New Depository Accounts. Each Company agrees not to open any lockbox or new bank account into which Proceeds of Collateral are to be delivered or deposited unless concurrently with the opening of such lockbox and/or bank account, the Agent, such Company and the bank which will maintain such lockbox or at which such account will be maintained, execute a Depository Account Control Agreement with respect to such lockbox and/or related bank account. Upon compliance with the terms set forth above, such lockbox and/or bank account shall constitute a Depository Account for purposes of this Financing Agreement.
New Depository Accounts. From and after the Closing Date, each Credit Party may establish and maintain deposit accounts in addition to those set forth in Part A of Disclosure Schedule (3.19) (each (other than Excluded Accounts), a "New Depository Account"; and any such New Depository Account or any Existing Depository Account being referred to herein as a "Depository Account") with an Existing Depository Bank or a financial institution which is not an Existing Depository Bank (each, a "New Depository Bank"; and any such New Depository Bank or any Existing Depository Bank being referred to herein as a "Depository Bank"), but only to the extent that simultaneously with the opening of any such New Depository Account, Borrower shall have obtained a Letter of Direction with respect to each such New Depository Account which has been duly executed and delivered by the relevant Depository Bank and Borrower shall deliver such executed Letter of Direction to Administrative Agent within five (5) Business Days following the opening of any such account. The Credit Parties may from time to time terminate any Depository Account so long as any replacement account is established in accordance with the terms of this clause (b).
New Depository Accounts. Except as otherwise provided in this clause (c), the Company agrees not to have any lockbox or bank account unless the Agent, the Company and the bank with which such lockbox or such account is maintained, have executed a Depository Account Control Agreement with respect to such lockbox and/or related bank account, and upon such execution, such lockbox and/or bank account shall constitute a Depository Account for purposes of this Financing Agreement; provided that the Company may have the following accounts not constituting Depository Accounts; (i) bank accounts for the sole purpose of depositing proceeds of Excluded Collateral or Non-Operating Collections, (ii) payroll accounts maintained for the sole purpose of paying salaries, (iii) the Mitsui Cash Collateral Account and (iv) other bank accounts having an aggregate balance not in excess of $50,000.
New Depository Accounts. The Borrower shall not open any new depository account, securities account or investment account unless such account shall be maintained at one or more of the Banks.
New Depository Accounts. Each Company (except for a Company that is a Retail Domestic Subsidiary if and for so long as Net Availability is equal to or greater than the Net Availability Minimum then in effect and no Event of Default exists and the Agent has not elected to require such Retail Domestic Subsidiary to comply with the provisions of Sections 3.2(a) and 3.2(b) hereof) agrees not to open any lockbox or new bank account at a Depository Bank into which Proceeds of Collateral are to be delivered or deposited unless concurrently with the opening of such lockbox and/or bank account, the Agent, such Company and the Depository Bank which will maintain such lockbox or at which such account will be maintained, execute a Depository Account Control Agreement with respect to such lockbox and/or related bank account. Upon compliance with the terms set forth above, such lockbox and/or bank account shall constitute a Depository Account for purposes of this Financing Agreement.
New Depository Accounts. Each Company (except for a Company that is a Retail Domestic Subsidiary if and for so long as Net Availability is more than $30 million and no Event of Default exists) agrees not to open any lockbox or new bank account into which Proceeds of Collateral are to be delivered or deposited unless concurrently with the opening of such lockbox and/or bank account, the Agent, such Company and the bank which will maintain such lockbox or at which such account will be maintained, execute a Depository Account Control Agreement with respect to such lockbox and/or related bank account. Upon compliance with the terms set forth above, such lockbox and/or bank account shall constitute a Depository Account for purposes of this Financing Agreement.
New Depository Accounts. The Company shall not open any new depository account, securities account or investment account unless such account shall be maintained at a bank holding Bank Obligations.
