New Operating Account definition

New Operating Account means a Dollar account of the Borrower opened or (as the context may require) to be opened by the Borrower with the New Account Bank and includes any sub-accounts thereof and any other account designated in writing by the Agent to be a New Operating Account for the purposes of this Agreement;
Sample 1

Examples of New Operating Account in a sentence

  • The following is a graphicalrepresentation of the Postpetition Cash Management System: Newly Created Account Third PartyReceipts Blackjewel West Petty Cash Account (6056) Blackjewel West Operating Account (8511) Revelation Energy Account (9129) Blackjewel East Payroll Account (1966) Blackjewel West Payroll Account (1518) Blackjewel LLC New Operating Account (2824) 1.

  • Following the Petition Date, the Debtors will direct EDF to transfer such revenue to the New Operating Account (net of certain amounts due and owing from the Debtors to EDF).

  • More specifically, if the Court authorizes the Debtors to release the funds in the certificate of deposit in that certain bank account at SunTrust Bank, as requested by the SunTrust Cash Collateral Motion, the Debtors plan to transfer a portion of such funds to the Funding Account to make postpetition payments and Court approved prepetition payments until the New Operating Account is open.

  • The Debtors believe that they can meet their tax obligations and payroll obligations (to the extent the Debtors are deemed to have any such payroll obligations given their arrangement with NAES) most efficiently through the New Operating Account, and requiring new payroll and tax DIP Accounts would be both unnecessary and disruptive to their business.

  • However, because the Debtors have an immediate need to access their Cash Management System in order to pay their near-term obligations to vendors, utilities, taxing authorities, insurers, and other parties necessary to operate their business, the Debtors seek authority to deposit money into, and disburse money from, La Paloma’s funding account at BONY (the “ Funding Account”)8 until the New Operating Account is open and can be accessed by the Debtors.

  • In addition, all amounts funded pursuant to and in accordance with the DIP Facility will be deposited into the New Operating Account.

  • However, consistent with the U.S. Trustee operating guidelines, the Debtors intend to open a new account postpetition—the New Operating Account—and pay all of the Debtors’ postpetition obligations from this account, provided that until the New Operating Account is open the Debtors seek authority to make such payments from the Funding Account (as described above).

  • This model of Chaitanya devotion is, however, of relatively recent date and of relatively limited following.

  • I believe the Debtors’ ability to maintain the Cash Management System and implement necessary changes to such system, including opening the New Operating Account, is important to the Debtors’ business operations during the Chapter 11 Cases and theirgoal of maximizing value for the benefit of all parties in interest.

  • Thus, I believe that the opening of the New Operating Account and the discontinued use of the Prepetition Bank Accounts serves, in large part, the objectives sought to be achieved by the UST Requirements.

Related to New Operating Account

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

  • Operating Accounts shall have the meaning ascribed to it in Section 4.03.A.

  • Seller Account shall have the meaning set forth in the preamble of this Agreement.

  • Billing Account is the checking account from which all Service fees will be automatically debited.

  • Expense Account The account established pursuant to Section 10.3(c).

  • Professional Fee Escrow Account means an interest-bearing account funded by the Debtors with Cash on the Effective Date in an amount equal to the Professional Fee Amount.

  • Pre-Funding Account means the account designated as the Pre-Funding Account in, and which is established and maintained pursuant to Section 7.07.

  • Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).

  • Revenue Account means the Revenue Account established pursuant to the Resolution. “Revenues” means the Pledged Receipts and Recoveries of Principal.

  • Sub-Servicing Account An account established by a Sub-Servicer which meets the requirements set forth in Section 3.08 and is otherwise acceptable to the Master Servicer.

  • Sub-Account means any of the individual sub-accounts of a Participant’s Account that is maintained as provided in Article VIII.

  • Adjustment Escrow Account means the escrow account established pursuant to the Escrow Agreement in respect of the Adjustment Escrow Amount.

  • Debt Service Fund means the fund so designated in, and created pursuant to, Section 502 hereof.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Participating Account a separate account investing all or a portion of its assets in the Trust, including the Account.

  • Disbursement Account means any Deposit Account maintained by Borrower with a financial institution for the purpose of receiving and disbursing the proceeds of Loans made pursuant hereto.

  • Required Repair Account shall have the meaning set forth in Section 7.1.1 hereof.

  • Tax Account shall have the meaning set forth in Section 8.6 hereof.

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Management Accounts means unaudited accounts which shall incorporate a profit and loss statement, cash flow statement and balance sheet.

  • Primary Account or “Settlement Account” shall mean, in case of multiple Accounts linked to the ATM/Debit Card, the Account that has been designated as being the main/first Account of operation i.e. the Account from which purchase transactions, charges and fees related to the ATM/Debit Card are debited.

  • Completion Accounts means the consolidated balance sheet of the Group as at the Completion Date to be prepared in accordance with Schedule 8 (Completion Accounts);

  • Debt Service Reserve Account shall have the meaning given to it in the Depository Agreement.

  • Member Account means the regular account and the variable account.

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

  • Initial Reserve Account Deposit Amount means an amount equal to $1,554,404.20.