Covenant Regarding New Deposit Accounts. Before opening or replacing any Collateral Deposit Account or a Material Deposit Account, each Grantor shall cause each bank or financial institution in which it seeks to open a Deposit Account, to enter into a Deposit Account Control Agreement with the Collateral Agent in order to give the Collateral Agent Control of such Deposit Account. In the case of Material Deposit Accounts maintained with Secured Parties, the terms of such letter shall be subject to the provisions of the Credit Agreement regarding setoffs.
Appears in 3 contracts
Samples: Senior Secured Credit Agreement (Lifetime Brands, Inc), Senior Secured Credit Agreement (Lifetime Brands, Inc), Second Lien Credit Agreement (Lifetime Brands, Inc)
Covenant Regarding New Deposit Accounts. Before opening or replacing any Collateral Deposit Account or a Material other Deposit AccountAccount (other than Excluded Deposit Accounts), each Grantor shall cause each bank or financial institution in which it seeks to open a Deposit Account, to enter into a Deposit Account Control Agreement with the Note Collateral Agent in order to give the Note Collateral Agent Control of such Deposit Account. In the case of Material Deposit Accounts maintained with Secured Parties, the terms of such letter shall be subject to the provisions of the Credit Agreement regarding setoffs.
Appears in 2 contracts
Samples: Pledge and Security Agreement (Westmoreland Energy LLC), Pledge and Security Agreement (WESTMORELAND COAL Co)
Covenant Regarding New Deposit Accounts. Before To the extent required by the Collateral Agent, before opening or replacing any Collateral Deposit Account or a Material other Deposit Account, each the applicable Grantor shall cause each the bank or financial institution in which it seeks to open a such Deposit Account, Account to enter into a Deposit Account Control Agreement with the Collateral Agent in order to give the Collateral Agent Control of such Deposit Account. In the case of Material any Deposit Accounts Account maintained with Secured Partiesa Lender, the terms of such letter Deposit Account Control Agreement shall be subject to the provisions of the Credit Loan Agreement regarding setoffs.
Appears in 1 contract
Samples: Pledge and Security Agreement (Iron Mining Group, Inc.)
