Approved Accounts Sample Clauses

Approved Accounts. (i) Within thirty (30) days after the Closing Date (or such longer period as the Administrative Agent may agree in its sole discretion), RailAmerica shall and shall cause each Credit Party to (i) establish and maintain cash management services of a type and on terms satisfactory to the Collateral Agent, (ii) enter into a Control Agreement, reasonably satisfactory to the Collateral Agent, with respect to each Deposit Account and Securities Account, other than any Excluded Account, and deliver a legal opinion with respect thereto in form and substance reasonably satisfactory to the Collateral Agent and (iii) request in writing and otherwise take such reasonable steps to ensure that all of the Credit Parties’ Account Debtors (including, without limitation, any clearinghouse) forward payment of the amounts owed by them directly to a Control Account; provided that if the Credit Parties shall be unable to establish cash management services with their existing banks of a type and on terms reasonably satisfactory to the Collateral Agent within such thirty (30) day period (as the same may be extended by the Administrative Agent in its sole discretion), then RailAmerica shall and shall cause each Credit Party to (a) within five (5) Business Days (i) establish with Citibank, N.A. accounts with cash management services of a type and terms satisfactory to the Collateral Agent and (ii) enter into a Control Agreement, reasonably satisfactory to the Collateral Agent, with respect to each Deposit Account and Securities Account, other than any Excluded Account, and deliver a legal opinion with respect thereto in form and substance reasonably satisfactory to the Collateral Agent , (b) within five (5) Business Days instruct each bank where a Deposit Account or Securities Account (other than any Excluded Account) is held to effect the ACH or wire transfer on each Business Day of all available cash receipts from such Deposit Account or Securities Account to such accounts established with Citibank, N.A. and (c) within thirty (30) days request in writing and otherwise take such reasonable steps to ensure that all of the Credit Parties’ Account Debtors(including, without limitation, any clearinghouse) forward payment of the amounts owed by them directly solely to such Control Account with Citibank, N.A. (ii) The Credit Parties may not establish or maintain any Deposit Account or Securities Account, other than a Control Account or an Excluded Account. (iii) The Credit Parties shall...