Controlled Disbursement Account definition

Controlled Disbursement Account means any accounts of the Borrowers maintained with the Administrative Agent as a zero balance, cash management account pursuant to and under any agreement between a Borrower and the Administrative Agent, as modified and amended from time to time, and through which all disbursements of a Borrower, any other Loan Party and any designated Subsidiary of a Borrower are made and settled on a daily basis with no uninvested balance remaining overnight.

Controlled Disbursement Account means any account of the Borrowers maintained with the Administrative Agent as a zero balance, cash management account pursuant to and under any agreement between a Borrower and the Administrative Agent, as modified and amended from time to time, and through which all disbursements of a Borrower, any other Loan Party and any designated Subsidiary of a Borrower are made and settled on a daily basis with no uninvested balance remaining overnight.

Controlled Disbursement Account means one or more accounts maintained by and in the name of the Borrowers with a Disbursing Bank for the purposes of disbursing Revolving Credit Loan proceeds and amounts deposited thereto.

Examples of Controlled Disbursement Account in a sentence

• No Funds Transfers, Entries, deposits or other transactions may be initiated into or out of Company’s Controlled Disbursement Account.

• If there are insufficient funds in the Controlled Disbursement Account or if Company so chooses, it may transfer available collected funds from a Funding Account to the Controlled Disbursement Account provided such transfer is initiated prior to the applicable Cutoff Time.

• A Controlled Disbursement Account may only be used for clearing and managing Controlled Disbursement Items.

• If the Available Funds in the controlled Disbursement Account or Sweep Account are less than the aggregate Inclearings presented against the Controlled Disbursement Account, Bank will have the right to dishonor one or more of the Checks for which there are not adequate Available Funds.

• In order to the Service, Company must establish a Controlled Disbursement Account and, in addition to the Account Agreements, is subject to and governed by the terms and conditions of this Service Description.

More Definitions of Controlled Disbursement Account

Controlled Disbursement Account means a commercial Deposit Account designated “controlled disbursement account” and maintained by one or more of the Loan Parties with the Agent, without liability by the Agent or any Lender to pay interest thereon.

Controlled Disbursement Account shall have the meaning specified in Section 2.2(f).

Controlled Disbursement Account means, collectively, any one or more accounts of the Borrower established after the Effective Date and maintained with the Administrative Agent as a zero balance, cash management account pursuant to and under any agreement between the Borrower and the Administrative Agent, as modified and amended from time to time, and through which all disbursements of the Borrower, any other Loan Party and any designated Subsidiary of the Borrower are made and settled on a daily basis with no uninvested balance remaining overnight.

Controlled Disbursement Account means any accounts of any Loan Party maintained with the Administrative Agent as a zero balance, cash management account pursuant to and under any agreement between the such Loan Party and the Administrative Agent, as modified and amended from time to time, and through which all disbursements of such Loan Party, any Loan Party and any designated Subsidiary of Holdings are made and settled on a daily basis with no uninvested balance remaining overnight.

Controlled Disbursement Account. The term "Controlled Disbursement Account" shall have the meaning given such term in Section 2.3(c).

Controlled Disbursement Account is defined in Section 2.15(a) hereof.

Controlled Disbursement Account means one or more accounts maintained by and in the name of the Borrower with a Disbursing Bank for the purposes of disbursing Revolving Credit Loan proceeds and amounts deposited thereto.