Control of Blocked Account Sample Clauses

Control of Blocked Account. The Blocked Account shall be under the sole dominion and control of Lender and shall be maintained by Bank in the name of "Method Products Corp." Notwithstanding anything set forth herein to the contrary, neither Company nor any other person or entity, through or under Company, shall have any control over the use of, or any right to withdraw any amount from, the Blocked Account.
Sample 1
AutoNDA by SimpleDocs
Control of Blocked Account. (a) The Blocked Account shall be maintained by Bank in the name of “Shelter Island Opportunity Fund Blocked Account for Corcell, Ltd.” (b) On receipt by Bank of a joint notice from Purchaser and Company stating that the conditions specified in the Securities Purchase Agreement for the release of funds from the Blocked Account have been satisfied, the funds that are then on deposit in the Blocked Account shall be debited by the Bank from the Blocked Account and released to the Company, or as designated by the Company, by wire transfer of such funds on the date specified, which date shall be no more than ten and not less than one business day after the date of such notice (a “Payment Date”). (c) Until release of the funds on deposit in the Blocked Account in accordance with Section 3(b), the Blocked Account shall be under the sole dominion and control of Purchaser and neither Company nor any other person or entity, through or under Company, shall have any control over the use of, or any right to withdraw any amount from, the Blocked Account.
Sample 1
Control of Blocked Account. In addition to the matters described in Section 2.4(b) above, the Control Agreement is also to provide that the Lender’s security interest in the Blocked Accounts is to be perfected by control for purposes of UCC §9-104(a)(2).
Sample 1
Control of Blocked Account. The Blocked Accounts shall be under the sole dominion and control of the Administrative Agent, for the benefit of the Collateral Agent, the Purchasers and itself, and Bank agrees to comply with instructions originated by the Administrative Agent without further consent by the Company or any other Person and neither the Company nor any other Person shall have any control over the use of, or any right to withdraw any amount from, any Blocked Account except as set forth in Sections 8, 9 and 10 below. Until the Bank receives a "Notice of Direction" (as described below), the Administrative Agent hereby authorizes the Bank to continue to accept instructions from the Company for the withdrawal, transfer or payment of funds from the Blocked Accounts and to maintain the Blocked Accounts in the name of "Avondale Funding, LLC". Once the Bank has received a written notice in the form attached hereto as Exhibit A (any such notice, a "NOTICE OF DIRECTION"), (i) the name of the holder of the Blocked Accounts shall be changed to "General Electric Capital Corporation, as Administrative Agent" (or such other name as specified by the Administrative Agent), (ii) neither the Company nor any other Person (other than the Administrative Agent) shall have any right to exercise any authority of any kind with respect to any Blocked Account or any Receipts, (iii) the Bank shall determine, on each business day, the balance of all collected funds on deposit in each Lockbox and Lockbox Account and transfer all funds to the Concentration Account, (iv) the Bank shall determine, on each business day, the balance of all funds on deposit in the Concentration Account and automatically initiate a federal funds wire transfer of all such funds not later than 11:30 a.m. (New York Time) on such business day to the account designated below, or to such other account as may be designated in writing from time to time by Administrative Agent (the "COLLECTION ACCOUNT"): Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company) New York, New York ABA No. 021001033 Account Name: Redwood Main Coxxxxxxxx Account Account No. 00386310 Reference: Avondale Funding, LXX # 00091 and (v) the Bank shall comply with such other instructions regarding the Blocked Accounts as directed by the Administrative Agent.
Sample 1
Control of Blocked Account. (a) The Blocked Account shall be maintained by Bank in the name of "Consolidated Energy, Inc." (b) On receipt by Bank of a joint notice from the Agent and the Company stating (i) that the conditions specified in the Securities Purchase Agreement for the release of funds from the Blocked Account have been satisfied, (ii) the amount of funds that are to be released from the Blocked Account, (iii) the name and wire transfer instructions of the person to whom the released funds are to be remitted and (iv) the date on which such funds are to be released, which date shall be no more than ten and not less than one business day after the date of such notice (a "Payment Date"), Bank shall debit the Blocked Account and remit to the person named in such notice the amount specified therein in accordance with the wire instructions specified therein. (c) From and after the date, if any, that notice (along with reasonable supporting documentation, including evidence of notice to the Company of such default) has been delivered to Bank by Agent (the "Activation Date") that a default has occurred under the Debentures, and until such time, if any, that the Agent shall have withdrawn such notice in writing, (i) the Blocked Account shall be under the sole dominion and control of Agent, subject to applicable law and the Bank's duties under the Agreement and (ii) neither Company nor any other person or entity, through or under Company, shall have any control over the use of, or any right to withdraw any amount from, the Blocked Account. (d) In the event that any certificate, written instruction or notice hereunder is delivered by facsimile transmission or by e-mail delivery of a ".pdf" format data file, such certificate or written instruction shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or ".pdf" signature page were an original thereof.
Sample 1
Control of Blocked Account. On or before the Closing Date, Borrowers, Agent, for the benefit of the Lender Group, and the Blocked Account Bank shall have entered into the Control Agreement with respect to the Blocked Account. In the Control Agreement, the Blocked Account Bank shall agree, among other things, that (i) all funds from time to time deposited into the Blocked Account and proceeds thereof are to be held by the Blocked Account Bank as agent or bailee-in-possession for Agent, for the benefit of the Lender Group, (ii) the Blocked Account Bank has no rights of setoff or recoupment or any other claim against such account, as the case may be, other than for payment of its service fees and other charges directly related to the administration of such account and for returned checks or other items of payment, in each case, as expressly set forth in the Control Agreement, and (iii) from and after the receipt of a notice (an “Activation Notice”) from Agent, Agent shall have exclusive dominion and control of the Blocked Account, to the exclusion of Borrowers, and the Blocked Account Bank shall forward immediately all amounts then on deposit in the Blocked Account to the Agent’s Account and shall commence the process of daily sweeps from the Blocked Account into the Agent’s Account. The parties hereto agree that notwithstanding Section 3(b) of the Control Agreement, Agent may deliver an Activation Notice to Blocked Account Bank at any time that (A) a Default or Event of Default has occurred and is continuing or (B) (1) Agent reasonably believes based upon information available to it that a Default or Event of Default has occurred, (2) Agent has delivered written notice to Borrowers identifying the purported Default or Event of Default and setting forth in reasonable detail Agent’s basis for believing that a Default or Event of Default has occurred and (3) within four days following delivery of such notice, Borrowers have not delivered to Agent evidence satisfactory to it that such Default or Event of Default has not occurred.
Sample 1
Control of Blocked Account. During the Activation Period (as defined below), the Blocked Account and any and all funds on deposit from time to time therein shall be under the sole dominion and control of Lender and neither Company, nor any other person or entity, through or under the Company, shall have any control over the use of, or any right to withdraw any amount from the Blocked Account. At all times other than during an Activation Period, Company may operate and transact business through the Blocked Account in the ordinary course of business, including making withdrawals from the Blocked Account, but covenants to Lender it will not close the Blocked Account, except as permitted under the Loan Agreement. Bank shall have no liability in the event Company breaches this covenant to Lender. A reasonable period of time following the commencement of the Activation Period, and continuing on each Business Day thereafter, until the end of the Activation Period Bank shall transfer all collected and available balances in the Blocked Account to Lender at its account (the “Collection Account”) at: Bank: Deutsche Bank Trust Company Americas Address: One Bankers Trust Plaza New York, New York ABA No. 000-000-000 Account No. 00-000-000 Account Name: GE Commercial Finance, Franchise Finance Reference No.: Contract 14727001
Sample 1
AutoNDA by SimpleDocs

Related to Control of Blocked 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;

  • 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 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.

  • Concentration Account (i) The Borrower has established the Concentration Account subject to a fully executed Concentration Account Agreement. The Borrower agrees that the Administrative Agent shall have exclusive dominion and control of the Concentration Account and all monies, instruments and other property from time to time on deposit therein. (ii) The Borrower (or the Servicer on Borrower’s behalf) has instructed all Collection Account Banks that on a daily basis all collected and available funds on deposit in each Collection Account are to be automatically transferred to the Concentration Account. The Concentration Account Bank has been instructed by the Borrower and the Servicer to automatically transfer all collected and available funds on deposit in the Concentration Account to the Agent Account on a daily basis. (iii) If, for any reason, the Concentration Account Agreement relating to the Concentration Account terminates or the Concentration Account Bank fails to comply with its obligations under such Concentration Account Agreement, then the Borrower shall promptly notify the Administrative Agent thereof and the Borrower, the Servicer or the Administrative Agent, as the case may be, shall instruct all Collection Account Banks who had previously been instructed to make wire payments to the Concentration Account maintained at any such Concentration Account Bank to make all future payments to a new Concentration Account in accordance with this Section 6.01(b)(iii). The Borrower shall not close the Concentration Account unless it shall have (A) received the prior written consent of the Administrative Agent, (B) established a new account with the same Concentration Account Bank or with a new depositary institution satisfactory to the Administrative Agent, (C) entered into an agreement covering such new account with such Concentration Account Bank or with such new depositary institution substantially in the form of the Concentration Account Agreement or that is satisfactory in all respects to the Administrative Agent (whereupon, for all purposes of this Agreement and the other Related Documents, such new account shall become the Concentration Account, such new agreement shall become a Concentration Account Agreement and any new depositary institution shall become the Concentration Account Bank), and (D) taken all such action as the Administrative Agent shall reasonably require to grant and perfect a first priority Lien in such new Concentration Account to the Lender under Section 7.01 of this Agreement. Except as permitted by this Section 6.01(b), the Borrower shall not, and shall not permit the Servicer to open a new Concentration Account without the prior written consent of the Administrative Agent.

  • 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.

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

  • Lockboxes A lockbox may be used in connection with the marketing of Property. There have been isolated instances of reported burglaries of homes on which lockboxes have been placed and for which the lockbox has been alleged to have been used to access the home. In order to minimize the risk of misuse of the lockbox, Broker recommends against the use of lockboxes on door handles that can be unscrewed from the outside or on other parts of the home from which the lockbox can be easily removed. Since others will have access to Property, Seller agrees to either remove all valuables, prescription drugs and/or keys, or put them in a secure place.

  • Collateral Accounts The Borrower agrees and confirms that (a) pursuant to the Collateral Agency Agreement, it has caused to be established at the Collateral Agent each of the Construction Account, Construction Payment Subaccount, Punchlist Retention Subaccount, the Operating Account, the Debt Service Reserve Account, the Debt Service Accrual Account, the Insurance Proceeds Account, the Income Tax Reserve Account, the Distribution Account and the Revenue Account, in each case in the name of the Collateral Agent and (b) it has instructed (or, on or before the effectiveness of each Project Document that is entered into after the date hereof, will instruct) each of the other parties to the Project Documents that all payments constituting Project Revenues due or to become due to the Borrower under or in connection with each such Project Document shall be made directly to the Collateral Agent for deposit to the Revenue Account in accordance with the terms of the Collateral Agency Agreement. If, notwithstanding the foregoing, any such payment or proceeds are remitted directly to the Borrower, the Borrower shall hold such funds in trust for the Collateral Agent and shall promptly remit such payments for deposit to the Revenue Account in accordance with the Collateral Agency Agreement. In addition to the foregoing, the Borrower agrees that if the proceeds of any Collateral hereunder (including the payments made in respect of the Collateral Accounts) shall be received by it, the Borrower shall as promptly as possible transfer such Proceeds to the Collateral Agent for deposit to the Reserve Account. Until so deposited, all such proceeds shall be held in trust by the Borrower for and as the property of the Collateral Agent and shall not be commingled with any other funds or property of the Borrower.

  • Control Account The Agent shall open and maintain on its books a control account in the name of the Borrower showing the advance of the Loan and the computation and payment of interest and all other sums due under this Agreement. The Borrower’s obligations to repay the Loan and to pay interest and all other sums due under this Agreement shall be evidenced by the entries from time to time made in the control account opened and maintained under this Clause 17.7 and those entries will, in the absence of manifest error, be conclusive and binding.

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that: (a) the Securities Intermediary has established the Collateral Account; (b) the Collateral Account is a securities account; (c) subject to the terms of this Agreement, the Securities Intermediary shall identify in its records the Collateral Agent as the entitlement holder entitled to exercise the rights that comprise any financial asset credited to the Collateral Account; (d) all property delivered to the Securities Intermediary pursuant to this Agreement, including any Applicable Ownership Interests in the Treasury Portfolio (as specified in clause (i) of the definition thereof) or Treasury Securities and the Permitted Investments, will be credited promptly to the Collateral Account; and (e) all securities or other property underlying any financial assets credited to the Collateral Account shall be (i) registered in the name of the Purchase Contract Agent and indorsed to the Securities Intermediary or in blank, (ii) registered in the name of the Securities Intermediary or (iii) credited to another securities account maintained in the name of the Securities Intermediary. In no case will any financial asset credited to the Collateral Account be registered in the name of the Purchase Contract Agent (in its capacity as such) or any Holder or specially indorsed to the Purchase Contract Agent (in its capacity as such) or any Holder, unless such financial asset has been further indorsed to the Securities Intermediary or in blank.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!