Controlled Deposit Account definition

Controlled Deposit Account means a Deposit Account (i) that is subject to a Deposit Account Control Agreement or (ii) as to which the Collateral Agent is the Depositary Bank’s “customer” (as defined in UCC Section 4-104).

Controlled Deposit Account means each deposit account (including all funds on deposit therein) that is the subject of an effective Control Agreement and that is maintained by any Loan Party with a financial institution reasonably acceptable to the Administrative Agent.

Controlled Deposit Account means each Deposit Account (including all funds on deposit therein) that is the subject of an effective Control Agreement and that is maintained by any Loan Party with a financial institution approved by the Administrative Agent.

Examples of Controlled Deposit Account in a sentence

• If any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for the Administrative Agent and promptly (not later than the next Business Day) deposit same into a Controlled Deposit Account.

• Borrowers shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Controlled Deposit Account (or a lockbox relating to a Controlled Deposit Account).

• The Borrower Agent shall cause bank statements and/or other reports from the Controlled Account Banks to be delivered to the Administrative Agent not less often than monthly, accurately setting forth all amounts deposited in each Controlled Deposit Account to ensure the proper transfer of funds as set forth above.

• All remittances received by any Loan Party on account of Accounts, together with the proceeds of any other Collateral, shall be held as the Administrative Agent’s property, for its benefit and the benefit of Lenders, by such Loan Party as trustee of an express trust for Administrative Agent’s benefit and such Loan Party shall immediately deposit same in kind in a Controlled Deposit Account.

• Each Loan Party agrees that it shall take all commercially reasonable steps necessary to ensure that all payments in respect of Accounts or other Collateral be paid to a Controlled Deposit Account in its name, including ensuring that all invoices rendered and other requests made by any Loan Party for payment in respect of Accounts contain a written statement directing payment to be made to a Controlled Deposit Account in its name.

More Definitions of Controlled Deposit Account

Controlled Deposit Account means a Deposit Account that is subject to a Deposit Account Control Agreement.

Controlled Deposit Account means a Deposit Account (i) that is subject to a Deposit Account Control Agreement or (ii) as to which the Administrative Agent is the Depositary Bank’s “customer” (as defined in UCC Section 4-104).

Controlled Deposit Account means each Deposit Account that is subject to a Deposit Account Control Agreement.

Controlled Deposit Account shall have the meaning specified in Section 6.15(b).

Controlled Deposit Account means a deposit account of a Loan Party subject to a Control Agreement.

Controlled Deposit Account means (i) each deposit account (including all funds on deposit therein) that is the subject of an effective Control Arrangement; and (ii) in relation to the U.K. Borrowers party to the U.K. Security Agreement the meaning giving to the term “Account” in the U.K. Security Agreement (other than a “Blocked Account” as defined in the U.K. Security Agreement).

Controlled Deposit Account means each deposit account (including all funds on deposit therein) that is maintained by any Loan Party with a financial institution reasonably acceptable to the Collateral Agent and that is the subject of an effective Control Agreement pursuant to which such financial institution has agreed to comply with any instructions originated by the Collateral Agent without further consent by such Loan Party.