Blocked Account. The Blocked Account referred to in Section 2.10(c) hereof shall have been established to the satisfaction of FINOVA in its sole discretion;
Blocked Account. Borrowers shall direct all of their Account Debtors to make all payments on the Accounts that are made by (a) check directly to a mailing address designated by, and under the exclusive control of, Administrative Agent, at Administrative Agent or a financial institution acceptable to Administrative Agent and (b) wire transfer to an account under the exclusive control of Administrative Agent, at Administrative Agent or a financial institution acceptable to Administrative Agent; provided, that with respect to payments made by check, with the consent of Administrative Agent, Borrowers may collect payments and remotely scan such checks to Administrative Agent in a manner satisfactory to Administrative Agent (“Remote Scanning”) on a daily basis as such checks are received. Borrowers shall establish one or more account(s) (the “Lockbox Account”) in Borrowers’ name, for the benefit of Administrative Agent, with Administrative Agent or a financial institution acceptable to Administrative Agent, into which all payments received in the Lockbox shall be deposited, and into which Borrowers will immediately deposit all payments received by Borrowers on Accounts in the identical form in which such payments were received, whether by cash or check. If Borrowers, any Affiliate or Subsidiary, any shareholder, officer, director, employee or agent of Borrowers or any Affiliate or Subsidiary, or any other Person acting for or in concert with Borrowers shall receive any monies, checks, notes, drafts or other payments relating to or as Proceeds of Accounts or other Collateral, Borrowers and each such Person shall receive all such items in trust for, and as the sole and exclusive property of, Administrative Agent and, immediately upon receipt thereof, shall remit the same (or cause the same to be remitted) in kind to the Lockbox Account in a manner satisfactory to Administrative Agent including by Remote Scanning. The financial institution with which the Lockbox Account is established shall acknowledge and agree, in a manner satisfactory to Administrative Agent, that the checks, instruments, and other property in such Lockbox and Lockbox Account are the sole and exclusive property of Administrative Agent, that such financial institution will follow the instructions of Administrative Agent with respect to disposition of funds in the Lockbox and Lockbox Account without further consent from the Borrowers, and that the financial institution will not accept, and Administrative Agent wi...
Blocked Account. On or before the Closing Date and until all Obligations have been fully and finally paid., Borrower shall establish a blocked account with Lender (“Blocked Account”), and deposit and/or shall cause to be deposited directly into such Blocked Account all payments swept from the Trust Account in a manner consistent with the Cash Management System.
Blocked Account. (a) The US Borrower hereby grants to the Administrative Agent, for the ratable benefit of the Lenders, a security interest in the Blocked Account, as collateral security for the prompt and complete payment and performance when due of the US Obligations. The Administrative Agent shall have all rights and remedies of a secured party with respect to such collateral security under the Uniform Commercial Code.
Blocked Account. (i) As collateral security for the prompt payment in full when due of all Obligations, the Borrower hereby pledges and grants to the Administrative Agent, for the ratable benefit of the Lenders, a security interest in all of its right, title and interest in and to the Blocked Account and the balances from time to time in the Blocked Account. Anything in this Agreement to the contrary notwithstanding, funds held in the Blocked Account shall be subject to withdrawal and disbursement only as provided in this Section.
Blocked Account. The Borrower shall have established the Blocked Account and shall maintain funding therein in the amount of the Revolving Credit Loans outstanding.
Blocked Account. Borrower will cause all Gross Revenues (other than tenant security deposits, which shall be deposited directly into the Security Deposit Account) to be deposited to the Blocked Account and shall give irrevocable notices to account debtors of Borrower or the Project (other than residential tenants) to make all payments made by wire transfer, directly to the Blocked Account. So long as no Event of Default has occurred under this Agreement or any of the other Loan Documents, Borrower will disburse funds from the Blocked Account in the following order of priority:
Blocked Account. The Borrower shall have opened the Blocked Account and have delivered to the Lender the Blocked Account Agreement executed by the Borrower and the Bank and the Security Agreement-Blocked Account, executed by the Borrower.
Blocked Account. Agent shall have received (i) duly executed agreements establishing a Blocked Account with Lender for the collection or servicing of the Receivables and the proceeds of the other Collateral, and (ii) evidence that each Borrower has instructed all of its Customers to remit all payments on account of such Borrower's Receivables to such Blocked Account;
Blocked Account. Borrower shall establish the Blocked Account and execute and deliver to Lender, and cause Blocked Account Bank to execute and deliver to Lender, the Control Agreement, in form and substance reasonably satisfactory to Lender within fifteen (15) days after the Effective Date.
