Securities Accounts and Deposit Accounts Clause Samples
The 'Securities Accounts and Deposit Accounts' clause defines the treatment and management of accounts holding securities or cash deposits within the context of an agreement. It typically specifies how these accounts are to be established, maintained, and controlled, often identifying the parties with authority over the accounts and the conditions under which funds or securities may be transferred. For example, it may require that all collateral be held in designated accounts at approved financial institutions, and outline procedures for accessing or releasing assets. This clause ensures clarity and security regarding the handling of financial assets, reducing the risk of disputes or unauthorized transactions.
Securities Accounts and Deposit Accounts. (a) No Grantor shall maintain or establish any Deposit Account or any Securities Account included in the Collateral with any financial institution unless (i) such Grantor, the US Administrative Agent, in the case of First Priority Collateral, or the Notes Collateral Agent, in the case of Second Priority Collateral, as applicable, and such financial institution shall have entered into a Deposit Account Control Agreement or a Securities Account Control Agreement, as applicable, with respect to such Deposit Account or Securities Account or (ii) the US Administrative Agent, in the case of First Priority Collateral, or the Notes Collateral Agent, in the case of Second Priority Collateral, as applicable, otherwise has Control of such Deposit Account or Securities Account.
(b) Each Grantor shall, subject to the Intercreditor Agreement: (i) indicate on all of its invoices that funds should be delivered to and deposited in a Blocked Account, (ii) direct all of its Account Debtors to deposit any and all proceeds of Collateral into the Blocked Accounts, (iii) irrevocably authorize and direct any banks which maintain such Grantor’s initial receipt of cash, checks and other items to promptly wire transfer all available funds to a Blocked Account or the Collateral Account and (iv) advise all such banks of the US Administrative Agent’s security interest in such funds. In the event (i) such Grantor or any Deposit Account Bank or any Approved Securities Intermediary shall, after the date hereof, terminate any Deposit Account Control Agreement or other Securities Account Control Agreement with respect to the maintenance of such Blocked Account for any reason, (ii) the US Administrative Agent shall demand such termination as a result of the failure of such Deposit Account Bank or Approved Securities Intermediary to comply with the terms of the applicable Collateral Document, or (iii) the US Administrative Agent determines in its reasonable business judgment that the financial condition of such Deposit Account Bank or Approved Securities Intermediary has materially deteriorated, the applicable Grantor shall, subject to the Intercreditor Agreement, notify all of its Account Debtors and/or other obligors that were making payments to such terminated Blocked Account, as the case may be, to make all future payments to another Blocked Account, as the case may be, in each case subject to a security interest having the priority specified in Section 3.1 or 3.2 of this Agreement in fav...
Securities Accounts and Deposit Accounts. (a) Set forth in Schedule 5(a) of the Information Certificate is a true and correct list of all securities accounts in which each Grantor customarily maintains securities or other assets, including the name and address of the intermediary institution and the type of account.
(b) Set forth in Schedule 5(b) of the Information Certificate is a true and correct list of all depository accounts maintained by each Grantor, including the name and address of the depository institution and the type of account.
Securities Accounts and Deposit Accounts. (a) Set forth in Section III(B) of the Information Certificate is a true and correct list of all securities accounts in which each Grantor customarily maintains securities or other assets, including the name and address of the intermediary institution and the type of account.
(b) Set forth in Section III(C) of the Information Certificate is a true and correct list of all depository accounts maintained by each Grantor, including the name and address of the depository institution and the type of account.
Securities Accounts and Deposit Accounts. Set forth on Schedule B hereto is a description of each Securities Account, Commodities Account and Deposit Account of each of (a) Global Marine Systems Limited and its Subsidiaries and (b) Global Crossing Intermediate UK Holdings Ltd. and its subsidiaries including, in each case, (i) the name of the financial institution, (ii) the type of account, and (iii) the account number. Each of the undersigned is of the opinion that the condition set forth in clause (h) of Exhibit F has been complied with in the delivery of this Certificate and each hereby acknowledges and agrees that the Trustee is relying on the representations and warranties made herein in connection with its execution of the Indenture.
Securities Accounts and Deposit Accounts. No Pledgor shall grant Control over any Deposit Account or Securities Account to any Person except to the extent the Lien in such Deposit Account or Securities Account is permitted under Section 6.02 of the Credit Agreement.
Securities Accounts and Deposit Accounts. Securities Accounts. Please see Annex D attached hereto.
Securities Accounts and Deposit Accounts. Attached hereto as Schedule 5(a) is a true and correct list of all securities accounts in which each Grantor customarily maintains securities or other assets, including the name and address of the intermediary institutions and the type of account. (b) Attached hereto as Schedule 5(b) is a true and correct list of all depositary accounts maintained by each Grantor, including the name and address of the depositary institution and type of account. [The Remainder of this Page has been intentionally left blank] IN WITNESS WHEREOF, we have hereunto signed this Perfection Certificate as of the date first written above. SERITAGE GROWTH PROPERTIES By: Name: Title:
Securities Accounts and Deposit Accounts. Each Obligor has no Securities Accounts and no Deposit Accounts, other than Excluded Deposit Accounts, as of the First Amendment Effective Date other than those disclosed in writing to the Administrative Agent.
Securities Accounts and Deposit Accounts. (a) Attached hereto as Schedule 5(a) is a true and correct list of all securities accounts in which each Grantor customarily maintains securities or other assets, including the name and address of the intermediary institutions and the type of account.
(b) Attached hereto as Schedule 5(b) is a true and correct list of all depositary accounts maintained by each Grantor, including the name and address of the depositary institution and type of account.
Securities Accounts and Deposit Accounts. (i) As of the date hereof, no Grantor has any Securities Accounts or Deposit Accounts other than those listed on Schedule 4(h).
(ii) With respect to each Deposit Account and Securities Account subject to a control agreement for the benefit of the ABL Administrative Agent (the “ABL Control Agreement”), the applicable Grantor shall deliver to the Administrative Agent a duly executed control agreement, in form reasonably satisfactory to the Administrative Agent, granting to the Administrative Agent “control” within the meaning of the UCC over such Deposit Account or Securities Account at the time it enters into such ABL Control Agreement in substantially the same form as the ABL Control Agreement.