Blocked Account Agreement definition

Blocked Account Agreement means with respect to a deposit account established by a Loan Party, an agreement, in form and substance reasonably satisfactory to the Collateral Agent, establishing control (as defined in the UCC) of such account by the Collateral Agent and whereby the bank maintaining such account agrees, upon the occurrence and during the continuance of a Dominion Trigger Event, to comply only with the instructions originated by the Collateral Agent without the further consent of any Loan Party.
Blocked Account Agreement means an agreement among the Borrower, the Agent and a Clearing Bank, in form and substance satisfactory to the Agent, concerning the collection of payments which represent the proceeds of Accounts or of any other Collateral.
Blocked Account Agreement has the meaning assigned to such term in Section 2.21(a).

Examples of Blocked Account Agreement in a sentence

Each Blocked Account shall at all times be subject to a Blocked Account Agreement.

Except as provided in Section 5.01(j) hereof or as may be required by the Administrative Agent pursuant to the last sentence of Section 6.02(b), no Borrower Party will deposit or otherwise credit, or cause or permit to be so deposited or credited, any Collections or proceeds thereof to any lock-box account or to any other account not covered by a Blocked Account Agreement.

Enter into a Blocked Account Agreement with respect to each Deposit Account of any Credit Party.

Notwithstanding the foregoing, the Servicer shall be entitled to reimburse itself out of Collections for any amounts paid by it to [*] pursuant to Section 8 of the Blocked Account Agreement in respect of chargebacks relating to cheques, drafts and other payment items dishonoured or otherwise returned for insufficient funds.

Each Borrower expects to derive benefit, directly or indirectly, from the handling of the Funding Accounts, Collection Account, any account subject to a Blocked Account Agreement and the Collateral in a combined fashion since the successful operation of each Borrower is dependent on the continued successful performance of the integrated group.


More Definitions of Blocked Account Agreement

Blocked Account Agreement. An Agreement, in form satisfactory to the Agent, which Agreement recognizes the Agent’s Collateral Interest in the contents of the DDA which is the subject of such Agreement and agrees that such contents shall be transferred only to the Concentration Account or as otherwise instructed by the Agent.
Blocked Account Agreement has the meaning provided in SECTION 2.18(c).
Blocked Account Agreement means any agreement executed by a depository bank or securities intermediary and the Administrative Agent, for the benefit of the Lender Group, and acknowledged and agreed to by the applicable Borrower Party, in form acceptable to the Administrative Agent in its sole discretion.
Blocked Account Agreement means an agreement among one or more of the Loan Parties, the Collateral Agent, and a Clearing Bank, in form and substance reasonably satisfactory to the Collateral Agent, concerning the collection of payments which represent the proceeds of Accounts and other Collateral of a Loan Party.
Blocked Account Agreement shall have the meaning assigned to such term in Section 5.11(a).
Blocked Account Agreement has the meaning provided in Section 6.13(a)(ii).
Blocked Account Agreement means a deposit account control agreement among the SPV, the Agent and a Blocked Account Bank, in form and substance reasonably acceptable to the Agent.