Account Control Agreement; Blocked Accounts Sample Clauses

Account Control Agreement; Blocked Accounts. As of the date hereof, the Parent and its Subsidiaries shall have established or designated all of the deposit accounts they maintain for the purpose of collecting the Accounts, cash revenues, cash receipts, receivables and/or through which payments or other proceeds in respect of receivables from any source or activity may flow as blocked accounts pursuant to the Account Control Agreement dated the date hereof by the Company, the Secured Party and the bank at which such account is maintained (the “Blocked Account Bank”) (the “Blocked Accounts”). From the date hereof until the Obligations have been fully paid and satisfied or the Convertible Debentures have been fully converted, the Parent and each other Company shall cause to be transferred to the Concentration Account at the end of each Business Day the available balances of the Concentration Account (the “Blocked Account”), net of disbursements paid in the ordinary course of business during each Business Day. The Secured Party directs and provides the Secured Party such control over the Blocked Accounts under the Account Control Agreement until the earlier of the Event of Default being cured or repayment of the Obligations. Upon an Event of Default the Secured Party shall direct such Blocked Account Bank, upon notification by the Secured Party of an Event of Default as defined herein, to transfer such funds deposited into the Blocked Accounts either to any account maintained by the Secured Party at such Blocked Account Bank or by wire transfer to appropriate account(s) the Secured Party directs. Upon an Event of Default all funds deposited in such Blocked Accounts shall immediately become the property of the Secured Party and the parties hereto shall obtain the agreement by such Blocked Account Bank to waive any offset rights against the funds so deposited.
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Related to Account Control Agreement; Blocked Accounts

  • Account Control Agreements Account Control Agreements for all of Borrower’s deposit accounts and accounts holding securities duly executed by all of the parties thereto, in the forms provided by or reasonably acceptable to Lender.

  • Deposit Account Control Agreement control agreement satisfactory to Agent executed by an institution maintaining a Deposit Account for an Obligor, to perfect Agent’s Lien on such account.

  • Deposit Account Control Agreements the Deposit Account control agreements to be executed by each institution maintaining a Deposit Account for an Obligor, in favor of Agent, for the benefit of Secured Parties, as security for the Obligations.

  • Control Agreement A control agreement (the “Custodian Control Agreement”), duly executed and delivered by the Borrower, the Administrative Agent and State Street Bank and Trust Company.

  • Account Agreement Lender shall have received the original of the Account Agreement executed by each of Cash Management Bank and Borrower.

  • Control Agreements Borrower agrees that it will not transfer assets out of any Securities Accounts other than as permitted under Section 7.19 and, if to another securities intermediary, unless each of Borrower, Lender, and the substitute securities intermediary have entered into a Control Agreement. No arrangement contemplated hereby or by any Control Agreement in respect of any Securities Accounts or other Investment Property shall be modified by Borrower without the prior written consent of Lender. Upon the occurrence and during the continuance of a Default or Event of Default, Lender may notify any securities intermediary to liquidate the applicable Securities Account or any related Investment Property maintained or held thereby and remit the proceeds thereof to the Lender's Account.

  • Blocked Accounts Agent shall have received duly executed agreements establishing the Blocked Accounts or Depository Accounts with financial institutions acceptable to Agent for the collection or servicing of the Receivables and proceeds of the Collateral;

  • Linked Accounts All accounts with the Bank that you enroll in a service will be linked by the tax identification numbers of the persons authorized to access the account. The linked accounts will appear together without regard to the ownership of the accounts. For example, if an authorized user of a linked account accesses the Service, that authorized user will be able to view and access at a single time the following accounts: • the accounts of the business for which that person is an authorized user; • the accounts of any other business for which that person is an authorized user; and • any consumer accounts for which the person is a co-owner or authorized signer.

  • Deposit Account If you are issued a secured Card, you have signed or will be required to sign a separate security agreement pledging a specific, non-withdrawable portion of your shares and/or deposits in BECU to secure your Card. The amount of the security for such a Card is the amount of your credit limit and you may not have any access to or control of that amount.

  • Depository Accounts Except to the extent that Manager has not complied with its obligations under Sections 2.4 and 5.2, Owner and Manager agree that Manager shall have no liability for loss of funds of Owner contained in the bank accounts for the Property maintained by Owner or Manager pursuant to this Agreement due to insolvency of the bank or financial institution in which its accounts are kept, whether or not the amounts in such accounts exceed the maximum amount of federal or other deposit insurance applicable with respect to the financial institution in question.

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