Common use of Maintenance of Dominion Accounts Clause in Contracts

Maintenance of Dominion Accounts. Borrowers shall maintain such Dominion Accounts pursuant to a lockbox or other arrangement acceptable to Agent and, in each case, with such bank(s) as may be selected by Borrowers and be acceptable to Agent. Borrowers shall issue to each such lockbox bank an irrevocable letter of instruction directing such bank to deposit all payments or other remittances received in the lockbox to the applicable Dominion Account. Borrowers shall enter into Control Agreements, in form and substance satisfactory to Agent, with each depository bank at which such Dominion Accounts are maintained by which such bank shall immediately transfer to the Collections Account all monies deposited to such Dominion Account. All funds deposited in each Dominion Account (that is not itself the Collections Account) shall be and remain subject to Agent’s Lien. In addition, each such Control Agreement shall provide for the applicable depository bank to waive any offset rights against the funds deposited into such Dominion Account, except offset rights in respect of charges incurred in the administration of such Dominion Account. Neither Agent nor any of the Lenders assume any responsibility to Borrowers for such lockbox arrangement or Dominion Accounts, including any claim of accord and satisfaction or release with respect to deposits accepted by any bank thereunder.

Maintenance of Dominion Accounts. Borrowers shall maintain such Dominion Accounts pursuant to a lockbox or other arrangement Accounts, acceptable to Agent and, in each case, Lender with such bank(s) banks as may be selected by Borrowers and be acceptable to AgentLender. Borrowers shall issue to each any such lockbox bank banks an irrevocable letter of instruction directing such bank banks to deposit transfer all payments or other remittances funds received in the lockbox to the applicable Dominion Account. Borrowers shall enter into Control Agreements, in form and substance satisfactory to Agent, with each depository bank at which such Dominion Accounts are maintained by which to Lender for application on account of the Obligations upon written direction from Lender. Lender shall not issue any such bank shall immediately transfer to the Collections Account direction unless an Event of Default has occurred and is continuing or Aggregate Adjusted Availability is at any time less than $5,000,000. After such direction from Lender, all monies deposited to such Dominion Account. All funds deposited in each the Dominion Account (that is not itself Accounts shall immediately become the Collections Account) property of Lender and Borrowers shall be and remain subject to Agent’s Lien. In addition, each obtain the agreement by such Control Agreement shall provide for the applicable depository bank banks in favor of Lender to waive any offset rights against the funds deposited into such Dominion Account, except offset rights in respect of charges incurred in the administration of such Dominion Accountso deposited. Neither Agent nor any of the Lenders assume any Lender assumes no responsibility to Borrowers for such lockbox arrangement or Dominion Accountsfunds so deposited. Lender assumes no responsibility for such arrangements, including without limitation, any claim of accord and satisfaction or release with respect to deposits accepted by any bank thereunder.

Maintenance of Dominion Accounts. Borrowers shall maintain such Dominion Accounts pursuant to a lockbox or other arrangement acceptable to Agent and, in each case, with such bank(s) as may be selected by Borrowers and be acceptable to Agent. Borrowers shall issue to each such lockbox bank an irrevocable letter of instruction directing such bank to deposit all payments or other remittances received in the lockbox to the applicable Dominion Account. Borrowers shall enter into Control Agreements, in form and substance satisfactory to Agent, with each depository bank at which such Dominion Accounts are maintained by which such bank shall immediately transfer to the Collections Account all monies deposited to such Dominion Account. All funds deposited in each Dominion Account (that is not itself the Collections Account) shall be and remain subject to Agent’s 's Lien. In addition, each such Control Agreement shall provide for the applicable depository bank to waive any offset rights against the funds deposited into such Dominion Account, except offset rights in respect of charges incurred in the administration of such Dominion Account. Neither Agent nor any of the Lenders assume any responsibility to Borrowers for such lockbox arrangement or Dominion Accounts, including any claim of accord and satisfaction or release with respect to deposits accepted by any bank thereunder.