Blocked Control Agreement definition

Blocked Control Agreement means a blocked account control agreement, in form and substance reasonably satisfactory to the Collateral Agent and the Administrative Agent, executed by the financial institution at which an account is maintained, pursuant to which such financial institution agrees that such financial institution will comply with instructions or entitlement orders originated by the Collateral Agent as to disposition of funds in such account, without further consent by any other Person.
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Blocked Control Agreement has the meaning specified in Section 6.16(b)(i).
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Examples of Blocked Control Agreement in a sentence

  • No Loan Party shall permit any Excluded Account to cease to become an Excluded Account unless it shall have caused the bank or Securities Intermediary at which such account is maintained to execute and deliver a Deposit Account Control Agreement, Securities Account Control Agreement or Blocked Control Agreement, as the case may be, in favor of the Administrative Agent.

  • Notwithstanding anything herein or in any Collateral Document to the contrary, at no time shall (A) any Designated Blocked Account constitute an Excluded Account or (B) any Deposit Account constitute a Designated Blocked Account unless a Blocked Control Agreement is in effect with respect to such Deposit Account.

  • Notwithstanding anything herein or in any Security Document to the contrary, at no time shall (A) any U.S. Designated Blocked Account constitute an Excluded Account or (B) any Deposit Account or securities account constitute a U.S. Designated Blocked Account unless a Blocked Control Agreement is in effect with respect to such Deposit Account.