Excluded Bank Account definition
Examples of Excluded Bank Account in a sentence
Subject to Section 6.3(a), Loan Parties shall not, directly or indirectly, after the Closing Date open, establish or maintain any deposit account (other than an Excluded Bank Account) unless on or before the opening of such deposit account, such Loan Party shall have obtained a Deposit Account Control Agreement with respect to such deposit account, duly authorized, executed and delivered by such Loan Party and the bank at which such deposit account is opened and maintained.
Each Loan Party shall enter into, and cause each depository to enter into, Control Agreements providing for “springing” cash dominion with respect to each Collection Account and each Concentration Account maintained by such Person (other than any account that constitutes an Excluded Bank Account) as of or after the Effective Date.
Each Credit Party shall enter into, and cause each depository to enter into, Control Agreements providing for “springing” cash dominion with respect to each Collection Account and each Concentration Account maintained by such Person (other than any account that constitutes an Excluded Bank Account) as of or after the Closing Date.
At all times after sixty (60) days following the Closing Date, at the request of the Agent, the Borrower shall cause to be delivered account control agreements, in form and substance satisfactory to the Agent, for any deposit account of the Borrower or any of the other Loan Parties (a) not maintained with the Agent, (b) for which the Agent does not already have an account control agreement, and (c) which is not an Excluded Bank Account.
Schedule 9 correctly sets forth each Deposit Account and each Securities Account held or maintained by such Grantor on the date hereof and identifies whether such Deposit Account is an Excluded Bank Account as of the date hereof.
If at any time the balance in any Excluded Bank Account exceeds $75,000 individually, or the balances of all Excluded Bank Accounts exceeds $300,000 in the aggregate, the Loan Parties will use commercially reasonable efforts to promptly reduce such balance or balances in the Excluded Bank Accounts to less than $75,000 in any individual Excluded Bank Account and less than $300,000 in the aggregate for all Excluded Bank Accounts.
Each Credit Party shall use commercially reasonable efforts to enter into, and cause each depository, securities intermediary or commodities intermediary to enter into, Control Agreements providing for “springing” cash dominion with respect to each deposit, securities, commodity or similar account maintained by such Person (other than any account that constitutes an Excluded Bank Account) that does not constitutes a Collection Account or a Concentration Account.
Schedule 4.19 lists: (i) the names and addresses of all Persons holding powers of attorney on behalf of Seller; and (ii) except for the Excluded Bank Account, the names of all banks and other financial institutions in which Seller currently has one or more bank accounts or safe deposit boxes, along with the account numbers and the names of all persons authorized to draw on such accounts or to have access to such safe deposit boxes (the "Acquired Bank Accounts").
The Loan Parties shall not, directly or indirectly, after the Closing Date open, establish or maintain any deposit account (other than an Excluded Bank Account) unless on or before the opening of such deposit account, such Loan Party shall have obtained a Deposit Account Control Agreement with respect to such deposit account, duly authorized, executed and delivered by such Loan Party and the bank at which such deposit account is opened and maintained.