Applicable Control Agreement definition

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Applicable Control Agreement means, with respect to each Third Party Custodian, if any, a control agreement entered into among the Borrower, the Bank and such Third Party Custodian, which control agreement shall be in all respects satisfactory to the Bank.

Applicable Control Agreement means any Control Agreement in favour of the Collateral Agent as to which the Collateral Agent has agreed in writing that its Control over the ABL Controlled Accounts covered thereby is also for the benefit of the Canadian Secured Parties.

Examples of Applicable Control Agreement in a sentence

In the event any Applicable Control Agreement ceases to be in effect upon repayment in full of the ABL Facility, if an Event of Default exists at the time such Applicable Control Agreement so ceases to be in effect, each Grantor shall cause its ABL Controlled Accounts that were subject to such Applicable Control Agreements to become subject to a Control Agreement on substantially similar terms in favor of the Collateral Agent.
In the event any Applicable Control Agreement ceases to be in effect upon repayment in full of the ABL Facility and the General Credit Facility, if an Event of Default exists at the time such Applicable Control Agreement so ceases to be in effect, each Grantor shall cause its ABL Con- trolled Accounts that were subject to such Applicable Control Agreements to become subject to a Control Agreement on substantially similar terms in favor of the Collateral Agent.

More Definitions of Applicable Control Agreement

Applicable Control Agreement means any Control Agreement in favor of the ABL Collateral Agent as to which the ABL Collateral Agent has agreed in writing that its Control over the ABL Controlled Accounts covered thereby is also for the benefit of the Secured Parties. “Authorized Officer” shall mean the President, the Chief Financial Officer, the Treasurer, the Vice President-Finance or any other senior officer of the Company designated as such in writing to the Collateral Agent by the Company. “Authorized Representative” means (i) the Trustee for so long as the Notes are Obligations hereunder and (ii) any duly authorized representative of any Additional Secured Parties designated as an “Authorized Representative” for any Additional Secured Parties in an Additional Secured Party Consent delivered to the Collateral Agent and the other Authorized Representatives in accordance with Section 8.17 for so long as the Additional Secured Obligations for which such party is serving in such capacity constitutes Secured Obligations hereunder. “Change in Law” shall mean (a) the adoption of any law, treaty, order, policy, rule or regulation after the date of this Agreement, (b) any change in any law, treaty, order, policy, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) any guideline, request or directive issued or made after the date hereof by any central bank or other governmental or quasi-governmental authority (whether or not having the force of law) that requires compliance by a Holder. “Collateral” shall have the meaning provided in Section 2. “Collateral Account” shall mean any collateral account established by the Collateral Agent as provided in Section 5.1 or Section 5.3. “Collateral Agent” shall have the meaning provided in the preamble hereto. “Company” shall have the meaning assigned to such term in the preamble hereto. “Control” shall mean “control,” as such term is defined in Section 9-104 or 9-106, as applicable, of the UCC. “Contractual Requirement” means (a) any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality, (b) any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Indenture Party or any of the Restricted Subsidiaries (other than...