Common use of Establishment of a Lockbox Account, Dominion Account Clause in Contracts

Establishment of a Lockbox Account, Dominion Account. All proceeds of Collateral shall, at the direction of Agent, be deposited by Loan Parties into a lockbox account, dominion account or such other blocked account (collectively, the “Blocked Accounts”) as Agent may require pursuant to an arrangement with such bank as may be selected by Loan Parties and be reasonably acceptable to Agent. Loan Parties shall issue to any such bank, an irrevocable letter of instruction directing said bank to transfer such funds so deposited to Agent, either to any account maintained by Agent at said bank or by wire transfer to appropriate account(s)

Appears in 3 contracts

Samples: Financing Agreement (Rafaella Apparel Group,inc.), Financing Agreement (Rafaella Apparel Group,inc.), Loan Agreement (Verrazano,inc.)

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Establishment of a Lockbox Account, Dominion Account. All proceeds of ----------------------------------------------------- Collateral shall, at the direction of Agent, be deposited by Loan Parties Borrower into a lockbox account, dominion account or such other blocked account (collectively, the “"Blocked Accounts") as Agent may require pursuant to an arrangement with such bank as may be selected by Loan Parties Borrower and be reasonably acceptable to Agent. Loan Parties Borrower shall issue to any such bank, an irrevocable letter of instruction directing said bank to transfer such funds so deposited to Agent, either to any account maintained by Agent at said bank or by wire transfer to appropriate account(s)

Appears in 2 contracts

Samples: Revolving Credit and Security Agreement (Delta Woodside Industries Inc /Sc/), Revolving Credit and Security Agreement (Delta Mills Inc)

Establishment of a Lockbox Account, Dominion Account. All proceeds of Collateral shall, at the direction of Agent, be deposited by Loan Parties Borrowers into a lockbox account, dominion account or such other "blocked account account" (collectively, the “"Blocked Accounts") as Agent may require pursuant to an arrangement with such bank as may be selected by Loan Parties Borrowers and be reasonably acceptable to Agent. Loan Parties Borrowers shall issue to any such bank, an irrevocable a letter of instruction (which shall be irrevocable during the Term) directing said bank to transfer such funds so deposited to Agent, either to any account maintained by Agent at said bank or by wire transfer to appropriate account(s)

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Vista Information Solutions Inc)

Establishment of a Lockbox Account, Dominion Account. All --------------------------------------------------------- proceeds of Collateral shall, at the direction of Agent, be deposited by Loan Parties Borrowers into a lockbox account, dominion account or such other "blocked account account" (collectively, the “"Blocked Accounts") as Agent may require pursuant to an arrangement with such bank as may be selected by Loan Parties Borrowers and be reasonably acceptable to Agent. Loan Parties Borrowers shall issue to any such bank, an irrevocable letter of instruction directing said bank to transfer such funds so deposited to Agent, either to any account maintained by Agent at said bank or by wire transfer to appropriate account(s)

Appears in 1 contract

Samples: Revolving Credit Loan and Security Agreement (Intelligroup Inc)

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Establishment of a Lockbox Account, Dominion Account. All proceeds of Collateral shall, at the direction of Agent, be deposited by Loan Parties Borrowers into a lockbox accountaccounts, dominion account accounts or such other "blocked account accounts" (collectively, the “"Blocked Accounts") as Agent may require pursuant to an arrangement with such bank banks as may be selected by Loan Parties Borrowers and be reasonably acceptable to Agent. Loan Parties Borrowers shall issue to any such bank, an irrevocable letter of instruction directing said bank to transfer such funds so deposited to Agent, either to any account maintained by Agent at said bank or by wire transfer to appropriate account(s)

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Rheometric Scientific Inc)

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