Blocked Account Letter definition

Blocked Account Letter means a letter agreement in a form acceptable to the Collateral Agent, executed by the Debtor and the Collateral Agent and acknowledged and agreed to by the relevant Blocked Account Bank;
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Blocked Account Letter has the meaning specified in the Pledge and Security Agreement.
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Blocked Account Letter has the meaning assigned to such term in the Security Agreement.
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Examples of Blocked Account Letter in a sentence

  • Each such Blocked Account bank shall agree to the Agent's standard Blocked Account Letter or such variation thereof as shall be mutually satisfactory to the Agent and such bank.

  • Lender agrees that it will not give a "Default Notice", as defined in the Blocked Account Letter, until an Event of Default has occurred.

  • Upon establishment of the Reserve Account, Borrower shall sign a "blocked account" letter in the form attached hereto as Exhibit A (the "Blocked Account Letter") for delivery to the Reserve Agent directing the Reserve Agent to disburse funds from the Reserve Account as provided therein and in the Acknowledgment and Authorization which is a part of the Block Agreement Letter.

  • All cash, cash equivalents, checks, notes, drafts or similar items of payment received by the Borrower otherwise than as provided elsewhere in this Section 5.15(b) shall be deposited into the Clearing Account, the Blocked Account or an account which pursuant to Section 5.15(d) hereof is subject to a Blocked Account Letter.

  • Lender and Borrower each shall be a signatory to the Reserve Account, and each shall have the right to withdraw funds from the Reserve Account without the signature of the other only as provided in the Blocked Account Letter (hereinafter defined).


More Definitions of Blocked Account Letter

Blocked Account Letter means a letter agreement, in substantially the form of EXHIBIT P (with such changes as may be agreed to by the Agent), executed by the Borrower and/or any Subsidiary and acknowledged and agreed to by a depository bank.
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Blocked Account Letter means a letter agreement, substantially in the form of Exhibit K (with such changes thereto as may be agreed to by the Administrative Agent), executed by the relevant Grantor and the Administrative Agent and acknowledged and agreed to by the relevant Blocked Account Bank.
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Blocked Account Letter has the meaning specified in the Canadian Security Agreement (or, if such defined term is used with respect to or otherwise applicable to a U.S. Loan Party, specified in the U.S. Pledge and Security Agreement).
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Blocked Account Letter means the letter agreement, dated August 17, 1994, executed by the Borrower and the Agent and acknowledged and agreed to by PNC Bank, National Association, as such letter agreement may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof.
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Blocked Account Letter has the meaning specified in the U.S. Security Agreement.
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Blocked Account Letter means a Blocked Account Letter, substantially in the form of Exhibit B (with such changes thereto as may be agreed to by the Collateral Agent), executed by the relevant U.S. Grantor and the Collateral Agent and acknowledged and agreed to by the relevant Blocked Account Bank.
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Blocked Account Letter means that certain Blocked Account Letter ------------------------ substantially in the form attached hereto as Exhibit A. -----------
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