Common use of Material Accounts Clause in Contracts

Material Accounts. (a) Each Loan Party acknowledges and confirms that, on or before the Effective Date and pursuant to the terms of this Agreement, each Loan Party has and will direct that all amounts payable to them from their account debtors and other Persons shall be deposited in or credited to a Material Account. Each Loan Party acknowledges and confirms that, on or before Effective Date and pursuant to the terms of this Agreement, each Loan Party has established and will maintain each Material Account in accordance with this Agreement. Each Loan Party represents, warrants and covenants that except for the Material Accounts listed on Item 6.24 of the Disclosure Schedules (as updated from time to time pursuant to the terms hereof), there are no other InvestLine Accounts or deposit, securities or commodities accounts into which revenues from the ownership and operation of the Collateral or otherwise are deposited, credited to or held by any Loan Party or Shell Subsidiary. So long as any Obligations shall be outstanding, no Loan Party and no Subsidiary of any Loan Party shall open any accounts for the deposit or credit of revenues from the ownership and operation of the Collateral or otherwise other than the accounts described in the immediately preceding sentence.

Material Accounts. (a) Each Loan Party acknowledges and confirms that, on or before the Effective Date date hereof and pursuant to the terms of this Agreement, each Loan Party (other than CatchMark Timber) has and will direct that all amounts payable to them from their account debtors and other Persons shall be deposited in or credited to a Material Account. Each Loan Party acknowledges and confirms that, on or before Effective Date the date hereof and pursuant to the terms of this Agreement, each Loan Party has established and will maintain each Material Account in accordance with this Agreement. Each Loan Party represents, warrants and covenants that except for the Material Accounts listed on Item 6.24 of the Disclosure Schedules (as updated from time to time pursuant to the terms hereof), there are no other InvestLine Accounts or deposit, securities or commodities accounts into which revenues from the ownership and operation of the Collateral or otherwise are deposited, credited to deposited or held by any Loan Party or Shell Subsidiaryany Subsidiary of any Loan Party. So long as any Obligations shall be outstanding, no Loan Party and no Subsidiary of any Loan Party shall open any accounts for the deposit or credit of revenues from the ownership and operation of the Collateral or otherwise other than the accounts described in the immediately preceding sentence.

Material Accounts. (a) Each Loan Party acknowledges and confirms that, on or before the Effective Date date hereof and pursuant to the terms of this Agreement, each Loan Party (other than CatchMark Timber) has and will direct that all amounts payable to them from their account debtors and other Persons shall be deposited in or credited to a Material Account. Each Loan Party acknowledges and confirms that, on or before Effective Date the date hereof and pursuant to the terms of this Agreement, each Loan Party has established and will maintain each Material Account in accordance with this Agreement. Each Loan Party represents, warrants and covenants that except for the Material Accounts listed on Item 6.24 of the Disclosure Schedules (as updated from time to time pursuant to the terms hereof), there are no other InvestLine Accounts or deposit, securities or commodities accounts into which revenues from the ownership and operation of the Collateral or otherwise are deposited, credited to deposited or held by any Loan Party or Shell Subsidiary. So long as any Obligations shall be outstanding, no Loan Party and no Subsidiary of any Loan Party shall open any accounts for the deposit or credit of revenues from the ownership and operation of the Collateral or otherwise other than the accounts described in the immediately preceding sentence.