Controlled Disbursement Account definition

Controlled Disbursement Account means any accounts of the Borrowers maintained with the Administrative Agent as a zero balance, cash management account pursuant to and under any agreement between a Borrower and the Administrative Agent, as modified and amended from time to time, and through which all disbursements of a Borrower, any other Loan Party and any designated Subsidiary of a Borrower are made and settled on a daily basis with no uninvested balance remaining overnight.

Controlled Disbursement Account means one or more accounts maintained by and in the name of the Borrower with a Disbursing Bank for the purposes of disbursing Revolving Credit Loan proceeds and amounts deposited thereto.

Controlled Disbursement Account shall have the meaning specified in Section 2.2(f).

Examples of Controlled Disbursement Account in a sentence

• The Borrowers shall not, and shall not cause or permit any Loan Party, to maintain cash in any Controlled Disbursement Account, as of any date of determination, in excess of checks outstanding against such account as of that date, and amounts necessary to meet minimum balance requirements.

• The Borrowers shall not accumulate or maintain cash in the operating account or payroll or other such accounts, as of any date of determination, in excess of checks outstanding against the Controlled Disbursement Account (or Controlled Disbursement Accounts) and other deposit accounts approved by the Agent (such as medical benefit accounts, flexible spending accounts and automated clearing house accounts) as of that date, and amounts necessary to meet minimum balance requirements.

• The Borrowers shall base their requests for Revolving Loans on, among other things, the daily balance of the Controlled Disbursement Account (or Controlled Disbursement Accounts).

• The Borrowers may maintain more than one Controlled Disbursement Account.

• The Loan Parties shall maintain, in the name of the Borrower Representative, a Controlled Disbursement Account with KeyBank.

More Definitions of Controlled Disbursement Account

Controlled Disbursement Account is defined in Section 2.15(a) hereof.

Controlled Disbursement Account means account number 130111671884 established at Bank, which will be structured and utilized as a non-interest bearing, controlled disbursement account in accordance with the controlled disbursement account policies and procedures of the Bank from time to time in effect.

Controlled Disbursement Account means the Canadian Controlled Disbursement Account, the US Controlled Disbursement Account, and, to the extent established, the UAE Controlled Disbursement Account and the Singapore Controlled Disbursement Account, collectively or individually, as the context may require.

Controlled Disbursement Account means any account or accounts of the U.S. Borrower or the Canadian Borrower maintained with the Administrative Agent as a zero balance, cash management account pursuant to and under any agreement between a Borrower and the Administrative Agent, as modified and amended from time to time, which account or accounts are designated as Controlled Disbursement Accounts by the Borrower Representative and the Administrative Agent, and upon such designation, through which all disbursements of such Borrower, any other U.S. Loan Party (in the case of a Controlled Disbursement Account of the U.S. Borrower), any other Canadian Loan Party (in the case of a Controlled Disbursement Account of the Canadian Borrower), and any designated Subsidiary of such U.S. Borrower or Canadian Borrower are made and settled on a daily basis with no uninvested balance remaining overnight.

Controlled Disbursement Account means a commercial Deposit Account designated “controlled disbursement account” and maintained by one or more of the Loan Parties with the Agent, without liability by the Agent or any Lender to pay interest thereon.

Controlled Disbursement Account. The term "Controlled Disbursement Account" shall have the meaning given such term in Section 2.3(c).

Controlled Disbursement Account means, collectively, the following accounts: account # 601894967 (Dairyland), account # 601894991 (CW Mid- Atlantic), account # 601894983 (CW West Coast), account # 601894975 (Bel Canto), and account # 886024124 (CW Florida); and any replacement or additional accounts of the Borrowers maintained with the Administrative Agent as a zero balance, cash management account pursuant to and under any agreement between a Borrower and the Administrative Agent, as modified and amended from time to time, and through which all disbursements of a Borrower, any other Loan Party and any designated Subsidiary of a Borrower are made and settled on a daily basis with no uninvested balance remaining overnight.