Blocked Cash definition

Blocked Cash means cash of the Loan Parties on deposit with the Administrative Agent in a separate blocked account and subject to an account control agreement satisfactory to the Administrative Agent.

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Blocked Cash means, as of any date of determination, (i) with respect to any Cash or Cash Equivalents maintained in Canada, the amount of unrestricted Cash and Cash Equivalents of the Canadian Guarantors maintained in a deposit account which is subject to a tri-party blocked account agreement and provides Agent with perfected first-priority Lien on such account and the contents thereof and grants Agent sole dominion and control over such account; provided, however, Blocked Cash maintained in Canada shall not at any time exceed the lesser of (a) $15,000,000 or (b) one-third (33%) of the trailing-three month sales for the Canadian Guarantors, calculated as of the most recently ended Fiscal Month and (ii) with respect to any Cash or Cash Equivalents maintained in the United Kingdom, the amount of unrestricted Cash and Cash Equivalents of the U.K. Guarantors maintained in a deposit account which is subject to a tri-party blocked account agreement that provides Agent with perfected first-priority Lien on such account and the contents thereof and grants Agent sole dominion and control over such account; provided, however, Blocked Cash maintained in the United Kingdom shall not at any time exceed the lesser of (y) $30,000,000 or (z) one-third (33%) of the trailing-three month sales for the U.K. Guarantors, calculated as of the most recently ended Fiscal Month.

Blocked Cash means, at any time, the amount of funds deposited in a non-interest bearing deposit account maintained by any Borrower with Bank One (or an Affiliate of Bank One) in which the Agent, for the benefit of the Holders of Secured Obligations, has a perfected security interest pursuant to a account control agreement among such Borrower, Bank One (or such Affiliate) and the Agent, in form and substance satisfactory to the Agent.

Examples of Blocked Cash in a sentence

On the Effective Date, H▇▇▇▇▇ agrees to authorize the release of $4,000,000 of Blocked Cash from the Blocked Account.
Notwithstanding the foregoing, in no event shall the Holder be required to authorize the release of any Blocked Cash during any time that a Conversion Failure has occurred and is continuing, the Company has otherwise not timely honored any outstanding Conversion Notice, the Company breaches this Amendment in a material respect, or at any time that an Event of Default under Sections 4(a)(iv), (vi), (vii), (ix), (x), (xi), (xviii) of the Note (the “Specified Defaults”) has occurred and is continuing.
After the occurrence of a Trigger 1 Event or a Trigger 2 Event, all future Advances (including for the issuance of a Letter of Credit) shall require Borrower to deposit additional funds in a Blocked Cash Collateral Account to comply with the requirements for Cash Collateralization above based upon the new outstanding principal balance of the Obligations after giving effect to the new Advance.
Notwithstanding the foregoing, Bank will allow the withdrawal of amounts deposited in a Blocked Cash Collateral Account pursuant to the occurrence of a Trigger 1 Event upon Borrower providing two (2) consecutive Compliance Certificates reporting an Adjusted Quick Ratio of greater than 1.50 to 1.00.
Any amounts deposited in a Blocked Cash Collateral Account as required under this Section shall remain in such Blocked Cash Collateral Account until the Obligations have been paid in full and Bank’s obligation to make further Advances (if any) has been terminated.

More Definitions of Blocked Cash

Blocked Cash means, as of any date of determination, with respect to any Cash or Cash Equivalents maintained in Canada, the amount of unrestricted Cash and Cash Equivalents of the Canadian Guarantors maintained in a deposit account which is subject to a tri-party blocked account agreement and provides Agent with perfected first-priority Lien on such account and the contents thereof and grants Agent sole dominion and control over such account.” “‘Material Contract’ means, collectively, any contract or other arrangement to which Holdings or any of its Subsidiaries is a party (other than the Credit Documents) for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect, and including, in any event each contract or agreement to which Holdings or any of its Subsidiaries is a party involving aggregate consideration payable to or by Holdings or such Subsidiary of $5,000,000 or more (other than purchase orders in the ordinary course of the business of Holdings or such Subsidiary and other than contracts that by their terms may be terminated by Holdings or such Subsidiary in the ordinary course of its business upon less than 60 days’ notice without penalty or premium), and including, without limitation, the ▇▇▇▇▇▇▇▇ Purchase Agreement, the Canadian Purchase Agreement and the UK Purchase Agreement, and all documents executed or delivered in connection with any of the foregoing.”

Blocked Cash means, as of any date of determination, (i) with respect to any Cash or Cash Equivalents maintained in Canada, the amount of unrestricted Cash and Cash Equivalents of the Canadian Guarantors maintained in a deposit account which is subject to a tri-party blocked account agreement and provides Agent with perfected first-priority Lien (subject to Prior Statutory Claims) on such account and the contents thereof and grants Agent sole dominion and control over such account; provided, however, Blocked Cash maintained in Canada shall not at any time exceed the lesser of (a) $15,000,000 or (b) one-third (33%) of the trailing-three month sales for the Canadian Guarantors, calculated as of the most recently ended Fiscal Month and (ii) with respect to any Cash or Cash Equivalents maintained in the United Kingdom, the amount of unrestricted Cash and Cash Equivalents of the U.K. Guarantors maintained in a deposit account which is subject to a tri-party blocked account agreement that provides Agent with perfected first-priority Lien on such account and the contents thereof and grants Agent sole dominion and control over such account; provided, however, Blocked Cash maintained in the United Kingdom shall not at any time exceed the lesser of (y) $30,000,000 or (z) one-third (33%) of the trailing-three month sales for the U.K. Guarantors, calculated as of the most recently ended Fiscal Month.