Maintenance of Cash Management System. (i) In accordance with Section 2.18 of this Agreement, establish and maintain a cash management system on terms reasonably acceptable to the Agent and (ii) continue to maintain one or more Collection Accounts to be used by the Borrower as its principal concentration account for day-to-day operations conducted by the Borrower.
Maintenance of Cash Management System. The Loan Parties will establish and maintain the cash management system described below:
Maintenance of Cash Management System. Maintain a cash management system satisfactory to the Lender, pursuant to which all collections of the Credit Parties would be deposited into accounts maintained with the Lender or with third-party institutions, governed by account control agreements to which Lender, the applicable third-party institution and the applicable Credit Party(ies) are parties (“blocked accounts”). Such cash management system would permit the Lender to exercise full dominion over any and all blocked accounts, whether maintained with the Lender or any other third-party institution, in the event (i) that an Event of Default occurs and is continuing or (ii) Unused Availability declines below (A) $500,000 at any time prior to or on Xxxxx 0, 0000, (X) $1,500,000 after April 1, 2016 and prior to or on July 1, 2016 or (C) $4,000,000 after July 1, 2016 (an event under clause (i) or (ii), a “Dominion Trigger Event”). Upon the occurrence of a Dominion Trigger Event, full dominion by the Lender over cash collections of the Credit Parties shall commence and continue and remain in effect (x) if the Dominion Trigger Event arises under clause (i) above, until all Events of Default have been cured or waived, (y) if the Dominion Trigger Event arises under clause (ii) above, until Unused Availability is equal to or greater than the applicable dollar threshold set forth above (as the same may change as a result of date changes) for ninety (90) consecutive days, in which case a Dominion Trigger Event shall no longer be deemed to be continuing and (z) if Dominion Trigger Events occur under both clauses (i) and (ii) above, then until both events set forth in clauses (x) and (y) above have occurred.
Maintenance of Cash Management System. (a) Maintain, and cause each of the other Loan Parties to maintain, all Cash Collateral Accounts with Xxxxx Fargo Bank or another commercial bank located in the United States (in the case of the U.S. Loan Parties) or Canada (in the case of the Canadian Loan Parties), and the Loan Parties shall cause such commercial bank to accept the assignment of such accounts to the Collateral Agent for the benefit of the Secured Parties pursuant to the terms of the Security Agreement and to enter into the appropriate Depositary Bank Agreements with the Collateral Agent.
Maintenance of Cash Management System. Maintain a cash management system on terms reasonably acceptable to the Initial Lenders, it being acknowledged that the Cash Management System of the Borrower as in effect on the Effective Date is reasonably acceptable to the Initial Lenders.
Maintenance of Cash Management System. Maintain a cash management system on terms reasonably acceptable to the Lenders (it being acknowledged that the Cash Management System of the Borrower as in effect on the Closing Date is reasonably acceptable to the Xxxx Second Amended and Restated Revolving Credit and Guaranty Agreement Lenders) in accordance with Section 2.17 of this Agreement. Continue to maintain one or more Concentration Accounts to be used by the Borrower as its principal concentration account for day-to-day collections of ABL Collateral conducted by the Borrower.
Maintenance of Cash Management System. (a) The applicable schedule to the Perfection Certificate sets forth all Deposit Accounts maintained by the Loan Parties, including all Dominion Accounts. On or prior to the date that is sixty (60) days after the Effective Date, or up to one hundred twenty (120) days by way of up to two thirty (30) day extensions as may be agreed by the Administrative Agent in its discretion, each Loan Party shall take all actions necessary to establish the Collateral Agent’s control of and Lien on each such Deposit Account (other than an Excluded Account). Each Loan Party shall be the sole account holder of each Deposit Account (other than an Excluded Account) and shall not allow any other Person (other than the Administrative Agent) to have control over or a Lien on a Deposit Account (other than an Excluded Account) or any property deposited therein. 134
Maintenance of Cash Management System. The Borrower will maintain and, to the extent practicable, will cause each of its Subsidiaries to maintain, all of its significant operating accounts and demand deposit accounts used for paying and receiving purposes in the ordinary course of its business with the New Cash Management Bank, any of the Existing Cash Management Banks, any of the Lenders which is a commercial bank or any Affiliate of any Lender which is a commercial bank or any other commercial bank acceptable to the Administrative Agent and the Majority Lenders, in each case, which agrees to be bound by the terms of this Agreement in writing. In connection with the foregoing, the Borrower will, to the extent practicable, cause substantially all of its available operating funds to be concentrated, on a daily basis, in a concentration account which shall at all times be maintained with the New Cash Management Bank.
Maintenance of Cash Management System. Borrowers shall maintain a cash management system acceptable to Agent with such banks as may be selected by Borrowers and be acceptable to Agent. All depository accounts in Borrower's cash management system and funds deposited in any deposit accounts shall be subject to the first priority lien of Agent for the Pro Rata account of Lenders and Borrowers shall obtain the agreement by such banks in favxx xx Xgent for the account of Lenders as may be necessary or appropriate for Agent to obtain a perfxxxxx xirst priority Lien therein. On the Closing Date, Borrowers shall establish and maintain Dominion Accounts pursuant to lockbox arrangements acceptable to Agent with such banks as may be selected by Borrowers and be acceptable to Agent. Borrowers shall issue to any such banks an irrevocable letter of instruction directing such banks to deposit all payments or other remittances received in the lockbox to the Dominion Account and to comply with Agent's notice, given at any time and from time to time in its discretion (or when directed by the Required Lenders), directing such banks to transfer all such payments and remittances to the Payment Account for application on account of the Obligations; provided, however, that Borrowers acknowledge and agree that if at any time Availability is less than $10,000,000 and within ten (10) days of such occurrence Borrowers fail to provide or are unable to provide Availability projections demonstrating, to the satisfaction of the Required Lenders, that within sixty (60) days Availability will increase to be in excess of $10,000,000 and continue thereafter to exceed such amount, Agent shall give the foregoing notice to such banks to transfer all payments and remittances to the Payment Account. All funds deposited in any Dominion Account shall immediately become the property of Agent for the account of Lenders and Borrowers shall obtain the agreement by such banks in favxx xx Xgent to waive any recoupment, setoff rights, and any security interest in, or against the funds so deposited. Agent agrees with Borrowers that Agent shall not give any such instructions or withhold any withdrawal rights from Borrowers unless a Default or an Event of Default has occurred and is continuing. Agent assumes no responsibility for such lockbox or blocked account arrangements, including, without limitation, any claim of accord and satisfaction or release with respect to deposits accepted by any bank thereunder.
Maintenance of Cash Management System. The Debtors shall maintain the existing account or accounts at Bank One, N.A., or shall establish an account or accounts at such other financial institution as may be acceptable to the Agent, to be used by the Debtors as their principal concentration accounts for day-to-day operations by the Debtors.
