This excerpt taken from the KMGB 8-K filed Jan 7, 2008.
Maintaining Bank Accounts.
(a) Except for bank accounts that have average monthly collected balances of less than $100,000 (in the aggregate), each Company shall maintain all of its bank accounts (collectively, the Bank Accounts), including any Deposit Accounts and disbursement accounts, only with Wachovia Bank, National Association (the Approved Bank Accounts); provided, however, during the period of time that a Transition Services Agreement is in effect, the Companies may maintain and make deposits to and disbursements from the bank accounts established under and as contemplated by a Transition Services Agreement.
(b) Upon the occurrence and during the continuance of a Default and the demand of the Collateral Agent, each Company shall maintain lockboxes and blocked deposit accounts (each a Lockbox Account) only with Wachovia Bank, National Association and with other banks (each a Lockbox Bank) that have entered into letter or other agreements (each a Lockbox Agreement) approved by and acceptable to the Collateral Agent in its discretion, provided that such Lockbox Agreement is an Acceptable Security Interest.
(c) Upon the occurrence and during the continuance of a Default and the demand of the Collateral Agent, each Company shall promptly instruct each Person obligated at any time to make any payment to such Company for any reason to make such payment to a Lockbox Account, and shall pay to the Collateral Agent for deposit in an Approved Bank Account as may be from time to time designated by the Collateral Agent, at the end of each Business Day, all proceeds of Collateral and all other cash received by it on such day.
(d) Each Company shall instruct each Lockbox Bank to transfer to an Approved Bank Account designated by the Collateral Agent, at the end of each Business Day, in same day funds, an amount equal to the credit balance of the Lockbox Account in such Lockbox Bank.
(e) Upon any termination of any Lockbox Agreement or other agreement with respect to the maintenance of a Lockbox Account by any Company or any Lockbox Bank, each
applicable Company shall immediately notify all Persons that were making payments to such Lockbox Account to make all future payments to another Lockbox Account or to an Approved Bank Account designated by the Collateral Agent. Each Company agrees to terminate any or all Lockbox Account and Lockbox Agreements upon request by the Collateral Agent.