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.
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.
Examples of Specified Deposit Account in a sentence
Similarly, 81 out of the 104 Controlling Officers have reconciled receipts of ` 43,98.53 crore (6 per cent of total receipts ` 7,05,00.00 crore).
Please refer to checklists either attached to this document or with a BBBS team member.
Financial arrangements rules When a credit balance of a Specified Deposit Account and a debit balance of the offset portion of the home loan are “offset”, no amount of consideration is paid or payable because of that “offset” for the calculation of income and expenditure under ss EW 15 and EW 31 of the “financial arrangements rules” (as defined ins EW 1(2)).
The total amount of R10 million will be capitalized as a capital rehabilitation project.Item SegmentAsset SegmentInfrastructure Segment Refurbishment / rehabilitation of buildings :Contractors(under expenditure for capital assets) Office buildings Capital: Refurbishment / rehabilitation of existing buildings*The above table only illustrates three of the eight segments and does not provide all the non-posting level details.
The interest payable on the home loan account is calculated by reference to the balance of the offset portion of the home loan less the credit balance of the Specified Deposit Account.
More Definitions of Specified Deposit Account
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, 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.
Specified Deposit Account means the Deposit Account (a) established and maintained by Borrower at Pacific Western and (b) identified by Borrower in writing to Agent on or after the Eighth Amendment Effective Date, which writing may be accomplished by electronic mail.
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 each Deposit Account listed on Schedule 4 hereto.