Foreign Deposit Account definition

Foreign Deposit Account has the meaning set forth in the Security Agreement.
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Foreign Deposit Account means any account opened to (i) satisfy the requirement of any local law, statute, rule or regulation or the requirements of any contract or (ii) establish a subsidiary or a local branch office in any jurisdiction.
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Foreign Deposit Account means any deposit account of any Borrower (a) maintained with a bank or other financial institution whose jurisdiction (as determined in accordance with Section 9-304(b) of the UCC as in effect in the State of New York) is not within the United States and (b) that is not located in the United States.
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Examples of Foreign Deposit Account in a sentence

  • Notwithstanding the foregoing, Loan Parties shall not be required to obtain an Account Control Agreement or satisfy the Foreign Deposit Account Pledge Requirement with respect to Excluded Accounts.

  • No Loan Party shall maintain any Deposit Accounts, or accounts holding Investment Property, except with respect to which (i) Agent has an Account Control Agreement or (ii) the Foreign Deposit Account Pledge Requirement has been satisfied.

  • All collections and other amounts received by the Loan Parties from any account debtor, in addition to all other cash received by the Loan Parties from any other source, shall upon receipt be forwarded to the Lockbox in the form received or deposited into a deposit account that is subject to a Dominion Control Agreement or (as applicable in the case of Account Debtors domiciled outside of the United States) a Permitted Foreign Deposit Account.

  • No Borrower shall maintain or cause to be maintained any cash or cash equivalents in any Foreign Deposit Account unless such cash or cash equivalents were generated from operations in, or services provided in, the foreign jurisdiction(s) where such accounts are maintained, and Borrowers shall not transfer any cash or cash equivalents from any non-Foreign Deposit Account to any Foreign Deposit Account.

  • At all times Borrowers shall cause all invoices evidencing accounts receivable to be marked payable to Borrowers at the Lockbox or if payments are made electronically, payable directly to a deposit account that is subject to a Dominion Control Agreement or (as applicable in the case of Account Debtors domiciled outside of the United States) a Permitted Foreign Deposit Account.