Dominion Account definition

Dominion Account a special account established by Borrowers at Bank of America or another bank acceptable to Agent, over which Agent has exclusive control for withdrawal purposes.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Dominion Account has the meaning assigned to such term in Section 5.11.

Dominion Account means a special account established by a Borrower at Bank of America or another bank acceptable to the Administrative Agent, over which the Administrative Agent will have exclusive dominion and control for withdrawal purposes at any time; provided that, the applicable Borrower may access the funds in the Dominion Account until such time as a Cash Dominion Trigger Period exists.

Examples of Dominion Account in a sentence

Borrowers shall obtain the agreement (in favor of and in form and content satisfactory to Administrative Agent) by each bank at which a Dominion Account is maintained to waive any offset rights against the funds deposited to such Dominion Account, except offset rights in respect of charges and returned checks incurred in the administration of such Dominion Account.
Furthermore, Account Debtors located in the United Kingdom shall be permitted to make payment to Borrowers via direct debit or via the Bankers’ Automated Clearing System (or “BACS”) or via the Clearing House Automated Payment System (or “CHAPS”) transfer directly into a Dominion Account.
All Payment Items (other than Payment Items constituting Securitization Assets) received by any Borrower in respect of its Accounts, together with the proceeds of any other Collateral, shall be held by such Borrower as trustee of an express trust for Administrative Agent’s benefit and shall immediately deposit same in kind in a Dominion Account.
All funds deposited in each Dominion Account (other than LKE Proceeds) shall be subject to Administrative Agent’s Lien.
Neither Administrative Agent nor ▇▇▇▇▇▇▇ assume any responsibility to any or all Borrowers for such lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with respect to deposits accepted by any bank thereunder.

More Definitions of Dominion Account

Dominion Account means a special concentration account established by the Borrowers and maintained with the Administrative Agent or another bank reasonably acceptable to the Administrative Agent, over which the Administrative Agent has exclusive control for withdrawal purposes pursuant to the terms and provisions of this Agreement and the other Loan Documents.

Dominion Account has the meaning set forth in Section 2.10(c) hereof.

Dominion Account means, collectively, the U.S. Dominion Account and the Canadian Dominion Account.

Dominion Account with respect to the Canadian Domiciled Loan Parties, the Canadian Dominion Account, and with respect to the U.S. Facility Loan Parties, the U.S. Dominion Account.

Dominion Account means any Deposit Account of a Loan Party at Bank of America or its Affiliates or branches or another bank acceptable to the Administrative Agent, in each case which is subject to a Deposit Account Control Agreement.

Dominion Account means the U.S. Dominion Account and the Canadian Dominion Account.

Dominion Account with respect to (a) the Canadian Loan Parties, each Canadian Dominion Account, (b) the UK Loan Parties, each UK Dominion Account, and (c) the US Loan Parties, each US Dominion Account.