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English to Romanian translations [PRO] Bus/Financial - Finance (general) / pledge agreement
English term or phrase:collection account
Until the occurrence of an Event of Default, the Pledgees hereby acknowledge that the Pledgor will continue to operate and to utilise its Bank Accounts and Funds in the ordinary and normal course of business, and to cash in and receive the Receivables. For the avoidance of doubt, upon occurrence of an Event of Default, until (i) such Event of Default ceases or is waived by the Pledgees or (ii) this Agreement is enforced by the Pledgees in accordance with the provisions of Romanian Law, no funds shall be transferred out of the Bank Accounts without the Security Agent’s written consent, and the Receivables shall be cashed in and received in an account notified by the Security Agent to the Pledgor (the “Collection Account”).