Borrower Control Agreement definition

Borrower Control Agreement means, with respect to a Fund Group, each Control Agreement among the applicable Borrower, the Administrative Agent and the applicable Account Bank, as the same may be amended, restated, amended and restated, supplemented or modified from time to time.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Borrower Control Agreement means an account control agreement relating to the Borrower’s bank accounts to be entered into among the Lender, the Borrower and the Borrower’s bank or financial institution.

Borrower Control Agreement means each deposit or securities account control agreement among (a) the Initial Borrower, (b) the Administrative Agent on behalf of the Secured Parties and (c) the depository bank or securities intermediary, each as the same may be amended, supplemented or modified from time to time, and for the avoidance of doubt the term “Borrower Control Agreement” shall not include any deposit or securities account control agreement a Borrower or any of its Subsidiaries may from time to time enter into with a swap counterparty and a depositary bank or securities intermediary for the purpose of holding collateral (together with, if applicable, interest and distributions thereon) in connection with any Swap Agreement. “Borrower Control Agreements” means, where the context requires, all such borrower control agreements, collectively.

Examples of Borrower Control Agreement in a sentence

• The Borrower shall promptly notify the Lender of any change in bank location or accounts, and shall at all times ensure that all its bank accounts remain subject to the Borrower Control Agreement.

• The Borrower shall promptly notify the Lender of any change in bank location or accounts, and shall at all times, following a request by the Lender for the establishment of a Borrower Control Agreement, ensure that all its bank accounts remain subject to the Borrower Control Agreement.

• If the Account Bank terminates the Borrower Control Agreement, the Borrower shall open a new collateral account that is subject to a new Borrower Control Agreement with a replacement Account Bank within thirty (30) days of the earlier of (i) such termination and (ii) the terminating Account Bank providing notice of its intent to terminate the Borrower Control Agreement.

• Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to the Borrower Control Agreement, the Pledge Agreements and the Mortgages to secure payment of sums secured by the Borrower Control Agreement, the Pledge Agreements and the Mortgages and not previously recovered.

• All stamp, intangible or other similar tax required to be paid under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of the Borrower Pledge Agreement, the Borrower Control Agreement or the UCC Financing Statement referred to in Section 9.1(a)(v) have been paid.

• With respect to the Borrower Collateral, the provisions of this Agreement, together with either (i) the Borrower Control Agreement or (ii) the Borrower Cash Collateral Account being held at Bank of America and titled for the benefit of the Collateral Agent, is effective to create in favor of Collateral Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien on the Borrower Collateral.

More Definitions of Borrower Control Agreement

Borrower Control Agreement means the Collateral Account Control Agreement dated the date hereof, among the Borrower, the Administrative Agent and The Bank of New York Mellon relating to the Surplus Account.

Borrower Control Agreement shall have the meaning set forth in Section 9.1(a)(ii) hereof.

Borrower Control Agreement means that certain Control Agreement, dated as of the date hereof, among the Borrower, the Collateral Agent and Custodian, in the form of Exhibit C-1.

Borrower Control Agreement means a deposit account control agreement among Borrower, Collateral Agent and Bank of America, as deposit bank, reasonably acceptable to the parties thereto, substantially in the form of Bank of America’s standard form of deposit account control agreement, pursuant to which Borrower shall grant control (within the meaning of Section 9-104 of the UCC of the State of New York) of the Borrower Cash Collateral Account to the Collateral Agent.

Borrower Control Agreement means the account control agreement relating to the Borrower’s bank accounts to be entered into between the Lender, the Borrower and BMO Bank of Montreal.