Covenant Regarding New Deposit Accounts. Lock Boxes. Before opening or replacing any Collateral Deposit Account, other 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.
Appears in 1 contract
Sources: Credit Agreement (Anthony Clark International Insurance Brokers LTD)
Covenant Regarding New Deposit Accounts. Lock Boxes. Before opening or replacing any Collateral Deposit Account, other new Deposit Account, or establishing a new Lock Box, the Grantor shall (a) obtain the Lender's ’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.
Appears in 1 contract
Sources: Pledge and Security Agreement (Material Sciences Corp)