Controlled Account definition

Controlled Account each Deposit Account and Securities Account that is subject to a Control Agreement in form and substance reasonably satisfactory to the Administrative Agent and the Issuing Lender.

Controlled Account means each deposit account and securities account that is subject to a Qualifying Control Agreement.

Controlled Account has the meaning specified therefor in Section 7(k).

Examples of Controlled Account in a sentence

• The Collateral Custodian’s and the Account Bank’s entitlement to receive its portion of the Collateral Administrator, Collateral Custodian and Account Bank Fees shall cease on the earlier to occur of: (i) its removal as Collateral Custodian or Account Bank, as applicable, (ii) its resignation as Collateral Custodian or Account Bank, as applicable or (iii) the termination of, as applicable, this Agreement or the Controlled Account Agreement and Unfunded Exposure Account Agreement.

• All such cash raised in connection with the exercise of a Cure Right of a Going Concern Default resulting solely as a result of a breach or anticipated breach of the financial covenant set forth in Section 10.01 shall be immediately deposited into a Controlled Account.

• Notwithstanding the foregoing, to the extent that the Loan Parties cease to be required to maintain the FVC Reserve Amounts in Deposit Accounts at FVCBank, any such FVC Reserve Amounts must be promptly (but in any event, within three (3) Business Days) transferred to a Controlled Account and any accounts must be closed within thirty (30) days of the date such requirement ceases.

More Definitions of Controlled Account

Controlled Account has the meaning set forth in Section 8.18(a).

Controlled Account means (a) any Deposit Account of a Note Party that is subject to a Deposit Account Control Agreement, and (b) any Securities Account of a Note Party that is subject to a Securities Account Control Agreement.

Controlled Account shall have the meaning set forth in Section 5.11.

Controlled Account means each deposit account and securities account that is subject to an account control agreement in form and substance satisfactory to the Administrative Agent and the L/C Issuer.

Controlled Account means each of the Reserve Account, the Collection Account and the Lockbox Account, and the “Controlled Accounts” means all of such accounts.

Controlled Account means each Deposit Account that is subject to a Deposit Account Control Agreement in form and substance satisfactory to the Administrative Agent and, in the event that such Deposit Account holds Cash Collateral, the L/C Issuers.

Controlled Account means (i) in respect of an account located in the United States, an account in respect of which the depository bank has executed and delivered to the Agent a Control Agreement (or in respect of which the depository bank will execute and deliver a Control Agreement as contemplated by Section 3.5(b)), or (ii) in respect of an account not located in the United States, an account over which a first priority (subject to Permitted Liens having priority as a matter of law) perfected security interest is granted in favor of the Agent pursuant to the Security Documents.