DACA Deposit Account definition

DACA Deposit Account a Deposit Account subject to a Deposit Account Control Agreement.
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DACA Deposit Account a Deposit Account subject to a Deposit Account Control Agreement. Debt: as applied to any Person, without duplication, (a) all Borrowed Money; (b) all Contingent Obligations in respect of Borrowed Money; and (c) in the case of a Loan Party, the Obligations. The Debt of a Person shall include any recourse indebtedness of any partnership in which such Person is a general partner or joint venturer, except to the extent the terms of such Debt provide that (i) such Person shall not be liable therefor or (ii) no default with respect thereto would permit upon notice, lapse of time or both any holder of such Debt to declare a default or cause the payment thereof to be accelerated or payable prior to its stated maturity, and in any case, any recourse indebtedness shall not exceed the greater of the book value or fair market value of the properties to which recourse is given, if applicable. In addition, “Debt” shall not include (i) deferred compensation arrangements, (ii) earn-out obligations until matured or earned or (iii) non-compete or consulting obligations incurred in connection with Permitted Acquisitions not evidenced by a promissory note. Debt to be Repaid: means Borrowed Money of each Loan Party and its Subsidiaries outstanding immediately before the occurrence of the Closing Date and required by the Reorganization Plans to be repaid on the Closing Date. For the avoidance of doubt, the obligations owing under the Existing Letters of Credit do not constitute “Debt to be Repaid”. Default: an event or condition that, with the lapse of time or giving of notice, would constitute an Event of Default. Default Rate: for any Obligation (including, to the extent permitted by law, interest not paid when due), 2.00% per annum plus the interest rate otherwise applicable thereto or if such Obligation does not bear interest, a rate equal to the U.S. Base Rate, plus 2.00% per annum.
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Examples of DACA Deposit Account in a sentence

  • If any Loan Party or Restricted Subsidiary receives cash or Payment Items with respect to any ABL Priority Collateral or any Payment Item not properly deposited by a lockbox servicer in accordance with the requirements set forth in Section 8.2.4, it shall hold same in trust for Agent and promptly deposit same into a DACA Deposit Account or, during a Cash Dominion Trigger Period, a Dominion Account for application to the Obligations in accordance with Section 5.5 or 5.6, as applicable.

  • The sole account holder of each Deposit Account shall be a single Loan Party and the Loan Parties shall not allow any other Person (other than Agent and, subject to the Intercreditor Agreement, the agent specified therein) to have control (as contemplated by the UCC and the PPSA) over a DACA Deposit Account or any property deposited therein.

  • Loan Party Agent shall take all commercially reasonable steps to ensure that all payments on Accounts included in the ABL Priority Collateral or otherwise relating to ABL Priority Collateral are made directly to a DACA Deposit Account (or a lockbox relating to a DACA Deposit Account) or, during a Cash Dominion Trigger Period, a Dominion Account.