Deposits to U.S. Cash Proceeds Account. (i) Upon notification by the Collateral Agent following the occurrence and during the continuance of a Cash Dominion Event, each U.S. Loan Party shall instruct all Account Debtors and other Persons obligated in respect of its Receivables and other Collateral to make all payments in respect of its Receivables and other Collateral directly to the Collateral Agent (by instructing that such payments be remitted by direct wire transfer to the Collateral Agent at its address referred to in Section 8.01 or to a post office box which shall be in the name and under the control of the Collateral Agent or in such other manner as shall be acceptable to the Collateral Agent). Upon the occurrence and during the continuance of a Cash Dominion Event, the Collateral Agent may instruct the bank which maintains the U.S. Concentration Account to remit all funds on deposit in the U.S. Concentration Account on each Business Day directly to the U.S. Cash Proceeds Account or as the Collateral Agent may otherwise instruct such bank, in each case, until such time as a Cash Dominion Event no longer exists. All such payments made to the Collateral Agent shall be deposited in the U.S. Cash Proceeds Account.
Appears in 4 contracts
Samples: Security Agreement (Masonite International Corp), Credit Agreement (Masonite International Corp), Security Agreement (Masonite International Corp)
