Blocked Account Letter definition

Blocked Account Letter means a letter agreement in a form acceptable to the Collateral Agent, executed by the Debtor and the Collateral Agent and acknowledged and agreed to by the relevant Blocked Account Bank;

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

Blocked Account Letter has the meaning assigned to such term in the Security Agreement.

Examples of Blocked Account Letter in a sentence

• Each such Blocked Account bank shall agree to the Agent's standard Blocked Account Letter or such variation thereof as shall be mutually satisfactory to the Agent and such bank.

• The Agent shall possess sole dominion and control over the Blocked Account as provided in the Blocked Account Letter.

• All cash, cash equivalents, checks, notes, drafts or similar items of payment received by the Borrower otherwise than as provided elsewhere in this Section 5.15(b) shall be deposited into the Clearing Account, the Blocked Account or an account which pursuant to Section 5.15(d) hereof is subject to a 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 Borrower agrees that neither the Borrower nor any Person or entity claiming by, through or under the Borrower shall have any control over the use of, or any right to effect a withdrawal from, the Blocked Account.

• On or prior to the tenth (10th) Business Day following the Closing Date, delivery of the Blocked Account Letter with respect to the Deposit Accounts of the Borrower as required by the Canadian Security Agreement of the Borrower, duly executed by the Borrower and The Bank of Nova Scotia.

More Definitions of Blocked Account Letter

Blocked Account Letter means any letter agreement executed by a ---------------------- Blocked Account depository bank and the Agent and acknowledged and agreed to by the Borrower, in the form of Exhibit B hereto, as such letter agreements may be --------- amended, supplemented or otherwise modified from time to time.

Blocked Account Letter means a letter agreement, in substantially the form of EXHIBIT P (with such changes as may be agreed to by the Agent), executed by the Borrower and/or any Subsidiary and acknowledged and agreed to by a depository bank.

Blocked Account Letter has the meaning specified in the Canadian Security Agreement (or, if such defined term is used with respect to or otherwise applicable to a U.S. Loan Party, specified in the U.S. Pledge and Security Agreement).

Blocked Account Letter means the letter agreement, dated August 17, 1994, executed by the Borrower and the Agent and acknowledged and agreed to by PNC Bank, National Association, as such letter agreement may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof.

Blocked Account Letter has the meaning specified in the U.S. Security Agreement.

Blocked Account Letter means a Blocked Account Letter, substantially in the form of Exhibit B (with such changes thereto as may be agreed to by the Collateral Agent), executed by the relevant U.S. Grantor and the Collateral Agent and acknowledged and agreed to by the relevant Blocked Account Bank.

Blocked Account Letter has the meaning specified in the Original Borrower Security Agreement.