Specified Deposit Account definition
Specified Deposit Account is a specified Deposit Account of the Borrower maintained at ▇▇▇▇▇ Fargo that is subject to a Control Agreement pursuant to which Agent (or the RCF Agent in accordance with the Intercreditor Agreement) has exclusive dominion and control.
Specified Deposit Account means each deposit account of the Borrower and its Subsidiaries, other than (a) accounts for which all or substantially all of the deposits in which consist of amounts utilized to fund payroll, employee benefit or tax obligations of the Borrower and its Subsidiaries, (b) fiduciary accounts, (c) to the extent necessary or desirable to comply with the terms of a binding purchase agreement, escrow accounts holding amounts on deposit in connection with a binding purchase agreement to the extent that and for so long as such amounts are refundable to the buyer, (d) “zero balance” accounts, (e) accounts used solely to maintain the proceeds from a public equity offering by the Borrower or the proceeds from the issuance of any Permitted Note Debt after the Effective Date, and (f) other accounts so long as the aggregate average daily maximum balance in any such other account over a 30-day period does not at any time exceed $500,000; provided that the aggregate daily maximum balance for all such bank accounts excluded pursuant to this clause (f) on any day shall not exceed $2,500,000.
Specified Deposit Account means any Deposit Account of a Grantor other than (a) Excluded Accounts and (b) other Deposit Accounts to the extent that the aggregate cash or Cash Equivalent balance of all such other Deposit Accounts described in this clause (b) does not at any time exceed $5,000,000.
Examples of Specified Deposit Account in a sentence
The Borrower shall deliver written notice to the Administrative Agent promptly after establishing or closing any Specified Deposit Account.
Additionally, Depositor hereby instructs Depository Bank, and Depository Bank agrees, to make available to Secured Party and Depositor, upon request of Secured Party, copies of all daily debit and credit advices of the Specified Deposit Account and any other item reasonably requested by Secured Party.
Upon receipt of such Notice of Exclusive Control, Depository Bank shall, without inquiry and in reliance upon such Notice of Exclusive Control, thereafter (1) comply exclusively with instructions from Secured Party and (2) not comply with instructions from Depositor with respect to the Specified Deposit Account and dispositions of funds therein.
The Borrower shall, on or prior to the Closing Date, deposit $68,000,000 in the Specified Deposit Account.
No Grantor shall, nor shall any Grantor permit any of its Subsidiaries to, enter into or amend or modify any credit card processing agreement or similar agreements or documentation to which it is a party which requires the counterparties thereto to deliver proceeds of credit card receivables to deposit accounts other than a Specified Deposit Account.
More Definitions of Specified Deposit Account
Specified Deposit Account means a deposit account subject to a control agreement in favor of the Administrative Agent, the proceeds of which, for so long as any such Term Loans are outstanding, may only be used from time to time to pay interest on the Term Loans made on the Closing Date.
Specified Deposit Account means one or more deposit accounts described as such on Schedule IV hereto, all of which deposit accounts are subject to a control agreement in form and substance reasonably satisfactory to the Administrative Agent
Specified Deposit Account means a deposit account of Borrower that is (a) used in the ordinary course of Borrower's business for the deposit of cash, checks, wire transfers and other items of payment; (b) not evidenced by a certificate of deposit; (c) not used to hold Investment Property; (d) not a Lockbox Account; and (e) identified to Agent in writing.
Specified Deposit Account means, collectively, (a) Deposit Accounts established solely for the purpose of funding payroll, payroll taxes and other compensation and benefits to employees and (b) so long as no Default or Event of Default has occurred and is continuing, Deposit Accounts with amounts on deposit that, when aggregated with the amounts on deposit in all other Deposit Accounts for which control agreements have not been obtained (other than those specified in clause (a)), do not exceed $1,000,000 at any time.
Specified Deposit Account means each Deposit Account listed on Schedule 4 hereto.
Specified Deposit Account means, collectively, (a) Deposit Accounts established solely for the purpose of funding payroll, payroll taxes and other compensation and benefits to employees, and zero-balance disbursement accounts (that are not collection accounts), (b) Deposit Accounts utilized solely to hold amounts on deposit of any party other than a Grantor or any Subsidiary thereof, (c) Deposit Accounts established solely for the purpose of holding amounts on deposit for use as cash collateral for credit card and automated clearing house processing services arrangements and reimbursement obligations under letters of credit (other than the Letters of Credit) and (d) so long as no Default or Event of Default has occurred and is continuing, (i) Deposit Accounts (other than those specified in clauses (a), (b) and (c)) established in the United States with aggregate amounts on deposit not to exceed $250,000 for each such Deposit Account and, when aggregated with the amounts on deposit in all other Deposit Accounts established in the United States for which control agreements have not been obtained (other than those specified in clauses (a), (b) and (c)), do not exceed $500,000 at any time and (ii) Deposit Accounts established outside of the United States with amounts on deposit not to exceed $1,000,000 for each such Deposit Account and, when aggregated with the amounts on deposit in all other Deposit Accounts established outside of the United States for which control agreements have not been obtained (other than those specified in clauses (a), (b) and (c)), do not exceed $5,000,000 at any time.
Specified Deposit Account means, with respect to any Credit Party, each Deposit Account maintained by or for the benefit of such Credit Party, other than (i) a Restricted Cash Account, (ii) the Employee Stock Option Account, (iii) any Deposit Account that is designated as a “zero balance account” as to which all funds on deposit therein are automatically swept (directly or indirectly) into a Specified Deposit Account at the close of each Business Day, other than the Master Funding Account, account number *7275, maintained by BBI with Wachovia, (iv) any controlled disbursement account maintained solely to receive and disburse funds to be paid in satisfaction of accounts payable of a Credit Party permitted under the Interim Order or Final Order, as the case may be, (v) any controlled disbursement account maintained solely to receive and disburse funds to be paid in satisfaction of payroll obligations of a Credit Party, (vi) any controlled disbursement account maintained solely to receive and disburse funds to be paid in respect of insurance claims, dental claims, medical claims and similar obligations with respect to employees of a Credit Party, and (vii) any other Deposit Account to the extent the amount of funds on deposit therein does not exceed $100,000.