Common use of Deposit Accounts held at Agent Clause in Contracts

Deposit Accounts held at Agent. The Concentration Account and any other deposit account of Borrower or a Significant Subsidiary held at Credit Lyonnais New York Branch (all such accounts, other than the Concentration Account, herein the "Credit Lyonnais Accounts") are maintained by Credit Lyonnais New York Branch, in its capacity as Agent hereunder to perfect the security interest held for the benefit of the Secured Parties therein. Withdrawals from the Concentration Account shall only be made in accordance with subsection 5.4(b)(iv). When no Event of Default exists, the Borrower or applicable Significant Subsidiary is entitled to make withdrawals from and deposits into the Credit Lyonnais Accounts. When an Event of Default exists, the Agent shall be the only party entitled to make withdrawals from the Credit Lyonnais Accounts. If the Agent exercises any right of setoff against any Credit Lyonnais Account, the amount so setoff shall be applied as proceeds of Collateral in accordance with Section 5.6; provided that the Agent shall be entitled to charge, or setoff against, the Credit Lyonnais Accounts and retain for its own account, any customary fees, costs, charges and expenses owed to it in connection with the opening, operating and maintaining the Credit Lyonnais Accounts and for the amount of any item credited to a Credit Lyonnais Account which is subsequently returned for any reason.