Local Accounts definition

Local Accounts means the bank account(s) which may be opened and maintained by your affiliates with the Partner Bank pursuant to the Partner Bank Arrangement Request;

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Local Accounts has the meaning specified in Section 6.17.

Local Accounts shall have the meaning given to such term in the Depositary Agreement.

Examples of Local Accounts in a sentence

• So long as no Event of Default has occurred and is continuing, the Collateral Agent’s security interest in the Local Accounts need not be perfected.

• The Borrowers shall not change the name or account number of any of the Project Accounts or Local Accounts without the prior written consent of the Administrative Agent.

• In the event the amount of funds on deposit in the Local Accounts ever exceeds $300,000 at any time in the aggregate on any date of determination, the Borrowers shall immediately deliver to the Agent Blocked Account Agreements with respect to each such Local Account.

• So long as no Event of Default has occurred and is continuing, the Security Trustee’s security interest in the Local Accounts need not be perfected.

• No Loan Party shall establish or maintain any deposit, securities, commodities, or similar accounts other than (a) the Depositary Accounts, (b) the Local Accounts, and (c) one or more Excluded Commodity Accounts.

More Definitions of Local Accounts

Local Accounts a local checking, deposit or securities account of the Borrower or any Subsidiary Guarantor with a balance that does not exceed at any time $5,000,000 in the aggregate.

Local Accounts has the meaning set forth in Section 4.12(a) (Local Accounts) of the Common Security and Account Agreement.

Local Accounts has the meaning specified in the Security Deposit Agreement.

Local Accounts has the meaning specified in Section 8.1(k).

Local Accounts means any deposit accounts established and maintained by the Borrower that are (or, within thirty (30) days of the later of (x) the Closing Date, or (y) the date on which such account is opened by or on behalf of the Borrower, will be) subject to a springing deposit account control agreement with the Collateral Agent and the applicable account bank, which accounts may be used for the deposit of Equity Contributions made to the Borrower and any amounts transferred to such account pursuant to the Depositary Agreement, in each case, for application towards the payment of Project Costs, Borrower Administrative Costs or for any other purpose not prohibited hereunder or under any other Financing Document.

Local Accounts at any time, any deposit account, securities account or commodities account (other than a Non-Material Account) maintained by an Obligor, held with an Eligible Bank and subject to a Control Agreement, which agreement shall in each case be in form and substance reasonably satisfactory to the Administrative Agent and duly executed by the applicable Grantor and account bank.

Local Accounts one or more local checking, deposit or securities accounts with balances that do not exceed at any time $3,000,000 in the aggregate.