Exempt Deposit Account definition

Exempt Deposit Account means any Deposit Account owned by or in the name of a Loan Party with respect to which such Loan Party is acting as a fiduciary for another Person who is not a Loan Party.
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Exempt Deposit Account means (i) each Deposit Account owned by or in the name of a Loan Party with respect to which such Loan Party is acting on behalf of another person who is not a Loan Party in connection with any engagement, and such Loan Party does not own such Deposit Account for its own benefit, and (ii) any Deposit Account containing only the assets of Persons (other than Affiliates of the Borrower) for whom a Loan Party or any Subsidiary is serving as a fiduciary or on a contractual basis and, except in the case of any mistake promptly corrected upon knowledge thereof, none of the assets of any Loan Party or any Subsidiary.
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Exempt Deposit Account means any Deposit Account owned by or in the name of a Grantor with respect to which such Grantor is acting as a fiduciary for another Person who is not a Grantor.
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Examples of Exempt Deposit Account in a sentence

  • No Pledgor shall hereafter establish and maintain any Deposit Account (other than an Exempt Deposit Account and Deposit Accounts that are held internally at the Administrative Agent) unless such Bank and such Pledgor shall have duly executed and delivered to the Administrative Agent a Deposit Account Control Agreement with respect to such Deposit Account within 15 Business Days of establishing such Deposit Account (or such longer period as the Administrative Agent may agree in its reasonable discretion).

  • Within 60 days after the Closing Date (or such later date as may be agreed by the Administrative Agent in its discretion), each Borrower shall execute and deliver to the Collateral Agent a Deposit Account Control Agreement with respect to each Deposit Account of such Borrower and the Loan Parties in existence as of the Closing Date, other than any Exempt Deposit Account.

  • Subject to Section 2.04(b) hereof and the rights of the Collateral Agent under Article V hereof, from and after the 60th day following the date hereof each Credit Party shall cause all Proceeds of Collateral hereunder to be deposited in an Exempt Deposit Account, a Deposit Account maintained with the Collateral Agent or a Deposit Account with respect to which an effective Account Control Agreement (executed and delivered in accordance with the provisions hereof) has been delivered to the Collateral Agent.

  • With respect to any Investment Account that is a “Deposit Account,” (other than any Exempt Deposit Account) not maintained with the Administrative Agent it shall enter into and shall cause the depositary institution maintaining such account to enter into an agreement in form and substance reasonably satisfactory to the Administrative Agent, pursuant to which the Administrative Agent shall have “control” (within the meaning of Section 9-104 of the UCC) over such Deposit Account.

  • Within 60120 days after the Closing Date (or such later date as may be agreed by the Administrative Agent in its discretion), each Borrower shall execute and deliver to the Collateral Agent a Deposit Account Control Agreement with respect to each Deposit Account of such Borrower and the Loan Parties in existence as of the Closing Date, other than any Exempt Deposit Account.

  • Except as permitted pursuant to Section 11.05(c) or (k), such Credit Party will not establish or maintain any Securities Account, Deposit Account or similar account (other than an Exempt Deposit Account) unless the Collateral Agent shall have received a Control Agreement in respect of such Securities Account, Deposit Account or similar account.

  • For avoidance of doubt, no Dominion Account shall constitute an Exempt Deposit Account.


More Definitions of Exempt Deposit Account

Exempt Deposit Account means a deposit account owned by a Wholly Owned Subsidiary, in which the grant of a security interest to Agent for the benefit of Lenders would violate the terms and conditions of an existing first deed of trust encumbering real property owned by such Wholly Owned Subsidiary, and thereby constitute a potential event of default thereunder, as reasonably determined by Agent from time to time. On the Closing Date Exempt Deposit Accounts include deposit accounts of Grand Villa Glendale, LLC, and XX Xxxx, LLC.
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Related to Exempt Deposit Account

  • 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.

  • Controlled Deposit Account means a Deposit Account (i) that is subject to a Deposit Account Control Agreement or (ii) as to which the Collateral Agent is the Depositary Bank’s “customer” (as defined in UCC Section 4-104).

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

  • Deposit Account means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

  • Approved Deposit Account means a Deposit Account maintained by any Loan Party that is the subject of an effective Deposit Account Control Agreement. “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.

  • 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.

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

  • Deposit Accounts means all “deposit accounts” as such term is defined in the UCC, now or hereafter held in the name of a Debtor.

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

  • Excluded Account means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s employees and (b) any Xxxxx Cash Accounts.

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

  • Securities Accounts (i) shall mean all “securities accounts” as defined in Article 8 of the UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.4(A) under the heading “Securities Accounts” (as such schedule may be amended or supplemented from time to time).

  • Investment Account As defined in Section 3.12(a).

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

  • Controlled Securities Account means each securities account (including all financial assets held therein and all certificates and instruments, if any, representing or evidencing such financial assets) that is the subject of an effective Control Agreement.

  • Investment Accounts means the Collateral Account, Securities Accounts, Commodities Accounts and Deposit Accounts.

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

  • Excluded Accounts means any Xxxxx Cash Account and any other deposit account used for (a) funding payroll or segregating payroll taxes or funding other employee wage or benefit payments, (b) segregating 401(k) contributions or contributions to an employee stock purchase plan or (c) funding other employee health and benefit plans.

  • 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.

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

  • Restricted Account means an account at Xxxxx Fargo Bank, N.A. associated with the Loan to which Borrower’s access is restricted. Capitalized terms used in these Additional Terms and Conditions to Disbursement Instruction Agreement and not otherwise defined herein shall have the meanings given to such terms in the body of the Agreement.

  • 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”.

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