Required Accounts means, all deposit accounts or securities accounts of the Loan Parties, other than (i) accounts having a de minimis balance; provided that the aggregate balance in all accounts excluded by this de minimis threshold shall not exceed $5,000,000 at any time, (ii) payroll, disbursement and other fiduciary accounts, (iii) zero balance disbursement account, (iv) other trust, escrow, customs and fiduciary accounts, (v) cash collateral accounts solely holding cash collateral upon which Liens permitted by Section 6.16 exist and (vi) tax accounts, including, without limitation, sales tax accounts.
Required Accounts has the meaning set forth in Article 10.
Required Accounts means, (A) all deposit accounts or securities accounts of the Loan Parties, other than (except with respect to Parent and International Holdings) (i) accounts having a de minimis balance and (ii) accounts that are zero balance accounts; provided that the aggregate balance in all accounts excluded by the de minimis threshold set forth in clause (i) shall not exceed $50,000 at any time, (B) all deposit accounts and securities accounts that are subject to control agreements in favor of the Term Loan Agent and/or Convertible Notes Agent and (C) notwithstanding anything to the contrary under clause (A) above, all deposit accounts or securities accounts of Parent or International Holdings. Notwithstanding the foregoing, accounts (other than accounts of Parent or International Holdings) used solely for payroll or benefits related disbursements or in which trust or the Insurance Subsidiary funds are maintained shall not constitute “Required Accounts” and the account of the former Insurance Subsidiary at PNC Bank, National Association shall not constitute a “Required Account”.
Examples of Required Accounts in a sentence
Telephone requests will not be accepted for Multiple Signatures Required Accounts.
Funds shall be distributed from the Required Accounts solely in accordance with the terms of the Cash Application Hierarchy Provisions, dictating the disbursement and uses of all of Revenues, including funding payments due under the Notes and reserves to support the Debt Service Reserve Account and the Major Maintenance Reserve Account.
The Required Accounts will be opened in the name of Borrower and will be assigned the federal tax identification number of Borrower.
Surveillance Required Accounts that are maintained on the Electronic Data Feed for the entirety of the prior calendar quarter do not require additional reporting at the end of the calendar quarter.
SECURITY 5.1 Liens and Security Interest 59 5.2 Required Accounts; Investor Capital Calls 61 5.3 Lender Offset 64 5.4 Agreement to Deliver Additional Collateral Documents 65 5.5 Subordination 65 SECTION 6.
More Definitions of Required Accounts
Required Accounts means, (A) all deposit accounts or securities accounts of the Domestic Loan Parties and the Canadian Loan Parties, other than (except with respect to Invacare Holdings Corporation and Invacare International Holdings Corp.) (i) accounts having a de minimis balance and (ii) accounts that are zero balance accounts; provided that the aggregate balance in all accounts excluded by the de minimis threshold set forth in clause (i) shall not exceed $50,000 at any time, (B) all deposit accounts and securities accounts that are subject to control agreements in favor of the ABL North America Agent and (C) notwithstanding anything to the contrary under clause (A) above, all deposit accounts or securities accounts of Invacare Holdings Corporation and Invacare International Holdings Corp. Notwithstanding the foregoing, accounts (other than accounts of Invacare Holdings Corporation and Invacare International Holdings Corp.) used solely for payroll or benefits related disbursements or in which trust or the Insurance Subsidiary funds are maintained shall not constitute “Required Accounts” and the account of the former Insurance Subsidiary at PNC Bank, National Association shall not constitute a “Required Account”.
Required Accounts means, (A) all deposit accounts or securities accounts of the Domestic Loan Parties and the Canadian Loan Parties, other than (i) accounts having a de minimis balance and (ii) accounts that are zero balance accounts; provided that the aggregate balance in all accounts excluded by de minimis threshold set forth in clause (i) shall not exceed $50,000 at any time and (B) all deposit accounts and securities accounts that are subject to control agreements in favor of the DIP ABL Agent. Notwithstanding the foregoing, accounts used solely for payroll or benefits related disbursements or in which trust or the Insurance Subsidiary funds are maintained shall not constitute “Required Accounts”. Notwithstanding the foregoing, and for the avoidance of doubt, the DIP Term Loan Proceeds Account shall constitute a “Required Account”.
Required Accounts has the meaning as defined in Clause 7.6.3.
Required Accounts means, (A) all deposit accounts or securities accounts of the Domestic Loan Parties and the Canadian Loan Parties, other than (i) accounts having a de minimis balance; provided that the aggregate balance in all accounts excluded by this de minimis threshold shall not exceed $2,500,000 at any time, (ii) payroll, disbursement and other fiduciary accounts, (iii) zero balance disbursement account, (iv) other trust, escrow, customs and fiduciary accounts, (v) cash collateral accounts solely holding cash collateral upon which Liens permitted by Section 6.16 exist and (vi) tax accounts, including, without limitation, sales tax accounts and (B) all deposit accounts and securities accounts that are subject to control agreements in favor of the ABL Collateral Agent.
Required Accounts. Means, collectively, the Operating Account and the Cash Management Account.
Required Accounts means the Debt Service Reserve Account, the Revenue Account, the Major Maintenance Reserve Account and the Operating Account. In the event Borrower elects to provide a Contingency Reserve Account in lieu of a Contingency Letter of Credit pursuant to the terms of Section 2.07(c), such Contingency Reserve Account shall also be a “Required Account” until the Contingency Assurance Release Date.