The Blocked Account Sample Clauses

The Blocked Account. On or before the Agreement Date, and at all times thereafter: (a) The Borrower Parties shall establish and maintain one or more deposit and lockbox accounts pursuant to arrangements acceptable to the Administrative Agent with SunTrust, any Affiliate thereof or any other bank(s) as may be selected by the Borrower Parties and approved by the Administrative Agent. The Borrower Parties shall issue to each such bank an irrevocable letter of instruction directing such bank to deposit all payments or other remittances received in the lockbox to the Disbursement Account. Each such Blocked Account bank shall agree to the Administrative Agent’s standard Blocked Account Agreement or such variation thereof as shall be mutually satisfactory to the Administrative Agent and such bank. All amounts which shall be deposited into any Blocked Account shall immediately become the property of and be under the sole dominion and exclusive control of the Administrative Agent, on behalf of the Lender Group, and no Borrower Party shall have any right to withdraw such amounts from the Blocked Account. (b) The Borrower Parties shall take all steps to ensure that all of their Account Debtors and all of their Credit Card Processors forward all items of payment to lockboxes established with the Blocked Account banks. The Borrower Parties shall cause each of their Credit Card Processors to enter into an agreement, in form and substance satisfactory to the Administrative Agent, with the Administrative Agent and the applicable Borrower Party pursuant to which the applicable Borrower Party shall irrevocably instruct such Credit Card Processor to forward all items of payment owing to the Borrower Parties directly to a Blocked Account (each, a “Credit Card Processor Agreement”). (c) In the event that any Borrower Party shall at any time receive any remittances of any of the foregoing directly or shall receive any other funds representing proceeds of the Collateral, such Borrower Party shall hold the same as trustee for the Administrative Agent, shall segregate such remittances from its other assets, and shall promptly deposit the same into the Disbursement Account. All cash, cash equivalents (including Cash Equivalents), checks, notes, drafts or similar items of payment (including from the sale of any assets under Section 8.7(b) or otherwise or constituting insurance or condemnation proceeds) received by any Borrower Party shall be deposited into the Disbursement Account promptly upon (and in ...
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The Blocked Account. (a) Each Collateral Related Account for which a Blocked Account is required to be in place pursuant to this Section 6.15 and each Concentration Account owned or maintained by the Borrower Parties 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 of the Borrower Parties is listed on Schedule 6.15 and such schedule designates which accounts are Collateral Related Accounts and Concentration Accounts. Each (i) Concentration Account and (ii) Collateral Related Account maintained by any Borrower Party shall be subject to a control agreement (a “Blocked Account Agreement”) in form and substance satisfactory to the Administrative Agent and such bank or financial institution (each such account, a “Blocked Account”); provided, however, so long as the Borrower Parties have established and maintain a cash management system in which each store level depository account (“Store Level Account”) is swept (subject to maintaining nominal balances in such account in an amount not to exceed $1,000 per account) to a Concentration Account that is a Blocked Account no less frequently than once every five (5) Business Days (or at any time after an Activation Event, on a daily basis), then the Borrower Parties shall not be required to enter into a Blocked Account Agreement with respect to any such Store Level Account. 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) $20,000,000 or (B) thirty percent (30%) 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 Blocked 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. (b) Notwithstanding anything to the contrary contained herein, upon and at all times after an Activation Event, all amounts deposited in the Collateral Rel...
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The Blocked Account. (a) The Borrowers have established and shall maintain, pursuant to the Blocked Account Letter, an account with PNC Bank, National Association, account number 0002881016, in the name and under the sole dominion and control of the Agent (the "Blocked Account"). (b) As collateral security for the Obligations, the Borrowers hereby transfer, assign and pledge to the Agent and grant to the Agent on a first priority basis a Lien on and security interest in, for the benefit of the Secured Parties, all of the right, title and interest of WPSC in the Blocked Account and all cash, deposits, Cash Equivalents and other instruments held in the Blocked Account, as security for the Obligations. The Agent shall possess sole dominion and control over the Blocked Account as provided in the Blocked Account Letter. Except as provided in Section 2.7(d) and the Blocked Account Letter, as long as any of the Obligations remain unpaid or any of the Commitments are outstanding, the Borrowers agree that neither any Borrower nor any Person or entity claiming by, through or under any Borrower shall have any control over the use of, or any right to effect a withdrawal from, the Blocked Account, other than the Agent. All amounts in the Blocked Account shall be applied to the Obligations by the Agent as specified in Section 2.7(d). (c) Except for the funds held in the bank accounts otherwise permitted by Section 7.16, the Borrowers shall cause all cash, Cash Equivalents, checks, notes, drafts or similar items of payments received by it which constitute (i) payments from account debtors for Receivables, including, without limitation, all intercompany receivables and (ii) proceeds of all other Collateral to be deposited on the date of receipt thereof or the next Business Day following receipt thereof in the Blocked Account.
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The Blocked Account. (a) The Borrower shall cause all cash, cash equivalents, checks, notes, drafts or similar items of payment received by it, including but not limited to payments from Account Debtors or any proceeds of the Collateral, to be deposited directly into or to be wired, on each Business Day, via electronic funds transfer, into accounts maintained with SunTrust Bank, Atlanta, any Affiliate thereof or any other bank selected by the Borrower and approved by the Agent (each, a “Blocked Account”), which has entered into a Blocked Account Agreement with the Agent. All amounts which shall be deposited into a Blocked Account shall be under the dominion and control of the Borrower unless and until the occurrence of an Event of Default whereupon, during the continuation of such Event of Default, amounts deposited in such Blocked Account shall immediately be under the sole dominion and exclusive control of the Agent, on behalf of the Issuing Banks and the Lenders, pursuant to the terms of the Blocked Account Agreement, and as provided in the applicable Blocked Account Agreement, the Borrower shall have no right to withdraw such amounts thereafter without the consent of the Agent. (b) The Borrower shall not open any deposit account unless the depository bank for such account shall have entered into an agreement providing for the daily transfer of the funds in such account to one of the Blocked Accounts. All bank accounts of the Borrower on the Agreement Date are listed on Schedule 5.13 and such Schedule designates which such accounts are deposit accounts.
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The Blocked Account. Depository Bank represents and warrants to Secured Party as follows: (a) the Blocked Account has been established in the name of Pledgor as set forth above and is not evidenced by any instrument or certificate; and (b) except for the interests of Pledgor and Secured Party in the Blocked Account, the records of Depository Bank do not indicate that any other person or entity has any claim to or interest in the Blocked Account.
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The Blocked Account. (a) The Borrower Parties shall establish and maintain one or more blocked accounts (each a “Blocked Account”) pursuant to a lockbox arrangement acceptable to the Administrative Agent with SunTrust Bank, any Affiliate thereof or a banking institution acceptable to the Administrative Agent. The Borrower Parties shall issue to each such bank an irrevocable letter of instruction directing such bank to deposit all payments or other remittances received in the lockbox to the Blocked Account maintained at such bank. All amounts which shall be deposited into any Blocked Account shall immediately become the property of and, subject to the SunTrust Intercreditor Agreement, be under the sole dominion and exclusive control of the Administrative Agent, on behalf of the Lender Group, and no Borrower Party shall have any right to withdraw such amounts from the Blocked Account. The Borrower Parties shall, at all times prior to the payment in full of the Senior Credit Facility Obligations (including letters of credit that are included therein being cash collateralized) and the termination of the Senior Credit Facility, comply with the blocked account provisions set forth in Section 6.15 of the Senior Credit Facility Agreement (as in effect on the date hereof). After the payment in full of the Senior Credit Facility Obligations (including
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The Blocked Account. On the Restatement Date, the Blocked Account Agreement is in full force and effect.
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The Blocked Account. (a) The Borrower has established and shall maintain, pursuant to the Blocked Account Letter, an account with PNC Bank,
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The Blocked Account. 49 SECTION PAGE
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Related to The 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;

  • 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 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.

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

  • 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.

  • 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.

  • Lockbox The Secured Party may, by notice to the Debtor, require the Debtor to direct each of its account debtors to make payments due under the relevant account or chattel paper directly to a special lockbox to be under the control of the Secured Party. The Debtor hereby authorizes and directs the Secured Party to deposit all checks, drafts and cash payments received in said lockbox into the collateral account established as set forth above.

  • 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.

  • 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.

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