Blocked Account Arrangements Sample Clauses
Blocked Account Arrangements. Prior to the initial Investment hereunder, the SPV, Arrow and each other Originator shall enter into Blocked Account Agreements with all of the Blocked Account Banks, and deliver original counterparts thereof to the Administrative Agent. Upon the occurrence of a Termination Event or a Potential Termination Event (which Potential Termination Event is not capable of being cured), the Administrative Agent may at any time thereafter give notice to each Blocked Account Bank that the Administrative Agent is exercising its rights under the Blocked Account Agreements to do any or all of the following: (i) to have the exclusive ownership and control of the Blocked Account Accounts transferred to the Administrative Agent and to exercise exclusive dominion and control over the funds deposited therein, (ii) to have the proceeds that are sent to the respective Blocked Accounts be redirected pursuant to its instructions rather than deposited in the applicable Blocked Account, and (iii) to take any or all other actions permitted under the applicable Blocked Account Agreement. Arrow hereby agrees that if the Administrative Agent, at any time, takes any action set forth in the preceding sentence, the Administrative Agent shall have exclusive control of the proceeds (including Collections) of all Receivables and Arrow hereby further agrees to take any other action that the Administrative Agent may reasonably request to transfer such control. Any proceeds of Receivables received by Arrow, as Master Servicer or otherwise, thereafter shall be sent immediately to the Administrative Agent. The parties hereto hereby acknowledge that if at any time the Administrative Agent takes control of any Blocked Account, the Administrative Agent shall not have any rights to the funds therein in excess of the unpaid amounts due to SPV, the Administrative Agent and the Investors or any other Person hereunder and the Administrative Agent shall distribute or cause to be distributed such funds in accordance with Section 7.2(b) (including the proviso thereto) and Article II (in each case as if such funds were held by the Master Servicer thereunder); provided, however, that the Administrative Agent shall not be under any obligation to remit any such funds to the SPV, Arrow or any other Person unless and until the Administrative Agent has received from such Person evidence satisfactory to the Administrative Agent that the Originator or such Person is entitled to such funds hereunder and under applic...
Blocked Account Arrangements. To the extent required by a Secured Party from time to time, Tenant and the Secured Party shall enter into a written lock box or blocked account agreement or agreements, in the form and content requested by the Secured Party, in connection with the deposit, payment and disbursement only of all Rent hereunder from time to time and such other matters may be agreed between Landlord and Tenant each acting reasonably.
Blocked Account Arrangements. On or prior to the Closing Date the SPV shall enter into Blocked Account Agreements with all of the Blocked Account Banks, and deliver original counterparts thereof to the Agent. The Agent may at any time after the occurrence and during the continuation of a Termination Event or Potential Termination Event give notice to each Blocked Account Bank that the Agent is exercising its rights under the Blocked Account Agreements to do any or all of the following: (i) to have the exclusive control of the Blocked Accounts transferred to the Agent and to exercise exclusive dominion and control over the funds deposited therein, (ii) to have the proceeds that are sent to the respective Blocked Accounts be redirected pursuant to its instructions rather than deposited in the applicable Blocked Account, and (iii) to take any or all other actions permitted under the applicable Blocked Account Agreement; provided that the Agent shall have no right, title or interest in any Excluded Amounts deposited to the Blocked Accounts and shall cause such Excluded Amounts to be transferred to the applicable Originator at its direction. The SPV hereby agrees that if the Agent, at any time, takes any action set forth in the preceding sentence, the Agent shall have exclusive
Blocked Account Arrangements. The Seller has delivered a copy of all Blocked Account Agreements to the Agent. The Seller has not granted any interest in any Blocked Account to any Person other than (i) the Agent and (ii) Persons whose interests therein have been terminated on or prior to the date hereof and, upon delivery to a Blocked Account Bank of the notice described in Section 3.4 hereof, the Agent will have the right to exercise exclusive ownership and control of the Blocked Account at such Blocked Account Bank in accordance with the provisions of the related Blocked Account Agreement.
Blocked Account Arrangements. The Administrator has delivered a copy of all Blocked Account Agreements to the Agent. The Administrator has not granted any interest in any Blocked Account to any Person other than (i) the Agent and (ii) Persons whose interests therein have been terminated on or prior to the date hereof and, upon delivery to a Blocked Account Bank of the notice described in Section 3.4 hereof, the Agent will have the right to exercise exclusive ownership and control of the Blocked Account at such Blocked Account Bank in accordance with the provisions of the related Blocked Account Agreement.
Blocked Account Arrangements. 62 Section 7.4 Enforcement Rights After Designation of New Servicer.................................63 Section 7.5
Blocked Account Arrangements. The Agent is hereby authorized to give notice at any time to any or all Blocked Account Banks that the Agent is exercising its rights under the Blocked Account Agreements and to take all actions permitted under the Blocked Account Agreements. The Seller agrees to take any action requested by the Agent to facilitate the foregoing. After the Agent takes any such action under the Blocked Account Agreements, the Seller shall immediately deliver to the Agent any Collections received by the Seller. If the Agent takes control of any Blocked Account, the Agent shall distribute any Collections it receives in accordance herewith and shall deliver to the Administrator, for distribution under Section 2.2, all other amounts it receives from such Blocked Account; provided, however, that the Agent agrees prior to the occurrence of a Termination Event and so long as the Seller is then in compliance with the provisions of Section 1.5(a) to release on a weekly basis to the Seller all such amounts in excess of the Collections required to be distributed to the Agent, the Purchaser Agents and the Purchasers and the Servicer pursuant to Section 2.2(a) on the immediately succeeding Settlement Date.
Blocked Account Arrangements. The Debtor shall irrevocably direct all of its present and future Account Debtors and other Persons obligated to make payments constituting Collateral to make such payments directly to the lockboxes maintained by the Debtor (the “Canadian Lockboxes”) with Royal Bank of Canada (the “Canadian Lockbox Bank”) pursuant to the terms of the Blocked Accounts Agreement dated as of on or about the date hereof, or such other financial institution accepted by the Lender in writing as may be selected by the Debtor. On or prior to the Closing Date, the Debtor shall and shall cause the Canadian Lockbox Bank to enter into all such documentation acceptable to the Lender pursuant to which, among other things, the Canadian Lockbox Bank agrees to: (i) until the receipt of written notice from the Lender, sweep the Canadian Lockbox on a daily basis and deposit all cheques received therein to the Blocked Account, (ii) following receipt by the Canadian Lockbox Bank of the notice referred to in clause (i) above, sweep the Canadian Lockbox on a daily basis and deposit all cheques received therein to the Designated Account, and (iii) comply only with the instructions or other directions of the Lender concerning the Canadian Lockbox. If, notwithstanding the instructions to Account Debtors, the Debtor receives any payments, the Debtor shall, subject to Section 5.3 below, remit such payments to Company to any of the Lockboxes maintained by Company in their original form with all necessary endorsements. Until so remitted, the Debtor shall hold all such payments in trust for and as the property of the Lender and shall not commingle such payments with any of its other funds or property.
Blocked Account Arrangements. Within forty-five (45) days of the Closing Date, establish blocked account arrangements between the Agent and the Borrower's principal concentration banks on terms satisfactory to the Agent, such arrangements to be implemented upon the occurrence and continuation of an Event of Default.
Blocked Account Arrangements. To the extent required by a Mortgagee from time to time, each of Landlord, Tenant, the Manager and the Mortgagee shall enter into a written lock box or blocked account agreement or agreements, in the form and content requested by the Mortgagee, in connection with the payment and disbursement of all Space Tenant rents as well as Rent hereunder from time to time and such other matters may be agreed between Landlord and Tenant each acting reasonably.