Local Operating Accounts definition

Local Operating Accounts as defined in the Depositary Agreement.
View Source
Local Operating Accounts means the respective account of each of the Borrower, CEILLC, CCTP, SPLNG and Tug Services set forth on Schedule 1 (and including any successor account). Each account set forth on Schedule 1 shall be subject to a perfected Lien of the Collateral Agent pursuant to a Control Agreement, as and to the extent required by Section 3.4. Each reference herein to a “Local Operating Account” shall be deemed to be a reference to the relevant Local Operating Account.
View Source
Local Operating Accounts means two deposit accounts maintained with Local Bank and designated account number 105726 and 105627 and used as a) Manager’s sole accounts for the deposit of all gross Non-Gaming Revenue, b) transfer of deposits from Manager’s Academy Bank Account, and c) Manager’s general operating accounts for payment of all Business-related expenses.
View Source

Examples of Local Operating Accounts in a sentence

  • Notwithstanding anything herein or in the Security Agreement to the contrary, the Borrower and its Domestic Subsidiaries shall use commercially reasonable efforts to maintain all Deposit Accounts (other than any Excluded Payroll Accounts, any Excluded Local Operating Accounts, or any Excluded Controlled Accounts) held with a Lender other than the Administrative Agent, subject to a Control Agreement.

  • If applicable, any Subsidiary acquired or formed in connection with a Permitted Acquisition shall within 60 Business Days after such acquisition or formation maintain all its deposit accounts with a Lender, as Excluded Controlled Accounts, as Excluded Payroll Accounts, or as Excluded Local Operating Accounts.

  • If applicable, any Subsidiary acquired or formed in connection with a Permitted Acquisition shall within 120 days after such acquisition or formation maintain all its deposit accounts with a Lender, as Excluded Controlled Accounts, as Excluded Payroll Accounts, or as Excluded Local Operating Accounts.

  • Each of the Accounts and Local Operating Accounts shall have been established.

  • No Borrower Credit Party shall open or have any deposit or securities accounts other than the Accounts, the Local Operating Accounts, accounts described in clauses (x) and (z) of the definition of Permitted Liens and Section 6.1(e) and one deposit or control account from which transfers may be made from the Distribution Account in accordance with the Depositary Agreement.

  • Manager shall not deposit i) any Gaming Revenue into any account or other repository of funds other than the Gaming Revenue Account, ii) any Facility Management Compensation into any account or other repository of funds other than the Manager’s Academy Bank Account; or iii) any Non-Gaming Revenue and transfers from the Manager’s Academy Bank Account into any account or other repository of funds other than the Local Operating Accounts, the Payroll Account (Fidelity Bank Account no.

  • Manager shall deposit or cause to be deposited a) into the Gaming Revenue Account, all Gaming Revenue on each Business Day as such revenue is received; b) into the Manager’s Academy Bank Account, all Facility Management Compensation; and c) into the Local Operating Accounts, the Payroll Account (Fidelity Bank Account no.

  • Neither Borrower nor any Subsidiaries has any deposit or securities accounts other than the Accounts, the Local Operating Accounts, accounts described in clauses (x) or (z) of the definition of Permitted Liens and Section 6.1(e) and one deposit or control account from which transfers may be made from the Distribution Account in accordance with the Depositary Agreement.

  • The Depositary Bank shall have no responsibility or liability with respect to the Local Operating Accounts.

  • Neither Borrower nor any Subsidiaries has any deposit or securities accounts other than the Accounts, the Local Operating Accounts, accounts described in clauses (x) or (z) of the definition of Permitted Liens and Section 6.1(e), one deposit or control account from which transfers may be made from the Distribution Account in accordance with the Depositary Agreement, the accounts set forth on Schedule 4.35 and any accounts established in connection with a Permitted Repowering Financing.