Required Accounts definition

Required Accounts means, all deposit accounts or securities accounts of the Loan Parties, other than (i) accounts having a de minimis balance; provided that the aggregate balance in all accounts excluded by this de minimis threshold shall not exceed $5,000,000 at any time, (ii) payroll, disbursement and other fiduciary accounts, (iii) zero balance disbursement account, (iv) other trust, escrow, customs and fiduciary accounts, (v) cash collateral accounts solely holding cash collateral upon which Liens permitted by Section 6.16 exist and (vi) tax accounts, including, without limitation, sales tax accounts.
Sample 1Sample 2Sample 3
Required Accounts has the meaning set forth in Article 10.
Sample 1Sample 2Sample 3
Required Accounts means, (A) all deposit accounts or securities accounts of the Domestic Loan Parties and the Canadian Loan Parties, other than (i) accounts having a de minimis balance and (ii) accounts that are zero balance accounts; provided that the aggregate balance in all accounts excluded by de minimis threshold set forth in clause (i) shall not exceed $50,000 at any time and (B) all deposit accounts and securities accounts that are subject to control agreements in favor of the DIP ABL Agent. Notwithstanding the foregoing, accounts used solely for payroll or benefits related disbursements or in which trust or the Insurance Subsidiary funds are maintained shall not constitute “Required Accounts”. Notwithstanding the foregoing, and for the avoidance of doubt, the DIP Term Loan Proceeds Account shall constitute a “Required Account”.
Sample 1

Examples of Required Accounts in a sentence

  • Telephone requests will not be accepted for Multiple Signatures Required Accounts.

  • Property held for no compensation as a custodian for a minor family member is not subject to the Operational Requirements for Trust Accounts set out in this paragraph (e) or to the Required Accounts and Records in paragraph (f) of this Rule.

  • Lender shall at all times have “control” of the Required Accounts and all assets now or hereafter credited thereto within the meaning of Section 9-106 of the UCC or Section 9-104(a) of the UCC for purposes of maintaining its first and prior perfected security interest therein.

  • Borrower shall open and maintain at Lender the Required Accounts under the terms and conditions set forth above together with any successor accounts and all subaccounts of any of the foregoing as well as such other accounts as Lender, may reasonably request and which are commercially customary for similar projects.

  • As additional security for Borrower’s obligations under the Loan Documents, Borrower hereby grants to Lender a first lien security interest in each of the Required Accounts, whether now existing or hereafter established, and all funds from time to time on deposit therein.

  • Lender may, to the maximum extent permissible by law, apply any or all of the funds in the Required Accounts, including accrued interest, if any, toward the unpaid balance of the Loan and/or to any other amounts which may be due and owing under the Loan Documents.

  • Security Agreement 56 10.1 Tenant Security Deposit Account 56 10.2 Tax Escrow Account 56 10.3 Insurance Escrow Account 56 10.4 Operating Account 56 10.5 Bank-Controlled Account 56 10.6 Intentionally Omitted 56 10.7 Construction Disbursement Account 56 10.8 Security Agreement for Required Accounts 57 11.

  • The services covered in the agreement include, but are not limited to, the following: • Demand Deposit Accounts • Cash collection • Check processing • Cash Management • Merchant Services • Electronic Funds Transfer (ACH/EFT) • Real-time online account information and transfer capability • Dedicated relationship management team • Balance reporting as of the 10th of each month • Risk Management/Data Security Required Accounts A minimum of 8 accounts will be required.

  • The parties acknowledge and agree that each of the Required Accounts is a “deposit account” within the meaning of 9-104 of the UCC.

  • As at 31 March 2016 the value of grants received but not yet applied was £4.0 million (down from £5.0.m in 2014/15 and £10.2m 2013/14).


More Definitions of Required Accounts

Required Accounts means those accounts at the Buyer more fully described in Exhibit E attached hereto.
Sample 1Sample 2
Required Accounts means, (A) all deposit accounts or securities accounts of the Domestic Loan Parties and the Canadian Loan Parties, other than (i) accounts having a de minimis balance; provided that the aggregate balance in all accounts excluded by this de minimis threshold shall not exceed $2,500,000 at any time, (ii) payroll, disbursement and other fiduciary accounts, (iii) zero balance disbursement account, (iv) other trust, escrow, customs and fiduciary accounts, (v) cash collateral accounts solely holding cash collateral upon which Liens permitted by Section 6.16 exist and (vi) tax accounts, including, without limitation, sales tax accounts and (B) all deposit accounts and securities accounts that are subject to control agreements in favor of the ABL Collateral Agent.
Sample 1
Required Accounts means those accounts to be held at Bank more fully described in Exhibit B attached hereto.
Sample 1
Required Accounts means the Debt Service Reserve Account, the Revenue Account, the Major Maintenance Reserve Account and the Operating Account. In the event Borrower elects to provide a Contingency Reserve Account in lieu of a Contingency Letter of Credit pursuant to the terms of Section 2.07(c), such Contingency Reserve Account shall also be a “Required Account” until the Contingency Assurance Release Date.
Sample 1
Required Accounts means, (A) all deposit accounts or securities accounts of the Domestic Loan Parties and the Canadian Loan Parties, other than accounts having a de minimis balance; provided that the aggregate balance in all accounts excluded by this de minimis threshold shall not exceed $50,000 at any time and (B) all deposit accounts and securities accounts that are subject to control agreements in favor of the ABL Agent. Notwithstanding the foregoing, accounts used solely for payroll or benefits related disbursements or in which trust or the Insurance Subsidiary funds are maintained shall not constitute “Required Accounts”.
Sample 1
Required Accounts has the meaning as defined in Clause 7.6.3.
Sample 1

Related to Required Accounts

  • Excluded Accounts means any deposit account or securities account used exclusively as (a) payroll and other employee wage and benefit accounts, (b) tax accounts, including sales tax accounts, (c) escrow, fiduciary or trust accounts, (d) zero balance accounts and (e) the funds or other property held in or maintained in any such account identified in clauses (a) through (d).

  • Excluded Account means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s employees and (b) any Xxxxx Cash Accounts.