Establishment of Deposit Accounts. The Bank hereby confirms and agrees that:
Establishment of Deposit Accounts. Each of the Borrower Revenue Account, the Capital Improvements Account and the Lessee Revenue Account shall have been established to the reasonable satisfaction of the Administrative Agent.
Establishment of Deposit Accounts. City shall establish the Deposit Accounts in City’s name at Depositary Bank and shall fund the Reserve Amount into the Lockbox Account. The deposits into the Deposit Accounts and all interest accumulated thereon shall be held and disbursed by the Depositary Bank in accordance with the terms and conditions of the Control Agreements and this Agreement. The Deposit Accounts are subject to the sole dominion, control and discretion of Collateral Agent until the Discharge Date. Until the Discharge Date, neither City nor any person or entity claiming on behalf of or through City shall have any right or authority, whether express or implied, to make use of, withdraw or transfer any funds or to give instructions with respect to disbursement of the Accounts other than Collateral Agent. Until the Discharge Date, subject to Section 6.02, Collateral Agent shall be entitled to exercise any and all rights in respect of or in connection with the Deposit Accounts including (i) the right to specify the amount of payments to be made from the Deposit Accounts, (ii) when such payments are to be made out of the Deposit Accounts and (iii) the right to withdraw funds for the payment of Obligations which are due and payable from the Deposit Accounts. Collateral Agent shall accept all funds remitted to the Deposit Accounts under this Agreement, and credit such funds as provided for in Section 6.02 below.
Establishment of Deposit Accounts. PCEA shall establish the Deposit Accounts in PCEA’s name at Depositary Bank and shall fund the Reserve Amount into the Lockbox Account. The deposits into the Deposit Accounts and all interest accumulated thereon shall be held and disbursed by the Depositary Bank in accordance with the terms and conditions of the Control Agreement and this Agreement. The Deposit Accounts are subject to the sole dominion, control and discretion of Collateral Agent until the Discharge Date. Until the Discharge Date, neither PCEA nor any person or entity claiming on behalf of or through PCEA shall have any right or authority, whether express or implied, to make use of, withdraw or transfer any funds or to give instructions with respect to disbursement of the Accounts other than Collateral Agent. Until the Discharge Date, subject to Section 6.02, Collateral Agent shall be entitled to exercise any and all rights in respect of or in connection with the Deposit Accounts including (i) the right to specify the amount of payments to be made from the Deposit Accounts,
Establishment of Deposit Accounts. City shall establish the Deposit Accounts in City’s name at Depositary Bank and shall fund the Reserve Amount into the Lockbox Account. The deposits into the Deposit Accounts and all interest accumulated there... 6.02
Establishment of Deposit Accounts. (a) Cash Management Systems. On or prior to the Closing Date, Seller ----------------------- will establish and will maintain until the Termination Date, the cash management systems described in this Section 6.01. ------------
Establishment of Deposit Accounts. The Lessee Revenue Account shall have been established to the reasonable satisfaction of the Administrative Agent.
Establishment of Deposit Accounts. The Credit Parties have entered into one or more Blocked Account Agreements acceptable to Agent in its sole discretion with the depositary institutions set forth on Schedule 4.18(h) (each such institution, a "Designated Depositary") relating to one or more deposit accounts at each such Designated Depositary (each such agreement, together with any replacements, amendments and modifications thereof acceptable to the Agent, a "Blocked Account Agreement"). On or prior to the expiration of 180 days after the Closing Date, the Credit Parties shall establish at the Agent one or more deposit accounts, which shall be blocked accounts acceptable to Agent in its sole discretion in the name of Borrower or a Credit Party; provided, that the foregoing shall not be applicable to (i) payroll accounts; and (ii) such deposit accounts as are legally required to be maintained at the Designated Depositary and provided, further that the Credit Parties shall not be required to establish at the Agent any such deposit account to the extent that the Agent is unable to offer substantially similar services in the Agent's reasonable business judgment with respect to such deposit account as are offered by the existing Designated Depositary. Each such deposit account, whether established at a Designated Depositary or at the Agent, shall be referred to as a "Blocked Account". All proceeds of Receivables shall be deposited within one business day of receipt in a Blocked Account. All funds deposited in the Blocked Accounts shall immediately become the property of the Agent. Neither the Agent nor any Lender assumes any responsibility for such blocked account arrangement, including without limitation, any claim of accord and satisfaction or release with respect to deposits accepted by any bank thereunder.
Establishment of Deposit Accounts. (a) [Intentionally Omitted].
Establishment of Deposit Accounts. Pursuant to the Credit Agreement, the Grantors will from time to time enter into one or more agreements with depositary institutions relating to one or more deposit accounts (each a "Blocked Account") at each such institution as more fully described in the Credit Agreement (each such agreement, together with any replacements, amendments and modifications thereof, a "Blocked Account Agreement)."
