Common use of Controlled Deposit Account Clause in Contracts

Controlled Deposit Account. On or prior to the Closing Date, the relevant Borrower shall enter into a Control Agreement with the Agent, the First Lien Agent and the relevant Controlled Account Bank with respect to each Deposit Account listed on Schedule 6.19 (other than Excluded Deposit Accounts), which shall include all lockboxes and related lockbox accounts used for the collection of Accounts. Each Loan Party agrees that all invoices rendered and other requests made by any Loan Party for payment in respect of Accounts shall contain a written statement directing payment in respect of such Accounts to be paid to a Controlled Deposit Account in its name. The Borrower Agent shall cause bank statements and/or other reports to be delivered to the Agent not less often than monthly, accurately setting forth all amounts deposited in each Deposit Account to ensure the proper transfer of funds as set forth above. All remittances received by any Loan Party on account of Accounts, together with the proceeds of any other Collateral, shall be held as the Agent’s property, for the benefit of the Credit Parties, by such Loan Party as trustee of an express trust for the benefit of the Credit Parties and such Loan Party shall immediately deposit same in kind in a Controlled Deposit Account. The Agent retains the right at all times after the occurrence and during the continuance of an Event of Default to notify Account Debtors that a Loan Party’s Accounts have been assigned to the Agent and to collect such Loan Party’s Accounts directly in its own name, or in the name of the Agent’s agent, and to charge the collection costs and expenses, including reasonable attorneys’ fees, to the Loan Account.

Controlled Deposit Account. On or prior to the Closing Date, the relevant Borrower shall enter into a Control Agreement with the Agent, the First Lien Agent Lender and the relevant Controlled Account Bank with respect to each Deposit Account listed on Schedule 6.19 (other than Excluded Deposit Accounts), which shall include all lockboxes and related lockbox accounts used for the collection of Accounts. Each Loan Party agrees that all invoices rendered and other requests made by any Loan Party for payment in respect of Accounts shall contain a written statement directing payment in respect of such Accounts to be paid to a Controlled Deposit Account in its name. The Borrower Agent shall cause bank statements and/or other reports to be delivered to the Agent not less often than monthly, accurately setting forth all amounts deposited in each Deposit Account to ensure the proper transfer of funds as set forth above. All remittances received by any Loan Party on account of Accounts, together with the proceeds of any other Collateral, shall be held as the Agent’s property, for the benefit of the Credit Parties, by such Loan Party as trustee of an express trust for the benefit of the Credit Parties and such Loan Party shall immediately deposit same in kind in a Controlled Deposit Account. The Agent retains the right at all times after the occurrence and during the continuance of an Event of Default to notify Account Debtors that a Loan Party’s Accounts have been assigned to the Agent and to collect such Loan Party’s Accounts directly in its own name, or in the name of the Agent’s agent, and to charge the collection costs and expenses, including reasonable attorneys’ fees, to the Loan Account.

Controlled Deposit Account. On or prior to the Closing Date, the relevant Borrower shall enter into a Control Agreement with the Agent, the First Lien Agent and the relevant Controlled Account Bank with respect to each Deposit Account listed on Schedule 6.19 (other than Excluded Deposit Accounts), which shall include all lockboxes and related lockbox accounts used for the collection of Accounts. Each Loan Party agrees that all invoices rendered and other requests made by any Loan Party for payment in respect of Accounts shall contain a written statement directing payment in respect of such Accounts to be paid to a Controlled Deposit Account in its name. The Borrower Agent shall cause bank statements and/or other reports to be delivered to the Agent not less often than monthly, accurately setting forth all amounts deposited in each Deposit Account to ensure the proper transfer of funds as set forth above. All remittances received by any Loan Party on account of Accounts, together with the proceeds of any other Collateral, shall be held as the Agent’s 's property, for its benefit and the benefit of the Credit PartiesAgent, by such Loan Party as trustee of an express trust for the Agent's benefit of the Credit Parties and such Loan Party shall immediately deposit same in kind in a Controlled Deposit Account. The Agent retains the right at all times after the occurrence and during the continuance of an Event of Default to notify Account Debtors that a Loan Party’s 's Accounts have been assigned to the Agent and to collect such Loan Party’s 's Accounts directly in its own name, or in the name of the Agent’s 's agent, and to charge the collection costs and expenses, including reasonable attorneys’ ' fees, to the Loan Account.

Controlled Deposit Account. On or prior to In accordance with the Post-Closing DateAgreement and Section 7.19, the relevant Borrower applicable Loan Party, the Lender and the applicable Controlled Account Bank shall enter into a Control Agreement with the Agent, the First Lien Agent and the relevant Controlled Account Bank with respect to each Deposit Account listed on Schedule 6.19 (6.19, other than Excluded Deposit Accounts), which shall include all lockboxes and related lockbox accounts used for the collection of Accounts. Each Loan Party agrees that all invoices rendered and other requests made by any Loan Party for payment in respect of Accounts shall contain a written statement directing payment in respect of such Accounts to be paid to a Controlled Deposit Account in its name. The At the request of the Lender, the Borrower Agent shall cause bank statements and/or other reports to be delivered to the Agent Lender not less often than monthly, accurately setting forth all amounts deposited in each Deposit Account to ensure the proper transfer of funds as set forth above. All remittances received by any Loan Party on account of Accounts, together with the proceeds of any other Collateral, shall be held as the AgentLender’s property, for its benefit and the benefit of the Credit PartiesLender, by such Loan Party as trustee of an express trust for the Lender’s benefit of the Credit Parties and such Loan Party shall immediately deposit same in kind in a Controlled Deposit Account. The Agent Lender retains the right at all times after the occurrence and during the continuance of a Default or an Event of Default to notify Account Debtors that a Loan Party’s Accounts have been assigned to the Agent Lender and to collect such Loan Party’s Accounts directly in its own name, or in the name of the AgentLender’s agent, and to charge the collection costs and expenses, including reasonable attorneys’ fees, to the Loan Account.

Controlled Deposit Account. On or prior to the Closing Date, the relevant Borrower shall enter into a Control Agreement with the Agent, the First Lien Agent Lender and the relevant Controlled Account Bank with respect to each Deposit Account listed on Schedule 6.19 (other than Excluded Deposit Accounts), which shall include all lockboxes and related lockbox accounts used for the collection of Accounts; provided, however, that with respect to any Deposit Account maintained in Canada and any Deposit Account maintained by the Target as of the Acquisition Closing Date, the Borrowers shall have forty-five (45) (or such longer period as may be permitted by Lender in its Credit Judgment) days after the Closing Date to deliver to the Lender a Control Agreement with respect thereto duly executed by the respective Borrower and the relevant Controlled Account Bank. Each Loan Party agrees that all invoices rendered and other requests made by any Loan Party for payment in respect of Accounts shall contain a written statement directing payment in respect of such Accounts to be paid to a Controlled Deposit Account in its name. The Borrower Agent shall cause bank statements and/or other reports to be delivered to the Agent Lender not less often than monthly, accurately setting forth all amounts deposited in each Deposit Account to ensure the proper transfer of funds as set forth above. All remittances received by any Loan Party on account of Accounts, together with the proceeds of any other Collateral, shall be held as the AgentLender’s property, for its benefit and the benefit of the Credit PartiesLender, by such Loan Party as trustee of an express trust for the Lender’s benefit of the Credit Parties and such Loan Party shall immediately deposit same in kind in a Controlled Deposit Account. The Agent Lender retains the right at all times after the occurrence and during the continuance of an Event of Default to notify Account Debtors that a Loan Party’s Accounts have been assigned to the Agent Lender and to collect such Loan Party’s Accounts directly in its own name, or in the name of the AgentLender’s agent, and to charge the collection costs and expenses, including reasonable attorneys’ fees, to the Loan Account.