Controlled Bank Account definition

Controlled Bank Account has the meaning assigned to such term in Section 19(j).
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Controlled Bank Account means any bank account maintained by a Loan Party that is subject to a Deposit Account Control Agreement.
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Controlled Bank Account means an account established with ● or such other financial institution mutually acceptable to Buyer and Seller the terms of which require the written authorization of both Buyer and Seller to withdraw, transfer, or otherwise exercise control over any of the funds deposited into the account or to close the account.
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Examples of Controlled Bank Account in a sentence

  • Any and all amounts deposited into the Controlled Bank Account (together with all interest earned on amounts in such bank account) shall, at the option of the Bank in its sole discretion, be held by the Bank as collateral security for the payment of any or all of the Secured Obligations or applied by the Bank to repayment in full or in part of any or all of the Secured Obligations.

  • All proceeds received by the Pledgor from any Investor pursuant to a Capital Call Notice issued after the date hereof shall be deposited directly into the Controlled Bank Account until disbursed by the Pledgor.

  • As promptly as practicable following the execution of this Agreement, the parties shall, acting reasonably and in good faith, establish the Controlled Bank Account.

  • Notwithstanding the foregoing, should any Loan Party ever receive any payment on an Account or other proceeds of the sale of Collateral, including checks, cash, receipts from credit card sales and receipts, notes or other instruments or property with respect to any Collateral, such Loan Party agrees to hold such proceeds separate from such Loan Party’s other property and funds, and to deposit such proceeds directly into a Controlled Bank Account within three (3) Business Days.

  • The Controlled Bank Account shall have been established with terms governing its control that are acceptable to both Buyer and Seller.

  • Upon compliance with the terms set forth above, such bank account shall constitute a Controlled Bank Account for purposes of this Agreement.

  • Seller agrees and acknowledges that Buyer will arrange for its lender to wire the Cash Payment directly to an account designated by Seller on the Closing Date, as set forth in Section 2.06(c), except for the Holdback, which will be deposited directly into the Controlled Bank Account.