The Blocked Accounts. (a) Each Collateral Related Account owned or maintained by the Borrower or any other Loan Party shall be maintained at a bank or financial institution which is reasonably acceptable to the Administrative Agent (each such bank, an “Approved Bank”). As of the Closing Date, each deposit account and securities account of each Loan Party is listed on Schedule 5.11(a) and such schedule designates which accounts are Collateral Related Accounts. Each Collateral Related Account maintained by a Loan Party (each such account, a “Blocked Account”) shall be subject to a Blocked Account Agreement. Each such Blocked Account Agreement shall provide, among other things, that from and after the Closing Date (or the date on which such Blocked Account Agreement becomes effective), the relevant Approved Bank, agrees, from and after the receipt of a notice (an “Activation Notice”) from the Administrative Agent (which Activation Notice may, or shall if directed by the Required Lenders, be given by the Administrative Agent at any time at which an Event of Default has occurred and is continuing), to forward immediately all amounts in each Collateral Related 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 Accounts. Subject to Section 6.22, on or before the Sixth Amendment Effective Date, and at all times thereafter:
The Blocked Accounts. (a) The Borrower Parties shall establish and maintain one or more deposit accounts at a financial institution as the Agent and Majority Lenders shall agree (in such capacity, the “Cash Management Bank”) and, within forty-five (45) days of the Agreement Date (or such later date as the Majority Lenders may agree in their sole discretion), the Cash Management Bank at which each Borrower Party maintains a deposit account (other than an Excluded Account) shall agree, and the Borrower Parties shall cause the Cash Management Bank to agree, to a Blocked Account Agreement governing all deposit accounts of the Borrower Parties (excluding Excluded Accounts). As of the Agreement Date, the Majority Lenders and Agent agree that Texas Capital Bank, National Association may be designated as the Cash Management Bank hereunder. Notwithstanding the above, Blocked Account Agreements shall not be required (including in respect of the Collection Account) in the event Majority Lenders determine one is not required given the terms and provisions of the applicable DIP Orders.
The Blocked Accounts. (i) The Grantor hereby transfers to the Lender the exclusive dominion and control of Blocked Account #2 effective the date hereof and Blocked Account #1 effective on the 30th day following the date hereof.
The Blocked Accounts. Bank represents and warrants to Agent that: (i) it maintains the Blocked Accounts for Company, (ii) Exhibit A is a statement or statements produced by Bank in the ordinary course of its business regarding the balance in each of the Blocked Accounts at the statement’s date, and it does not know of any inaccuracy in the statement(s); and (iii) Bank does not know of any claim to or interest in the Blocked Accounts, except for claims and interests of the parties referred to in this agreement.
The Blocked Accounts. (f) Each Collateral Related Account owned or maintained by the Borrower or any other Loan Party 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 Closing Date, each deposit account and securities account of each Loan Party is listed on Schedule 100 5.11(a) and such schedule designates which accounts are Collateral Related Accounts. Each Collateral Related Account maintained by a Loan Party (each such account, a “Blocked Account”) shall be subject to a Blocked Account Agreement; provided, that, the Journal Deposit Accounts shall not be required to be subject to a Blocked Account Agreement until January 1, 2016; provided, further, that any Journal Deposit Account that is closed prior to January 1, 2016 shall not be required to be subject to a Blocked Account Agreement. Each such Blocked Account Agreement shall provide, among other things, that from and after the Closing Date (or the date on which such Blocked Account Agreement becomes effective), the relevant Cash Management Bank, agrees, from and after the receipt of a notice (an “Activation Notice”) from the Administrative Agent (which Activation Notice may, or shall if directed by the Required Lenders, be given by the Administrative Agent at any time at which an Event of Default has occurred and is continuing), to forward immediately all amounts in each Collateral Related 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 Accounts. Each party hereto hereby agrees that each Blocked Account is a "deposit account" within the meaning of Article 9 of the Uniform Commercial Code. Bank has not agreed with any Person (other than the Persons party hereto and other than pursuant to agreements that have been previously terminated) and will not agree with any Person (other than the Administrative Agent) to comply with instructions or other directions concerning any Blocked Account or the disposition of any Receipts in any Blocked Account without the prior written consent of the Administrative Agent.
The Blocked Accounts. (a) Each Collateral Related Account owned or maintained by the Borrowers 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 Restatement Date, each deposit account and securities account of the Borrowers are listed on Schedule 5.16 and such schedule designates which accounts are Collateral Related Accounts. Each Collateral Related Account maintained by any Borrower shall be subject to a control agreement and lockbox agreements as the Administrative Agent may reasonably require (a “Blocked Account Agreement”), each in form and substance reasonably satisfactory to the Administrative Agent and such bank or financial institution (each such account, a “Blocked Account”). Each such Blocked Account Agreement shall provide, among other things, that from and after the Restatement 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 (unless otherwise directed by the Required Lenders) be given by the Administrative Agent at any time at which (i) an Event of Default has occurred and is continuing or (ii) after October 15, 2009, a 20% Triggering Event has occurred for three (3) consecutive Business Days (the foregoing being referred to herein as an “Activation Event”)), to forward immediately all amounts in each Collateral Related 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; provided, however, that after an Activation Event has occurred, if Excess Availability on each day during any period of forty-five (45) consecutive calendar days is greater than the lesser of (A) $30,000,000 or (B) twenty percent (20%) of the Aggregate Revolving Commitments, the Administrative Agent shall terminate the Activation Notice previously given; provided, further, that in the event that an Activation Event occurs more than twice in any twelve-month period, the Administrative Agent shall not thereafter be permitted to terminate any Activation Notices previously given and such Activation Event shall at all times thereafter continue to exist.
The Blocked Accounts. (a) The following “Blocked Account(s)” have been or will be established (and are so referred to herein):
The Blocked Accounts. (f) Each Collateral Related Account owned or maintained by the Borrower or any other Loan Party 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 Closing Date, each deposit account and securities account of each Loan Party is listed on Schedule 5.11 and such schedule designates which accounts are Collateral Related Accounts. Each Collateral Related Account maintained by a Loan Party (each such account, a “Blocked Account”) shall be subject to a Blocked Account Agreement. Each such Blocked Account Agreement shall provide, among other things, that from and after the Closing 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 may, or shall if directed by the Required Lenders, be given by the Administrative Agent at any time at which an Event of Default has occurred and is continuing), to forward immediately all amounts in each Collateral Related 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.
