Blocked Account Bank definition

Blocked Account Bank means each bank with whom deposit accounts are maintained in which any funds of any of the Loan Parties from one or more DDAs are concentrated and with whom a Blocked Account Agreement has been, or is required to be, executed in accordance with the terms hereof.

Blocked Account Bank shall have the meaning set forth in Section 4.15(h).

Blocked Account Bank means each of the banks set forth in Schedule 4.1(s), as such Schedule 4.1(s) may be modified pursuant to Section 4.1(s).

Examples of Blocked Account Bank in a sentence

• 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 funds deposited in such Blocked Accounts shall immediately become the property of Agent and Borrowing Agent shall obtain the agreement by such Blocked Account Bank to waive any offset rights against the funds so deposited.

• All proceeds of Collateral shall be deposited by Borrowers 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 Borrowing Agent and be acceptable to Agent or (ii) depository accounts (“Depository Accounts”) established at the Agent for the deposit of such proceeds.

• Each applicable 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 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.

More Definitions of Blocked Account Bank

Blocked Account Bank means a financial institution approved (such approval not to be unreasonably withheld) by the Administrative Agent and with respect to which the Debtor has delivered to the Collateral Agent an executed Blocked Account Letter (hereinafter defined);

Blocked Account Bank means each bank with whom a Blocked Account Agreement has been, or is required to be, executed in accordance with the terms hereof.

Blocked Account Bank has the meaning provided in Section 6.12.

Blocked Account Bank means each of the banks set forth in Schedule 4.1(s) to the Disclosure Letter, as such Schedule 4.1(s) to the Disclosure Letter may be modified pursuant to Section 4.1(s).

Blocked Account Bank means an Eligible Institution at which a Blocked Account is maintained.

Blocked Account Bank has the meaning specified therefor in Section 8.01(a).

Blocked Account Bank has the meaning specified in the Pledge and Security Agreement.