Permitted Unblocked Account definition

Permitted Unblocked Account means (a) an account established solely for the purpose of funding payroll, payroll taxes and other compensation and benefits to employees or other similar items and any other account in which a security interest would be unlawful under applicable law or in violation of any Employee Benefit Plan or employee benefit agreement, (b) each account listed on Part B of Schedule II of the Security Agreement; provided that the aggregate average daily balance (based on the most recent monthly or similar periodic bank statements with respect to the Permitted Unblocked Accounts) of all Permitted Unblocked Accounts under this clause (b) shall not exceed $1,000,000 at any time, (c) each Government Deposit Account, and (d) each cash account established and pledged to secure a letter of credit permitted under Section 5.02(b)(xii) or (xiv).
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Permitted Unblocked Account means (a) an account established solely for the purpose of funding payroll, payroll taxes and other compensation and benefits to employees or other similar items and any other account in which a security interest would be unlawful under applicable law or in violation of any employee benefit plan or employee benefit agreement, (b) each account listed on Part B of Schedule II of the Security Agreement; provided that the aggregate average daily balance (based on the most recent monthly or similar periodic bank statements with respect to the Permitted Unblocked Accounts) of all Permitted Unblocked Accounts under this clause (b) shall not exceed $1,000,000 at any time, and (c) each RUS Deposit Account for so long as such account is used as contemplated by the Applicable RUS Grant and Security Agreement; provided that the aggregate balance in all RUS Deposit Accounts shall not exceed $17,710,000 at any time.”.
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Permitted Unblocked Account means (a) an account established solely for the purpose of funding payroll, payroll taxes and other compensation and benefits to employees or other similar items and any other account in which a security interest would be unlawful under Applicable Law or in violation of any employee benefit plan or employee benefit agreement; (b) each account listed on Part B of Schedule II of the Security Agreement; provided that the aggregate average daily balance (based on the most recent monthly or similar periodic bank statements with respect to the Permitted Unblocked Accounts) of all Permitted Unblocked Accounts under this clause (b) shall not exceed $500,000 at any time; (c) each RUS Deposit Account for so long as such account is used as contemplated by the RUS Grant and Security Agreement; provided that the aggregate balance in all RUS Deposit Accounts shall not exceed $8,100,000 at any time; and (d) any account containing deposits subject to a Lien of the type described in clause (c) or (d) of the definition of Permitted Lien or permitted by Section 5.02(a)(xii) or (xiii).
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More Definitions of Permitted Unblocked Account

Permitted Unblocked Account means (a) an account established solely for the purpose of funding payroll, payroll taxes and other compensation and benefits to employees or other similar items and any other account in which a security interest would be unlawful under applicable law or in violation of any employee benefit plan or employee benefit agreement and (b) each account listed on Part B of Schedule II of the Security Agreement; provided that the aggregate average daily balance (based on the most recent monthly or similar periodic bank statements with respect to the Permitted Unblocked Accounts) of all Permitted Unblocked Accounts under this clause (b) shall not exceed $1,000,000 at any time.
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Permitted Unblocked Account means (a) solely in respect of MII and/or MIICO, securities accounts and bank accounts holding an aggregate amount not to exceed $25,000,000 of unrestricted cash and (b) as to any Loan Party and its Subsidiaries, bank accounts (i) maintained for payroll, employee benefits and disbursements, (ii) maintained outside the United States in respect of overseas operations or (iii) of Insurance Subsidiaries, in each case for clauses (i) through (iii) above, maintained in the ordinary course of business consistent with past practices.
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Permitted Unblocked Account has the meaning specified in Section 5.1(h).
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Permitted Unblocked Account in its entirety as follows:
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Related to Permitted Unblocked Account

  • Blocked Account has the meaning provided in Section 6.13(a)(ii).

  • Blocked Accounts shall have the meaning set forth in Section 6.3 hereof.

  • Controlled Account Agreement has the meaning specified therefor in the Security Agreement.

  • Blocked Account Agreement means with respect to an account established by a Loan Party, an agreement, substantially in the form of Exhibit L hereto or otherwise in form and substance reasonably satisfactory to the Collateral Agent, establishing Control (as defined in the Security Agreement) of such account by the Collateral Agent and whereby the bank maintaining such account agrees, during any Cash Dominion Trigger Period, to comply only with the instructions originated by the Collateral Agent without the further consent of any Loan Party.

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

  • Blocked Account Agreements has the meaning set forth in Section 2.22(c).

  • 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”.

  • Linked Account means any controlled disbursement account, controlled balance account or other deposit account maintained by a Collection Account Bank for the Parent, the Performance Guarantor, the Servicer, any Originator or any Affiliate thereof and linked to any Collection Account by a zero balance account connection or other automated funding mechanism or controlled balance arrangement.

  • Collateral Account Agreement means the Collateral Account Agreement executed and delivered by Company and Administrative Agent on the Closing Date, substantially in the form of EXHIBIT XXIII annexed hereto, as such Collateral Account Agreement may hereafter be amended, supplemented or otherwise modified from time to time.

  • 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.

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

  • Controlled Accounts means the Collection Account and the Unfunded Exposure Account.

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

  • Lockboxes has the meaning set forth in Section 2.7.

  • Facility Account means the account numbered 0000000 maintained by Seller in the name of “PDC Funding Company, LLC” at JPMorgan, together with any successor account or sub-account.

  • Reserve Accounts means the Tax and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.

  • 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.

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

  • Blocked Account Control Agreement means the Cash Management Agreement among Borrower, Cash Management Account Bank and Lender providing for the exclusive control of the Cash Management Account and all other Subaccounts by Lender, substantially in the form of Exhibit A or such other form as may be reasonably acceptable to Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

  • 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.

  • Cash Collateral Account Agreement With respect to any Mortgage Loan, the cash collateral account agreement, if any, between the originator of such Mortgage Loan and the related Mortgagor, pursuant to which the related Cash Collateral Account, if any, may have been established.

  • 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.

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

  • Controlled-access highway means every street or highway in respect to which owners or occupants of abutting lands and other persons have no legal right of access to or from the same except at such points only and in such manner as may be determined by the public authority having jurisdiction over such street or highway.

  • Concentration Account Agreement as defined in subsection 4.16(b).