U.S. Accounts Clause Samples

U.S. Accounts. (i) Within 90 days after the Closing Date (or such longer period that Agent may agree in its sole discretion, but in any event not to exceed 120 days after the Closing Date), each U.S. Loan Party shall obtain a U.S. Control Agreement from each lockbox servicer and U.S. Blocked Account bank (in each case, other than with respect to Excluded Accounts), establishing Agent’s control over and Lien in the lockbox or U.S. Blocked Account, which may only be exercised by Agent during any Cash Dominion Trigger Period, requiring immediate deposit of all remittances received in the lockbox or U.S. Blocked Account to a U.S. Dominion Account designated by Agent, and waiving offset rights of such servicer or bank, except for customary administrative charges; provided that if such arrangements with respect to all such U.S. Blocked Accounts are not obtained within 90 days after the Closing Date (or such longer period that the Agent may agree in its sole discretion, but in any event not to exceed 120 days after the Closing Date), each U.S. Loan Party shall immediately transfer all funds in such accounts to a U.S. Blocked Account maintained with Bank of America N.A. or another financial institution reasonably satisfactory to the Agent that has executed a U.S. Control Agreement. If a U.S. Blocked Account is not maintained with Bank of America, Agent may, during any Cash Dominion Trigger Period, require immediate and daily transfer of all funds in such account to a U.S. Blocked Account maintained with Bank of America or to a U.S. Dominion Account.