Local Deposit Account definition

Local Deposit Account means a Deposit Account maintained by a Liberty Party with respect to (and used only for) one or more store locations.
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Local Deposit Account means a deposit account to be held by the Borrower with a financial institution reasonably satisfactory to the Administrative Agent and subject to a deposit account control agreement in favor of the Collateral Agent on terms reasonably satisfactory to the Administrative Agent and the Collateral Agent.
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Local Deposit Account means any Eligible Deposit Account that is maintained pursuant to a Deposit Account Agreement for the purpose of receiving Collections.
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Examples of Local Deposit Account in a sentence

  • 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.

  • 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.

  • 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.

  • In that way, Novo provides technology and services to the Bank's small business customers that are not available through the Bank's core processor, Connecticut Online Computer Center, Inc.

  • 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.

  • Any customer payments received by Borrower or any Subsidiary with respect to a Pizza Inn or Pie Five store, whether in cash or check, shall be remitted within two (2) Business Days to either a Local Deposit Account or the Primary Deposit Account.

  • The Originator will not open any new Local Deposit Account unless (i) it shall have delivered not less than 5 Business Days’ notice of its intention to do so to Buyer (and its assignee), and (ii) simultaneously with the opening of such account, it shall have instructed the applicable Collection Bank to sweep the available funds deposited into such Local Deposit Account each day into the Concentration Account.

  • In the event that any Local Deposit Account shall be held in the name of a party other than the Trustee, on or prior to the initial Closing Date, such party shall, with respect to each such Local Deposit Account, (i) cause such Local Deposit Account to be transferred into the name of the Trustee and enter into a Deposit Account Agreement in respect of such account, or (ii) terminate such Local Deposit Account.

  • Each such Collection Servicer Agreement shall provide that each day Collections are received in the Dedicated Zip Code, such party shall cause one of its employees (who shall at all times be covered by a fidelity bond and errors and omissions policy substantially similar to that referred to in Section 3.10 hereof) to deliver the contents thereof to the Servicer for processing, and upon completion of such processing to deposit all such Collections into a Local Deposit Account.

  • GCRC has established account number [number] with your institution to serve as the Local Deposit Account.


More Definitions of Local Deposit Account

Local Deposit Account has the meaning set forth in Section 2.12(a)(i).
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Local Deposit Account means an account in the name of the Originator into which Gift Shop Receipts and proceeds of Receivables are deposited.
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Local Deposit Account has the meaning assigned to that term in Section 7.14
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Local Deposit Account means a Deposit Account maintained by a Grantor with respect to (and used only for) one or more store locations, until the date, if any, on which the Administrative Agent designates otherwise pursuant to Section 3.8(b)(i).
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Related to Local Deposit Account

  • Collateral Deposit Account shall have the meaning set forth in Section 7.1(a).

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Controlled Deposit Account means each deposit account (including all funds on deposit therein) that is the subject of an effective Control Agreement and that is maintained by any Loan Party with a financial institution approved by the Administrative Agent.

  • Approved Deposit Account means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Loan Party with a Deposit Account Bank. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Deposit Account means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Eligible Deposit Account means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each Rating Agency in one of its generic rating categories that signifies investment grade.

  • Excluded Deposit Account means (a) any deposit account exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such and (b) any Xxxxx Cash Accounts.

  • Deposit Account Agreement means the Deposit Account Agreement and Disclosure, as may be amended from time to time, issued by the Custodian and available on the Custodian’s internet customer portal, “xx.xxxxxxxxxxx.xxx”.

  • Security Deposit Account has the meaning given in Section 5.1.

  • Excluded Deposit Accounts means (i) any payroll account, (ii) any withholding tax, benefits, escrow, trust, customs or any other fiduciary account and (iii) any zero balance deposit account.

  • Deposit Accounts means any “deposit accounts,” as such term is defined in the UCC, and includes any checking account, savings account, or certificate of deposit.

  • Deposit Account Bank means a financial institution selected or approved by the Administrative Agent.

  • Cash Management Account has the meaning set forth in Section 2.7(a).

  • Deposit Account Control Agreement means an agreement in a form that is reasonably satisfactory to the Administrative Agent establishing the Administrative Agent’s Control with respect to any Deposit Account.

  • Deposit Account Control Agreements means the deposit account control agreements or blocked account agreements in a form that is reasonably satisfactory to the Agent to be executed by each institution maintaining a deposit account or securities account for any of the Credit Parties, in favor of Agent, for the benefit of Secured Parties, as security for the Obligations to the extent required by Section 4.14(g) or any other provision of this Agreement or any Other Document.

  • Collateral Account Agreement means the Collateral Account Agreement executed and delivered by Company and Administrative Agent on the Closing Date, substantially in the form of EXHIBIT XXIII annexed hereto, as such Collateral Account Agreement may hereafter be amended, supplemented or otherwise modified from time to time.

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Special Deposits have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank of England;

  • Designated Account Property The Designated Accounts, all cash, investments, Financial Assets, securities and investment property held from time to time in any Designated Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities or otherwise), including the Reserve Account Deposit, and all proceeds of the foregoing but excluding all Investment Earnings thereon.

  • Cash Management Accounts means the bank accounts of each Loan Party maintained at one or more Cash Management Banks listed on Schedule 8.01.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Facility Account means the account of Seller at Bank One, Account ---------------- No. 10-36987.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Disbursement Account means, in respect of each Tranche, the bank account set out in the most recent List of Authorised Signatories and Accounts.

  • Concentration Account Agreement as defined in subsection 4.16(b).