Fiduciary Cash definition
Fiduciary Cash means (x) cash, cash equivalents and marketable securities held in a fiduciary capacity on behalf of a client or insured in the course of an insurance transaction and (y) cash, cash equivalents and marketable securities not attributable to a client or insured held as commingled cash, cash equivalents and marketable securities or deposits with cash, cash equivalents and marketable securities of the type described in clause (x) in a fiduciary account, in each case, measured using the Closing Date Exchange Rates for the applicable jurisdiction. Fiduciary Cash (a) shall be increased by the amount of deposits or other payments received by a Fiduciary Account holder directed to a Fiduciary Account but not yet credited to the Fiduciary Account and (b) shall be reduced by the amount of any outstanding checks or other payments issued from the applicable Fiduciary Account but not yet deducted from such Fiduciary Account.
Fiduciary Cash means premiums received by the Borrower or any of its Subsidiaries for account of any insurance carrier and not yet remitted to such insurance carrier, if such premiums are restricted as to use pursuant to any applicable law or agreement.
Fiduciary Cash means cash, cash equivalents and other amounts (and the proceeds thereof) held by any Loan Party in trust, escrow or other fiduciary capacity for the benefit of third parties (including insurance carriers, insured and any Governmental Authority) in respect of premiums, return premiums, claims, taxes, fees or similar amounts, which are not property of the Loan Parties and are not available for general corporate purposes (including amounts required to be segregated under applicable law or contract).
Examples of Fiduciary Cash in a sentence
If the Closing Date Unrestricted Fiduciary Cash is less than the Final Unrestricted Fiduciary Cash, Buyer shall promptly pay such excess to Sellers, in cash.
More Definitions of Fiduciary Cash
Fiduciary Cash means (x) cash, cash equivalents and marketable securities held in a fiduciary capacity on behalf of a client or insured in the course of an insurance transaction and (y) cash, cash equivalents and marketable securities not attributable to a client or insured held as commingled cash, cash equivalents and marketable securities or deposits with cash, cash equivalents and marketable securities of the type described in clause (x) in a fiduciary account, in each case, measured using the Closing Date Exchange Rates for the applicable jurisdiction. Fiduciary Cash (a) shall be increased by the amount of deposits or other payments received by a Fiduciary Account holder directed to a Fiduciary Account but not yet credited to the Fiduciary Account and