Government Receivables Account definition

Government Receivables Account means an account established by a Loan Party and used solely for receipt of Government Receivables.

Government Receivables Account shall have the meaning set forth in Section 5.11(e).

Government Receivables Account means any deposit account (within the meaning of the New York Uniform Commercial Code) or other account into which any payment under Government Receivables is directly paid by the Governmental Authority, but, for the avoidance of doubt, shall not include any other deposit account or other account into which such funds are subsequently transferred.

Examples of Government Receivables Account in a sentence

• Each such deposit of Proceeds of Receivables subject to Retained Rights deposited in the Government Receivables Account shall be accompanied by a report delivered to the Administrative Agent within two Business Days after the deposit thereof into the Government Receivables Account, identifying in reasonable detail the nature and source of the payments included in such deposit.

• Neither the Borrower nor any Subsidiary Loan Party shall terminate or modify a Government Receivables Account Agreement without the approval of the Administrative Agent, which approval (or non-approval, as the case may be) shall be communicated to the Borrower by the Administrative Agent within five (5) Business Days of any such request for approval and which approval shall not be unreasonably withheld, conditioned or delayed.

• Schedule 4.16 lists all banks and other financial institutions at which any Loan Party maintains deposit accounts, lockbox accounts, disbursement accounts, investment accounts or other similar accounts as of the Closing Date, and such Schedule correctly identifies the name, address and telephone number of each financial institution, the name in which the account is held, the type of the account, the complete account number therefor, and whether such account is a Government Receivables Account.

• Neither the Issuer nor any Subsidiary Note Party shall terminate or modify a Government Receivables Account Agreement without the approval of the Required Purchasers, which approval (or non-approval, as the case may be) shall be communicated to the Issuer by the Purchasers within five (5) Business Days of any such request for approval and which approval shall not be unreasonably withheld, conditioned or delayed.

• With respect to Government Receivables originated by any Loan Party, upon the request of the Administrative Agent, (a) instruct each obligor in respect of such Government Receivables to make payment directly to a Government Receivables Account and (b) if an obligor in respect of such Government Receivables fails to comply with such instructions, immediately transfer any payment received from an obligor in respect of such Government Receivables to a Government Receivables Account.

More Definitions of Government Receivables Account

Government Receivables Account has the meaning specified in Section 2.19.

Government Receivables Account means an account established by a Loan Party and subject to an account control agreement in form and substance reasonably acceptable to the Administrative Agent.

Government Receivables Account means a deposit account of an Obligor with a financial institution which deposit account holds proceeds of payments received in respect of Government Healthcare Receivables.

Government Receivables Account a deposit account maintained by a Borrower with the Deposit Account Bank or CIT Bank, N.A. into which all Collections of Accounts on which Government Account Debtors are obligated are paid directly or deposited into.

Government Receivables Account means an account established by a Credit Party and used for receipt of Restricted Receivables, including, without limitation, Government Receivables. “Governmental Authority” means any applicable national, supranational, federal, state, county, provincial, local, municipal or other government or political subdivision thereof (including any applicable Regulatory Agency), whether domestic or foreign, and any agency, authority, commission, ministry, instrumentality, regulatory body, court, tribunal, arbitrator, central bank or other Person exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to any such government (including any supra-national bodies such as the European Union or the European Central Bank).

Government Receivables Account means a deposit account maintained in the name of the Issuer or any Guarantor into which solely the cash proceeds of Medicare or Medicaid account receivables (or account receivables from similar federal insurance programs) are deposited to the extent a Lien on such deposit account (or the funds on deposit therein or credited thereto) is not permitted under applicable law; provided that the Issuer or such Guarantor, as applicable, will deposit or cause to be deposited, promptly, and in any event no later than the first Business Day after the date of receipt thereof, all funds on deposit therein or credited thereto into a deposit account or securities account in which the Lien of the Collateral Agent is perfected under a valid and effective Account Control Agreement (as defined in the Collateral Agreement).

Government Receivables Account. MEANS A DEPOSIT ACCOUNT OF AN OBLIGOR WITH A FINANCIAL INSTITUTION WHICH DEPOSIT account holds proceeds of payments received in respect of Government Healthcare Receivables.