Temporary Account definition
Examples of Temporary Account in a sentence
Temporary Account Agreement – If this option is selected, this is a temporary account agreement.
No funds of any other Person shall be co-mingled with the funds held in trust for the Partnership in the Temporary Account.
Once the Partnership has established a bank account in its own name, any funds remaining in the Temporary Account shall be promptly transferred to the Partnership's account.
Prior to the occurrence of a Designated Event of Default, Borrower shall have unrestricted access to the funds in such Temporary Account or Blocked Account, as applicable.
In addition, the Temporary Account shall be established and maintained at an institution which agrees in writing that for so long as the Notes are Outstanding it will comply with entitlement orders (as defined in Article 8 of the UCC) originated by the Indenture Trustee without further consent of the Issuer.
During the period from and after the Closing Date up to the date on which the foregoing conditions are satisfied, Borrower shall telecopy to Foothill an account activity statement with respect to all Collections received in the Temporary Account as often as Collections are received in the Temporary Account, but in any event no less frequently than once per week.
From and after the Closing Date, Foothill shall be entitled to charge Borrower for 3 Business Days of `clearance' or `float' at the rate set forth in Section 2.5(a) or Section 2.5(b), as applicable, on all Collections that are received by Foothill, or, without duplication, all Collections that are deposited in any Blocked Account, or, without duplication, all Collections that are deposited in the Temporary Account.
Agreement – Section I and Section II of the Agreement for Opening a Temporary Account During the Establishment of a Legal Entity between the Bank and the Client.
All interest and other income (net of losses and investment expenses) on funds on deposit in the Temporary Account shall be deposited therein.
From and after the occurrence of a Designated Event of Default, all amounts received in the Temporary Account or Blocked Account, as applicable, automatically shall be wire transferred each Business Day into an account (the "Foothill Account") maintained by Foothill at a depositary selected by Foothill.