Blocked Account Agreement definition

Blocked Account Agreement means an agreement among the Borrower, the Agent and a Clearing Bank, in form and substance satisfactory to the Agent, concerning the collection of payments which represent the proceeds of Accounts or of any other Collateral.

Blocked Account Agreement has the meaning assigned to such term in Section 2.21(a).

Blocked Account Agreement means with respect to a deposit account or Securities Account established by a Loan Party, an agreement, in form and substance reasonably satisfactory to the Agent, establishing control (within the meaning of Section 9-104 or Section 8-106 of the UCC, as applicable) of such deposit account or Securities Account by the Agent and whereby the bank or intermediary maintaining such deposit account or Securities Account agrees, upon the occurrence and during the continuance of Cash Dominion Events, to comply only with the instructions originated by the Agent without the further consent of any Loan Party.

Examples of Blocked Account Agreement in a sentence

• Each Blocked Account shall at all times be subject to a Blocked Account Agreement.

• Except as provided in Section 5.01(j) hereof or as may be required by the Administrative Agent pursuant to the last sentence of Section 6.02(b), no Borrower Party will deposit or otherwise credit, or cause or permit to be so deposited or credited, any Collections or proceeds thereof to any lock-box account or to any other account not covered by a Blocked Account Agreement.

• Enter into a Blocked Account Agreement with respect to each Deposit Account of any Credit Party.

• Notwithstanding the foregoing, the Borrower shall not be obligated to subject the Restricted Cash Deposit Account to a Blocked Account Agreement.

• Each Collateral Related Account maintained by a Loan Party (each such account, a “Blocked Account”) shall be subject to a Blocked Account Agreement.

More Definitions of Blocked Account Agreement

Blocked Account Agreement shall have the meaning assigned to such term in Section 5.11(a).

Blocked Account Agreement means with respect to an account established by a Loan Party, an agreement, in form and substance reasonably satisfactory to the Agent, establishing control (as defined in the UCC) of such account by the Agent and whereby the bank maintaining such account agrees, upon the occurrence and during the continuance of a Cash Dominion Event, to comply only with the instructions originated by the Agent without the further consent of any Loan Party.

Blocked Account Agreement shall have the meaning provided in Section 9.15(a).

Blocked Account Agreement as defined in Subsection 4.16(b)(iii).

Blocked Account Agreement means the Administrative Agent’s standard blocked account agreement (or similar agreement) signed by the Borrower relating to the Commercial Blocked Account, the Government Blocked Account, and payments on all such Accounts, as the same may be modified, supplemented, restated or amended from time to time, all of the foregoing which must be in form and substance reasonably acceptable to the Administrative Agent.

Blocked Account Agreement has the meaning provided in Section 6.19(d)(ii)(B).

Blocked Account Agreement means a deposit account control agreement among the SPV, the Agent and a Blocked Account Bank, in form and substance reasonably acceptable to the Agent.