Common use of Creation of U.S. Cash Proceeds Account Clause in Contracts

Creation of U.S. Cash Proceeds Account. There is hereby established with Xxxxx Fargo Bank or any other bank a Securities Account or Deposit Account (the “U.S. Cash Proceeds Account”) in the name of “Xxxxx Fargo Bank, National Association, as Collateral Agent” and under the exclusive control of the Collateral Agent. All cash Proceeds of the Collateral required to be delivered to the Collateral Agent pursuant to subsection (c) of this Section shall be deposited in the U.S. Cash Proceeds Account. Any income received by the Collateral Agent with respect to the balance from time to time standing to the credit of the U.S. Cash Proceeds Account, including any interest or capital gains on Liquid Investments, shall remain, or be deposited, in the U.S. Cash Proceeds Account. All right, title and interest in and to the cash amounts on deposit from time to time in the U.S. Cash Proceeds Account together with any Liquid Investments from time to time made pursuant to Section 2.06 and any other property or assets from time to time deposited in or credited to the U.S. Cash Proceeds Account shall vest in and be under the sole dominion and control of the Collateral Agent for the benefit of the Secured Parties, shall constitute part of the Collateral hereunder and shall not constitute payment of the U.S. Finance Obligations until applied thereto as hereinafter provided.

Creation of U.S. Cash Proceeds Account. There To the extent not already established in accordance with the Existing Security Agreement, there is hereby established with Xxxxx Fargo Bank or any other bank a Securities Account or Deposit Account (the “U.S. Cash Proceeds Account”) in the name of “Xxxxx Fargo Bank, National Association, as Collateral Agent” and under the exclusive control of the Collateral Agent. All cash Proceeds of the Collateral required to be delivered to the Collateral Agent pursuant to subsection (c) of this Section shall be deposited in the U.S. Cash Proceeds Account. Any income received by the Collateral Agent with respect to the balance from time to time standing to the credit of the U.S. Cash Proceeds Account, including any interest or capital gains on Liquid Investments, shall remain, or be deposited, in the U.S. Cash Proceeds Account. All right, title and interest in and to the cash amounts on deposit from time to time in the U.S. Cash Proceeds Account together with any Liquid Investments from time to time made pursuant to Section 2.06 and any other property or assets from time to time deposited in or credited to the U.S. Cash Proceeds Account shall vest in and be under the sole dominion and control of the Collateral Agent for the benefit of the Secured Parties, shall constitute part of the Collateral hereunder and shall not constitute payment of the U.S. Finance Obligations until applied thereto as hereinafter provided.