Blocked Account Collateral definition
Examples of Blocked Account Collateral in a sentence
Blocked Account Collateral shall be credited to and paid from the Account in accordance with the terms of this Agreement, subject to the Bank’s policy for the availability of funds for such Blocked Account Collateral.
All or substantially all of the Collateral relating to assets of or equity in the Borrower and all the Lessee Collateral relating to assets of or equity in the Lessee (other than in each case, the Blocked Account Collateral, certificates, securities, investments, chattel paper, books and records and general intangibles), including the Mortgaged Property, is or will (when acquired) be located on the Site.
All or substantially all of the Collateral relating to assets of or equity in the Borrower (other than the Account Collateral, Blocked Account Collateral, certificates, securities, investments, chattel paper, books and records and general intangibles), including the Mortgaged Property, is or will (when acquired) be located on the Site.
The Account and the Blocked Account Collateral shall, except as otherwise provided in this Agreement, be subject to the exclusive dominion and control of the Collateral Agent.
Upon receipt of notice from the Collateral Agent that its security interest in the Account and the Blocked Account Collateral has been released, this Agreement shall terminate.
Simultaneous with the Closing, the Issuer will deposit, or cause to be deposited, the Blocked Account Collateral (as defined in the Security Agreement) in the Blocked Account (as defined in the Security Agreement).
Upon payment by the Guarantor of any sums to the Administrative Agent or any other Lender as provided above or application of the Blocked Account Collateral (as defined in the Blocked Account Agreement), all rights of the Guarantor against the Borrower arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Obligations.
In addition, the Issuer agrees as promptly as possible to pay to the Purchaser the amount of any payments required to be made by Purchaser under Section 2.08, 2.09, 2.10, 2.15 or 8.5 (except for any indemnification obligation arising out of a breach by Purchaser that does not relate to Issuer’s breach of any of its obligations) of the Loan Agreement except to the extent that such payments are made out of the Blocked Account Collateral (as defined in the Security Agreement).
The Blocked Accounts, together with all other Blocked Account Collateral, shall be under the sole dominion and exclusive control of Factor.
The Bank hereby acknowledges that the Debtor has granted to the Collateral Agent a security interest in the Account and the Blocked Account Collateral pursuant to this Agreement and the Security Agreement.