in trust for Lender, and Borrower shall promptly deliver same in kind to Lender or deposit all such payments into a cash collateral account at such bank as Lender may designate for application to payment of the Obligations. Borrower shall also execute such further documents as Lender may deem necessary to establish such an account and all funds deposited in such account shall immediately be deemed Lender's property.

Depository Accounts. (1) Funds disbursed pursuant this Agreement shall be deposited in a separate, non interest-bearing account, dedicated to CDBG-DR2 funds, and held in the name of and under the ownership of the Grantee. Any interest earned on funds in the depository account shall be remitted to the State for subsequent return to the United States Treasury. Funds held in the depository account shall be under the control of the Grantee’s treasurer, and shall be paid out only on orders drawn by officials authorized by law to draw such orders. (2) Accounts established in the name of the Grantee and into which Program Income or housing rehabilitation escrow funds are deposited shall conform to the requirements of subparagraph (A)(1) of this Paragraph, except that such accounts may be interest bearing. (3) All depository accounts shall be fully insured by the Federal Deposit Insurance Corporation (FDIC) or its equivalent. Any balance exceeding such coverage must be collaterally secured by U.S. Government obligations.

Depository Accounts. The Company shall have established a system of lockbox and bank accounts with respect to the collection of Accounts and the deposit of proceeds of Collateral as shall be acceptable to CIT in all respects. Such accounts shall be subject to three party agreements (between the Company, CIT and the depository bank), which shall be in form and substance satisfactory to CIT.

Depository Accounts. All Monthly Gross Receipts from the Project, after deducting Approved Operating Expenses, Reimbursable Expenses and the Management Fee, shall be deposited by Manager into one or more deposit accounts designated by Owner (each a "Depository Account"). All Depository Accounts shall be the sole and exclusive property of Owner, and Manager shall retain no interest therein, except as may be expressly provided in this Agreement. Manager shall not commingle Depository Accounts with any other funds. Checks may be drawn upon such Depository Accounts only by persons authorized by Owner in writing to sign checks, at least one of whom shall be a designee of Manager. No loans shall be made from the Depository Account. Depository Accounts shall be established by and in the name of Manager to be held in trust for Owner.

Depository Accounts. (a) Annexed hereto as EXHIBIT 7-1 is a Schedule of all present DDA's, which Schedule includes, with respect to each depository (i) the name and address of that depository; (ii) the account number(s) of the account(s) maintained with such depository; and (iii) a contact person at such depository. (b) The Borrower shall deliver to the Lender, as a condition to the effectiveness of the within Agreement: (i) Proof of the mailing, to each depository institution with which any DDA is maintained (other than the Funding Account or any Local DDA) of notification (in form satisfactory to the Lender) of the Lender's interest in such DDA. (ii) An agreement (in form satisfactory to the Lender) with any depository institution at which both any DDA (other than the Funding Account) and the Funding Account is maintained. (c) The Borrower will not establish any DDA hereafter (other than a Local DDA) unless the Borrower, contemporaneous with such establishment, delivers to the Lender an agreement (in form satisfactory to the Lender) executed on behalf of the depository with which such DDA is being established.

Depository Accounts. (a) Annexed hereto as EXHIBIT 7-1 is a Schedule of all present DDA's, which Schedule includes, with respect to each depository (i) the name and address of that depository; (ii) the account number(s) of the account(s) maintained with such depository; (iii) a contact Person at such depository; and (iv) the telephone number of the contact Person. (b) The Borrower shall, as a condition to the effectiveness of this Agreement: (i) Establish an account for the benefit of and under the control of, Lender into which all Receipts shall be deposited (the "Blocked Account") (ii) Deliver to Lender proof of the mailing, to each depository institution with which any DDA is maintained (other than the Funding Account or any Local DDA) of notification (in form satisfactory to the Lender) of the Lender's interest in such DDA. In the event that the Borrower shall receive notice that any depository at which a DDA is maintained, refuses to accept and comply with the notifications delivered by the Borrower to such depository institution of the Lender's interest in such DDA, Borrower will immediately close all DDAs maintained with such depository institution and establish new DDAs with depository institutions which accept and agree to such notifications. (iii) Deliver to Lender an agreement (in form satisfactory to the Lender ) with any depository institution at which a Blocked Account is maintained. (c) The Borrower will not establish any DDA hereafter (other than a Local DDA) unless Borrower, contemporaneous with such establishment, the Borrower delivers to the Lender proof of mailing to any such institution, a notification (in form satisfactory to the Lender) of the Lender's interest in such DDA. (d) The Borrower will establish and maintain separate accounts exclusively for purposes of payroll and payroll tax deposits and payments.

Depository Accounts. (a) Annexed hereto as EXHIBIT 7-1 is a Schedule of all present DDA's, which Schedule includes, with respect to each depository (i) the name and address of that depository; (ii) the account number(s) of the account(s) maintained with such depository; and (iii) a contact person at such depository. (b) The Borrowers shall deliver to the Agent, as a condition to the effectiveness of the within Agreement: (i) Notification, executed on behalf of the Borrowers, to each depository institution with which any DDA is maintained (other than the Funding Account, the CAN Funding Account, or any Local DDA), in form satisfactory to the Agent, of the Agent's interest in such DDA. (ii) An agreement (generally referred to as a "Blocked Account Agreement"), in form satisfactory to the Agent, with any depository institution at which the Central Account, the Funding Account and the CAN Funding Account is maintained. (c) The Borrowers will not establish any DDA hereafter (other than a Local DDA) unless, contemporaneous with such establishment, the Borrowers deliver to the Agent an agreement (in form satisfactory to the Agent) executed on behalf of the depository with which such DDA is being established.