The debtor shall make available to the secured party a current account control agreement, duly entered into in the name of any financial institution that maintains a current account of the debtor in accordance with this security agreement. DEPOSIT ACCOUNT CONTROL AGREEMENT dated January 31, 2013 between Global Geophysical Services, Inc., TPG Specialty Lending, Inc. as collateral agent for secured Lenders (hereinafter referred to as “Secured Party”) and Citibank, N.A. (the “Depositary Bank”). All references to the UCC refer to the Uniform Commercial Code, which is in effect from time to time in the State of New York. The terms defined during the IP have the same meaning when used here. (“current account”) with the Bank pursuant to an agreement between the Bank and the Customer, after which the Customer has paid the Bank the amount of the sum of $; A tripartite agreement comprising a borrower, a lender and a deposit-financed institution or institution, known as a deposit control agreement. These three parties play an important role in defining the terms of the DACA agreement. The agreement can also be seen as a useful document for the lender, as it allows the lender to have a safe deposit on the borrower`s deposit accounts with the same bank or another financial institution.
Cash is an extremely important guarantee for any financial institution or bank. The lender always wants to get a better return on the borrower`s deposits. It is important to keep in mind when we talk about DACA, which means that it can be in two ways, one blocked by a control agreement that gives the lender full rights to the borrower`s fiduciary account and prohibits the borrower from accessing the funds. The other is Spring, which allows the borrower to access their deposit account as long as there is a default situation and the Lende This Deposit Account Control Agreement (this “Agreement”) will be entered into as of May 4, 2018 by Fusion Connect, Inc., a Delaware corporation (“Borrower”), Wilmington Trust, National Association, a national banking association (First Lien Secured Party). and East West Bank, a California banking company (“Deposit Holder”). . . .