Material Deposit Account definition

Material Deposit Account shall have the meaning assigned in Section 4.4.4(a)(ii).
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Material Deposit Account means any Deposit Account of a Loan Party that constitutes Collateral and that has an average daily balance in excess of $1,000,000 based on the prior twelve month period.
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Material Deposit Account means a Deposit Account (other than a zero balance account or a payroll account) with an average monthly balance equal to or greater than $50,000.
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Examples of Material Deposit Account in a sentence

  • All amounts greater than $1 million on account in each Deposit Account that is not a Material Deposit Account are deposited into one of the Material Deposit Accounts no less frequently than once each week.

  • Except as set forth in Section 6.12(d), the Borrower shall not establish or maintain, and shall not permit any of its Material Domestic Subsidiaries to establish or maintain, any Material Deposit Account or Material Securities Account (other than Material Deposit Accounts maintained at Bank of America, N.A.) unless the Borrower or such Subsidiary, as the case may be, has complied with Section 6.12(d) with respect to such Material Deposit Accounts and Material Securities Accounts.

  • All amounts greater than $1 million on account in each Deposit Account included in the Collateral that is not a Material Deposit Account are deposited into one of the Material Deposit Accounts no less frequently than once each week.

  • Pending receipt of any consent of a Governmental Authority as contemplated by this Section 5.3, each Grantor shall request that the relevant Governmental Authority pay all cash payments made by it in respect of Material Government Contracts to which it is a party into a Material Deposit Account subject to an account control agreement (if any such accounts are then subject to an account control agreement).

  • Before opening or replacing any Collateral Deposit Account or a Material Deposit Account, each Grantor shall cause each bank or financial institution in which it seeks to open a Deposit Account, to enter into a Deposit Account Control Agreement with the Collateral Agent in order to give the Collateral Agent Control of such Deposit Account.

  • The Borrower shall not, and shall not permit any Grantor to, (a) establish or maintain any Material Deposit Account with any bank that is not an Eligible Bank or (b) deposit, or direct any customer purchasing Environmental Credit to deposit, the proceeds from the sale of any Environmental Credit in any deposit or other account that is not a Material Deposit Account.

  • Within thirty (30) days (or such later date as may be agreed to in writing by the Administrative Agent in its sole discretion) following the Closing Date, such Grantor will provide to the Administrative Agent a Deposit Account Control Agreement with respect to each Material Deposit Account of such Grantor, duly executed on behalf of the applicable banking institution at which such Material Deposit Account is maintained.

  • Within sixty (60) days (or such later date as may be agreed to by the Collateral Agent in its sole discretion) of the Closing Date, such Grantor will provide to the Collateral Agent a Deposit Account Control Agreement with respect to each Material Deposit Account of such Grantor duly executed on behalf of the applicable financial institution at which such Material Deposit Account is maintained.


More Definitions of Material Deposit Account

Material Deposit Account shall have the meaning assigned in Section
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Material Deposit Account appearing in Section 1.3 of the Security Agreement is hereby amended to replace the figure “$50,000” appearing therein with the figure “$250,000”.
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Material Deposit Account at any time, any deposit account, securities account or commodities account maintained by an Obligor that either (a) is an account into which any payment with respect to any Collateral (including any environmental credits) is deposited, or to which the obligor thereof is directed to make any such deposit, or (b) had average daily credit balances in excess of $250,000 during the immediately preceding three-month period, other than (i) payroll, trust and tax withholding accounts funded in the ordinary course of business and required by applicable Requirements of Law, (ii) zero balance disbursement accounts and (iii) any account into which cash or Cash Equivalents are deposited as collateral to secure Indebtedness permitted pursuant to Section 6.10(e) to the extent the associated Lien is permitted by Section 6.11.
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Related to Material Deposit Account

  • Controlled Deposit Account means each deposit account (including all funds on deposit therein) that is the subject of an effective Control Agreement and that is maintained by any Loan Party with a financial institution approved by the Administrative Agent.

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

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

  • 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.

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

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

  • 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.

  • 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.

  • 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.

  • Deposit Accounts means any “deposit accounts,” as such term is defined in the UCC, and includes any checking account, savings account, or certificate of deposit.

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

  • 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”.

  • Deposit Account Control Agreements means, with respect to each deposit account that is required by the Collateral Agreement to be subject to a control agreement, a deposit account control agreement executed by the Borrower, the Administrative Agent as the secured party thereto, and the deposit bank, as each may be amended, restated, supplemented or otherwise modified from time to time.

  • Deposit Account Control Agreement means each deposit account control agreement among a Borrower, the Administrative Agent and the Account Bank, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time.

  • Excluded Deposits means (w) those deposit liabilities that are or would be considered “brokered deposits” for purposes of the rules and regulations of the FDIC, any of which, as of the date hereof, are listed on Exhibit 1.1(e)(i), (x) Escheat Deposits, (y) those deposit liabilities (i) related to a financial advisory relationship with Seller’s Xxxxxxx Xxxxx Wealth Management or US Trust divisions, (ii) related to a client managed relationship in Seller’s Business Banking, Middle Market, or Large Corporate divisions or any other non-retail division, (iii) linked to affinity relationships or programs set forth on Exhibit 1.1(e)(iii) (and such Exhibit 1.1(e)(iii) shall be updated by Seller as of 5:00 p.m., Eastern time, on the date that is five (5) Business Days prior to the Closing Date (and delivered to Purchaser on or before the date that is three (3) Business Days prior to the Closing Date), or (iv) that constitute security for loans that are not to be transferred to Purchaser under the terms of this Agreement, and (z) those deposit liabilities that have been opened by an employee (other than a Transferred Employee) or former employee of Bank of America Corporation.

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

  • Investment Property Control Agreement means an agreement in writing, in form and substance satisfactory to Agent, by and among Agent, any Borrower or Guarantor (as the case may be) and any securities intermediary, commodity intermediary or other person who has custody, control or possession of any investment property of such Borrower or Guarantor acknowledging that such securities intermediary, commodity intermediary or other person has custody, control or possession of such investment property on behalf of Agent, that it will comply with entitlement orders originated by Agent with respect to such investment property, or other instructions of Agent, and has such other terms and conditions as Agent may require.

  • 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).

  • Deposit Account Bank means a financial institution selected or approved by the Administrative Agent.

  • Project Account means the account referred to in Section 3.03 of this Agreement;

  • 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.

  • 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.

  • Cash Management Accounts means the bank accounts of each Loan Party maintained at one or more Cash Management Banks listed on Schedule 8.01.

  • Controlled Account means each deposit account and securities account that is subject to a Qualifying Control Agreement.

  • Project Accounts means the Revenue Account, the Operating Account, the Maintenance Capital Expense Account, the Debt Service Reserve Account, the Insurance and Condemnation Proceeds Accounts and the Extraordinary Proceeds Account, including any sub-account within such accounts.