Common use of Covenant Regarding New Deposit Accounts; Lock Boxes Clause in Contracts

Covenant Regarding New Deposit Accounts; Lock Boxes. Before opening or replacing any Deposit Account, or establishing a new lock box, the Grantor shall (a) obtain the Lender’s consent in writing to the opening of such Deposit Account or lock box, and (b) cause each bank or financial institution in which it seeks to open (i) a Deposit Account, to enter into a Deposit Account Control Agreement with the Lender in order to give the Lender Control of such Deposit Account, or (ii) a lock box, to enter into a lock box Agreement with the Lender in order to give the Lender Control of the lock box. In the case of Deposit Accounts or a lock box maintained with Lender, the terms of such letter shall be subject to the provisions of the Credit Agreement regarding setoffs.

Covenant Regarding New Deposit Accounts; Lock Boxes. Before opening or replacing any Collateral Deposit Account or other Deposit Account (other than an Excluded Account), or establishing a new lock boxLock Box, the each Grantor shall (a) obtain the Lender’s consent in writing to the opening of such Deposit Account or lock box, and (b) cause each bank or financial institution in which it seeks to open (i) a Deposit Account, to enter into a Deposit Account Control Agreement with the Lender Administrative Agent in order to give the Lender Administrative Agent Control of such Deposit Account, or (ii) a lock boxLock Box, to enter into a lock box Lock Box Agreement with the Lender Administrative Agent in order to give the Lender Administrative Agent Control of the lock boxLock Box. In the case of Deposit Accounts or a lock box Lock Boxes maintained with LenderLenders, the terms of such letter shall be subject to the provisions of the Credit Agreement regarding setoffs.

Covenant Regarding New Deposit Accounts; Lock Boxes. Before opening or replacing any Deposit Account, or establishing a new lock box, the Grantor shall (a) obtain the Lender’s consent in writing to the opening of such Deposit Account or lock box, and (b) cause each bank or financial institution in which it seeks to open (i) a Deposit Account, to enter into a Deposit Account Control Agreement with the Lender in order to give the Lender Control of such Deposit Account, or (ii) a lock box, to enter into a lock box Agreement agreement with the Lender in order to give the Lender Control of the lock boxLock Box. In the case of Deposit Accounts or a lock box the Lock Box maintained with Lender, the terms of such letter shall be subject to the provisions of the Credit Agreement regarding setoffs.

Covenant Regarding New Deposit Accounts; Lock Boxes. Before opening or replacing any Collateral Deposit Account, other Deposit Account, or establishing a new lock boxLock Box, the Grantor shall (a) obtain notify the Lender’s consent in writing Administrative Agent with respect to the opening of such Deposit Account or lock boxLock Box, and (b) (i) with respect to a Deposit Account, comply with Section 4.14 hereof, or (ii) with respect to a Lock Box, cause each applicable bank or financial institution in which it seeks to open (i) a Deposit Account, to enter into a Deposit Account Control Lock Box Agreement with the Lender Administrative Agent in order to give the Lender Control of such Deposit Account, or (ii) a lock box, to enter into a lock box Agreement with the Lender in order to give the Lender Administrative Agent Control of the lock boxLock Box. In the case of Deposit Accounts or a lock box Lock Boxes maintained with LenderLenders, the terms of such letter shall be subject to the provisions of the Credit Agreement regarding setoffs.