Controlled Account Bank definition

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

Controlled Account Bank means each bank with whom Deposit Accounts are maintained in which any funds of any of the Loan Parties are concentrated and with whom a Control Agreement has been, or is required to be, executed in accordance with the terms hereof.

Controlled Account Bank means the bank or other financial institution holding the Controlled Account.

Examples of Controlled Account Bank in a sentence

• Concurrently with or prior to the opening of any Deposit Account, Securities Account or Commodity Account by any Loan Party, other than any Excluded Deposit Account, such Loan Party shall deliver to the Administrative Agent a Control Agreement covering such Deposit Account, Securities Account or Commodity Account, duly executed by such Loan Party, the Administrative Agent and the applicable Controlled Account Bank, securities intermediary or financial institution at which such account is maintained.

• Borrowers will establish Control Agreements over such other deposit accounts at Controlled Account Bank as Lender shall request from time to time in its Permitted Discretion.

• Such Control Agreement covering the Controlled Account will provide that the Controlled Account Bank will forward, by daily standing wire transfer, all amounts in the Controlled Account directly to a deposit account as directed by Lender.

• Loan Parties will ensure that each Loan Party and all Account Debtors will deposit all collections of Accounts and all other items of payment directly to a bank account of Loan Parties at such Controlled Account Bank (a “Controlled Account”).

• Within thirty (30) days following the Closing Date, each Loan Party will maintain a deposit account control agreement acceptable to Lender (a “Control Agreement”) with each Controlled Account Bank with respect to each Controlled Account and each operating account of such Loan Party at such Controlled Account Bank.

More Definitions of Controlled Account Bank

Controlled Account Bank means each bank with whom Deposit Accounts are maintained in which any funds of any of the Loan Parties are maintained and with whom a Control Agreement has been, or is required to be, executed in accordance with the terms hereof.

Controlled Account Bank shall have the meaning set forth in Section 6(i) of this Agreement.

Controlled Account Bank shall have the meaning set forth in Section 4.8(h).

Controlled Account Bank means Deutsche Bank Trust Company Americas.

Controlled Account Bank means Xxxxx Fargo Bank, N.A.

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

Controlled Account Bank has the meaning specified therefor in Section 5.17(a) of the Agreement.