Borrower Blocked Account Agreement means each agreement specified in Section 7.32(c).

Borrower Blocked Account Agreement means an agreement among the Borrower, the Administrative Agent and a bank or financial institution that provides, among other things, that (a) all items of payment deposited in the Borrower Account are held by the Borrower Blocked Account Bank as custodian for GE Capital, as Administrative Agent, (b) the Borrower Blocked Account Bank has no rights of setoff or recoupment or any other claim against the Borrower Account, as the case may be, other than for payment of its service fees and other charges directly related to the administration of the Borrower Account and for returned checks or other items of payment and (c) upon the giving of a Notice of Direction (as defined in the Borrower Blocked Account Agreement) by the Administrative Agent to such Borrower Blocked Account Bank, such Borrower Blocked Account Bank agrees to forward all amounts received in the Borrower Account to an account of the Administrative Agent within one Business Day of receipt, and is otherwise in form and substance acceptable to the Administrative Agent, as amended, restated, supplemented or otherwise modified from time to time.

Borrower Blocked Account Agreement means each agreement specified in SECTION 7.32(C).

Examples of Borrower Blocked Account Agreement in a sentence

The Borrower Account and all amounts on deposit therein shall at all times be subject to a valid Borrower Blocked Account Agreement.
The Administrative Agent agrees that it shall not give a Notice of Direction (as such term is defined in the Borrower Blocked Account Agreement) to the Borrower Blocked Account Bank unless (i) the Originator has given an Election Notice in accordance with Section 2.01(d) of the Sale and Contribution Agreement or (ii) an Incipient Termination Event or a Termination Event has occurred.
The Administrative Agent agrees that it shall not give a Notice of Direction (as such term is defined in the Borrower Blocked Account Agreement) to the Borrower Blocked Account Bank unless an Incipient Termination Event or a Termination Event has occurred.

More Definitions of Borrower Blocked Account Agreement

Borrower Blocked Account Agreement means each blocked accounts control agreement dated on or around the date of this Agreement regarding securities accounts and bank accounts of the Borrower.

Account Agreement means the agreements for the operation of the Account.
Concentration Account Agreement as defined in subsection 4.16(b).
Collection Account Agreement means an agreement substantially in the form of Exhibit VI among Originator, Seller, the Agent and a Collection Bank.
Securities Account Control Agreement shall have the meaning ascribed thereto in the Sale and Servicing Agreement.
Account Control Agreement means the Account Control Agreement relating to the Accounts, dated as of the Closing Date, among the Borrower, the Servicer, the Administrative Agent and the Account Bank.