Common use of Blocked Accounts Clause in Contracts

Blocked Accounts. The Loan Parties shall have opened the Depository Accounts with Agent and/or Agent shall have received duly executed agreements establishing the Blocked Accounts with one or more Blocked Account Banks for the collection or servicing of the Receivables and proceeds of the Collateral and Agent shall have received, in form and substance reasonably satisfactory to Agent, deposit account control agreements among Agent, each applicable Loan Party and each applicable Blocked Account Bank with respect to such Blocked Accounts;

Appears in 3 contracts

Sources: Revolving Credit and Security Agreement (Williams Industrial Services Group Inc.), Revolving Credit and Security Agreement (Perma-Pipe International Holdings, Inc.), Revolving Credit and Security Agreement (Williams Industrial Services Group Inc.)

Blocked Accounts. The Subject to Section 6.14 hereof, Loan Parties shall have opened the Depository Accounts with Administrative Agent and/or or Administrative Agent shall have received duly executed agreements establishing the Blocked Accounts with one or more Blocked Account Banks financial institutions acceptable to Administrative Agent for the collection or servicing of the Receivables and proceeds of the Collateral and Administrative Agent shall have received, entered into control agreements with the applicable financial institutions in form and substance reasonably satisfactory to Agent, deposit account control agreements among Agent, each applicable Loan Party and each applicable Blocked Account Bank Administrative Agent with respect to such Blocked Accounts;

Appears in 2 contracts

Sources: Revolving Credit, Term Loan and Security Agreement (A.S.V., LLC), Revolving Credit, Term Loan and Security Agreement (Manitex International, Inc.)

Blocked Accounts. The Loan Parties shall have opened the Depository Accounts with Agent and/or Agent shall have received duly executed agreements establishing the Blocked Accounts with one or more Blocked Account Banks for the collection or servicing ​ ​ of the Receivables and proceeds of the Collateral and Agent shall have received, in form and substance reasonably satisfactory to Agent, deposit account control agreements among Agent, each applicable Loan Party and each applicable Blocked Account Bank with respect to such Blocked Accounts;

Appears in 1 contract

Sources: Revolving Credit and Security Agreement (Williams Industrial Services Group Inc.)

Blocked Accounts. The Loan Parties shall have opened the Depository Accounts with Agent and/or (or an Affiliate of the Agent) or Agent shall have received duly executed agreements establishing the Blocked Accounts with one or more Blocked Account Banks financial institutions acceptable to the Agent for the collection or servicing of the Receivables and proceeds of the Collateral and Agent shall have received, entered into control agreements with the applicable financial institutions in form and substance reasonably satisfactory to Agent, deposit account control agreements among Agent, each applicable Loan Party and each applicable Blocked Account Bank the Agent with respect to such Blocked Accounts;

Appears in 1 contract

Sources: Revolving Credit and Security Agreement (Invacare Corp)

Blocked Accounts. The Loan Parties shall have opened the Depository Accounts with Agent and/or Agent shall have received duly executed agreements establishing the Blocked Accounts with one or more Blocked Account Banks for the collection or servicing of the Receivables and proceeds of the Collateral and Agent shall have received, in form and substance reasonably satisfactory to Agent, deposit account control agreements among Agent, ​ ​ each applicable Loan Party and each applicable Blocked Account Bank with respect to such Blocked Accounts;

Appears in 1 contract

Sources: Revolving Credit and Security Agreement (Williams Industrial Services Group Inc.)

Blocked Accounts. The Loan Parties shall have opened the Depository Accounts with Agent and/or Agent shall have received duly executed agreements establishing the Blocked Accounts with one or more Blocked Account Banks for the collection or servicing of the Receivables and proceeds of the Collateral and Agent shall have received, in form and substance reasonably satisfactory to Agent, deposit account control agreements among Agent, each applicable Loan Party and each applicable Blocked Account Bank with respect to such Blocked Accounts;; 074658.18062/111245555v.10

Appears in 1 contract

Sources: Revolving Credit and Security Agreement (Perma-Pipe International Holdings, Inc.)

Blocked Accounts. The Loan Parties shall have opened the Depository Accounts with Agent and/or Agent shall have received duly executed agreements establishing the Blocked Accounts with one or more Blocked Account Banks for the collection or servicing of the Receivables and proceeds of the Collateral and Agent shall have received, in form and substance reasonably satisfactory to Agent, deposit account control agreements among Agent, each applicable Loan Party and each applicable Blocked Account Bank with respect to such Blocked Accounts;

Appears in 1 contract

Sources: Revolving Credit and Security Agreement (AutoWeb, Inc.)