Covenant Regarding New Deposit Accounts. After the occurrence of an Event of Default, the Grantor shall (a) obtain the Lender’s consent in writing before opening or replacing any Collateral Deposit Account or other Deposit Account to the opening of such Deposit Account, and (b) cause each bank or financial institution in which it seeks to open 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.
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Covenant Regarding New Deposit Accounts. After the occurrence and during the continuance of an Event of Default, the each Grantor shall (a) obtain the Lender’s consent in writing before opening or replacing any Collateral Deposit Account or other Deposit Account to the opening of such Deposit Account, and (b) cause each bank or financial institution (other than Lender) in which it seeks to open a Deposit Account, Account to enter into a Deposit Account Control Agreement with the Lender in order to give the Lender Control of such Deposit Account, in each case other than trust accounts, payroll accounts and escrow accounts.
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Sources: Pledge and Security Agreement (Servicesource International, Inc.)