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 Collateral Deposit Account, other Deposit Account (other than trust accounts containing trust assets, payroll accounts or xxxxx cash accounts to the extent the aggregate of deposits in all xxxxx cash accounts do not exceed $125,000), or establishing a new Lock Box, the Grantors shall (a) provide notice to the Agents and (b) cause each bank or financial institution in which it seeks to open (i) such Deposit Account, to enter into a Deposit Account Control Agreement with the Collateral Agent in order to give the Collateral Agent Control of such Deposit Account, or (ii) a Lock Box, to enter into a Lock Box Agreement with the Collateral Agent in order to give the Collateral Agent Control of the Lock Box. In the case of Deposit Accounts or Lock Boxes maintained with Secured Parties, 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, Account or other Deposit Account (other than trust accounts containing trust assets, payroll accounts or xxxxx cash accounts to the extent the aggregate of deposits in all xxxxx cash accounts do not exceed $125,000Excluded Accounts), or establishing a new Lock Box, the Grantors each Grantor shall (a) provide notice obtain the Administrative Agent’s consent in writing to the Agents opening of such Collateral Deposit Account or other Deposit Account or establishing of such Lock Box, and (b) cause each bank or financial institution in which it seeks to open (i) such a Collateral Deposit Account or other Deposit Account, to enter into a Deposit Account Control Agreement with the Collateral Administrative Agent in order to give the Collateral Administrative Agent Control of such Collateral Deposit Account or other Deposit Account, or (ii) a Lock Box, to enter into a Lock Box Agreement with the Collateral Administrative Agent in order to give the Collateral Administrative Agent Control of the Lock Box. In the case of Deposit Accounts or Lock Boxes maintained with Secured PartiesLenders, the terms of such letter shall be subject to the provisions of the Credit Agreement regarding setoffs.