Cash Management; Deposit Accounts. (a) On the Closing Date (or such later date as agreed by the Collateral Agent), the Debtor shall cause to be delivered (i) to the Collateral Agent, a duly executed and effective Blocked Account Letter for each existing deposit account identified as a concentration account on Schedule 7 maintained by the Debtor and (ii) to each Restricted Account Bank (with a copy to the Collateral Agent), a Restricted Account Letter for each other deposit account (subject only to clause (b) below) duly executed by the Debtor to each such deposit account.
Cash Management; Deposit Accounts. Each Credit Party shall:
Cash Management; Deposit Accounts. (a) On the Effective Date (or such later date as agreed by the Senior Agent), each Grantor shall cause to be delivered (i) to the Senior Agent, a duly executed and effective Blocked Account Letter for each existing Deposit Account identified as a concentration account on Schedule 7 (Deposit Accounts and Securities Accounts) maintained by any Grantor and (ii) to each Restricted Account Bank (with a copy to the Collateral Trustee), a Restricted Account Letter for each other Deposit Account (subject only to clause (b) below) duly executed by the appropriate Grantor to each such Deposit Account.
Cash Management; Deposit Accounts. Until Payment in Full of the Obligations, each Loan Party shall:
Cash Management; Deposit Accounts. Section 5.16 of the Credit Agreement is hereby amended by deleting clause (b) thereof in its entirety and substituting the following in lieu thereof:
Cash Management; Deposit Accounts. (a) To the extent required by the Agent, each Borrower shall execute and deliver and cause each Clearing Bank to execute and deliver to the Agent a Blocked Account Agreement for each Payment Account of each such Borrower. Each Borrower shall instruct each Account Debtor of each such Borrower to remit by wire transfer of immediately available funds all payments in respect of all Accounts of such Account Debtor to a Payment Account. Each Borrower agrees that it will not alter or revoke such instructions to Account Debtors or otherwise cause such payments to be redirected without the prior written consent of the Agent. If notwithstanding the foregoing instructions, any Borrower receives any Payments, such Borrower shall receive such Payments as the Agent’s trustee, and shall immediately deposit all such Payments received by it to a Payment Account.
Cash Management; Deposit Accounts. Such Loan Party will:
Cash Management; Deposit Accounts. After the occurrence of the Borrowing Base Trigger Event, until Payment in Full of the Obligations, each Loan Party shall:
Cash Management; Deposit Accounts. (a) Borrower and each other Loan Party shall establish and maintain with Bank their primary cash management services of a type and on terms reasonably satisfactory to Bank. Each deposit account of Borrower and each other Loan Party (“Deposit Account”), if not maintained with Bank, shall be maintained with one or more other financial institutions at all times reasonably acceptable to Bank (each a “Cash Management Bank”), and if requested by Bank in its discretion, be subject to a control agreement (a “Deposit Account Control Agreement”) entered into with Bank, the applicable Loan Party and such Cash Management Bank, which shall provide, among other things, that (i) the Cash Management Bank will comply with any instructions originated by Bank directing the disposition of the funds in such Deposit Account without further consent by Borrower or any other Loan Party, as applicable, and (ii) the Cash Management Bank has no rights of setoff or recoupment or any other claim against the applicable Deposit Account, other than for payment of its service fees and other charges directly related to the administration of such Deposit Account and for returned checks or other items of payment.
