ESTABLISHMENT OF BLOCKED ACCOUNTS Sample Clauses

ESTABLISHMENT OF BLOCKED ACCOUNTS. In the event that a Borrower or any of its Subsidiaries has failed to establish a Blocked Account or Blocked Accounts pursuant to subsection 2.9 as of the Closing Date, such Borrower shall, or shall cause such Subsidiary to, establish any and all Blocked Accounts required to be established under this Agreement or by Administrative Agent (x) in the case of any such Borrower or any such Subsidiary other than Xxxx France, no later than forty-five days after the Closing Date (or such greater number of days up to a maximum of forty-five additional days as may be agreed to by Administrative Agent in its sole discretion) and (y) in the case of Xxxx France, no later than September 30, 1997. During the period prior to the establishment of the Blocked Account or Blocked Accounts to the satisfaction of Administrative Agent, in the event that such Borrower or such Subsidiary receives any checks, cash, notes and other instruments representing payment of an Account, such Borrower shall, or shall cause such Subsidiary to, as soon as practicable (and in any event within one Business Day) after receipt thereof, deposit or cause to be deposited such item or items in an Account approved by and satisfactory to Administrative Agent. Such Borrower shall not, or shall not permit such Subsidiary to, remove such deposited funds without promptly notifying and obtaining the consent of Administrative Agent.
Sample 1
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ESTABLISHMENT OF BLOCKED ACCOUNTS. The Borrowers shall have established the Maverick ULC Blocked Account and the International Holdings Blocked Account with the Administrative Agent.
Sample 1
ESTABLISHMENT OF BLOCKED ACCOUNTS. All proceeds of Collateral of the Company shall be deposited by the Company into either (x) Blocked Accounts established at a Blocked Account Bank pursuant to an arrangement with such Blocked Account Bank as may be selected by Secured Party and be reasonably acceptable to Secured Party or (y) Depository Accounts established at the Secured Party for the deposit of such proceeds. The Company, Secured Party and each Blocked Account Bank shall enter into a deposit account control agreement or blocked account agreement in form and substance reasonably satisfactory to Secured Party, directing such Blocked Account Bank, upon and following the occurrence of an Activation Event, in accordance with the terms of the applicable Activation Notice, to transfer in immediately available funds, on a daily basis, all such funds so deposited to Secured Party, either to any account maintained by Secured Party at said Blocked Account Bank or by wire transfer to appropriate account(s) of Secured Party. The Company will promptly deposit and direct its account debtors that remit payments by electronic funds transfers to directly remit, all payments constituting accounts and all payments constituting proceeds of Collateral in the identical form in which such payments are made, whether by cash, cheque or other manner into such Blocked Accounts as appropriate. All funds deposited in such Blocked Accounts shall immediately become the property of Secured Party for the rateable benefit of the Lenders and the Company shall obtain the agreement by such Blocked Account Bank to waive any offset rights against the funds so deposited. Each agreement with respect to a Blocked Account shall not be terminable by the Company without the express written consent of Secured Party, until this Agreement shall have been terminated in accordance with its terms and all Obligations paid in full in immediately available funds. Neither Secured Party nor any Lender assumes any responsibility for such blocked account arrangement, including any claim of accord and satisfaction or release with respect to deposits accepted by any Blocked Account Bank thereunder.
Sample 1
ESTABLISHMENT OF BLOCKED ACCOUNTS. (i) The Obligors shall establish and maintain, in their name and at their expense, the deposit accounts, including the Canadian Deposit Account, with such banks as are acceptable to the Senior Lien Administrative Agent and the Lender (the "Blocked Accounts") into which each of the Obligors shall promptly cause to be deposited: (i) all proceeds of Collateral received by any of the Obligors, including all amounts payable to the Obligors from credit card issuers and credit card processors, and (ii) all amounts on deposit in deposit accounts used by the Obligors at each of their locations, all as further provided in Paragraph 7.5(a) above.
Sample 1

Related to ESTABLISHMENT OF BLOCKED ACCOUNTS

  • Establishment of Collateral Accounts The Custodian hereby confirms and agrees that:

  • Establishment of Deposit Account The Financial Institution hereby confirms and agrees that:

  • Establishment of Accounts The Escrow Agent hereby instructs the Depositary, and the Depositary agrees, to establish the separate deposit accounts listed on Schedule I hereto and to establish such additional separate deposit accounts as may be required in connection with the deposits contemplated by Section 2.4 hereof (each, an “Account” and collectively, the “Accounts”), each in the name of the Escrow Agent and all on the terms and conditions set forth in this Agreement.

  • Establishment of a Lockbox Account, Dominion Account All proceeds of Collateral shall be deposited by Borrower into either (i) a lockbox account, dominion account or such other “blocked account” (“Blocked Accounts”) established at a bank or banks (each such bank, a “Blocked Account Bank”) pursuant to an arrangement with such Blocked Account Bank as may be selected by Borrower and be acceptable to Agent or (ii) depository accounts (“Depository Accounts”) established at Agent for the deposit of such proceeds. Borrower, Agent and each Blocked Account Bank shall enter into a deposit account control agreement in form and substance satisfactory to Agent directing such Blocked Account Bank, upon notice from Agent, to transfer such funds so deposited to Agent, either to any account maintained by Agent at said Blocked Account Bank or by wire transfer to appropriate account(s) of Agent. All funds deposited in such Blocked Accounts shall immediately become the property of Agent and Borrower shall obtain the agreement by such Blocked Account Bank to waive any offset rights against the funds so deposited. Neither Agent nor any Lender assumes any responsibility for such blocked account arrangement, including any claim of accord and satisfaction or release with respect to deposits accepted by any Blocked Account Bank thereunder. All deposit accounts and investment accounts of Borrower are set forth on Schedule 4.15(g). Notwithstanding anything to the contrary set forth in this Section 4.15(g), Borrower shall be permitted to deposit checks or other payments received at Borrower’s locations in the Ordinary Course of Business in deposit accounts which may not be subject to a blocked account or similar agreements; provided that, at no time shall Borrower have more than $50,000 in the aggregate in all such accounts which are not Blocked Accounts or Depository Accounts.

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that:

  • Establishment of Segregated Account Upon receipt of Proper Instructions, the Custodian shall establish and maintain on its books a segregated account or accounts for and on behalf of a Portfolio, into which account or accounts may be transferred cash and/or securities or other assets of such Portfolio, including securities maintained by the Custodian in a Securities System pursuant to Section 2.22(a) hereof or an Eligible Securities Depository pursuant to Section 2.22(b) hereof, said account or accounts to be maintained: (a) for the purposes set forth in Sections 2.09, 2.10 and 2.11 hereof; (b) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the SEC or SEC rules or regulations relating to the maintenance of segregated accounts by registered investment companies; or (c) for such other purposes as set forth, from time to time, in Special Instructions.

  • 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;

  • Establishment of Bank Accounts On or before the Closing Date, the Servicer will establish the following segregated trust accounts at a Qualified Institution (initially the corporate trust department of ), each in the name “ , as Indenture Trustee, as secured party for Ford Credit Auto Owner Trust 20 - ”, to be designated as follows:

  • Establishment of Reserve Account Pledgor and Secured Party hereby authorize and direct Securities Intermediary to establish and maintain in its corporate trust department, a segregated trust account that is an Eligible Deposit Account and that is a “securities account” as that term is defined in Section 8-501(a) of the UCC in the name of Secured Party and under the sole dominion and control of Secured Party, designated as “Toyota Auto Receivables 20[__]-[_] Owner Trust Reserve Account.” Securities Intermediary hereby undertakes to treat Secured Party as the person entitled to exercise the rights that comprise any Financial Asset credited to the Reserve Account. Secured Party and Pledgor agree that this account shall be the Reserve Account.

  • Establishment of Trust Accounts (a) (i) The Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders.

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