Blocked Collection Account definition
Examples of Blocked Collection Account in a sentence
Borrower and each Guarantor agrees that it will not commingle proceeds of Receivables with any other funds, and that no deposits will be made to the Blocked Collection Account or any Agency Account other than collections and proceeds of Receivables or proceeds of other Collateral.
The Loan Parties shall not be permitted to give instructions with respect to the Blocked Collection Account.
The Lender shall have received each Collateral Access Agreement and the Control Agreements with JPMorgan Chase as required by Section 2.09 hereof, a Springing Blocked Account Control Agreement with respect to the Springing Blocked Collection Account and any other Control Agreement required to be provided by the Effective Date pursuant to the Security Agreement.
All amounts from time to time deposited to the Blocked Collection Account or any Agency Account shall remain subject to Lender's security interests under this Agreement.
The Lender shall hold and apply funds received into the Springing Blocked Collection Account as provided herein below.
Each Borrower agrees that it will not commingle proceeds of Receivables with any other funds, and that no deposits will be made to a Blocked Collection Account other than collections and proceeds of Receivables.
All collected funds from collections and proceeds of Receivables from time to time deposited to a Blocked Collection Account shall be applied directly to the Obligations.
Borrowers shall have no right of withdrawal, transfer or access to any Blocked Collection Account, and all amounts from time to time deposited to a Blocked Collection Account shall remain subject to Lender's security interests under this Agreement.
From and after the Effective Date, the Loan Parties shall cause all Retained Equity Issuance Proceeds and any Net Cash Proceeds of any Excluded Equity Issuances described in clause (e) of the definition thereof to be deposited directly into the Blocked Collection Account.