Collection, Deposit and Transfer of Payments in Respect of Accounts Clause Samples
Collection, Deposit and Transfer of Payments in Respect of Accounts. Borrowers shall maintain in effect at all times a system of accounts and procedures reasonably satisfactory to Agent for the collection and deposit of payments in respect of such Person's Accounts and the transfer of amounts so deposited to the BTCo Account. Without limiting the generality of the foregoing:
A. Maintenance of Lock Boxes and Lock Box Accounts.
(i) Except as permitted under subsection 2.10A(ii), Borrowers shall at all times maintain any Lock Boxes and Lock Box Accounts established pursuant to the terms of this Agreement and the Lock Box Agreements.
(ii) Borrowers shall not close any Lock Box Account or open a new Lock Box Account unless it shall have (a) notified Agent in writing at least 30 days (or such lesser number of days as may be agreed to by Agent) prior to the proposed closing or opening and (b) in the case of a new Lock Box Account, entered into a Lock Box Agreement with the applicable Lock Box Bank.
B. Collection and Deposit of Payments in Respect of Accounts.
(i) Borrowers shall deliver such notices to account debtors and take all such other actions as may reasonably be necessary to cause all payments in respect of such Person's Accounts to be made directly to a Lock Box.
(ii) Borrowers shall direct their authorized representatives pursuant to the terms of the applicable Lock Box Agreement, at least once on each Business Day, to retrieve all checks and other instruments delivered to a Lock Box and, as promptly as possible on the same Business Day so retrieved, to endorse for payment and deposit each such check or other instrument in the Lock Box Account related to such Lock Box. Notwithstanding the foregoing, from and after such time as Agent shall have notified Borrowers of its election to exercise its rights under this subsection 2.10B(ii), Borrowers' authorized representative shall not be permitted to retrieve any items from any Lock Box unless accompanied by a representative of Agent, and Borrowers hereby appoint Agent or any of its designees as Borrowers' attorneys-in-fact with powers, upon notification by Agent as aforesaid, to (a) access all Lock Boxes and (b) endorse for payment any checks or other instruments representing payment in respect of any Accounts of such Persons that are delivered to any Lock Box. All acts of said attorneys or designees are hereby ratified and approved, and said attorneys or designees shall not be liable for any acts of omission or commission (other than acts or omissions constituting gross negl...
Collection, Deposit and Transfer of Payments in Respect of Accounts of Foreign Subsidiaries. ----------------------- Borrower shall cause each of its Foreign Loan Parties (unless otherwise agreed to by Agent in its reasonable discretion) to maintain in effect at all times a system of accounts and procedures reasonably satisfactory to Agent for the collection and deposit of payments in respect of such Person's Accounts and, following notice by Agent upon the occurrence of a Potential Event of Default under subsection 8.1 of this Agreement or an Event of Default, the transfer of amounts so deposited to the applicable Concentration Account and BTCo Account.
Collection, Deposit and Transfer of Payments in Respect of Accounts. Borrowers have established, pursuant to the Prepetition Credit Facilities, a system of accounts and procedures for the collection and deposit of payments in respect of the Loan Parties' Accounts and the transfer of amounts so deposited to the DB Account pursuant to certain Control Agreements and Lock Box Agreements. Borrowers shall maintain such system (or another system satisfactory to DIP Agent) in effect at all times pursuant to this Agreement and such system, including the Concentration Accounts and Lock Box Accounts, shall be administered by DIP Agent pursuant to the terms hereof. Without limiting the generality of the foregoing:
Collection, Deposit and Transfer of Payments in Respect of Accounts. Subject to subsection 2.10G, Company shall, and shall cause each of its Domestic Subsidiaries to, maintain in effect at all times a system of accounts and procedures reasonably satisfactory to Agent for the collection and deposit of payments in respect of such Person's Accounts and the transfer of amounts so deposited to the applicable Concentration Account and BTCo Account. Without limiting the generality of the foregoing:
Collection, Deposit and Transfer of Payments in Respect of Accounts. Each Borrower Party shall maintain in effect at all times a system of accounts and procedures reasonably satisfactory to Administrative Agent and Borrower for the collection and deposit of payments in respect of such Borrower Party's Accounts, including lock box agreements and
Collection, Deposit and Transfer of Payments in Respect of Accounts. Borrowers shall, and shall cause each of their Subsidiaries to, maintain in effect at all times the system of accounts and procedures comprising the Cash Management System, as it may be modified from time to time in a manner reasonably satisfactory to Administrative Agent, for the collection and deposit of payments in respect of such Person's Deposit Accounts and the transfer of amounts so deposited to the BTCo Account. Without limiting the generality of the foregoing:
Collection, Deposit and Transfer of Payments in Respect of Accounts. Company shall, and shall cause each of its Subsidiaries to, maintain in effect at all times a system of accounts and procedures reasonably satisfactory to Agent for the collection and deposit of payments in respect of such Person's Accounts and the transfer of amounts so deposited to the applicable Concentration Account and BTCC Account. Without limiting the generality of the foregoing:
A. MAINTENANCE OF LOCK BOXES, LOCK BOX ACCOUNTS AND CONCENTRATION ACCOUNTS.
(i) Except as permitted under subsection 2.9A(ii), Company shall, and shall cause each of its Subsidiaries to, at all times maintain any Lock Boxes, Lock Box Accounts and Concentration Accounts established pursuant to the terms of this Agreement, the Lock Box Agreements and the Blocked Account Agreements, if any.
(ii) Company shall not, and shall not permit any of its Subsidiaries to, close any Lock Box Account or Concentration Account or open a new Lock Box Account or Concentration Account unless it shall have (a) notified Agent in writing at least 30 days (or such lesser number of days as may be agreed to by Agent) prior to the proposed closing or opening, (b) in the case of a new Lock Box Account, entered into a Lock Box Agreement with the applicable Lock Box Bank and (c) in the case of a new Other Bank Concentration Account, entered into a Blocked Account Agreement with the applicable Concentration Bank.