Local Deposit definition
Examples of Local Deposit in a sentence
The full amount of available funds in each of the Local Deposit Accounts is swept daily into the Concentration Account pursuant to standing sweep instructions that remain in full force and effect (in the case of Local Deposit Accounts maintained at Bank of America) or pursuant to daily ACH instructions (in the case of all other Local Deposit Accounts).
The Guarantor shall release to the Borrower, within fifteen (15) Business Days in Paris, France following the date of actual payment by the Borrower under this Clause 3.4, the Local Deposit and all interest thereupon accrued, net of any commissions, fees and other amounts arising out of the implementation, maintenance and restitution of the Local Deposit.
No Borrower has granted any Person dominion and control of the Concentration Account, any Lock-Box or any Local Deposit Account, or the right to take dominion and control of the Concentration Account, any such Lock-Box or Local Deposit Account at a future time or upon the occurrence of a future event.
Servicer has the ability to identify, within one Business Day, any amounts deposited into any Local Deposit Account that do not represent payments on account of Collateral.
Such Loan Party will not grant the right to take dominion and control of any Lock-Box or Local Deposit Account at a future time or upon the occurrence of a future event to any Person, except to the Administrative Agent as contemplated by this Agreement.
Such Loan Party will not, and will not authorize any Originator to, change the instructions to any Governmental Entity obligated on any Government Receivable to make payments thereon either directly to the Concentration Account or to a Lock-Box or Local Deposit Account that sweeps daily into the Concentration Account.
Pending suspension of the Borrower’s payment obligation pursuant to this Clause 3.2, the Local Deposit (as defined below) shall not constitute payment.
Agent shall have received the fully-executed Local Deposit Bank Agreements.
The Loan Parties shall deliver, or cause to be delivered, to the Administrative Agent within 90 days after the Closing Date a fully executed Control Agreement (as defined in the Security Agreement) with respect to each Deposit Account (as defined in the Security Agreement) of any Loan Party, other than Excluded Accounts (as defined in the Security Agreement) and Local Deposit Accounts (as defined in the Security Agreement).
All payments on the Government Receivables are paid either into a Local Deposit Account or directly into the Concentration Account, and payment of Government Receivables directly into the Concentration Account does not conflict with any rules or regulations applicable to Government Receivables.