Bank Accounts; Collection of Accounts and Payments. (a) Each Grantor shall enter into a Control Agreement, in a form specified by the Designated Agent, with each financial institution with which such Grantor maintains from time to time any Deposit Account in accordance with Section 6(d). Each Control Agreement shall provide, among other things, that (i) all items of payment deposited in each Deposit Account subject thereto shall be held by the applicable financial institution as Agent or bailee-in-possession for the Agent, on behalf of itself and the Secured Parties, (ii) the financial institution executing such agreement has no rights of offset or recoupment of any other claim against any Deposit Account subject thereto, as the case may be, other than for payment of its services and other charges directly related to the administration of each such Deposit Account and for returned checks or other items of payment, and (iii) in accordance with this Section 6, the financial institution will transfer all amounts held or deposited from time to time in any such Deposit Account as the Agent may so direct. Each Grantor hereby grants to the Agent, for the benefit of the Secured Parties, a continuing Lien upon, and security interest in, all such Deposit Accounts and all funds at any time paid, deposited, credited or held in such Deposit Accounts (whether for collection, provisionally or otherwise) or otherwise in the possession of such financial institutions, and each such financial institution shall act as the Agent’s agent in connection therewith. Except as specifically permitted under Section 6(d), none of the Grantors shall establish any Deposit Account with any financial institution unless prior thereto the Agent and the applicable Grantor shall have entered into a Control Agreement with such financial institution.
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Samples: Security Agreement (Neff Finance Corp.), Security Agreement (Neff Corp), Security Agreement (Neff Rental LLC)
Bank Accounts; Collection of Accounts and Payments. (a) Each On the Closing Date, each Grantor shall enter into a bank agency and control agreement ("Bank Agency and Control Agreement"), in a form specified by the Designated and substance reasonably satisfactory to Agent, with each financial institution with which such each Grantor maintains from time to time any Deposit Account. other than an Excluded Deposit Account in accordance with Section 6(d). Each Bank Agency and Control Agreement shall provide, among other things, that (ia) all items of payment deposited in each Deposit Account subject thereto shall be held by the applicable financial institution as Agent agent or bailee-in-possession for the Agent, on behalf of itself and the Secured PartiesLenders, (iib) the financial institution executing such agreement has no rights of offset or recoupment of any other claim against any Deposit Account subject thereto, as the case may be, other than for payment of its services and other charges directly related to the administration of each such Deposit Account and for returned checks or other items of payment, and (iiic) in accordance with this Section 6to the extent provided below, the financial institution will transfer transfer, after notice by Agent of an Event of Default, all amounts held or deposited from time to time in any such Deposit Account as the Agent may so direct. Each Grantor hereby grants to the Agent, for the benefit of the Secured PartiesAgent and Lenders, a continuing Lien lien upon, and security interest in, all such Deposit Accounts accounts and all funds at any time paid, deposited, credited or held in such Deposit Accounts accounts (whether for collection, provisionally or otherwise) or otherwise in the possession of such financial institutions, and each such financial institution shall act as the Agent’s 's agent in connection therewith. Except as specifically permitted under Section 6(d), none of the Grantors No Grantor shall establish any Deposit Account other than an Excluded Deposit Account with any financial institution unless prior thereto the thereto, Agent and the applicable such Grantor shall have entered into a Bank Agency and Control Agreement reasonably satisfactory to Agent with such financial institution.
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Samples: Security Agreement (RathGibson Inc)