Blocked Account Agreements. The Blocked Account Agreements are effective to grant to Collateral Agent for the benefit of Lenders an enforceable first priority Security Interest in the Blocked Accounts.
Blocked Account Agreements. The Collateral Agent shall have received, in form and substance satisfactory to the Agents, duly executed Blocked Account Agreements with respect to the Operating Account (subject to the terms of Section 5.12) and each other deposit account of the Loan Parties (other than the Excluded Accounts);
Blocked Account Agreements. Executed copies of each of the Blocked Account Agreements.
Blocked Account Agreements. (a) Each deposit account and securities account owned or maintained by the Borrower Parties (other than an Excluded Deposit Account) shall be maintained at a bank or financial institution which is reasonably acceptable to the Administrative Agent (each such bank, a “Cash Management Bank”). As of the Agreement Date, each deposit account and securities account of the Borrower Parties are listed on Schedule 6.15 and such schedule designates which accounts are deposit accounts. Except with respect to Excluded Accounts or with the prior written consent of the Administrative Agent, each deposit account and securities account maintained by any Borrower Party shall be subject to a control agreement in form and substance satisfactory to the Administrative Agent and such bank or financial institution (each such account, a “Blocked Account Agreement”). Each such Blocked Account Agreement shall provide, among other things, that from and after the Agreement Date, the relevant Cash Management Bank, agrees, from and after the receipt of a notice (an “Activation Notice”) from the Administrative Agent (which Activation Notice shall be given by the Administrative Agent at any time at which (i) an Event of Default has occurred and is continuing or (ii) Availability for three (3) consecutive Business Days is less than the greater of (A) $26,250,000 and (B) fifteen percent (15%) of the amount of the Revolving Loan Commitment then outstanding (the foregoing being referred to herein as an “Activation Event”)), to forward immediately all amounts in each deposit account or securities account, as the case may be to the Administrative Agent per its instructions and to commence the process of daily sweeps from such account to the Administrative Agent.
Blocked Account Agreements. The Company shall, within sixty (60) days after the date hereof, enter into control agreements (each a “Blocked Account Agreement”), with the Term Collateral Agent and any bank with which the Company maintains a Deposit Account, to the extent required pursuant to Section 2.21 of the ABL Credit Agreement.
Blocked Account Agreements. Lender shall have received the fully executed Blocked Account Agreements in form and content acceptable to Lender.
Blocked Account Agreements. Fully executed triparty agreements among Agent, Borrowers and each Relationship Bank and Concentration Account Bank, in form and substance satisfactory to Agent.
Blocked Account Agreements. At any time a Cash Sweep Period exists, any bank or securities intermediary at which any Blocked Account is maintained shall fail to comply with any of the material terms of any Blocked Account Agreement with respect to such Blocked Account to which such bank or securities intermediary is a party in any case for a period of more than five (5) Business Days.
Blocked Account Agreements. The Blocked Account Agreements, duly executed and delivered, respectively, by (i) BAC, Bloomfield Servicing and Bank One, (ii) MHFC, Bloomfield Servicing and Bank One; and (iii) Dynex and Bank One;
Blocked Account Agreements. (a) Each deposit account and securities account owned or maintained by the Borrower Parties (other than an Excluded Deposit Account) shall be maintained at a bank or financial institution which is reasonably acceptable to the Administrative Agent (each such bank, a “Cash Management Bank”). As of the Agreement Date, each deposit account and securities account of the Borrower Parties is listed on Schedule 6.14 and such schedule designates which accounts are deposit accounts. Except with respect to Excluded Accounts or with the prior written consent of the Administrative Agent, each deposit account and securities account maintained by any Borrower Party shall be subject to a control agreement in form and substance satisfactory to the Administrative Agent and such bank or financial institution (each such account, a “Blocked Account Agreement”); provided, that, with respect to any deposit account or securities account opened or acquired by the Borrower Parties after the Agreement Date (other than any Excluded Deposit Account), the Borrower Parties shall have a period of forty-five (45) days (or such longer period as the Administrative Agent shall permit in writing in its sole discretion) after such opening or acquisition to execute and deliver any such required Blocked Account Agreement. Each such Blocked Account Agreement shall provide, among other things, that from and after the Agreement Date, the relevant Cash Management Bank, agrees, from and after the receipt of a notice (an “Activation Notice”) from the Administrative Agent (which Activation Notice shall be given by the Administrative Agent at any time at which (i) an Event of Default has occurred and is continuing or (ii) Excess Availability for three (3) consecutive Business Days is less than the greater of (A) $23,500,000 and (B) ten percent (10%) of Availability (the foregoing being referred to herein as an “Activation Event”)), to forward immediately all amounts in each deposit account or securities account, as the case may be to the Administrative Agent per its instructions and to commence the process of daily sweeps from such account to the Administrative Agent.
