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 Borrowers with a Disbursing Bank for the purposes of disbursing Revolving Credit Loan proceeds and amounts deposited thereto.
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.

Examples of Controlled Disbursement Account in a sentence

  • If sufficient funds are not available Bank may, in its sole discretion, reverse the funding credit to any Controlled Disbursement Account and apply its standard rules for the treatment of insufficient checks, as defined in the Deposit Account Agreement.

  • Actual Clearance: CDA for EFT Payments by the Fiscal Agent (DMAS 93.767, 93.778) In a Controlled Disbursement Account (CDA) for EFT Payments by the Fiscal Agent, the State shall request funds the same day that it pays out funds in accordance with the cut-off time specified in Exhibit I and the State clearance days shown in Exhibit II.

  • The Funding Account, the Controlled Disbursement Account, and the Collection Account will not be subject to any deduction, set-off, banker’s lien or any other right in favor of any Person other than the Agent, for the benefit of the Lenders and any L/C Issuer and their respective Affiliates.

  • The Controlled Disbursement Service permits Provident to transfer specified funds from the Funding Account to the Controlled Disbursement Account on a daily basis.

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


More Definitions of Controlled Disbursement Account

Controlled Disbursement Account shall have the meaning specified in Section 2.2(f).
Controlled Disbursement Account. The term "Controlled Disbursement Account" shall have the meaning given such term in Section 2.3(c).
Controlled Disbursement Account means those certain controlled disbursement accounts of the Borrowers maintained with the Administrative Agent as zero balance, cash management accounts 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 any account of any Borrower maintained with the Lender as a zero balance, cash management account pursuant to and under any agreement between a Borrower and the Lender, as modified and amended from time to time, and through which all disbursements of a Borrower, any 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 is defined in Section 2.15(a) hereof.
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 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.