Common use of Deposit Account Agreements Clause in Contracts

Deposit Account Agreements. Except as otherwise permitted by clause (ii) of Section 4.1 above, and subject to the limitations described in clause (v) of Section 4.1 above, the Borrower shall cause each financial institution maintaining one or more deposit accounts for the Borrower or any Subsidiary to enter into an agreement with the Administrative Agent pursuant to which such financial institution acknowledges and agrees to the Administrative Agent's Lien on such deposit accounts and all funds therein, to waive any right of offset or bankers' lien with respect to such deposit accounts (other than charges for account maintenance fees and returned items), and, during the existence of any Event of Default, to remit all collected balances in such deposit accounts to the Administrative Agent. The Borrower and, by becoming a Guarantor hereto, each Subsidiary hereby acknowledge and agree that the Administrative Agent has (and is hereby granted) a Lien on all such deposit accounts and all funds contained therein to secure the Obligations. The Lenders agree with the Borrower that if and so long as no Event of Default has occurred and is continuing, amounts on deposit in the deposit accounts maintained with the Administrative Agent or any Lender will (subject to the rules and regulations of the Administrative Agent or the relevant Lender as from time to time in effect applicable to demand deposit accounts) be made available to the Borrower or the relevant Subsidiary for use in the conduct of its business. Upon the occurrence and during the continuation of any Event of Default, the Administrative Agent may apply the funds on deposit in all such deposit accounts to the Obligations. The Borrower has heretofore disclosed to the Administrative Agent in writing all of the deposit accounts which require an agreement pursuant to this Section and the Borrower shall advise the Administrative Agent of any such deposit accounts which are hereafter opened or closed.

Deposit Account Agreements. Except as otherwise permitted by clause (ii) of Section 4.1 above, and subject to the limitations described in clause (v) of Section 4.1 above, the Borrower shall cause each financial institution maintaining one or more deposit accounts for the Borrower or any Subsidiary to enter into an agreement with the Administrative Agent pursuant to which such financial institution acknowledges and agrees to the Administrative Agent's ’s Lien on such deposit accounts and all funds therein, to waive any right of offset or bankers' ’ lien with respect to such deposit accounts (other than charges for account maintenance fees and returned items), and, during the existence of any Event of Default, to remit all collected balances in such deposit accounts to the Administrative Agent. The Borrower and, by becoming a Guarantor hereto, each Subsidiary hereby acknowledge and agree that the Administrative Agent has (and is hereby granted) a Lien on all such deposit accounts and all funds contained therein to secure the Obligations. The Lenders agree with the Borrower that if and so long as no Event of Default has occurred and is continuing, amounts on deposit in the deposit accounts maintained with the Administrative Agent or any Lender will (subject to the rules and regulations of the Administrative Agent or the relevant Lender as from time to time in effect applicable to demand deposit accounts) be made available to the Borrower or the relevant Subsidiary for use in the conduct of its business. Upon the occurrence and during the continuation of any Event of Default, the Administrative Agent may apply the funds on deposit in all such deposit accounts to the Obligations. The Borrower has heretofore disclosed to the Administrative Agent in writing all of the deposit accounts which require an agreement pursuant to this Section and the Borrower shall advise the Administrative Agent of any such deposit accounts which are hereafter opened or closed.

Deposit Account Agreements. Except as otherwise permitted by clause (ii) of Section 4.1 above, and subject to the limitations described in clause (v) of Section 4.1 above, within 60 days of the Closing Date the Borrower shall cause each financial institution maintaining one or more deposit accounts for the Borrower or any Subsidiary to enter into an agreement with the Administrative Agent pursuant to which such financial institution acknowledges and agrees to the Administrative Agent's Lien on such deposit accounts and all funds therein, to waive any right of offset or bankers' lien with respect to such deposit accounts (other than charges for account maintenance fees and returned items), and, during the existence of any Event of Default, to remit all collected balances in such deposit accounts to the Administrative Agent. The Borrower and, by becoming a Guarantor hereto, each Subsidiary hereby acknowledge and agree that the Administrative Agent has (and is hereby granted) a Lien on all such deposit accounts and all funds contained therein to secure the Obligations. The Lenders agree with the Borrower that if and so long as no Event of Default has occurred and is continuing, amounts on deposit in the deposit accounts maintained with the Administrative Agent or any Lender will (subject to the rules and regulations of the Administrative Agent or the relevant Lender as from time to time in effect applicable to demand deposit accounts) be made available to the Borrower or the relevant Subsidiary for use in the conduct of its business. Upon the occurrence and during the continuation of any Event of Default, the Administrative Agent may apply the funds on deposit in all such deposit accounts to the Obligations. The Borrower has heretofore disclosed to the Administrative Agent in writing all of the deposit accounts which require an agreement pursuant to this Section and the Borrower shall advise the Administrative Agent of any such deposit accounts which are hereafter opened or closed.