Zero Balance Account definition
Zero Balance Account means an Account with a Receivable balance of zero which the Transferor designates under subsection 2.07(d).
Zero Balance Account means an account which, according to the Servicer's records, has had a balance of zero for a period of time in accordance with the Credit Guidelines.
Zero Balance Account means a zero balance account of a Loan Party maintained by Bank of America, N.A. (or any other financial institution with the consent of the Administrative Agent, such consent not to be unreasonably withheld or delayed); provided that, (a) such account must have the zero balance function active at all times, (b) no Loan Party may have the ability to disable the zero balance function on such account, and (c) such account may not contain a balance of more than $0 for more than twenty four hours (for the avoidance of doubt, (i) zero balance accounts shall be considered Deposit Accounts and (ii) should any Deposit Account fail to meet any of the requirements in the foregoing proviso, then such Deposit Account shall cease to be a Zero Balance Account at such time and shall be subject to the applicable requirements of Section 6.26).
Examples of Zero Balance Account in a sentence
All cash collateral required to secure the Obligations (or any portion thereof) shall be maintained in accordance with Section 6.13, and be subject to the perfected, first priority security interest of Administrative Agent, for the benefit of Administrative Agent and the Lenders; provided that the security interest in each Zero Balance Account (or any CIC Existing Account, in the Administrative Agent’s and Class B Agent’s Permitted Discretion), shall not be required to be perfected.
More Definitions of Zero Balance Account
Zero Balance Account means an Account with a Receivable -------------------- balance of zero.
Zero Balance Account means an Account with a Receivable balance of zero which the Servicer will remove from its computer master file of VISA, MasterCard and American Express accounts.
Zero Balance Account means an Account with a Receivable balance of zero which the Servicer will remove from its computer master file of VISA and MasterCard accounts.
Zero Balance Account any Deposit Account that at the end of any given Business Day contains a balance of zero due to automatic transfers of amounts held in such Deposit Account into other Deposit Accounts subject to a Control Agreement.
Zero Balance Account means an account that allows daily transaction activity and at the end of the day sweeps the resulting balance to another account so that the account balance is zero at the end of the day.
Zero Balance Account means, as of any date of determination, an Account with a Receivable balance of zero and in which there has been no activity for the twelve calendar months preceding such date of determination.
Zero Balance Account is defined as a bank account(s) on which Checks are written or other transactions occur even though the balance in the Account(s) is targeted to be maintained at zero. Debits to the Zero Balance Account are covered by a transfer of funds from the concentration or primary account (“Concentration Account”), and Credits are transferred to the Concentration Account. Bank shall not be liable for the failure to pay any Item presented for payment against any Zero Balance Account due to insufficient funds in the Concentration Account. The transfer of funds to or from a Money Market Deposit Account is subject to maximum limitations established by Bank.