DACA Agreement definition

DACA Agreement means, with respect to any Account established by the Borrower, an agreement in form and substance satisfactory to the Collateral Agent establishing “control” (as defined in the UCC) of such Account by the Collateral Agent and whereby the bank maintaining such account agrees, upon the occurrence and during the continuance of an Event of Default, to comply only with the instructions originated by the Collateral Agent, without the further consent of any Loan Party or any Subsidiary thereof all as set forth in such DACA Agreement, as the same may be amended, restated, amended and restated, replaced, supplemented or otherwise modified from time to time.
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DACA Agreement means the that certain Deposit Account Control Agreement which may be entered into prior to the Closing Date, by and among the Corporation, Professional Bank and the Holders pursuant to which the Holder shall deposit Subscription Amounts with Professional Bank to be applied to the transactions contemplated by the Purchase Agreement.
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Examples of DACA Agreement in a sentence

  • The Reserve Account shall have been established and be subject to an effective DACA Agreement in form and substance reasonably satisfactory to both Agents; provided that, with respect to an Advance made after the Closing Date, any amounts required to be deposited in the Reserve Account pursuant to the Loan Documents shall be so deposited from the proceeds of such Advance.

  • The Reserve Account shall have been established and be subject to an effective DACA Agreement in form and substance reasonably satisfactory to both Agents; provided that, with respect to the Advance made on the Initial Funding Date, the amounts required to be deposited in the Reserve Account pursuant to the Loan Documents shall be so deposited from the proceeds of the Advance made on the Initial Funding Date.

  • Each applicable Loan Party shall use commercially reasonable efforts to enter into a DACA Agreement with respect to each such operating Account of each applicable Loan Party by and among such depository institution, the applicable Loan Party and the Collateral Agent (A) if such Account contains funds exceeding One Million and 00/100 Dollars ($1,000,000) at any time or (B) if funds in the amount of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000) are deposited into such Account during any month.

  • EquityCo II shall open the Accounts at the Deposit Bank and enter into a DACA Agreement with the Deposit Bank and Administrative Agent pursuant to Section 10 of the Amended Loan Agreement prior to any additional Advances, and in any event within 21 days after the First Amendment Effective Date.

  • Prior to the execution of this Amendment No. 3, the Company shall (i) deposit all of the Company’s cash on hand into its regular banking account at the Bank, which bank account shall be subject to the DACA Agreement upon execution of the DACA Agreement by the Company, the Seller Representative and the Bank (the “DACA Account”) and (ii) take all steps reasonably necessary and appropriate to direct any and all payments to the Company of any and all A/R List, as defined below, into such DACA Account.

  • If, for any reason, the DACA Agreement is not fully executed and in place 30 days after the date of this Amendment No. 3, then within 5 days, the Parties shall meet (which unless otherwise agreed to by the Parties such meeting shall be done telephonically) and confer in good faith and use their reasonable best efforts to agree upon an appropriate replacement mechanism to provide an equivalent level of protection to the Sellers and the Seller Representative as the DACA Agreement.

  • Each applicable Loan Party shall use commercially reasonable efforts to enter into a DACA Agreement with respect to each such operating Account of each applicable Loan Party by and among such depository institution, the applicable Loan Party and the Collateral Agent (A) if such Account contains funds exceeding [Redacted – Commercially Sensitive Information] at any time or (B) if funds in the amount of [Redacted – Commercially Sensitive Information] are deposited into such Account during any month.

  • All Gross Receipts shall be deposited into an Account covered by a DACA Agreement.

  • In that regard, the Company shall use its reasonable best efforts to secure the execution of the DACA Agreement by the Bank as soon as reasonably possible following the consummation of the transactions contemplated by this Amendment No. 3.