Common use of Establishment and Administration of Accounts Clause in Contracts

Establishment and Administration of Accounts. (a) The Borrower and its Subsidiaries shall establish and maintain Concentration Accounts pursuant to Concentration Account Agreements in the name of the Collateral Agent for the benefit of the Term Loan Lenders with the Concentration Account Banks. The Borrower and its Subsidiaries shall have the right to collect and shall, promptly upon receipt thereof, deposit in its respective Concentration Accounts all monies that constitute cash, checks, notes, drafts, bills of exchange, money orders or funds received by the Borrower or any of its Subsidiaries in the ordinary course of business on deposit in any Deposit Account or otherwise and that constitute proceeds of Collateral in precisely the form in which received (but with any endorsements of the Borrower or any of its Subsidiaries necessary for deposit or collection). Any amounts which are required to be paid to the Collateral Agent hereunder which are not proceeds of Collateral shall be paid directly to the Collateral Agent and not deposited in a Deposit Account. At the close of business on each Business Day, the Borrower shall, and shall cause each of its Subsidiaries to, transfer, or cause to be transferred, all funds on deposit in all Deposit Accounts aggregating in excess of $1,500,000 to a Concentration Account of the Borrower or such Subsidiary in accordance with the terms of the Concentration Account Agreements.