Maintaining Bank Accounts. Borrower covenants and agrees that until the termination of Collateral Agent’s Lien:
(A) Except for bank accounts that have average monthly collected balances of less than $100,000.00 (in the aggregate), Borrower shall maintain all of its bank accounts (collectively, the “Bank Accounts”), including any Deposit Accounts and disbursement accounts, only with Wachovia (the “Approved Bank Accounts”); provided however, during the period of time that a Transition Services Agreement is in effect, Borrowers may maintain and make deposits to and disbursements from the bank accounts established and maintained thereunder.
(B) Upon the occurrence and during the continuance of a Default and the demand of Collateral Agent, Borrower shall maintain lockboxes and blocked deposit accounts (each a “Lockbox Account”) only with Wachovia and with other banks (each a “Lockbox Bank”) that have entered into letter or other agreements (each a “Lockbox Agreement”) approved by and acceptable to Collateral Agent in its discretion.
(C) Upon the occurrence and during the continuance of a Default and the demand of Collateral Agent, Borrower shall promptly instruct each Person obligated at any time to make any payment to Borrower for any reason to make such payment to a Lockbox Account, and shall pay to Collateral Agent for deposit in an Approved Bank Account as may be from time to time designated by Collateral Agent, at the end of each Business Day, all proceeds of Collateral and all other cash received by it on such day.
(D) Borrower shall instruct each Lockbox Bank to transfer to an Approved Bank Account designated by Collateral Agent, at the end of each Business Day, in same day funds, an amount equal to the credit balance of the Lockbox Account in such Lockbox Bank.
(E) Upon any termination of any Lockbox Agreement or other agreement with respect to the maintenance of a Lockbox Account by Borrower or any Lockbox Bank, Borrower shall immediately notify all Persons that were making payments to such Lockbox Account to make all future payments to another Lockbox Account or to an Approved Bank Account designated by Collateral Agent. Borrower agrees to terminate any or all Lockbox Account and Lockbox Agreements upon request by Collateral Agent.
Maintaining Bank Accounts. Each Borrower covenants and agrees that, within ninety (90) days after the date of Closing (or with respect to any Person first becoming a Borrower after the Closing Date, then within ninety (90) days after becoming a Borrower), each Borrower shall establish, and shall thereafter maintain, all of its primary Deposit Accounts and disbursement accounts except for local payroll accounts (collectively, the “Disbursement Accounts”), only with Bank and other banks approved by Bank (the “Approved Bank Accounts”), the current listing of the Approved Bank Accounts being attached hereto as Schedule 7.1(O).
Maintaining Bank Accounts. Filing Fees and Taxes
Maintaining Bank Accounts. Unless directed otherwise by Owner, Manager is not permitted to make changes to existing property bank accounts, or attach related products or services to those bank accounts, via direct contact with a banking institution. All items relating to bank account maintenance are to be coordinated through Owner. Bank account maintenance requests that require coordination and approval from Owner include any changes to bank account signatories, bank products or services attached to the respective bank accounts, and bank account statement cut-off dates. These types of requests should be handled via e-mail submission to Owner of the Maintaining Property Accounts Request Form. Manager is permitted to directly contact the banking institution regarding routine bank account maintenance items and/or questions. Those maintenance items that do not require coordination and approval from Owner include transaction inquiry requests, item research, questions pertaining to the bank account statement, re-issuance of bank statements, bank account statement mailing address changes or updates, bank account and related products and services questions or additional information, stop-payment requests, and other requests pertaining to bank account operations (i.e., ordering check stock).
Maintaining Bank Accounts. Borrower covenants and agrees that, within ninety (90) days after the date of Closing, Borrower shall establish, and shall thereafter maintain, all of its primary Deposit Accounts and disbursement accounts except for local payroll accounts (collectively, the “Disbursement Accounts”), only with Bank and other banks approved by Bank (the “Approved Bank Accounts”), the current listing of the Approved Bank Accounts being attached hereto as Schedule 7.1(O).
Maintaining Bank Accounts. Section 10.14(A) of the Credit Agreement is hereby amended to read in full as follows:
(A) Borrowers shall maintain all of their principal bank accounts (collectively, the “Bank Accounts”), including any Deposit Accounts and disbursement accounts, with Xxxxx Fargo Bank, National Association (the “Approved Bank Accounts”).
Maintaining Bank Accounts. Each Borrower Party covenants and agrees that Bank shall be the sole provider of "treasury services" to such Borrower Party, and except for local payroll accounts, such Borrower Party shall maintain all of its bank accounts, including any deposit accounts and disbursement accounts, only with Bank and other banks approved by Bank; provided, however, that this Section 7.5 shall not apply to (i) treasury services and bank accounts of Foreign Subsidiaries or of AIC, and (ii) the bank accounts of AIC, AID, AIE, RIP and TIS or other accounts established in South Dakota for purposes of receiving royalty payments.
Maintaining Bank Accounts. Each Borrower Party covenants and agrees that Regions shall be the sole provider of "treasury services" to such Borrower Party, and except for local payroll accounts, such Borrower Party shall maintain all of its bank accounts, including any deposit accounts and disbursement accounts, only with Regions, Pinnacle and other banks approved by Agent.
Maintaining Bank Accounts. Section 9.13(a) of the Note Agreement is hereby amended by restating it in its entirety to read as follows:
Maintaining Bank Accounts. Property Manager is responsible to contact the banking institution regarding bank account maintenance items and/or questions related to the bank accounts.
