Controlled Account definition

Controlled Account each Deposit Account and Securities Account that is subject to a Control Agreement in form and substance reasonably satisfactory to the Administrative Agent and the Issuing Lender.

Controlled Account has the meaning specified therefor in Section 7(k).

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

Examples of Controlled Account in a sentence

• If any such funds are nevertheless deposited into any Intermediate Account or Borrower Controlled Account, the Originators will cause the Servicer to, within three (3) Business Days of an Originator Responsible Officer having knowledge thereof, identify and transfer such funds out of such account to (or pursuant to the instructions of) the Person entitled to such funds.

• The Originators shall not instruct or permit any payments other than payments in respect of Pool Receivables and Related Assets to be made to any Intermediate Account or Borrower Controlled Account (except, with respect to any Borrower Controlled Account, amounts payable to such Borrower (including for purposes of on-payment to the Administrative Agent, the Lenders or as otherwise permitted under the Loan Documents)).

• The Seller shall not instruct or permit any payments other than payments in respect of Pool Receivables and Related Assets to be made to any Intermediate Account or Buyer Controlled Account (except, with respect to any Buyer Controlled Account, amounts payable to Buyer (including for purposes of on-payment to the Administrative Agent, the Lenders or as otherwise permitted under the Loan Documents).

• If any such funds are nevertheless deposited into any Intermediate Account or Borrower Controlled Account, the Buyer will permit the Seller to transfer such funds as contemplated in Section 6.1(f) of the Intermediate Purchase Agreement (prior notice to the Administrative Agent, detailing the relevant transfers made).

• Each Originator will instruct all Account Debtors in respect of Subject Receivables to deliver payments on the Pool Receivables to an Intermediate Account or a Borrower Controlled Account.

More Definitions of Controlled Account

Controlled Account means (a) any Deposit Account of a Note Party that is subject to a Deposit Account Control Agreement, and (b) any Securities Account of a Note Party that is subject to a Securities Account Control Agreement.

Controlled Account has the meaning set forth in Section 8.18(a).

Controlled Account shall have the meaning set forth in Section 5.11.

Controlled Account means each deposit account and securities account that is subject to an account control agreement in form and substance satisfactory to the Administrative Agent and the L/C Issuer.

Controlled Account means each of the Reserve Account, the Collection Account and the Lockbox Account, and the “Controlled Accounts” means all of such accounts.

Controlled Account means each deposit account that is subject to an account control agreement in form and substance reasonably satisfactory to the Administrative Agent and the L/C Issuer.

Controlled Account is defined in Section 7.13.