Deposit, Use and Release of Collateral Account Assets Sample Clauses

Deposit, Use and Release of Collateral Account Assets. (a) The Net Proceeds from any Asset Disposition involving Collateral and any other Cash Equivalent pledged to the Collateral Agent as security for any of the Obligations shall be deposited into a securities account or other account (the "Collateral Account") established and maintained pursuant to the Pledge and Collateral Account Agreement. All amounts on deposit in the Collateral Account shall be treated as financial assets and cash funds on deposit in the Collateral Account may be invested at the direction of the Company in Cash Equivalents; provided, however, in no event shall the Company have the right to withdraw funds or assets from the Collateral Account except in compliance with the terms of this Section 3.03 and the Pledge and Collateral Account Agreement, and all assets credited to the Collateral Account shall be subject to a Lien in favor of the Collateral Agent. Any such funds will be released to the Company by its delivering to the Collateral Agent an Officers' Certificate stating that:
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Deposit, Use and Release of Collateral Account Assets. All Net Available Cash aggregating in excess of $1,000,000 in any fiscal year from any Asset Dispositions involving Collateral shall be deposited into a securities account maintained by the Collateral Agent at its corporate offices or at any securities intermediary selected by the Trustee having a combined capital and surplus of at least $250,000,000 and having a long-term debt rating of at leaxx "X0" xy Mooxx'x Xxvestors Service, Inc. and at least "A-" by Standard & Poor's Ratings Services styled the "Tri-Union Collateral Account" (such account being the "Collateral Account") which shall be under the exclusive dominion and control of the Collateral Agent. All amounts on deposit in the Collateral Account shall be treated as financial assets and cash funds on deposit in the Collateral Account may be invested by the Collateral Agent, at the direction of Tribo or the Company, as applicable, in Temporary Cash Investments; provided, however, in no event shall Tribo or the Company have the right to withdraw funds or assets from the Collateral Account except in compliance with this Section 3.03 and all assets credited to the Collateral Account shall be subject to a perfected, first priority Lien in favor of the Collateral Agent for the benefit of the Approved Hedge Counterparties or Hedge Liquidity Providers (as applicable), the Trustee and the Holders. Any such funds will be released to Tribo or the Company, as the case may be, by its delivering to the Collateral Agent an Officers' Certificate stating that:
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Related to Deposit, Use and Release of Collateral Account Assets

  • Release of Collateral Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

  • Special Collateral Account After an Event of Default has occurred -------------------------- and is continuing, all cash proceeds of the Collateral received by the Agent shall be deposited in a special deposit account with the Agent and held there as security for the Secured Obligations. The Agent shall invest any and all available funds deposited in such special deposit account, within five (5) business days after the date the relevant funds become available, in securities issued as fully guaranteed or insured by the United States Government or any agency thereof backed by the full faith and credit of the United States having maturities of three (3) months from the date of acquisition thereof (collectively, "Government Obligations"). The Assignor hereby acknowledges and agrees that the Agent shall not have any liability with respect to, and the Assignor hereby indemnifies the Agent against, any loss resulting from the acquisition of the Government Obligation and the Agent shall not have any obligation to monitor the trading activity of any such Governmental Obligations on and after the acquisition thereof for the purpose of obtaining the highest possible return with respect thereto, the Agent's responsibility being limited to acquiring such Governmental Obligations.

  • Collateral Accounts Evidence that the Collateral Accounts have been established;

  • Control of Collateral Accounts To establish “control” of the Collateral Accounts by the Secured Party under Sections 9-104 and 9-106 of the UCC, the Financial Institution agrees to comply with any order or instruction from the Secured Party directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to a Collateral Account (a “Secured Party Order”) without the need for consent by the Grantor or any other Person.

  • Release of Collateral, etc Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security, at any time existing in connection with, or assuring or securing payment of, all or any part of the Liabilities;

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

  • Establishment of Collateral Accounts The Custodian hereby confirms and agrees that:

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that:

  • Collection of Accounts, Proceeds of Collateral Each Borrower agrees that all invoices rendered and other requests made by such Borrower for payment in respect of Accounts shall contain a written statement directing payment in respect of such Accounts to be paid to a lockbox established pursuant to subsection 6.2.4. To expedite collection, each Borrower shall endeavor in the first instance to make collection of its Accounts for Agent. All remittances received by each Borrower on account of Accounts, together with the proceeds of any other Collateral, shall be held as Agent's property, for its benefit and the benefit of Lenders, by such Borrower as trustee of an express trust for Agent's benefit and such Borrower shall immediately deposit same in kind in the Dominion Account. Agent retains the right at all times after the occurrence and during the continuance of a Default or an Event of Default to notify Account Debtors that a Borrower's Accounts have been assigned to Agent and to collect such Borrower's Accounts directly in its own name, or in the name of Agent's agent, and to charge the collection costs and expenses, including attorneys' fees, to such Borrower.

  • Withdrawals from the Collection Account and Distribution Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:

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