Local Bank Accounts definition

Local Bank Accounts means each bank account of each Loan Party identified under the heading “Local Bank Account” on Schedule 7.01(u) hereto.

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Local Bank Accounts has the meaning set forth in Section 6.10 of the Credit Agreement.

Local Bank Accounts means the following depository accounts maintained by Loan Parties at the following banks: (a) First Community Bank Account no. 38172 in the name of Superior Tubing Testers, LLC, (b) Texas Champions Bank Accounts no. 101040533, 101028622 and 101048860 in the name of TX Energy Services, LLC, TX Energy Services, LLC and Forbes Energy Services LLC, respectively, and (c) Brush Country Bank Accounts no. ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ and 1018531 in the name of ▇.▇. ▇▇▇▇▇▇, LLC, ▇.▇. ▇▇▇▇▇▇, LLC and Forbes Energy Services LLC, respectively.

Examples of Local Bank Accounts in a sentence

• To the extent any Local Bank Accounts are not established as of the Closing, Buyer shall use its reasonable best efforts to establish such Local Bank Accounts as promptly as reasonably practicable following the Closing.

• Without limiting the foregoing, the aggregate amount of funds maintained by Loan Parties in Local Bank Accounts shall not exceed $500,000 at any time.

• All of the Blocked Accounts and the Local Bank Accounts (but not the Restricted Accounts) shall be governed by “control” or other agreements in form and substance acceptable to Agent satisfactory to, among other things, establish Agent’s perfection and rights in such Blocked Accounts and the Local Bank Accounts or other accounts under the UCC and other applicable law.

• Without limiting the generality of the foregoing, Loan Parties shall on the Closing Date deliver to Agent deposit account control agreements covering the Local Bank Accounts, executed by and among Agent, the applicable depository banks and the Loan Parties in whose name the Local Bank Accounts are maintained, in form and substance satisfactory to Agent, and Agent shall send a Control Notice to such depository banks at any time a Cash Dominion Event shall have occurred and be continuing.

More Definitions of Local Bank Accounts

Local Bank Accounts means, with respect to a relevant Jurisdiction, the Central Chargor Account for that Relevant Jurisdiction together with the Store Accounts held by each of the Chargors in that Relevant Jurisdiction;

Local Bank Accounts means the Store Accounts and the Central Chargor Accounts;