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

  • No Lender shall set off against any DACA Deposit Account or Dominion Account without the prior consent of the Agent.

  • Neither the Agent nor the Lenders assume any responsibility to the Loan Parties for any lockbox arrangement, DACA Deposit Account or Dominion Account, including any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank.

  • No Lender shall set off against any DACA Deposit Account or Dominion Account without the prior consent of Agent.

  • Neither Agent nor Lenders assume any responsibility to the Loan Parties for any lockbox arrangement, DACA Deposit Account or Dominion Account, including any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank.

  • 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.

  • Loan Party Agent shall take all commercially reasonable steps to ensure that all payments on Accounts included in the ABL Collateral or otherwise relating to ABL 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.

  • If any Loan Party or Restricted Subsidiary receives cash or Payment Items with respect to any ABL 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.

  • If any Loan Party or 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.

  • 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.

Related to DACA Deposit Account

  • Deposit Account is any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Collateral Deposit Account shall have the meaning set forth in Section 7.1(a).

  • Approved Deposit Account means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Loan Party with a Deposit Account Bank. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Eligible Deposit Account means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each Rating Agency in one of its generic rating categories that signifies investment grade.

  • Deposit Account Agreement means the Deposit Account Agreement and Disclosure, as may be amended from time to time, issued by the Custodian and available on the Custodian’s internet customer portal, “xx.xxxxxxxxxxx.xxx”.

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Controlled Deposit Account means each deposit account (including all funds on deposit therein) that is the subject of an effective Control Agreement and that is maintained by any Loan Party with a financial institution approved by the Administrative Agent.

  • Security Deposit Account has the meaning given in Section 5.1.

  • Deposit Accounts means any “deposit accounts,” as such term is defined in the UCC, and includes any checking account, savings account, or certificate of deposit.

  • Deposit Account Bank means a financial institution selected or approved by the Administrative Agent.

  • Excluded Deposit Account means (a) any deposit account exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such and (b) any Xxxxx Cash Accounts.

  • Excluded Deposit Accounts means, collectively, (i) payroll and payroll taxes accounts, workers’ compensation accounts and other employee wage and benefit payment accounts and xxxxx cash accounts, (ii) trust accounts and (iii) deposit accounts other than Collection Accounts and Collateral Deposit Accounts (as each such term is defined in the Revolving Credit Agreement), so long as the aggregate amount on deposit in all such deposit accounts does not exceed $2,500,000 in the aggregate at any time.

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Deposit Account Control Agreement means each deposit account control agreement among a Borrower, the Administrative Agent and the Account Bank, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time.

  • Deposit Account Control Agreements means, with respect to each deposit account that is required by the Collateral Agreement to be subject to a control agreement, a deposit account control agreement executed by the Borrower, the Administrative Agent as the secured party thereto, and the deposit bank, as each may be amended, restated, supplemented or otherwise modified from time to time.

  • Cash Management Account has the meaning set forth in Section 2.7(a).

  • Segregated Account means a client bank account as defined by and held in accordance with the Applicable Regulations.

  • Designated Account Property The Designated Accounts, all cash, investments, Financial Assets, securities and investment property held from time to time in any Designated Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities or otherwise), including the Reserve Account Deposit, and all proceeds of the foregoing but excluding all Investment Earnings thereon.

  • Collateral Account Agreement means the Collateral Account Agreement executed and delivered by Company and Administrative Agent on the Closing Date, substantially in the form of EXHIBIT XXIII annexed hereto, as such Collateral Account Agreement may hereafter be amended, supplemented or otherwise modified from time to time.

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.

  • Blocked Account has the meaning provided in Section 6.13(a)(ii).

  • Lock-Box Account With respect to any Mortgaged Property, if applicable, any account created pursuant to any documents relating to a Mortgage Loan or Serviced Loan Combination to receive rental or other income generated by the Mortgaged Property. Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Loan Combination and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Cash Management Accounts means the bank accounts of each Loan Party maintained at one or more Cash Management Banks listed on Schedule 8.01.

  • Concentration Account has the meaning provided in Section 6.13(c).