Common use of Covenant Regarding New Deposit Accounts Clause in Contracts

Covenant Regarding New Deposit Accounts. Before opening or replacing any Collateral Deposit Account or other Deposit Account that will not constitute an Excluded Deposit Account, the Grantor shall (a) obtain the Administrative Agent’s consent in writing to the opening of such Deposit Account, and (b) 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 Administrative Agent in order to give the Administrative Agent Control of such Deposit Account. In the case of Deposit Accounts maintained with Lenders, the terms of such agreement shall be subject to the provisions of the Credit Agreement regarding setoffs.

Covenant Regarding New Deposit Accounts. Before opening or replacing any Collateral Deposit Account or other Deposit Account that will not constitute an Excluded Deposit Account, the each Grantor shall (a) obtain the Administrative Agent’s consent in writing to the opening of such Collateral Deposit Account or other Deposit Account, and (b) cause each bank or financial institution in which it seeks to open a Collateral Deposit Account or other Deposit Account, to enter into a Deposit Account Control Agreement with the Administrative Agent in order to give the Administrative Agent Control of such Collateral Deposit Account or other Deposit Account. In the case of Deposit Accounts maintained with Lenders, the terms of such agreement shall be subject to the provisions of the Credit Agreement regarding setoffs.

Covenant Regarding New Deposit Accounts. Before opening opening, transferring or replacing any Collateral Deposit Account or other Deposit Account that will not constitute an (other than Excluded Deposit AccountAccounts), the each Grantor shall (a) obtain so notify the Administrative Agent’s consent in writing to the opening of Agent and such Deposit Account, and (b) 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 Administrative Agent Agent, or the Control Agent, as applicable, in order to give the Administrative Agent Agent, Control of such Collateral Deposit Account. In the case of Deposit Accounts maintained with Lenders, the terms of such agreement shall be subject to the provisions of the Credit Agreement regarding setoffs.