Common use of Restricted Accounts Clause in Contracts

Restricted Accounts. Each Grantor represents, warrants and covenants as follows: (a) All cash proceeds of ABL Facility Collateral will be deposited, upon or promptly after the receipt thereof, in a Restricted Account. (b) In respect of each Restricted Account, the depositary bank’s jurisdiction (determined as provided in UCC Section 9-304) will at all times be a jurisdiction in which Article 9 of the Uniform Commercial Code is in effect. (c) So long as the Administrative Agent has Control of a Restricted Account, the Transaction Lien on such Restricted Account will be perfected, subject to no prior Liens or rights of others (except the depositary bank’s right to deduct its normal operating charges and any uncollected funds previously credited thereto and any Permitted Lien.