Controlled Account definition
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 has the meaning specified therefor in Section 7(k).
Controlled Account shall have the meaning set forth in Section 5.11.
Examples of Controlled Account in a sentence
If any Default or Event of Default has occurred and is continuing, the Administrative Agent may in its reasonable discretion, and is hereby authorized to, cause the applicable depositary bank or securities intermediary to honor the instructions of the Administrative Agent with respect to any Controlled Account in accordance with the terms of the applicable Control Account Agreement.
Each Controlled Account shall be a cash collateral account, with all cash, Permitted Investments, checks and other similar items of payment in such account securing payment of the Secured Obligations, in which the applicable Loan Party shall have granted a first priority Lien to the Administrative Agent, on behalf of the Secured Parties.
More Definitions of Controlled Account
Controlled Account has the meaning set forth in Section 8.18(a).
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 means each of the Reserve Account, the Collection Account and the Lockbox Account, and the “Controlled Accounts” means all of such accounts.
Controlled Account is defined in Section 7.13.
Controlled Account means each deposit account and securities account that is subject to a Qualifying Control Agreement.
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 each of the applicable Issuing Lenders that is entitled to Cash Collateral hereunder at the time such control agreement is executed.
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 Issuers.