The Blocked Account. (a) Each Collateral Related Account for which a Blocked Account is required to be in place pursuant to this Section 6.15 and each Concentration Account owned or maintained by the Borrower Parties shall be maintained at a bank or financial institution which is reasonably acceptable to the Administrative Agent (each such bank, a “Cash Management Bank”). As of the Agreement Date, each deposit account of the Borrower Parties is listed on Schedule 6.15 and such schedule designates which accounts are Collateral Related Accounts and Concentration Accounts. Each (i) Concentration Account and (ii) Collateral Related Account maintained by any Borrower Party shall be subject to a control agreement (a “Blocked Account Agreement”) in form and substance satisfactory to the Administrative Agent and such bank or financial institution (each such account, a “Blocked Account”); provided, however, so long as the Borrower Parties have established and maintain a cash management system in which each store level depository account (“Store Level Account”) is swept (subject to maintaining nominal balances in such account in an amount not to exceed $1,000 per account) to a Concentration Account that is a Blocked Account no less frequently than once every five (5) Business Days (or at any time after an Activation Event, on a daily basis), then the Borrower Parties shall not be required to enter into a Blocked Account Agreement with respect to any such Store Level Account. Each such Blocked Account Agreement shall provide, among other things, that from and after the Agreement Date, the relevant Cash Management Bank, agrees, from and after the receipt of a notice (an “Activation Notice”) from the Administrative Agent (which Activation Notice shall be given by the Administrative Agent at any time at which (i) an Event of Default has occurred and is continuing or (ii) Availability for three (3) consecutive Business Days is less than the greater of (A) $20,000,000 or (B) thirty percent (30%) of the amount of the Revolving Loan Commitment then outstanding (the foregoing being referred to herein as an “Activation Event”)), to forward immediately all amounts in each Blocked Account, as the case may be to the Administrative Agent per its instructions and to commence the process of daily sweeps from such account to the Administrative Agent.
The Blocked Account. (a) Each Credit Party will, and will cause each of its Subsidiaries to, establish and maintain one or more blocked accounts (each, a “Blocked Account”) pursuant to a lockbox arrangement, or other arrangement, in each case, acceptable to the Administrative Agent with Xxxxx Fargo Bank, any Affiliate thereof or any other bank(s) as may be selected by the Credit Parties and approved by the Administrative Agent in its reasonable discretion. The Credit Parties shall issue to each such bank an irrevocable letter of instruction directing such bank to deposit all payments or other remittances received in the lockbox to the Blocked Account maintained at such bank. Each such Blocked Account bank shall agree to the Administrative Agent’s standard Blocked Account Agreement or such variation thereof as shall be mutually satisfactory to the Administrative Agent and such bank. During a Cash Sweep Period, all amounts which shall be deposited into any Blocked Account shall immediately become the property of and be under the sole dominion and exclusive control of the Administrative Agent, on behalf of the Lender Group, and no Credit Party shall have any right to withdraw such amounts from any Blocked Account.
The Blocked Account. (a) The Borrower has established and shall maintain, pursuant to the Blocked Account Letter, an account with PNC Bank, N.A., account number 0002881016, in the name and under the sole dominion and control of the Agent (the "Blocked Account").
The Blocked Account. On or before the Agreement Date, and at all times thereafter:
The Blocked Account. (a) The Borrower shall cause all cash, cash equivalents, checks, notes, drafts or similar items of payment received by it, including but not limited to payments from Account Debtors or any proceeds of the Collateral, to be deposited directly into or to be wired, on each Business Day, via electronic funds transfer, into accounts maintained with SunTrust Bank, Atlanta, any Affiliate thereof or any other bank selected by the Borrower and approved by the Agent (each, a “Blocked Account”), which has entered into a Blocked Account Agreement with the Agent. All amounts which shall be deposited into a Blocked Account shall be under the dominion and control of the Borrower unless and until the occurrence of an Event of Default whereupon, during the continuation of such Event of Default, amounts deposited in such Blocked Account shall immediately be under the sole dominion and exclusive control of the Agent, on behalf of the Issuing Banks and the Lenders, pursuant to the terms of the Blocked Account Agreement, and as provided in the applicable Blocked Account Agreement, the Borrower shall have no right to withdraw such amounts thereafter without the consent of the Agent.
The Blocked Account. (a) The Borrower Parties shall establish and maintain one or more blocked accounts (each a "Blocked Account") pursuant to a lockbox arrangement acceptable to the Administrative Agent with SunTrust Bank, any affiliate thereof or any other bank(s) as may be selected by the Borrower Parties and approved by the Administrative Agent. The Borrower Parties shall issue to each such bank an irrevocable letter of instruction directing such bank to deposit all payments or other remittances received in the lockbox to the Blocked Account. Each such Blocked Account bank shall agree to the Administrative Agent's standard Blocked Account Agreement or such variation thereof as shall be mutually satisfactory to the Administrative Agent and such bank. All amounts which shall be deposited into any Blocked Account shall immediately become the property of and be under the sole dominion and exclusive control of the Administrative Agent, on behalf of the Lender Group, and no Borrower Party shall have any right to withdraw such amounts from the Blocked Account.
The Blocked Account. (a) The Borrower shall establish and maintain one or more special lockboxes or blocked accounts (each, a "Blocked Account") owned by the Borrower with such bank(s) as may be selected by the Borrower and approved by the Agent and which shall provide that all proceeds of the Collateral which shall be received in such Blocked Account shall be remitted in immediately available funds to the Clearing Account. Each such Blocked Account bank shall agree to the Agent's standard Blocked Account Letter or such variation thereof as shall be mutually satisfactory to the Agent and such bank. All amounts which shall be deposited into any Blocked Account shall immediately be under the sole dominion and exclusive control of the Agent, on behalf of the Issuing Banks and Lenders, and the Borrower shall have no right to withdraw such amounts, and all of the Blocked Account Letters shall so provide.
The Blocked Account. (a) The Borrower shall establish and maintain one or more special lockboxes or blocked accounts (each, a "Blocked Account") owned by the Borrower with such bank(s) as may be selected by the Borrower and approved by the Agent and which shall provide that all proceeds of the Collateral (other than proceeds of the HDTV Patents and the HDTV License Agreements) which shall be received in such Blocked Account shall be remitted in immediately available funds to the Clearing Account. Each such Blocked Account bank shall agree to the Agent's standard Blocked Account Letter or such variation thereof as shall be mutually satisfactory to the Agent and such bank. All amounts which shall be deposited into any Blocked Account shall immediately be under the sole dominion and exclusive control of the Agent, on behalf of the Issuing Banks and Lenders, and the Borrower shall have no right to withdraw such amounts, and all of the Blocked Account Letters shall so provide.
The Blocked Account. (a) The Borrower has established and shall maintain, pursuant to the Blocked Account Letter, an account with PNC Bank,
