Control of Blocked Account Sample Clauses

Control of Blocked Account. The Blocked Account shall be under the sole dominion and control of Lender and shall be maintained by Bank in the name of "Method Products Corp." Notwithstanding anything set forth herein to the contrary, neither Company nor any other person or entity, through or under Company, shall have any control over the use of, or any right to withdraw any amount from, the Blocked Account.
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Control of Blocked Account. On or before the Closing Date, Borrowers, Agent, for the benefit of the Lender Group, and the Blocked Account Bank shall have entered into the Control Agreement with respect to the Blocked Account. In the Control Agreement, the Blocked Account Bank shall agree, among other things, that (i) all funds from time to time deposited into the Blocked Account and proceeds thereof are to be held by the Blocked Account Bank as agent or bailee-in-possession for Agent, for the benefit of the Lender Group, (ii) the Blocked Account Bank has no rights of setoff or recoupment or any other claim against such account, as the case may be, other than for payment of its service fees and other charges directly related to the administration of such account and for returned checks or other items of payment, in each case, as expressly set forth in the Control Agreement, and (iii) from and after the receipt of a notice (an “Activation Notice”) from Agent, Agent shall have exclusive dominion and control of the Blocked Account, to the exclusion of Borrowers, and the Blocked Account Bank shall forward immediately all amounts then on deposit in the Blocked Account to the Agent’s Account and shall commence the process of daily sweeps from the Blocked Account into the Agent’s Account. The parties hereto agree that notwithstanding Section 3(b) of the Control Agreement, Agent may deliver an Activation Notice to Blocked Account Bank at any time that (A) a Default or Event of Default has occurred and is continuing or (B) (1) Agent reasonably believes based upon information available to it that a Default or Event of Default has occurred, (2) Agent has delivered written notice to Borrowers identifying the purported Default or Event of Default and setting forth in reasonable detail Agent’s basis for believing that a Default or Event of Default has occurred and (3) within four days following delivery of such notice, Borrowers have not delivered to Agent evidence satisfactory to it that such Default or Event of Default has not occurred.
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Control of Blocked Account. (a) The Blocked Account shall be maintained by Bank in the name of “Shelter Island Opportunity Fund Blocked Account for Cord Blood America, Inc.”
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Control of Blocked Account. (a) The Blocked Account shall be maintained by Bank in the name of “Shelter Island Opportunity Fund Blocked Account for Corcell, Ltd.”
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Control of Blocked Account. In addition to the matters described in Section 2.4(b) above, the Control Agreement is also to provide that the Lender’s security interest in the Blocked Accounts is to be perfected by control for purposes of UCC §9-104(a)(2).
Sample 1
Control of Blocked Account. The Blocked Accounts shall be under the sole dominion and control of the Administrative Agent, for the benefit of the Collateral Agent, the Purchasers and itself, and Bank agrees to comply with instructions originated by the Administrative Agent without further consent by the Company or any other Person and neither the Company nor any other Person shall have any control over the use of, or any right to withdraw any amount from, any Blocked Account except as set forth in Sections 8, 9 and 10 below. Until the Bank receives a "Notice of Direction" (as described below), the Administrative Agent hereby authorizes the Bank to continue to accept instructions from the Company for the withdrawal, transfer or payment of funds from the Blocked Accounts and to maintain the Blocked Accounts in the name of "Avondale Funding, LLC". Once the Bank has received a written notice in the form attached hereto as Exhibit A (any such notice, a "NOTICE OF DIRECTION"), (i) the name of the holder of the Blocked Accounts shall be changed to "General Electric Capital Corporation, as Administrative Agent" (or such other name as specified by the Administrative Agent), (ii) neither the Company nor any other Person (other than the Administrative Agent) shall have any right to exercise any authority of any kind with respect to any Blocked Account or any Receipts, (iii) the Bank shall determine, on each business day, the balance of all collected funds on deposit in each Lockbox and Lockbox Account and transfer all funds to the Concentration Account, (iv) the Bank shall determine, on each business day, the balance of all funds on deposit in the Concentration Account and automatically initiate a federal funds wire transfer of all such funds not later than 11:30 a.m. (New York Time) on such business day to the account designated below, or to such other account as may be designated in writing from time to time by Administrative Agent (the "COLLECTION ACCOUNT"): Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company) New York, New York ABA No. 021001033 Account Name: Redwood Main Coxxxxxxxx Account Account No. 00386310 Reference: Avondale Funding, LXX # 00091 and (v) the Bank shall comply with such other instructions regarding the Blocked Accounts as directed by the Administrative Agent.
Sample 1
Control of Blocked Account. (a) The Blocked Account shall be maintained by Bank in the name of "Consolidated Energy, Inc."
Sample 1
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Control of Blocked Account. During the Activation Period (as defined below), the Blocked Account and any and all funds on deposit from time to time therein shall be under the sole dominion and control of Lender and neither Company, nor any other person or entity, through or under the Company, shall have any control over the use of, or any right to withdraw any amount from the Blocked Account. At all times other than during an Activation Period, Company may operate and transact business through the Blocked Account in the ordinary course of business, including making withdrawals from the Blocked Account, but covenants to Lender it will not close the Blocked Account, except as permitted under the Loan Agreement. Bank shall have no liability in the event Company breaches this covenant to Lender. A reasonable period of time following the commencement of the Activation Period, and continuing on each Business Day thereafter, until the end of the Activation Period Bank shall transfer all collected and available balances in the Blocked Account to Lender at its account (the “Collection Account”) at: Bank: Deutsche Bank Trust Company Americas Address: One Bankers Trust Plaza New York, New York ABA No. 000-000-000 Account No. 00-000-000 Account Name: GE Commercial Finance, Franchise Finance Reference No.: Contract 14727001
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Related to Control of Blocked Account

  • Control of Collateral Accounts To establish “control” of the Collateral Accounts by the Secured Party under Sections 9-104 and 9-106 of the UCC, the Financial Institution agrees to comply with any order or instruction from the Secured Party directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to a Collateral Account (a “Secured Party Order”) without the need for consent by the Grantor or any other Person.

  • Blocked Account The Blocked Account referred to in Section 2.10(c) hereof shall have been established to the satisfaction of FINOVA in its sole discretion;

  • Blocked Accounts Agent shall have received duly executed agreements establishing the Blocked Accounts or Depository Accounts with financial institutions acceptable to Agent for the collection or servicing of the Receivables and proceeds of the Collateral;

  • Establishment of a Lockbox Account, Dominion Account All proceeds of Collateral shall be deposited by Borrower into either (i) a lockbox account, dominion account or such other “blocked account” (“Blocked Accounts”) established at a bank or banks (each such bank, a “Blocked Account Bank”) pursuant to an arrangement with such Blocked Account Bank as may be selected by Borrower and be acceptable to Agent or (ii) depository accounts (“Depository Accounts”) established at Agent for the deposit of such proceeds. Borrower, Agent and each Blocked Account Bank shall enter into a deposit account control agreement in form and substance satisfactory to Agent directing such Blocked Account Bank, upon notice from Agent, to transfer such funds so deposited to Agent, either to any account maintained by Agent at said Blocked Account Bank or by wire transfer to appropriate account(s) of Agent. All funds deposited in such Blocked Accounts shall immediately become the property of Agent and Borrower shall obtain the agreement by such Blocked Account Bank to waive any offset rights against the funds so deposited. Neither Agent nor any Lender assumes any responsibility for such blocked account arrangement, including any claim of accord and satisfaction or release with respect to deposits accepted by any Blocked Account Bank thereunder. All deposit accounts and investment accounts of Borrower are set forth on Schedule 4.15(g). Notwithstanding anything to the contrary set forth in this Section 4.15(g), Borrower shall be permitted to deposit checks or other payments received at Borrower’s locations in the Ordinary Course of Business in deposit accounts which may not be subject to a blocked account or similar agreements; provided that, at no time shall Borrower have more than $50,000 in the aggregate in all such accounts which are not Blocked Accounts or Depository Accounts.

  • Deposit Account Control Agreement control agreement satisfactory to Agent executed by an institution maintaining a Deposit Account for an Obligor, to perfect Agent’s Lien on such account.

  • Deposit Account (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and the Certificateholders, the Deposit Account as provided in Section 5.01 of the Sale and Servicing Agreement.

  • Deposit Account Transactions (a) The Bank or its Subcustodians will make payments from the Deposit Account upon receipt of Instructions which include all information required by the Bank.

  • Concentration Account Concentration Account" has the meaning set forth in Section 2.3.

  • Deposit Account Control Agreements the Deposit Account control agreements to be executed by each institution maintaining a Deposit Account for an Obligor, in favor of Agent, for the benefit of Secured Parties, as security for the Obligations.

  • Dominion Account The ledger balance in the main Dominion Account as of the end of a Business Day shall be applied to the applicable Obligations at the beginning of the next Business Day, during any Dominion Trigger Period. If a credit balance results from such application, it shall not accrue interest in favor of Borrowers and shall be made available to Borrowers.

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